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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15-EF-18 - DOE: Student Accounts

The U.S. Department of Education (DOE) issued a final rule revising the Agency’s rules related to the disbursement of federal student aid under Title IV of the Higher Education Act (HEA) by colleges and universities.

15-EF-17 - CFPB's HMDA (Regulation C)

The Consumer Financial Protection Bureau (CFPB) has issued a final rule making several substantive revisions to Regulation C’s reporting requirements under the Home Mortgage Disclosure Act (HMDA).

15-EF-16 - NCUA's Delegation of Community Charter Amendments

The NCUA Board delegated to the Office of Consumer Protection (OCP) its authority to review and approve community charter expansion requests involving a potential membership pool of more than one million people.

15-EF-15 - NCUA's Risk-Based Capital

The National Credit Union Administration (NCUA) Board has finalized amendments to Part 702 of its capital adequacy regulations to, among other things, establish risk-based capital requirements for “complex” federally insured credit unions.

15-EF-14 - CFPB's Small Credit Exemption Adjustments

The Consumer Financial Protection Bureau (CFPB) has finalized amendments and revisions to Regulation Z. The Bureau’s final rule amends the definition of “small creditor” by raising the origination limit from 500 first-lien mortgage loans to 2,000; excluding loans held in portfolio by the creditor and its affiliates; and including assets of a credit union’s mortgage-originating CUSO into the $2.06B threshold.

15-EF-13 - NCUA's Civil Monetary Penalty Inflation Adjustment

NCUA is amending Part 747 of its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction, in order to account for inflation.

15-EF-12 - NCUA's Small Entity Definition

The National Credit Union Administration (NCUA) issued a final rule amending the definition of “small entity” for purposes of the Regulatory Flexibility Act (RFA).

15-EF-10 - NCUA's Fixed Asset Rule

NCUA has finalized amendments to its fixed assets rule that eliminates the 5% cap. Instead, NCUA will now oversee federal credit unions (FCUs) ownership of fixed assets through the supervisory process and guidance.

15-EF-09 - TRID Delay

The Consumer Financial Protection Bureau (CFPB) is delaying the effective date of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) Rule until Saturday, October 3, 2015.

15-EF-08 - FFIEC's Cybersecurity Self-Assessment Tool

The Federal Financial Institutions Examination Council (FFIEC) released a Cybersecurity Assessment Tool (Assessment), which can be utilized by individual credit unions to identify their individual risks and assess their cybersecurity preparedness. The Assessment has two parts: Inherent Risk Profile and Cybersecurity Maturity.

15-EF-07 - Interagency: Policy Statement on Joint Standards for Diversity Policies and Practices

NCUA and five other agencies are issuing their final Interagency Policy Statement establishing voluntary standards for assessing the diversity policies and practices of the entities they regulate, as required by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

15-EF-06 - Interagency: Loans in Areas Having Special Flood Hazards

The NCUA and four other agencies are amending their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). This Act amended some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters).

15-EF-05 - NACHA: Same Day ACH

NACHA has finalized a change to its operating guidelines that will enable same-day processing of virtually any ACH payment under $25,000.

15-EF-04 - NCUA: Associational Common Bond Rule

The National Credit Union Administration (NCUA) finalized a rule to amend the associational common bond provisions of its chartering and field of membership manual.

15-EF-11 - DoD: Military Lending Act

The Department of Defense (DoD) has amended its regulation implementing the Military Lending Act (MLA). Most notably, the MLA established a maximum Military Annual Percentage Rate (MAPR) of 36 percent for the extension of consumer credit to a covered borrower and his or her dependents.

15-EF-03 - CFPB: Temporary Suspension of the Submission of Credit Card Agreements

The CFPB issued a final rule which suspended card issuers’ obligations to submit credit card agreements to the Bureau for a period of one year. The final rule mandates that card issuers shall resume submitting credit card agreements to the Bureau on a quarterly basis starting the first business day on or after April 30, 2016.

15-EF-02 - CFPB: Disclosure to Consumer Complaint Narratives

The Consumer Financial Protection Bureau issued a Final Policy Statement regarding the Consumer Complaint Database, a database that launched in 2012. Specifically, the Final Policy Statement announces that consumers will now have the ability to include narratives when filing a complaint on the CFPB website.

15-EF-01 - CFPB: Amendments to TILA/RESPA

The Consumer Financial Protection Bureau issued a final rule which makes several changes to its Truth in Lending (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule.

14-EF-14: Interagency - QRM

The Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Department of Housing and Urban Development, Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission, and Office of the Comptroller of the Currency (the Agencies) issued a joint final rule to implement credit risk retention requirements for securitizers of asset-backed securities.

14-EF-15: NCUA - Appraisals

The National Credit Union Administration (NCUA) has issued final amendments on its appraisals regulations.

14-EF-13: Federal Reserve Board - Regulation J and PSR Policy

The Board of Governors of the Federal Reserve System (The Board or Fed) finalized two concurrent amendments to Regulation J and Payment System Risk Policy (PSR Policy). Together they are designed to better align the Federal Reserve Banks (Reserve Banks) posting rules for check processing with actual deposit and presentment times, reflecting the industry’s almost complete shift from paper to electronic check-processing.