Final Regulation Summaries

NAFCU Final Regulation Summaries are member-only resources that include full text and summaries for final rulemakings that affect credit unions. 

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17-EF-09: Treasury - Federal Government Participation in the Automated Clearing House

On September 11, 2017, the Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service) issued a final rule to address changes that NACHA – The Electronic Payments Association (NACHA) made to its operating rules since the publication of the 2013 NACHA Operating Rules & Guidelines book.

17-EF-08: CFPB - Amendments to 2015 HMDA Final Rule

The Consumer Financial Protection Bureau (CFPB) is amending its 2015 Home Mortgage Disclosure (Regulation C) rule. The final rule incorporates changes introduced in the April 2017 HMDA proposal (technical clarifications) and the July 2017 HMDA proposal (transactional thresholds for reporting open-end lines of credit).

17-EF-07: CFPB - TRID "Fix"

Final regulation summary for the CFPB's TRID "fix" final rule.

17-EF-06: CFPB - Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) has issued its final rule with respect to arbitration agreements in contracts for consumer financial products and services.

17-EF-05: NCUA - Safe Harbor

The National Credit Union Administration (NCUA) has issued its final rule with respect to the NCUA Board's treatment of financial assets transferred by a credit union in connection with a securitization or participation.

17-EF-04: Federal Reserve System - Availability of Funds and Collection of Checks

The Board of Governors of the Federal Reserve (the Board) issued a final rule that amends subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation.

17-EF-03: FFIEC - Consumer Compliance Rating System Final

The Federal Financial Institutions Examination Council (FFIEC) has finalized an update to the Consumer Compliance Rating System (CC Rating System) for the first time since 1980.

17-EF-02: FHFA - Enterprise Duty to Serve Underserved Markets

The Federal Housing Finance Agency (FHFA) has issued a final rule requiring Fannie Mae and Freddie Mac (the Enterprises) to adopt plans to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural markets.

17-EF-01: FHFA - Acquired Member Assets

The Federal Housing Finance Agency (FHFA) has issued a final rule regarding the regulations governing the Federal Home Loan Banks’ (FHLBs) Acquired Member Asset (AMA) programs.

16-EF-12: NCUA - Ownership and Use of Fixed Assets

The National Credit Union Administration (NCUA) has issued a final rule regarding Federal Credit Union (FCU) ownership and use of fixed assets, eliminating the full occupancy requirement in the current rule.

16-EF-11: CFPB - Mortgage Servicing Amendments

The Consumer Financial Protection Bureau (CFPB) finalized amendments to the 2013, mortgage servicing rules under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X).

16-EF-10 - CFPB - Prepaid Accounts

The Consumer Financial Protection Bureau (CFPB) is proposing new federal consumer protections for the prepaid market under Regulations E and Z.

16-EF-09: NCUA - Field of Membership

The National Credit Union Administration (NCUA) has finalized a rule that will modernize its chartering and field of membership regulations. The final rule makes substantive changes to all three charter types.

16-EF-08: DOL - Minimum Wage and Overtime Pay Exemptions

The Department of Labor (DOL) finalized overtime provisions of the Fair Labor Standards Act (FLSA) to allow any full-time salaried employees making less than $913 per week, or $47,476 annually, to be eligible for overtime protections.

16-EF-07: FinCEN - Customer Due Diligence Requirement

FinCEN’s finalized customer due diligence (CDD) rule will require credit unions to identify and verify the beneficial owner(s) of legal entity accounts, subject to certain exceptions.

16-EF-06: DOL - Fiduciary Duty Rule

The Department of Labor (DOL) issued a final rule that defines what communications are considered fiduciary “investment advice” for purposes of Employee Retirement Income Security Act (ERISA) and the Internal Review Code (Code). An individual or entity that provides fiduciary investment advice to a specific individual for a fee or other compensation is considered a “fiduciary” under ERISA and the Code and subject to certain fiduciary duties.

16-EF-05: CFPB - Operations in Rural Areas Under TILA

The Consumer Financial Protection Bureau (CFPB) has issued an interim final rule to implement the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act). The bureau’s interim final rule potentially expands the number of credit unions eligible for special qualified mortgage (QM) provisions.

16-EF-04: NCUA- Bank Notes

The National Credit Union Administration (NCUA) is proposing to amend its permissible investments regulations to expand the authority of federal credit unions (FCUs) to invest in bank notes.

16-EF-03: NCUA - Member Business Lending

The National Credit Union Administration (NCUA) adopted a final rule to streamline Part 723 of NCUA’s Rules and Regulations relating to member business lending for all federally insured credit unions (FICUs).

16-EF-02: FHFA - FHLB Membership Rule

The Federal Housing Finance Agency (FHFA) released a final rule that amends the regulations governing Federal Home Loan Bank (FHLB) membership relating to captive insurance companies. The final rule will not alter the membership and eligibility requirements for credit unions.

16-EF-01: NCUA - Share Insurance Coverage

NCUA has amended Part 745, governing share insurance coverage, in order to implement changes to the Federal Credit Union Act made by the NAFCU-backed Credit Union Share Insurance Fund Parity Act.