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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07-EA-11: NCUA: Member Inspection of Records

Recently, the National Credit Union Administration (NCUA) published in the Federal Register a proposed rule regarding member inspection of credit union books, records, and minutes. Under NCUA's current policy, credit unions must look to state corporate law to determine members' right to access credit union records.

07-EA-03: FASB: Valuation Guidance for Financial Reporting

The invitation to comment seeks input on whether there is a need for valuation guidance and if so, how specific the guidance should be. Further, FASB seeks comments on what measurement attribute or attributes should be used for financial reporting.

08-EA-07: HUD: Real Estate Settlement Procedures Act

Recently, the Department of Housing and Urban Development (HUD) issued a proposed rule to amend its Real Estate Settlements Procedures Act (RESPA) regulations.

08-EA-15: FRB: Fair Credit Reporting Risk-Based Pricing Regulations

In 2003, the FACT Act was signed into law to amend the Fair Credit Reporting Act (FCRA) to enhance the ability of consumers to combat identity theft, increase the accuracy of consumer report, and allow consumers to exercise greater control regarding the type and amount of solicitations they receive. Among other things, it addressed risk-based pricing, the practice of setting and adjusting the price and other terms of credit offered or extended to a particular consumer to reflect the risk of nonpayment by the consumer.

08-EA-23: FRB: Right to Financial Privacy Act; Reimbursement for Providing Financial Records

These regulations were last updated twelve years ago to reflect changes in costs and practices. Now the Board is proposing to once again update the rules to reflect new changes in the costs and practices of data collection and dissemination.

08-EA-31: NCUA: Display of Official Sign (Temporary Increase); Custodial Loan Accounts

NCUA is amending its share insurance rules to reflect Congress' recent action to increase temporarily the standard maximum share insurance amount (SMSIA) from $100,000 to $250,000 and increase coverage for custodial loan accounts.

09-EA-02: FRB: Electronic Funds Transfers; Regulation E and Overdraft Fees

Regulation E implements the Electronic Funds Transfers Act (Act), which establishes rights, liabilities, and responsibilities for participants involved in EFT systems. Covered transactions under the Act include transfers initiated through automated teller machines (ATM), point-of- sale (POS) terminals, automated clearinghouses (ACH), telephone bill-payment plans, and remote banking programs.

09-EA-10: NCUA: The S.A.F.E. Act (Nationwide Mortgage Licensing System and Registry)

On July 30, 2008, Congress enacted the SAFE Act, as part of the Housing and Economic Recovery Act of 2008. See 12 U.S.C. 5101-5116. The SAFE Act mandates the creation of a nationwide licensing and/or registration system for mortgage loan originators. Under the Act, all States must provide for a licensing regime for mortgage loan originators within one year of enactment (or two years for States whose legislatures meet biennially) and individuals employed by a State-regulated institution are prohibited from engaging in the business of residential mortgage loan origination without first obtaining and maintaining a license and registration and obtaining a unique identifier (State licensing). Further, NCUA and the federal banking agencies must promulgate rules governing registration of mortgage loan originators of the institutions they regulate.

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.