Proposed Regulations

On November 5, 2020, the Office of the Comptroller (OCC); Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; National Credit Union Administration (NCUA) Board; and Bureau of Consumer Financial Protection (collectively, the agencies) issued a proposed interagency rule regarding supervisory guidance, amending Appendix A to Subpart D of Part 791.

On October 27, 2020, the Financial Crimes Enforcement Network (FinCEN) and Board of Governors of the Federal Reserve System (Board) issued a joint notice of proposed rulemaking (NPRM) amending the Recordkeeping and Travel Rules.

On October 22, 2020, the Consumer Financial Protection Bureau issued an advanced notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records under section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

On October 15, 2020, the National Credit Union Administration (NCUA) approved a notice of proposed rulemaking (NPRM) to be published in the Federal Register amending Subpart B to Part 703 of the regulations regarding derivatives.

On September 15, 2020, the Consumer Financial Protection Bureau issued an outline of proposals (Outline) under consideration to implement small business lending data collection requirements under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

On September 17, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advanced notice of proposed rulemaking (ANPR) soliciting comments on regulatory amendments to establish that all financial institutions subject to anti-money laundering (AML) requirements must maintain an “effective and reasonably designed” AML program.

On September 3, 2020, the National Credit Union Administration (NCUA), along with the Office of Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (collectively, “the agencies”) published a proposed rule to reorganize, revise, and expand the Interagency Questions and Answers Regarding Flood Insurance (“Interagency Questions & Answers”), last updated in 2011.

On August 18, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) issued a notice of proposed rulemaking (NPRM) creating a new seasoned qualified mortgage (QM) definition under the Truth in Lending Act (TILA).

On July 30, 2020, the National Credit Union Administration (NCUA) issued a request for comment (RFC) on the agency’s existing Overhead Transfer Rate (OTR) methodology and proposed clarifications regarding how the methodology is applied to apportion operating fees charged to federal credit unions (FCUs).

On July 30, 2020, the National Credit Union Administration (NCUA) issued a request for comment (RFC) on the agency’s existing Overhead Transfer Rate (OTR) methodology and proposed clarifications regarding how the methodology is applied to apportion operating fees charged to federal credit unions (FCUs).

On July 30, 2020, the National Credit Union Administration (NCUA) issued a proposed rule to establish a three-year phase-in of the day-one adverse impacts of the Current Expected Credit Loss (CECL) accounting standard on a federally-insured credit union’s (FICU) net worth ratio.

On August 3, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) inviting comment on opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, access to credit, address uncertainty, and develop viable solutions to regulatory compliance challenges under the Equal Credit Opportunity Act (ECOA) and Regulation B.

On July 22, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) amending Regulation Z, which implements the Truth in Lending Act (TILA) as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published an notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

On July 10, 2020, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) regarding the definition of a general qualified mortgage (QM) under the Truth in Lending Act (TILA).

On July 1, 2020, the National Credit Union Administration (NCUA) published a Request for Information (RFI), seeking assistance in identifying considerations and challenges related to doing more examination work virtually using technology as part of its larger modernization initiative.

On February 21, 2020, the National Credit Union Administration’s (NCUA) Office of General Counsel published its annual Regulatory Review, which evaluates one-third of the current regulations for regulatory burdens, administrative hurdles, and clarity.

On June 11, 2020, the Internal Revenue Service (IRS) published a notice of proposed rulemaking regarding regulations under section 4960 of the Internal Revenue Code (IRC) on executive compensation and parachute payments.

On June 4, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to address the transition from the London Inter-Bank Offered Rate (LIBOR), which is expected to be discontinued after 2021. The proposal describes how creditors can transition to new rate indices under open-end and closed-end credit rules.

On June 5, 2020 the National Credit Union Administration (NCUA) board approved publication in the Federal Register of a notice of proposed rulemaking to amend Part 745 of the NCUA’s regulations regarding the requirements for jointly owned share accounts for share insurance purposes.

On March 27, 2020, the National Credit Union Administration (NCUA) published a proposed rule to amend the NCUA’s corporate credit union rules in Part 704. The proposal makes four notable changes, summarized below.