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.

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.

18-EA-32: BCFP - Bureau Data Collections

On September 28, 2018, the Bureau of Consumer Financial Protection (BCFP or Bureau) published a request for information (RFI) to solicit input on the overall efficiency and effectiveness of the Bureau’s Data Governance Program and data collection activities. The RFI coincides with the release of a lengthy report on the Bureau’s current data governance program, collection activities, and data sharing procedures.

18-EA-31: Fed - Interbank Settlement of Faster Payments

On October 3, 2018, the Board published a request for comments (RFC) regarding the potential creation of a new service to facilitate real-time interbank settlement of faster payments. In general, the RFC seeks input regarding the development of a 24x7x365 RTGS settlement service and a liquidity management tool. In addition, the Board poses a series of operational questions—such as how interoperability with private settlement services might influence participation.