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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22-EA-18: FTC - Trade Regulation Rule on Commercial Surveillance and Data Security

On August 22, 2022, the Federal Trade Commission (FTC) published an advance notice of proposed rulemaking (ANPR) to seek comment on the prevalence of commercial surveillance and data security acts and practices that harm consumers.

22-EA-17: NCUA - Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

On August 2, 2022, the National Credit Union Administration (NCUA), along with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), proposed and requested comment on a joint agency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts (the proposed policy statement).

22-EA-16: NCUA - Cyber Incident Notification Requirements for Federally Insured Credit Unions

On July 27, 2022, the National Credit Union Administration (NCUA) published a proposal to require a federally insured credit union (FICU) that experiences a reportable cyber incident to report the incident to the NCUA as soon as possible and no later than 72 hours after the FICU reasonably believes that it has experienced a reportable cyber incident.

22-EA-15: Federal Reserve - Regulation Implementing the Adjustable Interest Rate (LIBOR) Act

On July 19, 2022, the Board of Governors of the Federal Reserve System (Board) issued a notice and request for comment on a proposed regulation that would establish benchmark replacements for contracts that reference the London Inter-Bank Offered Rate (LIBOR) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the discontinuation of LIBOR.

22-EA-14: Federal Housing Finance Agency - Fintech in Housing Finance

On July 18, 2022, the Federal Housing Finance Agency (FHFA) published a request for information (RFI) soliciting public input on the role of technology in housing finance and how the FHFA can interact with stakeholders to facilitate responsible innovation.

22-EA-13: Department of the Treasury - Ensuring Responsible Development of Digital Assets

On July 8, 2022, the Department of the Treasury (Treasury) issued a request for comment (RFC) soliciting input on how development of digital assets and related technologies could impact financial market and payment infrastructures for consumers, investors, and businesses. The RFC is linked to Treasury’s obligation under President Biden’s March 9, 2022, Executive Order, “Ensuring Responsible Development of Digital Assets” (the Executive Order or EO), to prepare, in coordination with other federal agencies, several reports pertaining to digital assets.

22-EA-12: CFPB - Credit Card Late Fees and Late Payments

On June 22, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published an advance notice of proposed rulemaking (ANPRM) inviting comments on questions relating to credit card late fee amounts, card issuers’ costs and losses associated with late payments, the use of Regulation Z’s safe harbor provisions, and card issuers’ revenue and expenses related to credit card operations.

22-EA-11: CFPB - Relationship Banking and Customer Service

On June 21, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information soliciting comment on how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates.

22-EA-10: FinCEN - No-Action Letter Process

On June 6, 2022, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPRM) inviting comments on questions relating to the implementation of a no-action letter process, whether a no-action letter should be implemented, and, if so, how the no-action letter process should interact with other forms of relief.

22-EA-09: Department of Commerce - Developing a Framework on Competitiveness of Digital Asset Technologies

On May 19, 2022, the Department of Commerce (Commerce) issued a notice and request for comment (RFC) regarding its development of a framework for enhancing U.S. economic competitiveness in digital asset technologies. In addition to reviewing public comments, and as required by President Biden’s March 9, 2022, Executive Order, “Ensuring Responsible Development of Digital Assets,” the Secretary of Commerce will directly seek consultation on this issue from the Secretary of State, the Secretary of the Treasury, and the heads of other federal agencies.

22-EA-08: HUD - Increased Forty-Year Term for Loan Modifications

On April 1, 2022, the Department of Housing and Urban Development (HUD) published a notice of proposed rulemaking (NPRM) inviting comment on its proposal to allow mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a new term limit of 480 months to cure a borrower’s default.

22-EA-07: Federal Reserve - Guidelines for Evaluating Account and Service Requests

On March 8, 2022, the Board of Governors of the Federal Reserve System (Federal Reserve) published a supplemental notice and request for comment regarding proposed guidelines for Federal Reserve Banks (Reserve Banks) to use when evaluating requests for master account access and Federal Reserve services.

22-EA-06: NCUA - Asset Threshold for Determining Appropriate Supervisory Office

On February 17, 2022, the National Credit Union Administration (NCUA) issued a proposed rule to recalibrate the asset threshold used for determining whether a natural person credit union is subject to supervision by NCUA’s Office of National Examinations and Supervision (ONES).

22-EA-05: NCUA - Succession Planning

On February 3, 2022, the National Credit Union Administration (NCUA) Board published a notice of proposed rulemaking (NPRM) inviting comment on its proposal to require federal credit union (FCU) boards of directors to establish and adhere to processes for succession planning.

22-EA-04: FinCEN - Pilot Program on Sharing of Suspicious Activity Reports and Related Information with Foreign Branches, Subsidiaries, and Affiliates

On January 25, 2022, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) inviting comment on its proposed establishment of a limited-duration pilot program to permit a financial institution with a suspicious activity report (SAR) reporting obligation to share SARs and information related to SARs with the institution’s foreign branches, subsidiaries, and affiliates for the purpose of combating illicit finance risk.

22-EA-03: CFPB - Fees Imposed by Providers of Consumer Financial Products or Services

On January 26, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) to solicit feedback on fees imposed by providers of consumer financial products or services to assist the CFPB in exercising its enforcement, supervision, regulatory, and other authorities in creating a fairer, more transparent, and competitive consumer financial market.

22-EA-02: Federal Reserve - Central Bank Digital Currency

On January 20, 2022, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a discussion paper and request for comment regarding potential adoption of a central bank digital currency (CBDC). The paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” describes some of the costs and benefits of a hypothetical CBDC, but does not favor any policy outcome.

22-EA-01: CFPB - Inquiry Into Buy-Now-Pay-Later Providers

On January 24, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a notice and request for comment to gain information about the size, scope, and business practices of the buy-now-pay-later (BNPL) market.

21-EA-30: FinCEN - Review of Bank Secrecy Act Regulations and Guidance

On December 15, 2021, the Financial Crimes Enforcement Network (FinCEN) published a request for information (RFI) to solicit feedback on ways to streamline, modernize, and update the anti-money laundering (AML)/countering the financing of terrorism (CFT) framework as required by section 6216 of the AML Act of 2020 (AML Act).

21-EA-29: FinCEN - AML Regulations for Real Estate Transactions

On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) to solicit feedback on requiring certain persons involved in real estate transactions to collect, report, and retain information for non-financed real estate transactions.

21-EA-28: FinCEN - Beneficial Ownership Information Reporting Requirements

On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) to solicit feedback related to beneficial ownership reporting requirements implementing section 6403 of the Corporate Transparency Act (CTA), which was enacted as part of the National Defense Authorization Act (NDAA).