Final Regulation Summaries

The final rule consists of three primary sections. First, the rule includes accuracy and integrity regulations which include the definitions for “accuracy” and “integrity” among other things. Second, the rule provides guidelines for use by furnishers to help establish and implement reasonable policies to ensure information reported to CRAs is accurate. Third, the rule sets forth the circumstances under which a furnisher must reinvestigate disputes about the accuracy of information provided to CRAs.

On July 26, 2001, the National Credit Union Administration (NCUA) issued a final rule amending Part 712, the credit union service organization (CUSO) regulation.

At its October 19 meeting, the NCUA Board approved a final rule amending the chartering and field of membership manual (IRPS 99-1) based on suggested revisions by NCUA's Field of Membership Task Force.

NCUA has adopted an amendment to its lending regulation allowing credit unions to advance funds - absent the existence of a credit application - to a member for the purpose of covering overdrafts.

On June 21, 2002, the Federal Reserve Board published amendments to Regulation C, which implements the Home Mortgage Disclosure Act.

On March 27, 2003, the NCUA Board approved final amendments to the Chartering and Field of Membership Manual (IRPS 03-1).

On May 22, 2003, the National Credit Union Administration (NCUA) Board approved a final rule on Part 703 Investment and Deposit Activities and amending Part 742 Regulatory Flexibility (RegFlex) Program.

On February 19, 2004, the National Credit Union Administration (“NCUA”) announced its approval of final rules 12 C.F.R. §§701.20 and 741.2 regarding the power of credit unions to act as a surety or guarantor on behalf of its members and the maximum borrowing authority of federally insured state-chartered credit unions (FISCUs).

The National Credit Union Administration (NCUA) is adopting as a final rule without change the interim rule amending Part 745 of its regulations concerning share insurance coverage for beneficial interests in living trust accounts.

FINAL REGULATION This document is a dues supported service provided as part of NAFCUs Regulatory Compliance Assistance Program National Credit Union Administration Final Rule: 12 C.F.R. Part 796 (Post Employment Restrictions) Effective Date: December 17, 2005 05-EF-13 December 12, 2005 Dear NAFCU Member: The National C

The National Credit Union Administration (NCUA) has approved amendments to 12 C.F.R. § 701.21(e), (f), and (g) relative to loans to members and lines of credit to members.

The final rule eliminates the special short form, NCUA 5300SF, for credit unions with less than ten million dollars in assets beginning with the third quarter of 2006.

On July 20, 2006, the National Credit Union Administration Board (Board) approved a final rule amending its regulations regarding loan interest rates and the process by which NCUA notifies federal credit unions of changes to the maximum allowable interest rate charge on loans and lines of credit to members.

Recently, the Board of Governors of the Federal Reserve System issued final rules amending Regulations B, E, M, Z and DD.

Recently, the Internal Revenue Service (IRS) issued a final rule regarding distributions from pension plans upon attainment of “normal retirement age.”

On November 18, 2008, the Board of Governors of the Federal Reserve System (Board) and the Department of the Treasury (Treasury) (collectively, the Agencies) issued a final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006 (the Act). The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling and required the Agencies to promulgate regulations to implement the Act.

Section 205(d) of the FCU Act prohibits a person who has been convicted of any criminal offense involving dishonesty or breach of trust from participating in the affairs of a federally insured credit union. The statutory prohibition extends to persons who have entered a pretrial diversion or similar program.

The final rule retains the general prohibition under §740.4(c) on federally-insured credit unions (FICUs) receiving funds at any teller station or window where any nonfederally-insured credit union also receives account funds. However, the exceptions to this rule have been changed or clarified.

This rule implements changes to TILA, following the passage of the Higher Education Opportunity Act of 2008 (HEOA). Most notably, the rule adds new disclosure and timing requirements that apply to creditors making private education loans.

On April 19, 2001, the National Credit Union Administration (NCUA) approved an Interpretive Ruling and Policy Statement (IRPS) on the Central Liquidity Facility (CLF).