Final Regulation Summaries

NCUA has adopted an amendment to its lending regulation allowing credit unions to advance funds - absent the existence of a credit application - to a member for the purpose of covering overdrafts.

On June 21, 2002, the Federal Reserve Board published amendments to Regulation C, which implements the Home Mortgage Disclosure Act.

On March 27, 2003, the NCUA Board approved final amendments to the Chartering and Field of Membership Manual (IRPS 03-1).

On May 22, 2003, the National Credit Union Administration (NCUA) Board approved a final rule on Part 703 Investment and Deposit Activities and amending Part 742 Regulatory Flexibility (RegFlex) Program.

On February 19, 2004, the National Credit Union Administration (“NCUA”) announced its approval of final rules 12 C.F.R. §§701.20 and 741.2 regarding the power of credit unions to act as a surety or guarantor on behalf of its members and the maximum borrowing authority of federally insured state-chartered credit unions (FISCUs).

The National Credit Union Administration (NCUA) is adopting as a final rule without change the interim rule amending Part 745 of its regulations concerning share insurance coverage for beneficial interests in living trust accounts.

FINAL REGULATION This document is a dues supported service provided as part of NAFCUs Regulatory Compliance Assistance Program National Credit Union Administration Final Rule: 12 C.F.R. Part 796 (Post Employment Restrictions) Effective Date: December 17, 2005 05-EF-13 December 12, 2005 Dear NAFCU Member: The National C

The National Credit Union Administration (NCUA) has approved amendments to 12 C.F.R. § 701.21(e), (f), and (g) relative to loans to members and lines of credit to members.

The final rule eliminates the special short form, NCUA 5300SF, for credit unions with less than ten million dollars in assets beginning with the third quarter of 2006.

On July 20, 2006, the National Credit Union Administration Board (Board) approved a final rule amending its regulations regarding loan interest rates and the process by which NCUA notifies federal credit unions of changes to the maximum allowable interest rate charge on loans and lines of credit to members.

Recently, the National Credit Union Administration (NCUA), jointly with the other federal financial regulators (the Agencies), issued a final rule and guidelines regarding identity theft red flags and address discrepancies pursuant to sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

On August 2, 2007, the National Credit Union Administration (NCUA) published a final rule related to federally insured credit unions' obligation to maintain a records preservation program.

On December 20, 2006, the National Credit Union Administration (NCUA) published a final rule amending its permissible investments rule to allow federal credit unions (FCU) to invest in first-lien mortgage note repurchase transactions, subject to certain limitations. See 12 C.F.R. Part 703. Current regulations prohibit FCUs from investing in first-lien mortgages other than to complete a pool of loans to be sold on the secondary market. The amendments expand FCU authority to invest in mortgage-related securities. The final rule is effective January 19, 2007.

The revisions update and clarify federal credit unions' (FCUs) incidental powers by adding illustrations of permissible activities for FCUs under the categories of correspondent services, operational programs, and finder activities.

Recently, the Board of Governors of the Federal Reserve System (Board), along with the National Credit Union Administration (NCUA) and the Office of Thrift Supervision (OTS) (collectively, the Agencies), issued a joint final rule prohibiting certain credit card practices as unfair or deceptive under Section 5 of the Federal Trade Commission Act (FTC Act).

The final rule consists of three primary sections. First, the rule includes accuracy and integrity regulations which include the definitions for “accuracy” and “integrity” among other things. Second, the rule provides guidelines for use by furnishers to help establish and implement reasonable policies to ensure information reported to CRAs is accurate. Third, the rule sets forth the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information provided to CRAs.

On April 19, 2001, the National Credit Union Administration (NCUA) approved an Interpretive Ruling and Policy Statement (IRPS) on the Central Liquidity Facility (CLF).

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