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

OOn 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.

19-EA-24 Interagency Accounting Statement

On October 10, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to adjust the threshold for reporting data about open-end lines of credit under the Home Mortgage Disclosure Act (HMDA).

19-EA-23: CFPB - Tech Sprints

On September 18, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (RFI) to solicit comment on the potential use of tech sprints to encourage innovation and address regulatory compliance challenges. Tech sprints will involve small teams of regulators, technologists, financial institutions, and subject matter experts working together for several days to develop solutions to clearly identified problems in a collaborative environment.

19-EA-22: HUD - Disparate Impact

On August 19, 2019, the Department of Housing and Urban Development (HUD) issued a proposed rule to amend its interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. In this regard, the new rule adopts more comprehensive pleading requirements.

19-EA-21: Financial Accounting Standards Board - Proposed Accounting Standards Update – Effective Dates

On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to extend the effective dates for major standards not yet in effect. For the current expected credit losses (CECL) standard, credit unions would comply beginning in January 2023.

19-EA-20: Federal Reserve - Interbank Settlement of Faster Payments

On August 9, 2019, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comment on a new, faster payments settlement service called FedNow. FedNow will be a 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality designed to process individual payments within seconds.

19-EA-19: CFPB - Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z)

On July 31, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an advance notice of proposed rulemaking (ANPR) regarding potential revisions to the definition of a qualified mortgage (QM) under the Truth in Lending Act (TILA).

19-EA-18: NCUA - Exceptions to Employment Restrictions Under Section 205(d) of the Federal Credit Union Act (“Second Chance IRPS”)

On July 29, 2019, the National Credit Union Administration (NCUA) published a proposed Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act (FCU Act) (“Second Chance IRPS”). Section 205(d) prohibits, except with the prior written consent of the Board, any person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union.

19-EA-17: NCUA - Delay of Effective Date of the Risk-Based Capital Rules

On June 26, 2019, the National Credit Union Administration (NCUA) published a proposal to delay the effective date of the NCUA's October 2015 final rule regarding risk-based capital (2015 Final Rule), along with its November 2018 supplemental final rule regarding risk-based capital (2018 Supplemental Rule), by two years until January 1, 2022.

19-EA-16: NCUA - Public Unit and Nonmember Shares

On May 30, 2019, the National Credit Union Administration (NCUA) published a proposal to amend its public unit and nonmember share rule to allow federal credit unions (FCUs) to receive public unit (e.g., the U.S. government, states, and political subdivisions therein) and nonmember shares up to 50 percent of the credit union's paid-in and unimpaired capital and surplus less any public unit and nonmember shares.