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: 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.

23-EA-15: Joint Agencies - Guidance on Reconsiderations of Value of Residential Real Estate Valuations

On June 8, 2023, the National Credit Union Administration (NCUA), along with other federal banking regulators, released proposed interagency guidance with request for comment (proposed guidance) on reconsiderations of value (ROV) of residential real estate valuation processes.

23-EA-14: FCC - Rules and Regulations Implementing the TCPA

On June 9, 2023, the Federal Communications Commission (FCC) released a notice of proposed rulemaking (NPRM) regarding rules and regulations implementing the Telephone Consumer Protection Act of 1991 (TCPA).

23-EA-13: NCUA - Charitable Donation Accounts

On May 25, 2023, the National Credit Union Administration (NCUA) Board approved a proposed rule on charitable donation accounts (CDAs). The proposal would expand the NCUA’s definition of “qualified charity” to include veterans’ organizations as defined by section 501(c)(19) of the Internal Revenue Code.

23-EA-12: Joint Agencies - Quality Control Standards for AVMs

On June 1, 2023, the National Credit Union Administration (NCUA), along with other federal banking and housing agencies (collectively the Agencies), issued a joint notice of proposed rulemaking (NPRM) to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.

23-EA-11: NACHA - RFI on ACH Risk Management

On May 2, 2023, the National Automated Clearinghouse Association (NACHA) published a request for information (RFI) seeking information and perspectives on automated clearinghouse (ACH) risk management topics and the NACHA operating rules. These include ACH Network Credit Return Threshold, “Third-Party Receivers,” Risk-based approach to early funds availability, and Notification of Change (NOC) for SEC Code/Account Type mismatch.

23-EA-10: FHFA - Fannie Mae and Freddie Mac Single-Family Mortgage Pricing Framework

On May 15, 2023, the Federal Housing Finance Agency (FHFA) published a request for input (RFI) on Fannie Mae’s and Freddie Mac’s (collectively, the government-sponsored enterprises or GSEs) Single-Family Mortgage Pricing Framework.

23-EA-09: CFPB - Residential Property Assessed Clean Energy Financing (Regulation Z)

On May 1, 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) published a notice of proposed rulemaking (NPRM) seeking to prescribe ability-to-repay rules for Property Assessed Clean Energy (PACE) financing and to apply the civil liability provisions of the Truth in Lending Act (TILA) for violations. Specifically, the Bureau proposes to implement Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) section 307 and to amend Regulation Z to address how TILA applies to PACE transactions to account for the unique nature of PACE.

23-EA-08: NCUA - Request for Information Regarding Climate-Related Financial Risk

On April 25, 2023, the National Credit Union Administration (NCUA) published a request for information (RFI) seeking public input on current and future climate and natural disaster risks to federally insured credit unions (FICUs), related entities, their members, and the National Credit Union Share Insurance Fund (SIF). The NCUA also seeks input of any interested parties on the development of potential future guidance, regulation, reporting requirements, and/or supervisory approaches for FICUs’ management of climate-related financial risks.

23-EA-07: CFPB - Regulation Z’s Mortgage Loan Originator Rules Review Pursuant to the Regulatory Flexibility Act

On March 16, 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) soliciting public feedback on the economic impact of Regulation Z’s Mortgage Loan Originator Rules (Loan Originator Rules).