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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05-EA-14: NCUA: Federal Credit Union Bylaws

The National Credit Union Administration (NCUA) has published for comment proposed amendments to the Federal Credit Union (FCU) Bylaws. Among other things, the proposed changes include revisions to: annual meeting requirements, requirements for calling special meetings, the required posting of monthly financial statements, and election requirements and procedures.

05-EA-06: NCUA: CUSO Financial Statement Audit Requirements

Recently, the National Credit Union Administration (NCUA) issued a request for comment on proposed amendments to 12 C.F.R. part 712. The proposed rulemaking provides that a wholly-owned credit union service organization (CUSO) need not obtain its own annual financial statement audit from a certified public accountant if it is included in the financial statement audit of the parent federal credit union (FCU).

06-EA-19: NCUA: General Lending Maturity Limit and Other Financial Services

The rule implements: (1) the statutory increase in the general lending maturity limit; and (2) the statutory expansion of the services federal credit unions are permitted to provide to nonmembers.

06-EA-11: NCUA: Revisions to the Official Sign

On June 29, 2006, the National Credit Union Administration (NCUA) issued a proposed rule and request for comment regarding revisions to the official sign indicating insured status. The proposal modifies the official sign to conform to statutorily-mandated changes that include adding a statement that NCUA-insured share accounts are “backed by the full faith and credit of the United States Government,” and the words “at least” to qualify the amount insured, which, as written, is $100,000, but may be as much as $250,000 in some cases because of recent statutory changes.

06-EA-03: NCUA: EGRPRA (Rules Relating to Agency's Programs, Capital and Corporate Credit Unions)

National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burden with respect to agency programs, capital, and corporate credit union regulations that may be outdated, unnecessary, or unduly burdensome. This notice is a part of the regulatory review required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

07-EA-21: FFIEC: Illustrations of Consumer Information (Subprime Mortgage Lending)

Recently, the National Credit Union Administration (NCUA), along with the other Federal Financial Institutions Examination Council (FFIEC) regulators (the Agencies), issued Proposed Illustrations of Consumer Information for Subprime Mortgage Lending.

07-EA-13: NCUA: FCU Bylaws

On June 5, 2007, the National Credit Union Administration (NCUA) published in the Federal Register a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.

07-EA-05: NACHA: Network Enforcement Proposal

The proposed rule would (1) require Originating Depository Financial Institutions (ODFIs) that are suspected of creating the greatest risk to comply with new reporting requirements, and tie those requirements to the National System of Fines; (2) permit NACHA's Rules Enforcement Panel to suspend the privileges of originating ACH payments for Originators or Third Party Senders; and (3) increase fine levels in the National System of Fines.

08-EA-03: DoD: Report To Congress (Predatory Lending)

Recently, the Department of Defense (DoD or the Department) issued a request for public comment regarding its forthcoming report to Congress. An Item of Special Interest in the Senate Report 110-077 accompanying the National Defense Authorization Act for Fiscal Year 2008 requires DoD to submit a report to the Armed Services Committees of the House and Senate regarding the implementation of its anti-predatory lending rule, which became effective in October 2007. The rule regulates the terms of certain credit extensions to active duty service members and their dependents and currently only covers certain types of refund anticipation loans, vehicle title loans, and payday loans. DoD must provide its report to Congress by April 1, 2008.

08-EA-13: NCUA: Low-Income Definition

Revising the “low-income” definition to use Median Family Income (MFI) in lieu of Median Household Income (MHI) should better address metropolitan areas with higher costs of living.

08-EA-24: Treasury: Workplace Financial Education Honor Roll

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.

08-EA-32: NCUA: Budget Briefing 2009 and Public Forum

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.

09-EA-03: FRB: Reserve Requirments of Depository Institutions

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.

09-EA-11: NCUA: 2009 Regulatory Review

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

09-EA-20: FRB: Closed-End Credit Secured by Real Property

This proposed rule is part of a detailed review of Regulation Z dating back to 2004. The Board has been conducting a comprehensive, staged review of all of Regulation Z since that time. This proposal deals primarily with closed-end credit secured by real property or a consumer's dwelling.

10-EA-02: FFIEC: Reverse Mortgage Products

The proposed guidance aims to minimize compliance and reputation risk concerns related to reverse mortgage lending.

01-EA-14: NCUA: Elimination of CAP/Definition of Investment Area

On December 13, 2001, the NCUA Board approved an interim final rule amending the chartering and field of membership manual. The amendment consists of two revisions: first, an existing community chartered credit union need not document how it plans to serve the entire community and second, the definition of an investment area has been updated.

01-EA-06: FRB: Online Delivery of Financial Services

The Federal Reserve Board has issued a request for comment on how the Board's regulations may be adapted to the online delivery of financial services. This request for comment was initiated due to the Gramm-Leach-Bliley Act of 1999, which requires federal banking regulators to conduct a study of regulations and submit a report about adapting existing legislative and regulatory requirements to online banking and lending.

00-EA-14: NCUA: Corporate Credit Unions (Part 704)

On November 16, 2000, the NCUA Board of Directors unanimously approved an advance notice of proposed rulemaking (ANPR) that seeks comments on several issues in Part 704, the rule governing corporate credit unions (corporates).

00-EA-06: FRB: Truth in Lending (Regulation Z)

The Federal Reserve Board is proposing amendments to Regulation Z revising the disclosure requirements for credit and charge card solicitations and applications. The proposed revisions would implement a type size requirement for APR disclosures and strictly construe the requirement that disclosures be “clear and conspicuous.”