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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01-EA-08: FASB: Business Combinations

The Federal Accounting Standards Board (FASB) has issued the final Statements on Business Combinations, Number 141 and Goodwill and Other Intangible Assets, Number 142. These Statements could potentially change accounting methods for credit union mergers in significant ways.

00-EA-16: FRB: Regulation Z

The Federal Reserve Board is requesting comments on a proposed rule amending Regulation Z to address concerns related to predatory practices in mortgage lending. The proposed amendments extend the protections of the Home Ownership and Equity Protection Act (HOEPA) to more loans, prohibit certain acts or practices such as loan flipping, strengthen HOEPA's prohibition on loans based on homeowners' equity without regard to repayment ability and revise HOEPA disclosures received by consumers before closing.

00-EA-08: FRB: Regulation E (Official Staff Commentary)

The Federal Reserve Board has issued a proposed rule amending the Official Staff Commentary on Regulation E. The commentary applies and interprets the requirements of Regulation E and assists financial institutions in compliance with the regulation.

02-EA-21: FRB: Amendments to Official Staff Commentary of Regulation Z (Truth in Lending)

On November 26, 2002, the Board of Governors of the Federal Reserve issued proposed revisions to the official staff commentary on Regulation Z, which applies and interprets the requirements of Regulation Z.

02-EA-13: IRS: Reporting of Deposit Interest Paid to Nonresident Aliens

The Internal Revenue Service has published a proposed regulation on the reporting requirements for interest on deposits maintained at U.S. Offices of certain financial institutions and paid to nonresident alien individuals that are residents of specified countries.

02-EA-05: NACHA: Operational Efficiency Issues

On April 12, 2002, Rules Work Group #52 of the National Automated Clearing House Association (NACHA) published proposed amendments that would clarify the NACHA Operating Rules to address inconsistencies identified within the Rules and to modify certain aspects of various applications to function more efficiently in today's marketplace.

03-EA-10: NCUA: Conversion of Insured Credit Unions to Mutual Savings Bank

On September 24, 2003, NCUA issued a proposed rule updating its rule regarding the conversion of insured credit unions to mutual savings banks. The proposed rule seeks to increase disclosure requirements to ensure that the credit union's notice of conversion to its members provides full disclosure and transparency

03-EA-2: NCUA: Member Business Loans

On March 27, 2003, the National Credit Union Administration published proposed revisions to the member business loan regulation and related provisions in the prompt corrective action, corporate credit union, and credit union service organization rules.

04-EA-27: FTC: Part 642 - Prescreen Opt-Out Notices

As required by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), the proposed regulation improves the notice that informs consumers of their right to opt-out of prescreened solicitations for credit or insurance. The proposed rule: 1) establishes certain baseline requirements for language and syntax that effectively convey the intended message to the reader, and 2) establishes guidelines for presentation and format that call attention to the notice and enhance its readability.

04-EA-19: NCUA: Changes in Official or Senior Executive Officer in Credit Unions that are Newly Chartered or are in Troubled Condition

The proposed amendments are meant to clarify the relationship between the prior notice provision and the commencement of service provision, so as to eliminate potential confusion. Additionally, the amendments attempt to reorganize the requirements in the current rule making it easier to understand.

04-EA-11: FRB: Regulation E: Disclosure of Debit Card Fees

Recently, the Federal Reserve Board (Board) issued a notice of study and request for information regarding disclosure practices with regard to debit card purchases. Specifically, the Board is concerned about fees imposed in point-of-sale (POS) debit transactions when customers provide their personal identification number (PIN). The current rules governing fee disclosure are the Electronic Fund Transfers Act (EFTA), and Regulation E.

04-EA-03: NCUA: Investment in Exchangeable Collaterized Mortgage Obligations

The proposed rule will authorize all federal credit unions and corporate credit unions to invest in exchangeable collateralized mortgage obligations representing interests in one or more stripped mortgage backed securities, subject to safety and soundness concerns. Additionally, the proposed rule contains miscellaneous technical revisions and clarifications to Part 703 and Part 704.

05-EA-21: FRB: Regulation E

The Federal Reserve Board (Board) has issued a proposed rule to amend Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and the accompanying official staff commentary. The Board has proposed revisions that would clarify the disclosure requirements imposed on operators that charge a fee on a consumer when initiating and electronic fund transfer or balance inquiry at an ATM.

05-EA-13: NCUA: Economic Growth and Regulatory Paperwork Reduction Act of 1996 (Directors, Officers and Employees - Rules and Procedures)

In fulfilling the requirements of the EGRPRA, NCUA desires to reduce regulatory burden while ensuring the continued safety and soundness of federally insured credit unions and appropriate consumer protections.

05-EA-05: FRB: Remotely Created Checks (Regulation CC and Regulation J)

Recently, the Federal Reserve Board (Board) published a request for comment on proposed amendments to Regulation CC and Regulation J that would define “remotely created checks.”

06-EA-18: SBA: Business Loan Program; Lender Examination and Review Fees

A recent amendment to the Small Business Act authorizes the Small Business Administration (SBA) to assess fees to lenders participating in SBA's 7(a) loan guarantee programs to cover the costs of examinations, reviews and other oversight activities. The proposed rule describes the methodology for fee assessment.

06-EA-10: SBA: 7(a) Lender Risk Rating System

Recently, the Small Business Administration (SBA) proposed for comment a lender risk rating system to assist SBA in assessing the risk of each active 7(a) Lender and Certified Development Company's (SBA Lender) SBA loan operations and portfolio. The proposed rating system would assess each active SBA Lender's risk on a uniform basis and identify those institutions whose SBA loan operations and portfolio require additional monitoring or other action. The proposal would also enable the agency to assess the aggregate strength of its 7(a) and 504 portfolios.

06-EA-02: NACHA: Back Office Conversion of Checks to ACH Debits

The proposal would allow Originators, and originating depository financial institutions acting as Originators, to accept checks at the point-of-purchase or at manned payment locations and convert the checks to ACH debits during back office processing.

07-EA-20: NCUA: Investments in Foreign Currencies

Recently, the National Credit Union Administration (NCUA) issued an Advanced Notice of Proposed Rulemaking (ANPR) regarding permissible foreign currency investments for federal credit unions and corporate credit unions. The ANPR follows a rule adopted by the NCUA last year which permitted federally insured credit unions to accept member shares denominated in foreign currency.