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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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.

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.