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.

20-EA-12: CFPB - Equal Credit Opportunity Act and Regulation B

On August 3, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) inviting comment on opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, access to credit, address uncertainty, and develop viable solutions to regulatory compliance challenges under the Equal Credit Opportunity Act (ECOA) and Regulation B.

20-EA-11: CFPB - Higher-Priced Mortgage Loan Escrow Exemption

On July 22, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) amending Regulation Z, which implements the Truth in Lending Act (TILA) as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

20-EA-09: CFPB - Qualified Mortgage Definition

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

20-EA-10: CFPB - Qualified Mortgage Definition – Extension of Sunset Date

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

20-EA-08: NCUA - Strategies for Future Examination and Supervision Utilizing Digital Technology

On July 1, 2020, the National Credit Union Administration (NCUA) published a Request for Information (RFI), seeking assistance in identifying considerations and challenges related to doing more examination work virtually using technology as part of its larger modernization initiative.

20-EA-07: NCUA - The Office of General Counsel’s 2020 Regulatory Review

On February 21, 2020, the National Credit Union Administration’s (NCUA) Office of General Counsel published its annual Regulatory Review, which evaluates one-third of the current regulations for regulatory burdens, administrative hurdles, and clarity.

20-EA-06: IRS - Tax on Excess Tax-Exempt Organization Executive Compensation

On June 11, 2020, the Internal Revenue Service (IRS) published a notice of proposed rulemaking regarding regulations under section 4960 of the Internal Revenue Code (IRC) on executive compensation and parachute payments.

20-EA-05: CFPB - Facilitating the LIBOR Transition (Regulation Z)

On June 4, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to address the transition from the London Inter-Bank Offered Rate (LIBOR), which is expected to be discontinued after 2021. The proposal describes how creditors can transition to new rate indices under open-end and closed-end credit rules.

20-EA-04: NCUA - Joint Ownership Share Accounts

On June 5, 2020 the National Credit Union Administration (NCUA) board approved publication in the Federal Register of a notice of proposed rulemaking to amend Part 745 of the NCUA’s regulations regarding the requirements for jointly owned share accounts for share insurance purposes.

20-EA-03: NCUA - Corporate Credit Unions

On March 27, 2020, the National Credit Union Administration (NCUA) published a proposed rule to amend the NCUA’s corporate credit union rules in Part 704. The proposal makes four notable changes, summarized below.