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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19-EA-17: NCUA - Delay of Effective Date of the Risk-Based Capital Rules

On June 26, 2019, the National Credit Union Administration (NCUA) published a proposal to delay the effective date of the NCUA's October 2015 final rule regarding risk-based capital (2015 Final Rule), along with its November 2018 supplemental final rule regarding risk-based capital (2018 Supplemental Rule), by two years until January 1, 2022.

19-EA-16: NCUA - Public Unit and Nonmember Shares

On May 30, 2019, the National Credit Union Administration (NCUA) published a proposal to amend its public unit and nonmember share rule to allow federal credit unions (FCUs) to receive public unit (e.g., the U.S. government, states, and political subdivisions therein) and nonmember shares up to 50 percent of the credit union's paid-in and unimpaired capital and surplus less any public unit and nonmember shares.

19-EA-15: CFPB - Debt Collection Practices

On May 21, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).

19-EA-14: CFPB - Regulatory Flexibility Act Plan for Review

On May 15, 2019, the Consumer Financial Protection Bureau (Bureau or CFPB) published a request for comments in connection with the Bureau’s plan for required review of its rules under section 610 of the Regulatory Flexibility Act (RFA). The RFA requires the Bureau to periodically consider whether a significant rule should be continued without change, amended, or rescinded to minimize any significant economic impact on a substantial number of small entities.

19-EA-13: Federal Reserve - National Settlement Service and Fedwire Enhancements

On May 16, 2019, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comments regarding proposed modifications to the Federal Reserve Banks' (Reserve Banks) payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window.

19-EA-12: CFPB - Home Mortgage Disclosure (Regulation C)

On May 13, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to solicit comments on whether to make changes to the Home Mortgage Disclosure Act (HMDA) transactional and institutional thresholds that exempt smaller lenders from data reporting requirements under Regulation C.

19-EA-11: CFPB - Home Mortgage Disclosure Data Points and Coverage

On May 8, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an advance notice of proposed rulemaking (ANPR) to solicit comments on whether to make changes to the Home Mortgage Disclosure Act (HMDA) data points that credit unions are required to report.

19-EA-10: CFPB - Regulatory Flexibility Act Review of 2009 Overdraft Rule

On May 15, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a request for comments in connection with its required review of the 2009 Overdraft Rule under the Regulatory Flexibility Act (RFA). The RFA requires the Bureau to consider whether a significant rule should be continued without change, amended, or rescinded to minimize any significant economic impact on a substantial number of small entities. Accordingly, the Bureau seeks comment not only on burdens to credit unions but also consumer benefits associated with the rule.

19-EA-09: CFPB - Request for Information Regarding Potential Regulatory Changes to the Remittance Rule

On April 29, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a request for information (RFI) regarding three principle issues related to the remittance transfer rule: (1) how the Bureau can mitigate the expiration of a useful statutory exception for providing estimates in prepayment disclosures, (2) whether to change the safe harbor threshold in the rule that determines whether a credit union makes remittance transfers in the normal course of business, and (3) whether an exception for small financial institutions may be appropriate.

19-EA-08: NCUA - Compensation in Connection with Loans to Members and Lines of Credit to Members

On April 23, 2019, the National Credit Union Administration (NCUA) published an advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the NCUA’s regulations limiting a credit union official’s and employee’s compensation in connection with loans to members and lines of credit to members.

19-EA-07: DOL - Overtime Rule

On March 22, 2019, the Department of Labor (DOL) published a proposed rule that amends overtime rules under the Fair Labor Standards Act (FLSA) by increasing the minimum salary level for the “white collar” overtime exemption. The practical effect of this change would be that workers making under $35,308 annually—and not otherwise exempt from the overtime rules—would be eligible for overtime pay.

19-EA-06: CFPB - Residential Property Assessed Clean Energy Financing

On March 8, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) issued an advance notice of proposed rulemaking (ANPR) to gather feedback on how it should apply new underwriting requirements—consistent with the Truth in Lending Act (TILA)—to residential property assessed clean energy (PACE) financing.

19-EA-05: NCUA - Supervisory Committee Audits and Verifications

The NCUA published a notice of proposed rulemaking to amend the agency’s regulations governing supervisory committee audits and verifications. The proposed rule amends the alternative options for complying with the annual audit requirement if a federally-insured credit union (FICU) has elected not to voluntarily obtain a financial statement audit.

19-EA-04: CFPB - Delay of Compliance Date - Payday, Vehicle Title, and Certain High-Cost Installment Loans

The Bureau of Consumer Financial Protection (Bureau or CFPB) has proposed delaying from August 19, 2019 to November 19, 2020 the compliance date for the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule).

19-EA-03: CFPB - Payday, Vehicle Title, and Certain High-Cost Installment Loans

The Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking to amend the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule). The proposed rule rescinds all mandatory underwriting requirements and other related requirements for making an ability-to-repay (ATR) determination. The proposed rule retains the definition of a covered loan, and exceptions and exemptions from the rule. The rule also retains the payment provisions and still requires lenders to develop compliance programs.

19-EA-02: BCFP - Request for Information Regarding Consumer Credit Card Market

On January 31, 2019, the Bureau of Consumer Financial Protection (Bureau or BCFP) published a notice and request for information (RFI) regarding the consumer credit card market as required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The Bureau is seeking commentary from the public on how the credit card market is functioning.

19-EA-01: BCFP - Policy on No-Action Letters and the BCFP Product Sandbox

On December 13, 2018, the Bureau published proposed policy guidance to streamline and revise the agency’s NAL policy, which allows individual institutions to apply for regulatory relief in connection with a specific product or service offering. The proposal also introduces the Product Sandbox, which grants relief similar to that available through NALs, and includes two new forms or relief: approvals under statutory safe harbor provisions and exemptions from certain statutory or regulatory requirements.

18-EA-36: FHFA - Validation and Approval of Credit Score Models

In order to implement Section 310 of S. 2155, the FHFA has proposed a rule to establish a validation and approval process for credit score models. The proposed rule would establish the following four-phase process: (1) solicitation of applications from credit score model developers; (2) initial review of submitted applications; (3) Credit Score Assessment; and (4) Enterprise Business Assessment.

18-EA-35: BCFP and Fed - Availability of Funds and Collection of Checks (Regulation CC)

On December 10, 2018, the Bureau of Consumer Financial Protection (Bureau) and the Board of Governors of the Federal Reserve System (Board)—collectively, “the Agencies”—published a proposed rule to amend Regulation CC’s funds availability schedules. Specifically, the Agencies intend to implement Section 607(f) of the EFA Act by proposing a new calculation methodology for adjusting the dollar amounts in the EFA Act by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25.

18-EA-34: NCUA - Fidelity Bonds

On November 23, 2018, the NCUA published a notice of proposed rulemaking to amend the regulations under Parts 704 and 713 regarding fidelity bonds. The proposed rule would strengthen a credit union board of directors’ (BOD) oversight of fidelity bond coverage by requiring the BOD to review all applications and renewals.

18-EA-33: NCUA - Federal Credit Union Bylaws

On November 13, 2018, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking regarding the federal credit union bylaws (FCU Bylaws). In addition to substantive changes, the proposed rule adds staff commentary to clarify provisions, updates provisions to conform to legal opinions issued, and provides stylistic and grammatical changes throughout.