Final Regulation Summaries

On May 23, 2003, the Federal Reserve Board approved a final rule that incorporates revisions to the Official Staff Commentary to Regulation C, which implements the Home Mortgage Disclosure Act.

On February 19, 2004, the National Credit Union Administration (“NCUA”) approved an interim final rule amending Part 745 and request for comment regarding share insurance.

On July 26, 2004, the Federal Reserve Board (“Board”) announced its approval of its proposed revisions to Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act (Check 21), which was enacted into law on October 28, 2003.

The Board of Governors of the Federal Reserve System recently issued a final regulation under 12 C.F.R. Part 229, Regulation CC, to define “remotely created checks” and to create transfer and present warranties for these checks.

The Federal Trade Commission in consultation with the National Credit Union Administration, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of Thrift Supervision has issued its final rule regarding the notice to consumers informing them of their right to opt out of prescreened solicitations for credit or insurance.

The National Credit Union Administration (NCUA) has issued a new rule on uninsured secondary capital accounts at low-income designated credit unions (LICUs).

Recently, the National Credit Union Administration issued for public comment a notice of proposed rulemaking concerning the requirements for reporting and filing suspicious activity reports (SAR).

Recently, NACHA–the Electronic Payments Association (NACHA), issued a final rule to amend the NACHA Operating Rules (Rules) regarding enforcement procedures and reporting requirements for Originating Depository Financial Institutions (ODFIs).

Recently, the National Credit Union Administration (NCUA), along with the other Federal Financial Institutions Examination Council (FFIEC) regulators (the Agencies), issued a final Statement on Subprime Mortgage Lending.

Recently, the National Credit Union Administration (NCUA) issued a final rule revising NCUA rules and regulations on conversions of insured credit unions to mutual savings banks. See 12. C.F.R. Part 708a. The final rule revised rules pertaining to disclosures, voting procedures, procedures to facilitate communications among members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan.

The revisions reflect recent amendments to the FOIA addressing fee practices, time limits for complying with requests, and new reporting requirements. The changes to the Privacy Act provisions reflect the agency's efforts to clarify the procedures whereby individuals may obtain notification of whether an NCUA system of records contains information about the individual and how to access or amend a record.

The Truth in Savings Act (TISA) authorizes the Federal Reserve Board to promulgate regulations to assist consumers in comparing deposit accounts offered by depository institutions. This goal is served principally through the disclosure of fees, the annual percentage yield, the interest rate and other important terms of the account. The Board's rules are implemented through Regulation DD. Credit unions are not governed by Regulation DD, but are instead governed by a substantially similar regulation issued by the National Credit Union Administration (NCUA).

The final rule amends the NCUA reporting procedures and record retention requirements to conform regulatory provisions to this new reporting system. Additionally, the final rule incorporates a statutory requirement on reporting changes of senior officials as a result of an election or appointment. The rule also clarifies the compliance report filing requirements for credit unions using the online system and provides alternatives for credit unions filing reports manually. Finally, the rule updates the record retention guidelines in Appendix A of Part 749 and includes the new Credit Union Profile form as a key operational record that should be permanently retained.

On December 12, 2001, the Federal Reserve Board approved a final rule amending the provisions of Regulation Z that implement the Home Ownership and Equity Protection Act (HOEPA).

The Federal Reserve Board has issued a final rule revising the Official Staff Commentary to Regulation E. The final rule provides guidance on Regulation E coverage of electronic check conversion transactions, authorization of recurring debits from a consumer's account, telephone-initiated transfers and other issues.

In an effort to bring their regulations into parity with those of the Federal Deposit Insurance Corporation (FDIC), NCUA has adopted amendments to its share insurance rule.

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).