January 05, 2023

NCUA, CFPB release fall rulemaking agendas

Govt building columnsFederal agencies, including the NCUA and CFPB, released their fall 2022 regulatory agendas Wednesday. There are several NAFCU and credit union advocacy priorities included among the items, some of which have been previously introduced or included on rulemaking agendas.

Here are a few notable items included on the fall agendas; NAFCU will have additional insights available in the NAFCU Networks:

  • Automated Valuation Models (AVMs): This interagency proposed rule would implement Dodd-Frank’s four quality control standards for the use of AVMs by mortgage originators and secondary market issuers as part of the process of determining the collateral worth of a mortgage secured by a principal dwelling. This item has been carried over from several previous rulemaking agendas, and more information can be found in NAFCU’s Insights post on the Fall 2021 agenda. NAFCU has asked the NCUA to prioritize its AVM rulemaking.


  • Climate-Related Financial Risks: The NCUA is seeking public input on potential climate-related financial risks to federally insured credit unions, related entities, and the National Credit Union Share Insurance Fund (SIF).
  • Federal Credit Union Bylaws: The board continues to work on finalizing a proposed rule to amend the federal credit union bylaws to implement the Credit Union Governance Modernization Act of 2022 related to the expulsion of members. NAFCU submitted comments to the agency Dec. 2, 2022.
  • Simplification of Share Insurance Rules: Expected in early spring, the proposal would simplify the share insurance regulations by establishing a “trust accounts” category that governs coverage of shares of both revocable and irrevocable trusts using a common calculation and provide consistent share insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender. The FDIC previously adopted a similar final rule.
  • Subordinated Debt: The NCUA is considering amending its subordinated debt regulation as it applies to the duration of regulatory capital treatment of debt issued to government investors, as well as other possible changes. Comments on the proposed rule closed in December 2022. NAFCU submitted comments supporting the proposal.
  • Succession Planning: A final rule to require FCUs to establish and adhere to succession plans for key positions, including board officers, management officials, and other positions identified in credit unions’ bylaws is tentatively planned for May. NAFCU opposed this proposed rule.
  • Asset Threshold for Determining Supervisory Office: The final rule to increase the threshold for transitioning large credit unions to ONES supervision is set for this summer. NAFCU advocated for increasing the Tier I threshold to $20 billion in assets rather than the $15 billion Tier I threshold in the proposed rule.
  • The NCUA’s agenda also includes a number of final actions on interim final rules related to COVID relief, including prompt corrective action and the Central Liquidity Facility, as well as several items carried over from previous rulemaking agendas.


  • Fair Credit Report Act (FCRA): The bureau is considering whether to amend Regulation V, which imposes legal duties on consumer reporting agencies, data furnishers, and users of consumer reports, and furnishers of information to consumer reporting agencies. NAFCU filed several amicus briefs with other trades associations in 2022 to clarify the requirements of data furnishers in investigating credit disputes and confirm that the FCRA preempts state credit reporting laws.
  • Section 1071 Small Business Lending Data: The bureau plans to finalize this rule to implement Section 1071 of the Dodd-Frank Act in March. NAFCU’s comment and a joint trades letter urged significant changes to the proposed rule to reduce compliance burdens imposed on credit unions.
  • Section 1033 Personal Financial Data: The Small Business Regulatory Enforcement Fairness Act (SBREFA) panel is expected to release its report in February. NAFCU will provide comments to the bureau on the panel’s outline of proposals under consideration.
  • Fees: The bureau has several items on its agenda related to fees, including overdraft, insufficient funds, and credit card penalties.

Financial Crimes Enforcement Network (FinCEN)

  • Voluntary Information Sharing Under Section 314(b): NAFCU has asked FinCEN to improve the utility of the information sharing program by allowing financial institutions to share information about fraud. This item has been included in several previous agendas and a proposed rule is now scheduled for June.