Proposed Regulation

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. Each alert PDF also provides a link to send NAFCU comments that we will include in our letter to the agency or agencies that issued the proposed rule.

CFPB: Medical Debt

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) published a proposed rule to remove a regulatory exception in Regulation V from the limitation in the Fair Credit Reporting Act (FCRA) on creditors obtaining or using information on medical debts for credit eligibility determinations.

CFPB: Use of Digital User Accounts to Access Buy Now, Pay Later Loans

On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL).

Joint Agencies: Incentive-Based Compensation

On May 6, 2024, the National Credit Union Administration (NCUA), along with other banking regulators and the FHFA (the Agencies) released a notice of proposed rulemaking to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by jointly issuing regulations or guidelines: (1) prohibiting incentive-based compensation arrangements at covered financial institutions that encourage inappropriate risks by providing excessive compensation or that could lead to material financial loss; and (2) requiring those covered financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate federal regulator.

CFPB: Residential Mortgage Closing Costs

On May 30, 2024, the Consumer Financial Protection Bureau released a Request for Information regarding fees imposed in residential mortgage transactions, or closing costs. The Bureau is seeking input from the public on the impact of closing costs and the degree to which they add overall cost to the homebuying process.

Federal Reserve: Expansion of Fedwire Funds Service and National Settlement Service Operating Hours

On May 9, 2024, the Board of Governors of the Federal Reserve System published a request for comment on expanding the Fedwire Funds Service and National Settlement Service (NSS) operating hours to 22 hours per day, 7 days per week, every day of the year (22x7x365). Under the proposal, the NSS would close 30 minutes earlier than the Fedwire Funds Service.

NCUA: RFC on Annual Regulatory Review

The NCUA reviews all of its existing regulations every three years. Each year, the agency's Office of General Counsel (OGC) reviews one-third of NCUA's regulations. The 2024 Regulatory Review includes Parts 748 – 797. The public is invited to provide input on any or all of the parts and sections up for review.

NCUA: ANPR on Records Preservation Program and Appendices

The NCUA issued an advance notice of proposed rulemaking (ANPR) to solicit feedback on how the agency can improve and update its records preservation program regulations and guidance. In addition to input on the content of Part 749, the NCUA seeks comments on the Part’s structure, which may be confusing since it includes a combination of regulatory requirements and guidance. We appreciate the Board’s effort to pursue this rulemaking, which was developed, in part, through recent feedback from America’s Credit Unions’ Small Credit Union Committee.

CISA: Cyber Incident Reporting

On April 4, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) published a notice of proposed rulemaking to implement cyber incident and ransom payment reporting requirements adopted in the Cyber Incident Reporting for Critical Infrastructure Act of 2022, which requires covered entities to report cyber incidents within 72 hours after the covered entity reasonably believes that the covered cyber incident has occurred and ransom payments made in response to a ransomware attack within 24 hours after the ransom payment has been made.

FinCEN: RFCs on Collection of Information re: CTRs, SARs, and Beneficial Ownership Requirements

As required by the Paperwork Reduction Act (PRA), through three separate requests for comment (RFC), FinCEN is soliciting input on existing information collections associated with:

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).