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-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.

08-EA-16: NACHA: Stop Payment Issues

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.

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.”

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.