Proposed Regulation

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.

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.

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:

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).

In conjunction with FinCEN’s Beneficial Ownership Information (BOI) rulemakings, which implement the Corporate Transparency Act, FinCEN is soliciting feedback on the burden estimate associated with a component of the BOI Access Rule that was finalized in December. Along with the burden estimate, this request for comment (RFC) includes the method by which financial institutions must provide certification to FinCEN when requesting access to the BOI database.

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions.

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) that would designate certain nonbanks offering “general-use digital consumer payment applications” as larger participants subject to the agency’s supervisory jurisdiction.

On October 23, 2023, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) in the Federal Register. This proposed rule requires domestic financial institutions to implement certain recordkeeping and reporting requirements for transactions involving convertible virtual currency (CVC) mixing. CVC mixing facilitates CVC transactions in a manner that obfuscates the source, destination, or amount involved in a transaction.

On October 25, 2023, the Board of Governors of the Federal Reserve System (Board) released a notice of proposed rulemaking to update the three components of the interchange fee cap based on the latest data reported to the Board and update the interchange fee cap every other year going forward based on data from the Board’s biennial survey of large debit card issuers.

On October 19, 2023, the National Credit Union Administration (NCUA) Board unanimously agreed to publish a notice of proposed rulemaking (NPRM). This proposed rule would allow people convicted of certain minor offenses to work in the credit union industry without applying for the NCUA Board’s approval.