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.

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.