Final Regulation Summaries

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 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.

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 December 18, 2003, the National Credit Union Administration (NCUA) approved a final rule amending section 701.22, the loan participation rule. The amendments are intended to update and clarify the definitions of certain terms used in the rule.

On July 19, 2004, the National Credit Union Administration announced its approval of proposed revisions amending its regulation pertaining to the Community Development Revolving Loan Program for Credit Unions to permit student credit unions to participate in the program.

The National Credit Union Administration (NCUA) recently amended its Rules and Regulations to ensure the proper disposal of consumer information derived from consumer reports in compliance with the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

On April 14, 2005, the National Credit Union Administration (NCUA) approved a final rule and guidance amending 12 CFR Part 748.

The regulation is an amendment to the previously existing rule and clarifies when a federally insured credit union must seek approval from the NCUA Board for transfers of assets or accounts.

Recently, the National Credit Union Administration (NCUA) issued a final rule regarding third party servicing of indirect vehicle loans.

Recently, the Federal Reserve Board (Board) issued a final rule amending Regulation E, which implements the Electronic Fund Transfers Act, and its official staff commentary.

Recently, the National Credit Union Administration (NCUA) issued a final rule regarding member inspection of credit union books, records, and minutes. The regulation standardizes and clarifies existing member access rights.

Recently, the Internal Revenue Service (IRS) published a final regulation regarding the application of Section 409A of the Internal Revenue Code (IRC) to nonqualified deferred compensation plans.