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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22-EA-01: CFPB - Inquiry Into Buy-Now-Pay-Later Providers

On January 24, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a notice and request for comment to gain information about the size, scope, and business practices of the buy-now-pay-later (BNPL) market.

21-EA-30: FinCEN - Review of Bank Secrecy Act Regulations and Guidance

On December 15, 2021, the Financial Crimes Enforcement Network (FinCEN) published a request for information (RFI) to solicit feedback on ways to streamline, modernize, and update the anti-money laundering (AML)/countering the financing of terrorism (CFT) framework as required by section 6216 of the AML Act of 2020 (AML Act).

21-EA-29: FinCEN - AML Regulations for Real Estate Transactions

On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) to solicit feedback on requiring certain persons involved in real estate transactions to collect, report, and retain information for non-financed real estate transactions.

21-EA-28: FinCEN - Beneficial Ownership Information Reporting Requirements

On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) to solicit feedback related to beneficial ownership reporting requirements implementing section 6403 of the Corporate Transparency Act (CTA), which was enacted as part of the National Defense Authorization Act (NDAA).

21-EA-27: FASB - Troubled Debt Restructurings

On November 23, 2021, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to eliminate the accounting guidance for troubled debt restructurings (TDRs) for creditors that have adopted the current expected credit losses (CECL) loan loss standard while enhancing disclosure requirements for loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty.

21-EA-26: CFPB - HMDA Rule Assessment

On November 22, 2021, the Consumer Financial Protection Bureau (CFPB) published a request for information (RFI) inviting comment on its plans for the assessment of the 2015 Home Mortgage Disclosure Act (HMDA) Rule and its related amendments.

21-EA-25: CFPB - Inquiry into Big Tech Payment Platforms

On November 5, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a notice and request for comment regarding the business practices of large technology companies operating domestic payment systems.

21-EA-24: Federal Reserve - New Message Format for the Fedwire Funds Service

On October 6, 2021, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a notice announcing that the Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service (Fedwire Funds).

21-EA-23: National Credit Union Administration - Subordinated Debt

On September 28, 2021, the National Credit Union Administration (NCUA) issued a proposed rule to extend the timeframe for grandfathering secondary capital that is issued to the United States Government or one of its subdivisions (Government) under an application approved before January 1, 2022.

21-EA-22: Bureau of Consumer Financial Protection - Small Business Lending Data Collection under the Equal Credit Opportunity Act

On September 1, 2021, the Bureau of Consumer Financial Protection (Bureau) released a Proposed Rule that would amend the Bureau’s Regulation B to implement changes made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to the Equal Credit Opportunity Act (ECOA).

21-EA-21: National Credit Union Administration -Complex Credit Union Leverage Ratio, Amendments to Risk-Based Capital

On July 22, 2021, the National Credit Union Administration (NCUA) issued a proposed rule which would permit credit unions to adopt an alternative measure of risk-based capital adequacy called the complex credit union leverage ratio (CCULR).

21-EA-20: National Credit Union Administration - Digital Assets and Related Technologies

On July 27, 2021, the National Credit Union Administration (NCUA) published a request for information and comment (RFI) regarding how credit unions use and may use digital assets, Distributed Ledger Technology (DLT), and decentralized finance (DeFi) applications and what risks such uses pose to federally-insured credit unions (FICUs), related entities, and the NCUA.

21-EA-19: Department of Housing and Urban Development - Reinstatement of HUD’s Discriminatory Effects Standard

On June 25, 2021, the Department of Housing and Urban Development (HUD) issued a proposed rule to rescind HUD’s 2020 disparate impact rule and restore the 2013 discriminatory effects rule.

21-EA-18: Federal Reserve System - Funds Transfers Over FedNow and Regulation J Amendments

On June 1, 2021, the Board of Governors of the Federal Reserve System (Board) released a notice and request for comment regarding proposed amendments and modifications to Regulation J pertaining to the release of the FedNow Service (FedNow).

21-EA-17: National Credit Union Administration - Policy for Setting the Normal Operating Level

On May 25, 2021, the National Credit Union Administration (NCUA) published a request for comment (RFC) seeking information and comment on the policy and methodology used to set the National Credit Union Share Insurance Fund (SIF) Normal Operating Level (NOL).

21-EA-16: Federal Reserve - Guidelines for Evaluating Account and Services Requests

On May 11, 2021, the Board of Governors of the Federal Reserve System (Board) issued a request for comment (RFC) seeking input on proposed guidelines for evaluating requests for accounts and services at Federal Reserve Banks.

21-EA-15: Federal Reserve System - Notice of Proposed Rulemaking on Debit Card Interchange Routing

On May 13, 2021, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comment (RFC) regarding proposed modifications to Regulation II that would clarify debit card issuers must enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present transactions.

21-EA-14: NCUA - Compliance with BSA/AML and OFAC

On April 12, 2021, the National Credit Union Administration (NCUA) Board along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Financial Crimes Enforcement Network (FinCEN) (collectively the agencies) published a request for information (RFI) seeking information and comment on the extent to which the principles discussed in the Interagency Supervisory Guidance on Model Risk Management (MRMG) support compliance by banks with the Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) requirements.

21-EA-13: CFPB: Protections for Borrowers Affected by COVID-19 Under RESPA

On April 9, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to protect borrowers affected by the COVID-19 pandemic under the Real Estate Settlement Procedures Act (RESPA) or Regulation X.

21-EA-12: FinCEN: Beneficial Ownership Reporting Requirements

On April 5, 2021, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) to solicit feedback related to beneficial ownership reporting requirements implementing section 6403 of the Corporate Transparency Act, which was enacted as part of the National Defense Authorization Act (NDAA).

21-EA-11: NCUA - Artificial Intelligence

On March 31, 2021, the National Credit Union Administration (NCUA) along with other federal banking agencies (collectively the Agencies) issued a joint request for information (RFI) to solicit comment on artificial intelligence (AI) and machine learning (ML) usage within the financial sector.