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.

05-EA-19: NCUA: Requirements for Insurance

The National Credit Union Administration (NCUA) recently proposed an amendment to its rules on the purchasing of assets and assumption of liabilities in order to clarify which transfers of assets or accounts require approval by the NCUA Board. NCUA also seeks comments on the provision governing non conforming investments by federally- insured, state-chartered credit unions (FISCUs).

05-EA-11: FTC: CAN-SPAM Implementation

Recently, the Federal Trade Commission proposed rules pursuant to the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (CANSPAM or Act). Included in the changes is a modification of the rule outlined in the Act that gives senders of commercial email messages ten days to process requests of consumers to opt-out of receiving emails.

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.

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.