Final Regulation Summaries

NAFCU Final Regulation Summaries are member-only resources that include full text and summaries for final rulemakings that affect credit unions. 

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20-EF-12: NCUA - Paycheck Protection Program Lending Facility and Paycheck Protection Program Loans

On April 27, 2020, the National Credit Union Administration (NCUA) published an interim final rule to make conforming amendments to capital adequacy rules in Part 702, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Paycheck Protection Program (PPP) loans will receive a zero percent risk weighting under the NCUA's risk-based net worth requirement.

20-EF-10: NCUA - Temporary Regulatory Relief in Response to COVID-19

On April 21, 2020, the National Credit Union Administration (NCUA) published a temporary final rule modifying certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remains operational and liquid during the pandemic. To learn more, please read NAFCU's Final Regulation.

20-EF-09 - NCUA - Real Estate Appraisals - Threshold Increase

On April 16, 2020, the National Credit Union Administration (NCUA) Board approved the issuance of a final rule amending Part 722 of the NCUA’s regulations regarding certain residential real estate appraisals.

20-EF-08 - NCUA - Real Estate Appraisal Relief

On April 21, 2020, the National Credit Union Administration (NCUA) published an interim final rule to defer the requirement to obtain an appraisal or written estimate of market value for up to 120 days following the closing of a transaction for certain residential and commercial real estate transactions.

20-EF-07 - SBA - Paycheck Protection Program (Updated)

On April 15, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A supplemental interim final rule was published on April 20, 2020, addressing self-employed individuals and clarifying eligibility criteria.

20-EF-06 - NCUA - Central Liquidity Facility

On April 13, 2020, the National Credit Union Administration (NCUA) issued an interim final rule to facilitate access to the Central Liquidity Facility (CLF or Facility) in response to the COVID-19 pandemic and to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

20-EF-05 - CFPB - Treatment of Pandemic Relief Payments Under Regulation E and Application of the Compulsory Use Prohibition

On April 13, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule to clarify that, for the purposes of the Electronic Fund Transfer Act (EFTA) and Regulation E, government benefits do not include COVID-19 related assistance or economic impact payments, such as those established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

20-EF-04 - SBA - Paycheck Protection Program

On April 3, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

20-EF-03 - Federal Reserve - Regulation D - Reserve Requirements of Depository Institutions

On March 24, 2020, the Board of Governors of the Federal Reserve System (Board) published an interim final rule to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent.

20-EF-02: DOD - Military Lending Act Limitations on Terms of Consumer Credit Extended to Servicemembers and Dependents

On February 28, 2020, the Department of Defense (DoD) published an interpretative rule to amend the previous interpretation of the Military Lending Act (MLA). The new interpretation makes two primary changes. First, it rescinds Question and Answer #2 (Q&A #2) as it appears in the DoD’s previous interpretive rule, issued on December 14, 2017 (December 2017 Interpretive Rule), and reverts to a prior interpretation. Second, it adds new Q&A #21 in response to inquiries regarding the use of an Individual Taxpayer Identification Number (ITIN) for determining covered borrower status.

20-EF-01: SBA - Express Loan Programs; Affiliation Standards

On February 10, 2020, the Small Business Administration (SBA) published an interim final rule to amend various regulations governing its business loan programs including 7(a) and Development Company (504) loan programs.

19-EF-20: NCUA - Delay of Effective Date of the Risk-Based Capital Rules

On December 17, 2019, the National Credit Union Administration (NCUA) published a final rule in the Federal Register to delay the effective date by two years to January 1, 2022 for its October 2015 risk-based capital (RBC) final rule (2015 Final Rule), and November 2018 supplemental risk-based capital final rule (2018 Supplemental Rule) (collectively, the RBC Rules).

19-EF-19: NCUA - Exceptions to Employment Restrictions Under Section 205(d) of the Federal Credit Union Act

On December 2, 2019, the National Credit Union Administration (NCUA) published a final Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act (FCU Act) (“Second Chance IRPS”). 

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).