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NAFCU's highly used and downloaded summary guide, which provides a breakdown of regulatory relief actions required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), has been recently updated. This guide details credit union-related provisions within the law, including their effective dates and other specifics.

This guide has been updated to reflect:

• NAFCU-sought clarity from the Bureau of Consumer Financial Protection noting that no rulemaking is required regarding minimum standards for residential mortgage loans;
• a final rule issued by the bureau to implement and clarify Home Mortgage Disclosure Act (HMDA) reporting requirements;
• NAFCU-requested clarity from the bureau noting that no rulemakings are required to eliminate the TRID's three business-day waiting period for closing a mortgage loan when the APR changes;
• a move by NAFCU asking the Social Security Administration to adopt a procedure that allows credit unions to self-certify their compliance with the Gramm-Leach-Bliley Act when actions aimed at reducing synthetic identity fraud are put in place;
• actions taken by the bureau to incorporate a new required notice of rights under the Fair Credit Reporting Act;
• the proposed rule issued this month by the Federal Trade Commission aimed at protecting veterans' credit;
• a meeting NAFCU held with the bureau to discuss the section of the law pertaining to the financial exploitation of senior citizens;
• an expected request for information or notice of proposed rulemaking from the bureau relating to Property Assessed Clean Energy Financing; and
• NAFCU's request to the bureau for model forms to help credit unions comply with the law's changes regarding private student lenders.

The eight-page table is available for download. NAFCU has also detailed the implications S. 2155 will have on credit unions in various posts on its NAFCU Compliance Blog.

NAFCU continues to work with policymakers on clarifications regarding S. 2155 compliance.