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.

01-EA-07: NCUA: Interim Final Rules on Truth in Savings

The NCUA Board recently approved an interim final rule amending its regulation that implements the Truth in Savings Act (TISA). This interim final rule establishes uniform standards for the electronic delivery of disclosures required by TISA and is substantially similar to the Federal Reserve Board’s recent interim final rule amending Regulation DD.

01-EA-05: NCUA: Nondiscrimination in Advertising

On April 19, 2001, the National Credit Union Administration (NCUA) approved a proposed rule that would revise NCUA’s regulations on nondiscrimination in advertising. The proposed rule is similar to the Federal Deposit Insurance Company’s rule and would give credit unions greater flexibility in giving notice of nondiscrimination.

01-EA-04: FRB: Interim Final Rules on Electronic Disclosures

The Federal Reserve Board has issued interim final rules establishing standards for the electronic delivery of disclosures under Regulations B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth in Savings). Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act").

01-EA-03: NCUA: RegFlex

On March 8, 2001, the National Credit Union Administration (NCUA) approved a proposed rule on regulatory flexibility (RegFlex). This rule would permit credit unions with advanced levels of net worth and consistently strong examination ratings to be exempt, in whole or in part, from certain NCUA regulations.

01-EA-01: NCUA: Credit Union Service Organizations (CUSOs)

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 712, the credit union service organization (CUSO) regulation. The proposal clarifies that the list of activities currently in the rule is illustrative and adds a provision encouraging federal credit unions to seek an advisory opinion on whether a proposed activity is authorized.

01-EA-02: NCUA: Vital Records Preservation

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 749, NCUA’s rule on vital records preservation. The proposal converts the regulation into a question-and-answer format and clarifies that records may be preserved in electronic form.