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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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.”

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.

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.