Final Regulation Summaries

The NCUA Board has approved a final rule on the risk-based net worth requirement for “complex” credit unions.

On April 3, 2002, the Federal Reserve Board revised the Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation.

On April 24, 2003, the National Credit Union Administration (NCUA) Board approved a final rule amending Part 741 of the NCUA Rules and Regulations. The final rule authorizes federally insured credit unions to branch outside the United States and establishes overseas branching requirements.

On October 23, 2003, the National Credit Union Administration approved a final rule changing its internal procedures for processing Freedom of Information Act (FOIA) requests.

On March 26, 2004, the Federal Reserve Board (“Board”) announced its approval of its proposed revisions to Regulation Z, which implements the Truth in Lending Act, and to the staff commentary to the regulation.

On October 21, 2004, the National Credit Union Administration announced its approval of proposed revisions to the collateral and security requirements of its member business loans rule.

The National Credit Union Administration (NCUA) recently issued a final regulation under Parts 713 and 741 of the NCUA Rules and Regulations regarding fidelity bond and insurance coverage for federal credit unions.

The National Credit Union Administration (NCUA) recently issued a final regulation under Part 708b of the NCUA Rules and Regulations regarding credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance.

The National Credit Union Administration (NCUA) recently issued revised Federal Credit Union Bylaws (Bylaws).

On July 20, 2006, NCUA published a proposed rule to amend its rules and regulations regarding federal credit union (FCU) investments in mortgage note repurchase transactions.

Recently, the Board of Governors of the Federal Reserve System issued final rules amending Regulations B, E, M, Z and DD.

Recently, the Internal Revenue Service (IRS) issued a final rule regarding distributions from pension plans upon attainment of “normal retirement age.”

On November 18, 2008, the Board of Governors of the Federal Reserve System (Board) and the Department of the Treasury (Treasury) (collectively, the Agencies) issued a final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006 (the Act). The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling and required the Agencies to promulgate regulations to implement the Act.

Section 205(d) of the FCU Act prohibits a person who has been convicted of any criminal offense involving dishonesty or breach of trust from participating in the affairs of a federally insured credit union. The statutory prohibition extends to persons who have entered a pretrial diversion or similar program.

The final rule retains the general prohibition under §740.4(c) on federally-insured credit unions (FICUs) receiving funds at any teller station or window where any nonfederally-insured credit union also receives account funds. However, the exceptions to this rule have been changed or clarified.

This rule implements changes to TILA, following the passage of the Higher Education Opportunity Act of 2008 (HEOA). Most notably, the rule adds new disclosure and timing requirements that apply to creditors making private education loans.

On November 15, 2001, the NCUA Board of Directors unanimously approved a final rule that will permit credit unions with advanced levels of net worth and strong supervisory examination ratings to be exempt, in whole or in part, from certain NCUA regulations.

On January 18, 2001, the National Credit Union Administration (NCUA) amended its Security Program requirements under Part 748 of NCUA's Rules and Regulations and added Appendix A to provide guidelines for safeguarding member information.

At a special meeting on May 8, the NCUA Board approved a final rule on privacy of consumer financial information.