Proposed Regulations

NAFCU Regulatory Alerts are member-only resources containing important highlights and summaries for proposed rulemakings that affect credit unions. 

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03-EA-3: NACHA: Arbitration Rules

On April 15, 2003, NACHA's Rules Work Group #54 (RWG), Risk Management Issues, issued a request for comment on proposed revisions to the Arbitration Procedures provided for in the ACH Rules.

04-EA-28: NCUA: Federal Credit Union Bylaws

The National Credit Union Administration (NCUA) has published for comment proposed amendments to the Federal Credit Union (FCU) Bylaws. The proposed changes include revisions to: account requirements for joint account holders whom are each members, annual meeting requirements, options for mailing notices electronically, the automatic inclusion of mail ballots, properly designed ballots, proxy voting, age requirements for eligibility to vote and hold office; and also include a technical change for supervisory committee directorship requirements.

04-EA-20: FRB: Regulation J: Collection of Items by Federal Reserve Banks and Funds Transfers Through Fedwire

Recently, the Federal Reserve Board (Board) proposed a rule that would amend subpart A of Regulation J to provide for the rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form.

04-EA-12: NCUA: Federal Credit Unions as Trustees of Health Savings Accounts

NCUA is issuing this proposed rule so that FCUs and their members can take advantage of the authority granted in the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (Medicare Act).

04-EA-04: NCUA: Economic Growth and Regulatory Paperwork Reduction Act of 1996 (Consumer Protection: Lending Related Rules)

Recently, the National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burdens with respect to lending-related consumer protection rules that may be outdated, unnecessary, or unduly burdensome.

05-EA-22: NCUA: Financial and Statistical Reports

The National Credit Union Administration (NCUA) has proposed a change to its rule regarding financial and statistical reports filed by all federally insured credit unions. The proposal would eliminate the requirement that federally insured credit unions with assets of less than ten million dollars file alternate Form NCUA 5300SF, and instead require all federally insured credit unions, regardless of size, to file revised Form NCUA 5300 every quarter.

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).

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.