Final Regulation Summaries

On November 15, 2002, the National Credit Union Administration Board approved a final rule amending sections of Part 702 of the NCUA Rules and Regulations to improve and simplify the system of prompt corrective action for federally insured credit unions.

On March 13, 2002, the National Credit Union Administration Board approved a final rule amending sections 702.101(c), 702.103(b) and 741.6(a) and (b) of the NCUA Rules and Regulations.

On April 30, 2003, the Department of the Treasury in conjunction with other financial regulatory agencies, including the National Credit Union Administration (NCUA), published a final rule detailing the identity verification requirements for credit unions to follow.

On December 16, 2003, the Federal Reserve Board (Board) issued a notice of proposed rulemaking and an interim final rule to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FAC T Act).

On June 8, 2004, the Federal Reserve Board (“Board”) announced its approval of its proposed revisions to Regulation V, which implements the Fair Credit Reporting Act (FCRA).

On October 21, 2004, the National Credit Union Administration (NCUA) announced that it has amended its rule concerning the requirement that federally-insured credit unions that are newly chartered or troubled file notice with NCUA before adding or replacing a board or committee member or before employing or changing the duties of a senior executive officer.

Recently, the National Credit Union Administration (NCUA) issued final rules amending 12 C.F.R. part 712. The final rules provide 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).

The Internal Revenue Service recently issued new regulations regarding certain retirement plans containing cash or deferred arrangements under § 401(k) and for matching contributions or employee contributions under § 401(m).

The National Credit Union Administration (NCUA) recently issued a final rule amending 12 C.F.R. Part 707 and its official staff interpretation.

Recently, the National Credit Union Administration (NCUA), along with the other federal financial regulators (collectively, the Agencies) jointly issued for public comment a proposed rule implementing identity theft red flags and address discrepancies pursuant to sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

Recently, the National Credit Union Administration (NCUA), along with the other financial regulators, issued a final rule regarding affiliate marketing under the Fair and Accurate Credit Transaction Act of 2003 (FACT Act).