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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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.

20-EA-02: NCUA - Subordinated Debt

On March 10, 2020, the National Credit Union Administration (NCUA) published a proposed rule to grant certain credit unions the ability to issue subordinated debt. In general, subordinated debt would resemble secondary capital, which low-income designated credit unions (LICUs) can already issue; however, regulatory capital treatment would vary depending on the type of issuing credit union.

20-EA-01: NCUA - Combination Transactions With Non-Credit Unions; Credit Union Asset Acquisitions

On January 30, 2019, the National Credit Union Administration (NCUA) published a proposed rule to create new Subpart D of Part 708a of its regulations to clarify the procedures and requirements currently in place related to combination transactions. Combination transactions include transactions where a federally-insured credit union (FICU) proposes to assume assets and liabilities from a bank, or a non-depository financial institution, such as a mortgage bank, as part of a merger or consolidation.

19-EA-27: CFPB- Remittance Transfers

On December 6, 2019, the Consumer Financial Protection Bureau (Bureau) issued a proposed rule to amend Regulation E’s remittance transfer provisions (the Remittance Rule).

19-EA-26: NCUA - Real Estate Appraisals

On November 29, 2019, the National Credit Union Administration (NCUA) published a notice of proposed rulemaking to amend Part 722 of the NCUA’s regulations regarding certain residential real estate appraisals.

19-EA-25: NCUA - Notice of Proposed Rulemaking, Chartering and Field of Membership

On November 7, 2019, the National Credit Union Administration (NCUA) published a proposed rule, with a 30-day comment period, to amend its Chartering and Field of Membership (FOM) Manual (Chartering Manual) to provide community credit unions with greater flexibility to include certain geographic areas in their FOMs. The proposal makes and clarifies changes consistent with the August 2019 opinion from the D.C. Circuit Court in the bankers’ lawsuit against the 2016 FOM final rule.

19-EA-24 Interagency Accounting Statement

On October 17, 2019, the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, the “agencies”), issued a proposed interagency policy statement on allowances for credit losses.

19-EA-23: CFPB - Tech Sprints

On September 18, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (RFI) to solicit comment on the potential use of tech sprints to encourage innovation and address regulatory compliance challenges. Tech sprints will involve small teams of regulators, technologists, financial institutions, and subject matter experts working together for several days to develop solutions to clearly identified problems in a collaborative environment.

19-EA-22: HUD - Disparate Impact

On August 19, 2019, the Department of Housing and Urban Development (HUD) issued a proposed rule to amend its interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. In this regard, the new rule adopts more comprehensive pleading requirements.

19-EA-21: Financial Accounting Standards Board - Proposed Accounting Standards Update – Effective Dates

On August 15, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to extend the effective dates for major standards not yet in effect. For the current expected credit losses (CECL) standard, credit unions would comply beginning in January 2023.

19-EA-20: Federal Reserve - Interbank Settlement of Faster Payments

On August 9, 2019, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comment on a new, faster payments settlement service called FedNow. FedNow will be a 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality designed to process individual payments within seconds.

19-EA-19: CFPB - Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z)

On July 31, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an advance notice of proposed rulemaking (ANPR) regarding potential revisions to the definition of a qualified mortgage (QM) under the Truth in Lending Act (TILA).

19-EA-18: NCUA - Exceptions to Employment Restrictions Under Section 205(d) of the Federal Credit Union Act (“Second Chance IRPS”)

On July 29, 2019, the National Credit Union Administration (NCUA) published a proposed Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act (FCU Act) (“Second Chance IRPS”). Section 205(d) prohibits, except with the prior written consent of the Board, any person who has been convicted of any criminal offense involving dishonesty or breach of trust, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an insured credit union.

19-EA-17: NCUA - Delay of Effective Date of the Risk-Based Capital Rules

On June 26, 2019, the National Credit Union Administration (NCUA) published a proposal to delay the effective date of the NCUA's October 2015 final rule regarding risk-based capital (2015 Final Rule), along with its November 2018 supplemental final rule regarding risk-based capital (2018 Supplemental Rule), by two years until January 1, 2022.

19-EA-16: NCUA - Public Unit and Nonmember Shares

On May 30, 2019, the National Credit Union Administration (NCUA) published a proposal to amend its public unit and nonmember share rule to allow federal credit unions (FCUs) to receive public unit (e.g., the U.S. government, states, and political subdivisions therein) and nonmember shares up to 50 percent of the credit union's paid-in and unimpaired capital and surplus less any public unit and nonmember shares.

19-EA-15: CFPB - Debt Collection Practices

On May 21, 2019, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA).