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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02-EA-19: NCUA: IRPS 02-4

On November, 21 2002, NCUA issued a proposed rule, IRPS02-4, Change in Definition of Small Credit Union. This proposed rule seeks to update the definition of Small Credit Union to reflect inflation and expands NCUA's policy of reviewing all existing regulations every three years by giving the public notice of those regulations under review.

02-EA-11: FinCEN: USA PATRIOT Act - Identity Verification

The USA PATRIOT Act of 2001 mandated implementation of rules to improve the identity verification programs financial institutions utilize for the purpose of combating terrorism and money laundering.

02-EA-03: FinCEN: USA PATRIOT Act - Information Sharing

The USA PATRIOT Act of 2001 mandated implementation of rules to reduce the barriers to information sharing among financial institutions and federal government law enforcement agencies for the purpose of combating terrorism and money laundering. On February 26, 2002, the Department of the Treasury published a proposed regulation pursuant to that mandate. The Secretary of the Treasury requests public comment.

03-EA-8: NCUA: Economic Growth and Regulatory Paperwork Reduction Act of 1996

At its last board meeting, NCUA issued a Notice and Request for Comment for some of its regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). This Notice and Request for Comment pertains to comments the NCUA must solicit under EGRPRA; it is not a regulation.

04-EA-33: IRS: Guidance for New Section 409A of the Internal Revenue Code (Deferred Compensation Plans)

The Internal Revenue Service has issued Notice 2005-1, guidance relative to section 409A of the Internal Revenue Code (IRC) as added by the American Jobs Creation Act (AJCA) of 2004, Pub. L. No. 108-357, 118 Stat. 1418. New section 409A provides that all amounts deferred under a nonqualified deferred compensation plan for all taxable years are currently includible in gross income to the extent not subject to a substantial risk of forfeiture and not previously included in gross income, unless certain requirements are met.

04-EA-25: Treasury: Financial Literacy and Education Commission National Strategy

The Financial Literacy and Education Improvement Act established the Financial Literacy and Education Commission (Commission) for the improvement of financial literacy of persons in the United States.

04-EA-17: NCUA: Part 717 (Affiliate Marketing - Fair Credit Reporting Act)

Section 214 of the Fair and Accurate Credit Transactions Act (FACT Act) adds a new section 624 to the Fair Credit Reporting Act (FCRA). This section generally prohibits use for marketing purposes of a consumer's information that is received by an affiliate from an affiliate. For a credit union, a credit union service organization (CUSO) is its affiliate.

04-EA-09: NCUA: Federal Credit Union Ownership of Fixed Assets

The rule governs federal credit union (FCU) ownership of fixed assets and, among other things, limits investment in fixed assets to five percent of an FCU's shares and retained earnings.

04-EA-01: NCUA: Advance Notice of Proposed Rulemaking: Interagency Proposal to Consider Alternative Forms of Privacy Notices

On December 18, 2003, NCUA issued an Advance Notice of Proposed Rulemaking (ANPR) on an interagency proposal to consider alternative forms of privacy notices under the Gramm-Leach-Bliley Act (GLBA). NCUA, along with the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Reserve Board, Federal Deposit Insurance Corporation, Federal Trade Commission (FTC), and the Commodity Futures Trading Commission, and Securities and Exchange Commission (the Agencies), is requesting comment on whether the Agencies should consider amending the regulations that implement sections 502 and 503 of the GLBA to allow or require financial institutions to provide alternative types of privacy notices that would be easier for consumers to understand.

05-EA-19: NCUA: Requirements for Insurance

The National Credit Union Administration (NCUA) recently proposed an amendment to its rules on the purchasing of assets and assumption of liabilities in order to clarify which transfers of assets or accounts require approval by the NCUA Board. NCUA also seeks comments on the provision governing non conforming investments by federally- insured, state-chartered credit unions (FISCUs).

05-EA-11: FTC: CAN-SPAM Implementation

Recently, the Federal Trade Commission proposed rules pursuant to the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CANSPAM or Act). Included in the changes is a modification of the rule outlined in the Act that gives senders of commercial email messages ten days to process requests of consumers to opt-out of receiving emails.

05-EA-03: FTC: Evidence Related to the Effects of Credit Scores on the Availability and Affordability of Financial Products

The Federal Trade Commission (FTC) has issued a notice and request for comment regarding evidence needed to study the effects of credit scores and credit-based insurance scores on the availability and affordability of financial products. The products to be considered include credit cards, mortgages, auto loans, and property and casualty insurance.

06-EA-16: NCUA: Identity Theft Red Flags

The joint proposed rule would require each financial institution and creditor to have a risk-based written Identity Theft Prevention Program containing reasonable policies and procedures to address the risk of identity theft. The proposed rule also includes guidelines for financial institutions and creditors identifying patterns, practices, and specific forms of activity that indicate possible identity theft. The proposal would also require credit and debit card issuers to establish reasonable policies and procedures for assessing the validity of a change of address request under certain circumstances. Additionally, users of consumer reports would be required to develop policies and procedures for handling notices of address discrepancies from a consumer reporting agency.

06-EA-08: NCUA: Share Insurance Coverage

On March 15, 2006, the National Credit Union Administration (NCUA) issued an interim final rule implementing increased share insurance coverage for certain retirement accounts as enacted by the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005, which amend the Federal Credit Union Act.

07-EA-26: NCUA: Part 717 (Accuracy of Information and Direct Disputes - FACT Act)

Recently, the National Credit Union Administration (NCUA), along with the Federal Trade Commission, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision (the Agencies), issued a joint proposed regulation and guidelines regarding procedures to help ensure the accuracy and integrity of information furnished to consumer reporting agencies, and to allow consumers to directly dispute inaccuracies with financial institutions and other furnishers or consumer information.

07-EA-18: NACHA: Transaction Origin Identification Proposal

Recently, NACHA, the Electronic Payments Association (NACHA) published “The Transaction Origin Identification Proposal” (Proposal). The Proposal is the second initiative under NACHA's comprehensive risk management strategy; the first was issued on February 20, 2007 and NAFCU submitted official comments to NACHA on April 23, 2007.

07-EA-10: NCUA: Merger Related Compensation (Part 708b)

On Monday, April 23, the National Credit Union Administration (NCUA) issued a proposed rule to ensure that oficers responsible for evaluating mergers focus on the best interests of their members.

07-EA-02: SEC/FRB: Broker Exemptions for Banks

The proposed rule would provide certain exceptions for banks from the definition of the term “broker” under the Exchange Act, define terms used in the statutory exceptions and include certain related exemptions.

08-EA-08: Treasury: President's Advisory Council on Financial Literacy

Recently, the Department of the Treasury issued a notice soliciting public comment to the President's Advisory Council on Financial Literacy (Council) on issues regarding the nation's current state of financial literacy. The Council, which was established by President Bush on January 22, 2008 by Executive Order 13458, was created to explore different possibilities for increasing financial literacy in America.