Proposed Regulation

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.

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

On October 25, 2023, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking to amend the NCUA’s regulations governing share insurance coverage for both revocable and irrevocable trusts.

On September 8, 2023, the Department of Labor (DOL) published a notice of proposed rulemaking (NPRM) soliciting input on changes to the thresholds and methods used to delimit overtime and minimum wage exemptions.

On July 6, 2023, the National Credit Union Administration (NCUA) published a request for comment (RFC) soliciting input on changes to the methodology used to determine how the agency apportions operating fees charged to federal credit unions (FCUs).

On June 29, 2023, the National Credit Union Administration (NCUA) published proposed revisions to interpretive ruling and policy statement (IRPS) 13-1, regarding the Minority Depository Institution Preservation Program (MDI Program) for credit unions.

On June 8, 2023, the National Credit Union Administration (NCUA), along with other federal banking regulators, released proposed interagency guidance with request for comment (proposed guidance) on reconsiderations of value (ROV) of residential real estate valuation processes.