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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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.

20-EA-17: NCUA - Interagency Questions and Answers Regarding Flood Insurance

On September 3, 2020, the National Credit Union Administration (NCUA), along with the Office of Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (collectively, “the agencies”) published a proposed rule to reorganize, revise, and expand the Interagency Questions and Answers Regarding Flood Insurance (“Interagency Questions & Answers”), last updated in 2011.

20-EA-16: CFPB - Seasoned Qualified Mortgage Definition

On August 18, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) issued a notice of proposed rulemaking (NPRM) creating a new seasoned qualified mortgage (QM) definition under the Truth in Lending Act (TILA).

20-EA-15: NCUA - Fees Paid by Credit Unions

On July 30, 2020, the National Credit Union Administration (NCUA) issued a request for comment (RFC) on the agency’s existing Overhead Transfer Rate (OTR) methodology and proposed clarifications regarding how the methodology is applied to apportion operating fees charged to federal credit unions (FCUs).

20-EA-14: NCUA - Overhead Transfer Rate Methodology and Operating Fee Schedule Methodology

On July 30, 2020, the National Credit Union Administration (NCUA) issued a request for comment (RFC) on the agency’s existing Overhead Transfer Rate (OTR) methodology and proposed clarifications regarding how the methodology is applied to apportion operating fees charged to federal credit unions (FCUs).

20-EA-13: NCUA - Transition to CECL

On July 30, 2020, the National Credit Union Administration (NCUA) issued a proposed rule to establish a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally-insured credit union’s (FICU) net worth ratio.

20-EA-12: CFPB - Equal Credit Opportunity Act and Regulation B

On August 3, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) inviting comment on opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, access to credit, address uncertainty, and develop viable solutions to regulatory compliance challenges under the Equal Credit Opportunity Act (ECOA) and Regulation B.

20-EA-11: CFPB - Higher-Priced Mortgage Loan Escrow Exemption

On July 22, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) amending Regulation Z, which implements the Truth in Lending Act (TILA) as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

20-EA-10: CFPB - Qualified Mortgage Definition – Extension of Sunset Date

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

20-EA-09: CFPB - Qualified Mortgage Definition

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

20-EA-08: NCUA - Strategies for Future Examination and Supervision Utilizing Digital Technology

On July 1, 2020, the National Credit Union Administration (NCUA) published a Request for Information (RFI), seeking assistance in identifying considerations and challenges related to doing more examination work virtually using technology as part of its larger modernization initiative.

20-EA-07: NCUA - The Office of General Counsel’s 2020 Regulatory Review

On February 21, 2020, the National Credit Union Administration’s (NCUA) Office of General Counsel published its annual Regulatory Review, which evaluates one-third of the current regulations for regulatory burdens, administrative hurdles, and clarity.

20-EA-06: IRS - Tax on Excess Tax-Exempt Organization Executive Compensation

On June 11, 2020, the Internal Revenue Service (IRS) published a notice of proposed rulemaking regarding regulations under section 4960 of the Internal Revenue Code (IRC) on executive compensation and parachute payments.

20-EA-05: CFPB - Facilitating the LIBOR Transition (Regulation Z)

On June 4, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to address the transition from the London Inter-Bank Offered Rate (LIBOR), which is expected to be discontinued after 2021. The proposal describes how creditors can transition to new rate indices under open-end and closed-end credit rules.

20-EA-04: NCUA - Joint Ownership Share Accounts

On June 5, 2020 the National Credit Union Administration (NCUA) board approved publication in the Federal Register of a notice of proposed rulemaking to amend Part 745 of the NCUA’s regulations regarding the requirements for jointly owned share accounts for share insurance purposes.

20-EA-03: NCUA - Corporate Credit Unions

On March 27, 2020, the National Credit Union Administration (NCUA) published a proposed rule to amend the NCUA’s corporate credit union rules in Part 704. The proposal makes four notable changes, summarized below.

20-EA-02: NCUA - Subordinated Debt

On March 10, 2020, the National Credit Union Administration (NCUA) published a proposed rule to grant certain credit unions the ability to issue subordinated debt. In general, subordinated debt would resemble secondary capital, which low-income designated credit unions (LICUs) can already issue; however, regulatory capital treatment would vary depending on the type of issuing credit union.

20-EA-01: NCUA - Combination Transactions With Non-Credit Unions; Credit Union Asset Acquisitions

On January 30, 2019, the National Credit Union Administration (NCUA) published a proposed rule to create new Subpart D of Part 708a of its regulations to clarify the procedures and requirements currently in place related to combination transactions. Combination transactions include transactions where a federally-insured credit union (FICU) proposes to assume assets and liabilities from a bank, or a non-depository financial institution, such as a mortgage bank, as part of a merger or consolidation.

19-EA-27: CFPB- Remittance Transfers

On December 6, 2019, the Consumer Financial Protection Bureau (Bureau) issued a proposed rule to amend Regulation E’s remittance transfer provisions (the Remittance Rule).

19-EA-26: NCUA - Real Estate Appraisals

On November 29, 2019, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking to amend Part 722 of the NCUA’s regulations regarding certain residential real estate appraisals.

19-EA-25: NCUA - Notice of Proposed Rulemaking, Chartering and Field of Membership

On November 7, 2019, the National Credit Union Administration (NCUA) published a proposed rule, with a 30-day comment period, to amend its Chartering and Field of Membership (FOM) Manual (Chartering Manual) to provide community credit unions with greater flexibility to include certain geographic areas in their FOMs. The proposal makes and clarifies changes consistent with the August 2019 opinion from the D.C. Circuit Court in the bankers’ lawsuit against the 2016 FOM final rule.