Proposed Regulations

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.

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.

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.

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.

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.

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.

Recently, NACHA – The Electronic Payments Association (NACHA) published a request for comment on a proposed rule to amend the NACHA Operating Rules (Rules). The proposed rule would modify the Rules regarding stop payment orders.

Recently, the President's Advisory Council on Financial Literacy recommended the Workplace Financial Literacy Honor Roll Program (Honor Roll) to the Department of Treasury's Office of Financial Education. Honor Roll is intended to increase interest in financial education by highlighting successful initiatives that demonstrate the benefits of financial education.

Senior NCUA staff made a presentation to the NCUA Board regarding the NCUA proposed budget for 2009. The budget briefing is pre-decisional; a final budget will be presented to the NCUA Board at its November meeting.

President Bush signed the Emergency Economic Stabilization Act of 2008 (EESA) on October 3, 2008. EESA accelerated the date by which the Reserve Banks had authority to pay interest on required reserves and excess reserves held at the Reserve Banks. On October 9, 2008, the Board published an interim final rule directing Reserve Banks to pay interest on required reserves held under Regulation D as well as excess reserves.

Each year, the National Credit Union Administration (NCUA) reviews one-third of its regulations to ensure they are necessary, appropriate, clear and understandable.

The Federal Reserve published a proposed rule amending Regulation Z to implement the provisions of the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) that go into effect on Feb. 22, 2010. The Board's proposal covers a wide range of activities related to credit card lending.

On September 13, 2001, the NCUA Board of Directors unanimously approved a proposed rule that seeks comments on several issues in Part 704, the rule governing corporate credit unions (corporates). The proposed rule follows two earlier ANPRs issued in 1999 and 2000 seeking similar information.

On March 8, 2001, the National Credit Union Administration (NCUA) approved a proposed rule on regulatory flexibility (RegFlex).

On October 19, 2000, the NCUA Board of Directors unanimously approved a notice of proposed rulemaking that implements parts of the Fair Credit Reporting Act (FCRA).

At its February meeting, the NCUA Board approved a proposed rule that tracks recent rulemaking by the Federal Deposit Insurance Corporation to resolve issues arising from the “legal isolation” requirement articulated in Financial Accounting Standards Board Statement No. 125.

On September 19, 2002, NCUA issued a proposed rule on Accuracy of Advertising and Insured Status. This proposed rule seeks to modernize the rule in response to the growing number of Internet transactions.

The Securities and Exchange Commission has issued a request for comment on whether all credit unions should be permitted to offer sweep accounts to members, including individuals, without registering as a broker-dealer.

On December 16, 2003, the Federal Reserve Board (Board) issued a notice of proposed rulemaking and an interim final rule to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FACT Act). The regulations are being issued jointly with the Federal Trade Commission (FTC).