Proposed Regulations

Today, the National Credit Union Administration (NCUA), published in the Federal Register for public comment proposed amendments to its chartering and field of membership manual to revise and update its community chartering policies. The proposed changes would clarify the documentation requirements for the “local community” standard and add a public notice and comment procedure for certain types of community charter applications involving multiple political jurisdictions.

National Credit Union Administration (NCUA), along with the other financial regulators (the Agencies), issued for public comment a proposed Statement on Subprime Mortgage Lending. The proposal addresses emerging issues and questions relating to certain subprime mortgage lending practices, including certain adjustable-rate mortgage (ARM) lending products.

Recently, the National Credit Union Administration (NCUA) issued for public comment an advance notice of proposed rulemaking (ANPR) regarding mergers, conversions from credit union charter, and account insurance termination. See 12 CFR Parts 708a and 708b.

Recently, National Credit Union Administration (NCUA) issued proposed amendments to Part 740 of its Rules and Regulations. The proposed rule would revise the requirements for use of the official insurance sign and official advertising statement to allow insured credit unions to use the basic form of the official advertising statement, a shortened form alone, or the official sign alone in advertisements. This is intended to provide more flexibility in complying with the advertising rule.

The proposed rule would expand the requirements to serve “underserved areas,” but the requirements would conform to those prescribed by the Community Development Financial Institutions Fund.

The current three year time period during which a Reg Flex FCU must partially occupy acquired property, absent a waiver, would be extended to six years with respect to acquisition of unimproved land.

Recently, NACHA – The Electronic Payments Association (NACHA), issued two proposals to amend the NACHA Operating Rules (Rules). The proposals are part of NACHA's comprehensive risk management strategy, which began with the proposal and finalization of the recently issued Network Enforcement Rule.

Recently, the National Credit Union Administration (NCUA) issued a proposed rule regarding credit union reporting requirements. Under the proposed rule, credit unions would be required to submit reports via a web-based system.

The NCUA, along with the other banking regulatory agencies, seeks comment on whether the agencies should provide guidelines to determine when those who furnish information to consumer reporting agencies (CRA) should be required to include the account opening date.

This Credit Card Accountability, Responsibility and Disclosure Act (CARD Act), which was signed in to law on May 22, 2009 placed restrictions on fees associated with gift cards and imposed new disclosure requirements for such fees. This proposed rule implements those provisions of the act. The provisions related to gift cards go in to effect on August 22, 2010.

On December 13, 2001, the NCUA Board of Directors unanimously approved proposed amendments to NCUA's federal credit union employee benefits rule. The Board also requested comments on the proposed amendments. These changes seek to clarify the scope of the rule and to incorporate interpretations in a number of Legal Opinion Letters

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.

The Federal Reserve Board is requesting comments on Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Based on the report by NCUA's Field of Membership Task Force on revisions to the chartering and field of membership manual (IRPS 99-1), NCUA has issued a proposed rule amending the manual.

The NCUA Board has published a proposed regulation regarding the development of an abbreviated net worth restoration plan for qualifying “undercapitalized” credit unions. Specifically, the regulation would apply to credit unions whose net worth ratios marginally fall below six percent because growth in assets exceeds growth in net worth.

On July 29, 2002, the Department of Housing and Urban Development (HUD) issued proposed rules on the Real Estate Settlement Procedures Act (RESPA). This was in response to a lengthy study from within the agency.

The Office of Management and Budget published a draft report to Congress on the Costs and Benefits of Federal Regulations. This report takes a broad look at the role federal regulations play in governing.

On September 24, 2003, NCUA issued a proposed rule regarding the power of federal credit unions to act as a surety or guarantor on behalf of its members and the maximum borrowing authority of federally insured, state-chartered credit unions.

On March 3, 2003, the Federal Reserve Board published proposed revisions to the Official Staff Commentary to Regulation C, which implements the Home Mortgage Disclosure Act. The Board requests public comment on proposed transition rules for applications received before January 1, 2004, on which final action is taken on or after January 1, 2004.