Final Regulation Summaries

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. Each alert PDF also provides a link to send NAFCU comments that we will include in our letter to the agency or agencies that issued the proposed rule.

19-EF-18: NCUA - Public Unit and Nonmember Shares

On October 31, 2019, the National Credit Union Administration (NCUA) published a final rule to allow federally insured credit unions (FICUs) to receive public unit (e.g., the U.S. government, states, and political subdivisions therein) and nonmember shares up to 50 percent of the credit union's net amount of paid-in and unimpaired capital and surplus less any public unit and nonmember shares.

19-EF-17: CFPB - Home Mortgage Disclosure (Regulation C)

On October 10, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to adjust the threshold for reporting data about open-end lines of credit under the Home Mortgage Disclosure Act (HMDA).

19-EF-16: NCUA - Federal Credit Union Bylaws

The National Credit Union Administration (NCUA) published a final rulemaking to amend its standard federal credit union (FCU) bylaws found in Appendix A to Part 701 of its regulations.

19-EF-15: NCUA - Supervisory Committee Audits and Verifications

The National Credit Union Administration (NCUA) published a final rulemaking amending Part 715 of its regulations regarding the responsibilities of a federally-insured credit union (FICU) to obtain a supervisory committee audit.

19-EF-14: DOL Overtime Rule

On September 24, 2019, the Department of Labor (DOL) issued a final rule to amend its overtime regulation under the Fair Labor Standards Act (FLSA). The final rule increases the standard salary level for the “white collar” overtime exemption. The practical effect of this change would be that workers making under $35,568 per year—and not otherwise exempt from the overtime rules—would be eligible for overtime pay.

19-EF-13: NCUA - Payday Alternative Loans (PALs)

The National Credit Union Administration (NCUA) published a final rulemaking amending its general lending provisions under Part 701 to add a regulatory framework for an additional PALs program, titled PALs II.

19-EF-12: CFPB - Innovation Policies

On September 13, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued final revisions to its policies governing the Trial Disclosure Program (TDP) and No-Action Letters (NALs). The Bureau also introduced a new Compliance Assistance Sandbox (CAS) which is intended to afford applicants greater legal certainty by granting safe harbors from liability with respect to a specific product or service offerings.

19-EF-11: FHFA - Validation and Approval of Credit Score Models

The Federal Housing Finance Agency (FHFA) published a final rulemaking to implement changes made by Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA).

19-EF-10: NCUA - Fidelity Bonds

On July 24, 2019, the National Credit Union Administration (NCUA) published a final rulemaking to amend its regulations under Parts 704 and 713 regarding fidelity bonds.

19-EF-09: NCUA - Real Estate Appraisals

On July 24, 2019, the NCUA published a final rule that amends the agency’s regulation requiring real estate appraisals for certain transactions. The rule increases the threshold at which appraisals are required for nonresidential real estate transactions to $1 million from the current threshold of $250,000.