Final Regulation Summaries

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).

Dear NAFCU Member: Recently, the Small Business Administration (SBA) issued a final notice regarding its Lender Risk Rating System (Rating System).

The final rule addresses four aspects of the underserved areas chapter of the Chartering Manual by: (1) clarifying the procedure by which an “underserved area” qualifies as a local community; (2) establishing a test to determine whether an area is sufficiently “distressed” to qualify as “underserved”; (3) providing the requirements for demonstrating that a proposed area has “significant unmet needs” for loans and applicable financial services; and (4) providing data to credit unions to assess whether an area is underserved by other depository institutions.

In 1994, Congress enacted HOEPA as an amendment to the Truth in Lending Act, which contains procedural and substantive protections for consumers in credit transactions. HOEPA imposed additional substantive protections on certain high-cost mortgage transactions.

The rule extends the time period a Reg Flex FCU must partially occupy acquired property, absent a waiver, to six years with respect to acquisition of unimproved land.

The Emergency Economic Stabilization Act of 2008 temporarily increased the SMSIA from $100,000 to $250,000, effective October 3, 2008 and ending December 31, 2009. Pub. L. No. 110–343 (October 3, 2008). On October 15, 2008, NCUA adopted an interim final rule amending its share insurance regulations to reflect this temporary increase. On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act of 2009, which extended the temporary increase from December 31, 2009 to December 31, 2013. Pub. L. No. 111-22 (May 20, 2009). By law, after December 31, 2013, the SMSIA will return to $100,000.

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.