Newsroom
December 13, 2021
NCUA, CFPB, more announce fall rulemaking agenda
Administrative agencies – including the NCUA and CFPB – have released their fall regulatory agendas, which include several NAFCU and credit union advocacy priorities, as well as already introduced or included items on previous rulemaking agendas.
Here are a few notable items included on the agencies’ fall rulemaking agendas:
- Automated Valuation Models (AVMs): The NCUA is set to propose a rule that 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.
- Purchase, Sale, and Pledge of Loans: In April 2022, the NCUA Board is considering issuing a proposed rule to clarify federal credit unions' authority to purchase, sell, and pledge loans--including loan participations and eligible obligations.
- Compensation in Connection with Loans to Members and Lines of Credit to Members: Also scheduled for April, NAFCU continues to advocate that this rule be proposed as soon as possible to update regulations with industry practices.
- Digital assets: NCUA says it will carefully review the comments submitted to its recent request for comment and determine what, if any, proposals should be forthcoming. Read NAFCU's letter on this topic here.
- Combination Transactions: This final rule will establish requirements related to transactions where a federally insured credit union (FICU) proposes to assume liabilities from an institution other than a credit union. Read NAFCU's letter on this topic here.
- Bank Secrecy Act: The NCUA plans to issue a final rule that will amend the NCUA’s SARs regulation to allow the Board to issue exemptions from the requirements of that regulation to grant relief to FICUs that develop innovative solutions to meet BSA requirements.
- Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance: The OCC, Fed, FDIC, Farm Credit Administration, and NCUA plan to issue a joint rule to reorganize, revise, and expand the Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance. Read NAFCU's letter on this topic here.
CFPB: Of note, all items on the CFPB's agenda are carried over from the Spring 2021 agenda.
- Section 1071: The CFPB lists the current notice of proposed rulemaking (NPRM), which has a comment period deadline ending in early 2022.
Federal Housing Finance Agency (FHFA):
- GSE liquidity requirements: The FHFA plans to issue a final rule on the GSE’s liquidity requirements in January 2022. Read NAFCU's letter on this topic here.
- Prior Approval of Enterprise Products: The FHFA will finalize its proposed rule on prior approval of GSE products and services, which NAFCU has previously commented on suggesting additional improvements to support technological innovation in the housing market.
Small Business Administration (SBA):
- Build Back Better Act (BBBA) recovery loan program: An interim final rule is listed for June 2022 to implement regulations in the BBBA that would allow modifications to the 7(a) program to assist with COVID-19 recovery.
- Streamlining and modernizing 7(a) and 504: The SBA will issue a final rule in April of 2022 to eliminate or revise obsolete, ineffective, burdensome, or unnecessary provisions for 7(a) and 504 loan programs.
- Express loan: A proposed rulemaking is expected in March 2022 that will codify CARES Act authorization to permanently increase the maximum loan amount from $350,000 to $500,000 for express lenders.
Financial Crimes Enforcement Network (FinCEN):
- Voluntary Information Sharing Under Section 314(b): According to the agenda, FinCEN's NPRM on voluntary information sharing has been delayed to March 2022; however, FinCEN noted in the agenda that the proposal will strengthen the existing program.
- Requirements for CVC: A final rule is delayed and now expected in September 2022, originally anticipated in November 2021. This proposal would require reporting of transactions in convertible virtual currencies (CVCs) or digital assets held in un-hosted wallets. NAFCU suggested more time was needed when the proposal was initially announced in early 2021.
- Several rulemaking efforts pursuant to fiscal year 2021 National Defense Authorization Act (NDAA) provisions.
Department of Housing and Urban Development (HUD):
- Single-Family Loan Sale Program: The agenda notes HUD will propose a rule to codify the Federal Housing Administration's (FHA) single-family loan sale program for assigning defaulted single-family mortgage loans to FHA and disposing of the assigned loans through competitive loan sales in June 2022.
- Acceptance of Private Flood Insurance for FHA-Insured Mortgages: A final rule is expected in February 2022 to amend FHA regulations allowing mortgagors the option to purchase private flood insurance on FHA-insured mortgages for properties located in Special Flood Hazard Areas in satisfaction of the mandatory purchase requirement under the National Flood Insurance Act of 1968.
- Temporary asset thresholds: The Federal Reserve again expects further action this month related to the banking agencies’ IFR on asset thresholds, first published in December 2020.
- Regulation II: The Fed expects further action on Regulation II, its interchange regulation, specifically on proposed amendments to clarify the requirement that each debit card transaction have the ability to be processed on at least two unaffiliated payment card networks. Read NAFCU's letter on this topic here.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.