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-13: Federal Reserve - National Settlement Service and Fedwire Enhancements

On May 16, 2019, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comments regarding proposed modifications to the Federal Reserve Banks' (Reserve Banks) payment services to facilitate adoption of a later same-day automated clearinghouse (ACH) processing and settlement window.

19-EA-12: CFPB - Home Mortgage Disclosure (Regulation C)

On May 13, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to solicit comments on whether to make changes to the Home Mortgage Disclosure Act (HMDA) transactional and institutional thresholds that exempt smaller lenders from data reporting requirements under Regulation C.

19-EA-11: CFPB - Home Mortgage Disclosure Data Points and Coverage

On May 8, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an advance notice of proposed rulemaking (ANPR) to solicit comments on whether to make changes to the Home Mortgage Disclosure Act (HMDA) data points that credit unions are required to report.

19-EA-10: CFPB - Regulatory Flexibility Act Review of 2009 Overdraft Rule

On May 15, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a request for comments in connection with its required review of the 2009 Overdraft Rule under the Regulatory Flexibility Act (RFA). The RFA requires the Bureau to consider whether a significant rule should be continued without change, amended, or rescinded to minimize any significant economic impact on a substantial number of small entities. Accordingly, the Bureau seeks comment not only on burdens to credit unions but also consumer benefits associated with the rule.

19-EA-09: CFPB - Request for Information Regarding Potential Regulatory Changes to the Remittance Rule

On April 29, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a request for information (RFI) regarding three principle issues related to the remittance transfer rule: (1) how the Bureau can mitigate the expiration of a useful statutory exception for providing estimates in prepayment disclosures, (2) whether to change the safe harbor threshold in the rule that determines whether a credit union makes remittance transfers in the normal course of business, and (3) whether an exception for small financial institutions may be appropriate.

19-EA-08: NCUA - Compensation in Connection with Loans to Members and Lines of Credit to Members

On April 23, 2019, the National Credit Union Administration (NCUA) published an advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the NCUA’s regulations limiting a credit union official’s and employee’s compensation in connection with loans to members and lines of credit to members.

19-EA-07: DOL - Overtime Rule

On March 22, 2019, the Department of Labor (DOL) published a proposed rule that amends overtime rules under the Fair Labor Standards Act (FLSA) by increasing the minimum salary level for the “white collar” overtime exemption. The practical effect of this change would be that workers making under $35,308 annually—and not otherwise exempt from the overtime rules—would be eligible for overtime pay.

19-EA-06: CFPB - Residential Property Assessed Clean Energy Financing

On March 8, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) issued an advance notice of proposed rulemaking (ANPR) to gather feedback on how it should apply new underwriting requirements—consistent with the Truth in Lending Act (TILA)—to residential property assessed clean energy (PACE) financing.

19-EA-05: NCUA - Supervisory Committee Audits and Verifications

The NCUA published a notice of proposed rulemaking to amend the agency’s regulations governing supervisory committee audits and verifications. The proposed rule amends the alternative options for complying with the annual audit requirement if a federally-insured credit union (FICU) has elected not to voluntarily obtain a financial statement audit.

19-EA-04: CFPB - Delay of Compliance Date - Payday, Vehicle Title, and Certain High-Cost Installment Loans

The Bureau of Consumer Financial Protection (Bureau or CFPB) has proposed delaying from August 19, 2019 to November 19, 2020 the compliance date for the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule).