Final Regulation Summaries

On October 22, 2004, the Federal Reserve Board announced final amendments to Regulation J, which governs the Reserve Banks' collection of checks and other cash items.

Recently the National Credit Union Administration (NCUA) approved final interim rules that added a part 717 to its Rules and Regulations which implements section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

The National Credit Union Administration recently issued a final regulation under 12 C.F.R. Part 723, Member Business Loans.

On June 28, 2006, the National Credit Union Administration (NCUA) issued a final rule amending its rules regarding field of membership requirements and service to underserved areas.

Recently, the National Credit Union Administration issued a final rule revising its official sign indicating insured status.

Recently, the National Credit Union Administration (NCUA) issued a final rule regarding Federal Credit Union (FCU) Bylaws. The final rule reincorporates the FCU Bylaws into the NCUA regulations, as Appendix A to Part 701 of NCUA's regulation and clarifies NCUA's ability and discretion to use a range of enforcement authorities.

Recently, the Small Business Administration (SBA) issued a final rule regarding lender examination and review fees.

Recently, the NCUA issued a final rule to modify the definition of “net worth” that would apply to natural person credit unions for purposes of prompt corrective action (PCA). The modification would allow an acquiring credit union, in a merger of natural person credit unions, to combine the merging credit union's retained earnings with its own to determine the postmerger net worth.

The enactment of CAN-SPAM made certain types of electronic mailing practices illegal. CANSPAM prohibits sending commercial emails with false or misleading headers, “from” line information, or subject headings. It also requires that commercial emails allow a recipient to “opt out” of receiving future emails. CAN-SPAM further requires that commercial emails contain disclosures informing the recipient that the message is an advertisement or solicitation, the recipient may “opt out,” and a valid physical postal address of the sender.

In July of 2008, the Board approved final rules implementing the Home Ownership and Equity Protection Act (HOEPA). The rule required early Truth in Lending Act (TILA) disclosures providing a good faith estimate (GFE) of the cost of mortgage loans. The rule was not limited to purchase loans, but included all non-purchase closed-end loans secured by the borrower's principle dwelling, such as refinance loans. On the same day that rule was published, Congress passed the Mortgage Disclosure Improvement Act (MDIA). The MDIA codified much of the Board's July 2008 rule. However, the MDIA also went further, requiring the same disclosures for loans secured by second homes. Additionally, the MDIA required waiting periods between disclosures and consummation of the loan.

This is the second final rule affecting overdraft protection issued this year. Earlier this year, the National Credit Union Administration (NCUA) approved a regulation requiring new, monthly disclosures on periodic statements for institutions that offer overdraft protection. The statement must include the monthly and year-to-date total of overdraft fees assessed on the account.