Proposed Regulation

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. 

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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).

19-EA-03: CFPB - Payday, Vehicle Title, and Certain High-Cost Installment Loans

The Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking to amend the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule). The proposed rule rescinds all mandatory underwriting requirements and other related requirements for making an ability-to-repay (ATR) determination. The proposed rule retains the definition of a covered loan, and exceptions and exemptions from the rule. The rule also retains the payment provisions and still requires lenders to develop compliance programs.

19-EA-02: BCFP - Request for Information Regarding Consumer Credit Card Market

On January 31, 2019, the Bureau of Consumer Financial Protection (Bureau or BCFP) published a notice and request for information (RFI) regarding the consumer credit card market as required by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The Bureau is seeking commentary from the public on how the credit card market is functioning.

19-EA-01: BCFP - Policy on No-Action Letters and the BCFP Product Sandbox

On December 13, 2018, the Bureau published proposed policy guidance to streamline and revise the agency’s NAL policy, which allows individual institutions to apply for regulatory relief in connection with a specific product or service offering. The proposal also introduces the Product Sandbox, which grants relief similar to that available through NALs, and includes two new forms or relief: approvals under statutory safe harbor provisions and exemptions from certain statutory or regulatory requirements.

18-EA-36: FHFA - Validation and Approval of Credit Score Models

In order to implement Section 310 of S. 2155, the FHFA has proposed a rule to establish a validation and approval process for credit score models. The proposed rule would establish the following four-phase process: (1) solicitation of applications from credit score model developers; (2) initial review of submitted applications; (3) Credit Score Assessment; and (4) Enterprise Business Assessment.

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.

18-EA-25: NCUA - Loans to Members and Lines of Credit to Members

On August 10, 2018, the NCUA published a notice of proposed rulemaking to reduce regulatory burdens and provide more user-friendly regulations regarding loans and lines of credit to members. The NCUA’s August 2017 regulatory reform agenda identified regulations the NCUA sought to amend or repeal because they were outdated, ineffective, or excessively burdensome. Several items on the agenda related to loans and lines of credit to members, and the NCUA now seeks further comment on those items.

18-EA-24: NCUA - Risk-Based Capital—Supplemental Rule

On August 8, 2018, the NCUA published a proposed rule to amend its 2015 Final Rule regarding risk-based capital. The proposal would delay the effective date of the 2015 Final Rule by one year, from January 1, 2019 to January 1, 2020. In addition, the proposal would amend the definition of a “complex” credit union.

18-EA-23: FHFA - Enterprise Capital Requirements

The FHFA has proposed a rule to create capital requirements for the GSEs. For risk-based capital requirements, the rule proposes a framework that assesses the GSEs’ risk of incurring unexpected losses through a series of approaches, including grids, risk multipliers, and credit risk transfer transactions. The rule also proposes two alternatives for updated minimum leverage capital requirements.

18-EA-22: HUD - Fair Housing Act’s Disparate Impact Standard

On June 20, 2018, the Department of Housing and Urban Development (HUD) published an advanced notice of proposed rulemaking (ANPR) regarding the agency’s implementation of the Fair Housing Act’s disparate impact standard.

18-EA-21: NCUA - Payday Alternative Loans

On May 24, 2018, the NCUA Board unanimously approved issuance of a proposed rule on PALs, creating a second option for federally chartered credit unions (FCUs). The Board's goal is to expand access to safe and affordable short-term, small-dollar lending, and provide an alternative to the kinds of predatory lending that can entrap borrowers. The proposed alternative PALs product will provide FCUs with additional flexibility to meet consumer demands.

18-EA-20: FCC - Reassigned Numbers Database

The FCC has published its Second Further Notice of Proposed Rulemaking to seek feedback on the creation of a reassigned numbers database. The Commission seeks comments on, among other issues: (1) the specific information that callers need from a reassigned numbers database; and (2) the best way to make that information available to callers that want it.