NCUA Board Meeting
NCUA issued three final rules during its meeting yesterday.
- Incorporation of NCUA's Bylaws into NCUA regulations;
- The FACT Act's Identity Theft Red Flags and Address Discrepancies Final Rule; and
- The FACT Act's Affiliate Marketing Rule
Here's a nice, short synopsis of the Board's actions. NAFCU is working on Regulatory Finals for these rules. We'll have those available for our members in a few weeks. (Note, we generally wait for final rules to be published in the Federal Register before issuing alerts, and we expect publication in the Federal Register in a week to 10 days.)
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With all of these final rules, the Compliance Guy thought that he'd talk about the beauty of the "preamble." When an agency issues a proposed or final regulation, they do more than just issue the new regulatory text. They give a summary, background information, and lengthy discussions about their proposal or final rule. While it may be tempting to skip to the end of a final rule to read the new regulatory language, there are countless gems to be found in the text of the stuff I mentioned above. (Which I call the preamble.) Happy reading!
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Have a great weekend. If he can get his chores done, the Compliance Guy will be watching this and this. Be safe.