Proposed Regulation

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

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21-EA-14: NCUA - Compliance with BSA/AML and OFAC

On April 12, 2021, the National Credit Union Administration (NCUA) Board along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Financial Crimes Enforcement Network (FinCEN) (collectively the agencies) published a request for information (RFI) seeking information and comment on the extent to which the principles discussed in the Interagency Supervisory Guidance on Model Risk Management (MRMG) support compliance by banks with the Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) requirements.

21-EA-13: CFPB: Protections for Borrowers Affected by COVID-19 Under RESPA

On April 9, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to protect borrowers affected by the COVID-19 pandemic under the Real Estate Settlement Procedures Act (RESPA) or Regulation X.

21-EA-12: FinCEN: Beneficial Ownership Reporting Requirements

On April 5, 2021, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) to solicit feedback related to beneficial ownership reporting requirements implementing section 6403 of the Corporate Transparency Act, which was enacted as part of the National Defense Authorization Act (NDAA).

21-EA-11: NCUA - Artificial Intelligence

On March 31, 2021, the National Credit Union Administration (NCUA) along with other federal banking agencies (collectively the Agencies) issued a joint request for information (RFI) to solicit comment on artificial intelligence (AI) and machine learning (ML) usage within the financial sector.

21-EA-10: Department of the Treasury - Emergency Capital Investment Program

On March 9, 2021, the U.S. Department of the Treasury (Treasury) issued an interim final rule (IFR) to implement statutory eligibility requirements for the Emergency Capital Investment Program (ECIP), which was authorized by the Consolidated Appropriations Act, 2021 (CAA).

21-EA-09: CFPB - General QM Loan Definition; Delay of Mandatory Compliance Date

On March 5, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) loan definition until October 1, 2022.

21-EA-08: NCUA - Simplification of Risk-Based Capital Requirements

On January 14, 2021, the National Credit Union Administration (NCUA) issued an advanced notice of proposed rulemaking (ANPR) to simplify the risk based capital requirements found in the agency’s 2015 Final Risk Based Capital Rule (RBC rule).

21-EA-07: NCUA - CAMELS Rating System

On January 14, the National Credit Union Administration (NCUA) Board approved for publication a proposed rule to add an “S” component to the existing CAMEL rating system and to redefine the “L” component to distinguish liquidity risk from sensitivity to market risk.

21-EA-06: NCUA - Credit Union Service Organizations

On January 14, 2021, The National Credit Union Administration (NCUA) Board issued a proposed rule which seeks comment on the amendment of the NCUA’s credit union service organization (CUSO) regulation. The NCUA is also seeking comment on broadening Federal Credit Union (FCU) investment authority in CUSOs.

21-EA-05: NCUA - Risk-Based Net Worth – COVID-19 Regulatory Relief

On January 14, 2021, the National Credit Union Administration (NCUA) issued a proposed rule to amend the definition of “complex” for purposes of being subject to any risk-based net worth (RBNW) requirement in part 702 of the NCUA’s regulations. To learn more, please read NAFCU's Regulatory Alert.

21-EA-04: NCUA - Communications and Transparency

On January 8, 2021, The National Credit Union Administration (NCUA) Board published a request for information (RFI) inviting comment on NCUA’s communication methods and related initiatives to promote efficiency and increase transparency.

21-EA-03: NCUA - Chartering and Field of Membership – Shared Facility Requirements

On December 17, 2020, the National Credit Union Administration (NCUA) Board approved for publication a proposed rule to streamline the definition of “service facilities” in the Chartering and Field of Membership Manual (Manual) found in Appendix B of Part 701.

21-EA-02: NCUA - Overdraft Policy

On December 17, 2020, the National Credit Union Administration (NCUA) Board approved for publication a proposed rule to remove the requirement that a federal credit union’s (FCU’s) written overdraft policy contain a 45-day maximum time limit by which an overdrawn member must deposit funds or obtain an approved loan to cover each overdraft.

21-EA-01: NCUA - Mortgage Servicing Rights

On December 31, 2020, The National Credit Union Administration (NCUA) Board issued a proposed rule amending Part 703 and 721 of its regulations regarding Mortgage Servicing Rights (MSRs).

20-EA-24: NCUA - Capitalization of Interest

On December 4, 2020, the National Credit Union Administration (NCUA) Board issued a proposed rule amending Appendix B to Part 741 of its regulations regarding the capitalization of interest in connection with loan workouts and modifications.

20-EA-23: NCUA - Interagency Rule on Supervisory Guidance

On November 5, 2020, the Office of the Comptroller (OCC); Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; National Credit Union Administration (NCUA) Board; and Bureau of Consumer Financial Protection (collectively, the agencies) issued a proposed interagency rule regarding supervisory guidance, amending Appendix A to Subpart D of Part 791.

20-EA-22: FinCEN - Recordkeeping and Travel Rule

On October 27, 2020, the Financial Crimes Enforcement Network (FinCEN) and Board of Governors of the Federal Reserve System (Board) issued a joint notice of proposed rulemaking (NPRM) amending the Recordkeeping and Travel Rules.

20-EA-21: CFPB - Consumer Access to Financial Records

On October 22, 2020, the Consumer Financial Protection Bureau issued an advanced notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records under section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

20-EA-20: NCUA - Derivatives

On October 15, 2020, the National Credit Union Administration (NCUA) approved a notice of proposed rulemaking (NPRM) to be published in the Federal Register amending Subpart B to Part 703 of the regulations regarding derivatives.

20-EA-19: Consumer Financial Protection Bureau - Section 1071 – Outline of Proposals Under Consideration

On September 15, 2020, the Consumer Financial Protection Bureau issued an outline of proposals (Outline) under consideration to implement small business lending data collection requirements under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

20-EA-18: Financial Crimes Enforcement Network: Anti-Money Laundering Program Effectiveness

On September 17, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advanced notice of proposed rulemaking (ANPR) soliciting comments on regulatory amendments to establish that all financial institutions subject to anti-money laundering (AML) requirements must maintain an “effective and reasonably designed” AML program.