Final Regulation Summaries

This final includes a summary of significant changes to Regulation Z, a summary of major changes between the proposed rule and the final rule, and a section-by-section analysis of the rule.

On July 26, 2001, the National Credit Union Administration (NCUA) approved a final rule amending Part 749.

At its September meeting, the NCUA Board approved a final rule that revises NCUA rules to adhere to the articulated requirements in Financial Accounting Standards Board's (FASB) Statement No. 125.

At a February 3 special meeting, the NCUA Board approved a final rule establishing a system of prompt corrective action (PCA) for credit unions.

On April 4, 2002, the NACHA Board approved an amendment to the NACHA Operating Rules that modifies certain aspects of the Rule Enforcement Procedures.

On April 24, 2003, the National Credit Union Administration (NCUA) Board approved a final rule to modernize and clarify sections of Part 740 of the NCUA Rules and Regulations in response to growing use of the Internet.

On September 24, 2003, the National Credit Union Administration approved a final rule that amends its member business loan (MBL) regulations.

On February 19, 2004, the National Credit Union Administration Board approved a final rule updating its rule regarding conversion of insured credit unions to mutual savings banks.

On September 29, 2004, the National Credit Union Administration(NCUA) announced its approval of its proposed revisions to its fixed asset rule which governs federal credit union (FCU) ownership of fixed assets and limits investments in fixed assets to five percent of an FCU's shares.

Recently the National Credit Union Administration (NCUA) approved a final rule amending 12 C.F.R. Part 717 which implements section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

The National Credit Union Administration (NCUA) recently issued a final regulation under Part 708a of the NCUA Rules and Regulations regarding the conversion of insured credit unions to mutual savings banks.

The National Credit Union Administration (NCUA) recently issued a final rule amending its Regulatory Flexibility Program (RegFlex) eligibility requirements

Recently, the National Credit Union Administration (NCUA) issued a final rule implementing increased share insurance coverage for certain retirement accounts as enacted by the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005, which amend the Federal Credit Union Act.

Recently, the National Credit Union Administration (NCUA) published a final rule regarding an addition of a conflict of interest provision in NCUA's eligible obligations rule. The final rule amends § 701.23 of NCUA's rules and regulations.

On July 5, 2007, the Board of Governors of the Federal Reserve System (Board) published in the Federal Register a final rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and its official staff commentary.

The rule adds two activities as permissible CUSO activities; adds new examples of permissible CUSO activities within existing categories; expands the scope of two categories of services to include persons eligible for credit union membership; imposes limits on the ability of a credit union to recapitalize CUSOs in certain circumstances; extends the agency's access-to-records and corporate separateness provisions in the CUSO rule to federally insured, state-chartered credit unions; clarifies that CUSOs may buy and sell participations of loans they are currently authorized to originate; and deletes a section in the current rule concerning amendment requests.

The rule revises the requirements for use of the official insurance sign and official advertising statement to allow insured credit unions to use the basic form of the official advertising statement, a shortened form alone, or the official sign alone in advertisements. This is intended to provide more flexibility in complying with the advertising rule.

The final rule changes the format, timing, and content requirements for the five main types of open-end credit disclosures governed by Regulation Z: (1) credit and charge card application and solicitation disclosures; (2) account-opening disclosures; (3) periodic statement disclosures; (4) change-in-terms notices; and (5) advertising provisions.

The final rule clarifies and simplifies the disclosure process for online transactions. The Electronic Signatures in Global and National Commerce Act (E-Sign Act) authorizes credit unions to provide disclosures electronically only after the member affirmatively consents to receiving the following disclosures; (1) the right to receive the information in writing; (2) the consent necessary to receive the disclosures electronically; (3) the procedures to withdraw consent; (4) procedures for receiving a paper copy of any electronic record and (5) the equipment needed to receive electronic notices.

On December 13, 2001, the NCUA Board of Directors unanimously approved a final rule to revise NCUA regulations regarding the limitation on compensation of Federal Credit Union (FCU) officials.