Final Regulation Summaries

On March 13, 2002, the National Credit Union Administration Board approved a final rule amending sections 702.101(c), 702.103(b) and 741.6(a) and (b) of the NCUA Rules and Regulations.

On April 30, 2003, the Department of the Treasury in conjunction with other financial regulatory agencies, including the National Credit Union Administration (NCUA), published a final rule detailing the identity verification requirements for credit unions to follow.

On December 16, 2003, the Federal Reserve Board (Board) issued a notice of proposed rulemaking and an interim final rule to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FAC T Act).

On June 8, 2004, the Federal Reserve Board (“Board”) announced its approval of its proposed revisions to Regulation V, which implements the Fair Credit Reporting Act (FCRA).

On October 21, 2004, the National Credit Union Administration (NCUA) announced that it has amended its rule concerning the requirement that federally-insured credit unions that are newly chartered or troubled file notice with NCUA before adding or replacing a board or committee member or before employing or changing the duties of a senior executive officer.

Recently, the National Credit Union Administration (NCUA) issued final rules amending 12 C.F.R. part 712. The final rules provide that a wholly-owned credit union service organization (CUSO) need not obtain its own annual financial statement audit from a certified public accountant if it is included in the financial statement audit of the parent federal credit union (FCU).

The Internal Revenue Service recently issued new regulations regarding certain retirement plans containing cash or deferred arrangements under § 401(k) and for matching contributions or employee contributions under § 401(m).

The National Credit Union Administration (NCUA) recently issued a final rule amending 12 C.F.R. Part 707 and its official staff interpretation.

Recently, the National Credit Union Administration (NCUA), along with the other federal financial regulators (collectively, the Agencies) jointly issued for public comment a proposed rule implementing 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).

Recently, the National Credit Union Administration (NCUA), along with the other financial regulators, issued a final rule regarding affiliate marketing under the Fair and Accurate Credit Transaction Act of 2003 (FACT Act).

Dear NAFCU Member: Recently, the Small Business Administration (SBA) issued a final notice regarding its Lender Risk Rating System (Rating System).

The final rule addresses four aspects of the underserved areas chapter of the Chartering Manual by: (1) clarifying the procedure by which an “underserved area” qualifies as a local community; (2) establishing a test to determine whether an area is sufficiently “distressed” to qualify as “underserved”; (3) providing the requirements for demonstrating that a proposed area has “significant unmet needs” for loans and applicable financial services; and (4) providing data to credit unions to assess whether an area is underserved by other depository institutions.

In 1994, Congress enacted HOEPA as an amendment to the Truth in Lending Act, which contains procedural and substantive protections for consumers in credit transactions. HOEPA imposed additional substantive protections on certain high-cost mortgage transactions.

The rule extends the time period a Reg Flex FCU must partially occupy acquired property, absent a waiver, to six years with respect to acquisition of unimproved land.

The Emergency Economic Stabilization Act of 2008 temporarily increased the SMSIA from $100,000 to $250,000, effective October 3, 2008 and ending December 31, 2009. Pub. L. No. 110–343 (October 3, 2008). On October 15, 2008, NCUA adopted an interim final rule amending its share insurance regulations to reflect this temporary increase. On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act of 2009, which extended the temporary increase from December 31, 2009 to December 31, 2013. Pub. L. No. 111-22 (May 20, 2009). By law, after December 31, 2013, the SMSIA will return to $100,000.

On September 13, 2001, the National Credit Union Administration (NCUA) issued a final rule amending Part 701.31(d), the nondiscrimination in advertising regulation.

The Occupational Safety and Health Administration (OSHA) has issued a final Ergonomics Program Standard addressing the risk of employee exposure to ergonomic risk factors in general industry jobs.

The Federal Reserve Board (“Board”) is updating the Commentary to Regulation Z to reflect a decision by the Board's staff that short-term cash advances, commonly referred to as “payday loans,” should be treated as a line of credit for purposes of the Truth in Lending Act.

On June 21, 2002, the National Automated Clearing House Association (NACHA) published amendments that modify the NACHA Operating Rules.

On March 5, 2003, the Federal Reserve Board approved amendments to Regulation B, which implements the Equal Credit Opportunity Act (ECOA).