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.

18-EA-35: BCFP and Fed - Availability of Funds and Collection of Checks (Regulation CC)

On December 10, 2018, the Bureau of Consumer Financial Protection (Bureau) and the Board of Governors of the Federal Reserve System (Board)—collectively, “the Agencies”—published a proposed rule to amend Regulation CC’s funds availability schedules. Specifically, the Agencies intend to implement Section 607(f) of the EFA Act by proposing a new calculation methodology for adjusting the dollar amounts in the EFA Act by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25.

18-EA-34: NCUA - Fidelity Bonds

On November 23, 2018, the NCUA published a notice of proposed rulemaking to amend the regulations under Parts 704 and 713 regarding fidelity bonds. The proposed rule would strengthen a credit union board of directors’ (BOD) oversight of fidelity bond coverage by requiring the BOD to review all applications and renewals.

18-EA-33: NCUA - Federal Credit Union Bylaws

On November 13, 2018, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking regarding the federal credit union bylaws (FCU Bylaws). In addition to substantive changes, the proposed rule adds staff commentary to clarify provisions, updates provisions to conform to legal opinions issued, and provides stylistic and grammatical changes throughout.

18-EA-32: BCFP - Bureau Data Collections

On September 28, 2018, the Bureau of Consumer Financial Protection (BCFP or Bureau) published a request for information (RFI) to solicit input on the overall efficiency and effectiveness of the Bureau’s Data Governance Program and data collection activities. The RFI coincides with the release of a lengthy report on the Bureau’s current data governance program, collection activities, and data sharing procedures.

18-EA-31: Fed - Interbank Settlement of Faster Payments

On October 3, 2018, the Board published a request for comments (RFC) regarding the potential creation of a new service to facilitate real-time interbank settlement of faster payments. In general, the RFC seeks input regarding the development of a 24x7x365 RTGS settlement service and a liquidity management tool. In addition, the Board poses a series of operational questions—such as how interoperability with private settlement services might influence participation.

18-EA-30: SBA - Express Loan Programs; Affiliation Standards

On September 28, 2018, the Small Business Administration (SBA) published a proposed rule regarding its Business Loan Programs. The proposed rule affects the following SBA lending programs: 7(a) Loan Program, Business Disaster Loan Program, Microloan Program, Intermediary Lending Pilot (ILP) Program, Surety Bond Guarantee Program, and Development Company Program (504 Loan Program).

18-EA-29: NCUA - Real Estate Appraisals

On October 3, 2018, the NCUA published a notice of proposed rulemaking and request for comment to amend the agency’s regulation requiring real estate appraisals for certain transactions. The proposal increases the threshold at which appraisals are required for non-residential real estate transactions to $1 million from the current threshold of $250,000.

18-EA-28: FHFA - Uniform Mortgage-Backed Security

The FHFA has proposed a rule to foster greater liquidity in the GSEs’ TBA MBS. The proposed rule would codify existing FHFA requirements and mandate that the GSEs align their programs, policies, and practices that affect cash flows to TBA-eligible MBS investors.

18-EA-27: BCFP - Policy to Encourage Trial Disclosure Programs

On September 10, 2018, the Bureau of Consumer Financial Protection (BCFP or Bureau) published a notice of proposed policy guidance that revises the Policy to Encourage Trial Disclosure Programs (TDP Policy) and creates a new Disclosure Sandbox. Under the existing TDP Policy, covered persons may apply to test new model disclosures and may receive a legal safe harbor with respect to requirements of rules or enumerated consumer law.

18-EA-26: FASB - Current Expected Credit Losses (CECL) Update

On August 20, 2018, the FASB issued an Exposure Draft of an Update related to the codification of improvements to Topic 326, Financial Instruments—Credit Losses. These changes pertain to the CECL standard the FASB originally issued in June 2016.