Proposed Regulations

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. 

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CFPB: Medical Debt

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) published a proposed rule to remove a regulatory exception in Regulation V from the limitation in the Fair Credit Reporting Act (FCRA) on creditors obtaining or using information on medical debts for credit eligibility determinations.

CFPB: Use of Digital User Accounts to Access Buy Now, Pay Later Loans

On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL).

Joint Agencies: Incentive-Based Compensation

On May 6, 2024, the National Credit Union Administration (NCUA), along with other banking regulators and the FHFA (the Agencies) released a notice of proposed rulemaking to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by jointly issuing regulations or guidelines: (1) prohibiting incentive-based compensation arrangements at covered financial institutions that encourage inappropriate risks by providing excessive compensation or that could lead to material financial loss; and (2) requiring those covered financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate federal regulator.

CFPB: Residential Mortgage Closing Costs

On May 30, 2024, the Consumer Financial Protection Bureau released a Request for Information regarding fees imposed in residential mortgage transactions, or closing costs. The Bureau is seeking input from the public on the impact of closing costs and the degree to which they add overall cost to the homebuying process.

Federal Reserve: Expansion of Fedwire Funds Service and National Settlement Service Operating Hours

On May 9, 2024, the Board of Governors of the Federal Reserve System published a request for comment on expanding the Fedwire Funds Service and National Settlement Service (NSS) operating hours to 22 hours per day, 7 days per week, every day of the year (22x7x365). Under the proposal, the NSS would close 30 minutes earlier than the Fedwire Funds Service.

NCUA: RFC on Annual Regulatory Review

The NCUA reviews all of its existing regulations every three years. Each year, the agency's Office of General Counsel (OGC) reviews one-third of NCUA's regulations. The 2024 Regulatory Review includes Parts 748 – 797. The public is invited to provide input on any or all of the parts and sections up for review.

NCUA: ANPR on Records Preservation Program and Appendices

The NCUA issued an advance notice of proposed rulemaking (ANPR) to solicit feedback on how the agency can improve and update its records preservation program regulations and guidance. In addition to input on the content of Part 749, the NCUA seeks comments on the Part’s structure, which may be confusing since it includes a combination of regulatory requirements and guidance. We appreciate the Board’s effort to pursue this rulemaking, which was developed, in part, through recent feedback from America’s Credit Unions’ Small Credit Union Committee.

CISA: Cyber Incident Reporting

On April 4, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) published a notice of proposed rulemaking to implement cyber incident and ransom payment reporting requirements adopted in the Cyber Incident Reporting for Critical Infrastructure Act of 2022, which requires covered entities to report cyber incidents within 72 hours after the covered entity reasonably believes that the covered cyber incident has occurred and ransom payments made in response to a ransomware attack within 24 hours after the ransom payment has been made.

FinCEN: RFCs on Collection of Information re: CTRs, SARs, and Beneficial Ownership Requirements

As required by the Paperwork Reduction Act (PRA), through three separate requests for comment (RFC), FinCEN is soliciting input on existing information collections associated with:

CFPB: Fees for Instantaneously Declined Transactions

On January 24, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to prohibit covered financial institutions from charging fees, such as nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are instantaneously declined. Under the rule, charging such fees would constitute an abusive practice under the Consumer Financial Protection Act’s prohibition on unfair, deceptive, or abusive acts or practices (UDAAP).

FinCEN: RFC on Collection of Information re BOI Access Request

In conjunction with FinCEN’s Beneficial Ownership Information (BOI) rulemakings, which implement the Corporate Transparency Act, FinCEN is soliciting feedback on the burden estimate associated with a component of the BOI Access Rule that was finalized in December. Along with the burden estimate, this request for comment (RFC) includes the method by which financial institutions must provide certification to FinCEN when requesting access to the BOI database.

CFPB: Overdraft Lending – Very Large Financial Institutions

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions.

23-EA-24: CFPB - Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) that would designate certain nonbanks offering “general-use digital consumer payment applications” as larger participants subject to the agency’s supervisory jurisdiction.

23-EA-23: FinCEN - Convertible Virtual Currency Mixing

On October 23, 2023, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) in the Federal Register. This proposed rule requires domestic financial institutions to implement certain recordkeeping and reporting requirements for transactions involving convertible virtual currency (CVC) mixing. CVC mixing facilitates CVC transactions in a manner that obfuscates the source, destination, or amount involved in a transaction.

23-EA-22: Federal Reserve - Debit Interchange Fees and Routing

On October 25, 2023, the Board of Governors of the Federal Reserve System (Board) released a notice of proposed rulemaking to update the three components of the interchange fee cap based on the latest data reported to the Board and update the interchange fee cap every other year going forward based on data from the Board’s biennial survey of large debit card issuers.

23-EA-21: NCUA - Fair Hiring in Banking

On October 19, 2023, the National Credit Union Administration (NCUA) Board unanimously agreed to publish a notice of proposed rulemaking (NPRM). This proposed rule would allow people convicted of certain minor offenses to work in the credit union industry without applying for the NCUA Board’s approval.

23-EA-20: CFPB - Personal Financial Data Rights

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

23-EA-19: NCUA - Share Insurance Rule Amendment

On October 25, 2023, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking to amend the NCUA’s regulations governing share insurance coverage for both revocable and irrevocable trusts.

23-EA-18: Department of Labor - Overtime and Minimum Wage

On September 8, 2023, the Department of Labor (DOL) published a notice of proposed rulemaking (NPRM) soliciting input on changes to the thresholds and methods used to delimit overtime and minimum wage exemptions.

23-EA-17: NCUA - Operating Fee Schedule Methodology

On July 6, 2023, the National Credit Union Administration (NCUA) published a request for comment (RFC) soliciting input on changes to the methodology used to determine how the agency apportions operating fees charged to federal credit unions (FCUs).

23-EA-16: NCUA - Minority Depository Institution Preservation Program

On June 29, 2023, the National Credit Union Administration (NCUA) published proposed revisions to interpretive ruling and policy statement (IRPS) 13-1, regarding the Minority Depository Institution Preservation Program (MDI Program) for credit unions.