Final Regulation Summaries

On April 15, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A supplemental interim final rule was published on April 20, 2020, addressing self-employed individuals and clarifying eligibility criteria.

On April 13, 2020, the National Credit Union Administration (NCUA) issued an interim final rule to facilitate access to the Central Liquidity Facility (CLF or Facility) in response to the COVID-19 pandemic and to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

On April 13, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule to clarify that, for the purposes of the Electronic Fund Transfer Act (EFTA) and Regulation E, government benefits do not include COVID-19 related assistance or economic impact payments, such as those established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

On April 3, 2020, the Small Business Administration (SBA) published an interim final rule to make temporary changes to its business loan programs to implement sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

On March 24, 2020, the Board of Governors of the Federal Reserve System (Board) published an interim final rule to lower reserve ratios on transaction accounts maintained at depository institutions to zero percent.

On February 28, 2020, the Department of Defense (DoD) published an interpretative rule to amend the previous interpretation of the Military Lending Act (MLA). The new interpretation makes two primary changes. First, it rescinds Question and Answer #2 (Q&A #2) as it appears in the DoD’s previous interpretive rule, issued on December 14, 2017 (December 2017 Interpretive Rule), and reverts to a prior interpretation. Second, it adds new Q&A #21 in response to inquiries regarding the use of an Individual Taxpayer Identification Number (ITIN) for determining covered borrower status.

On February 10, 2020, the Small Business Administration (SBA) published an interim final rule to amend various regulations governing its business loan programs including 7(a) and Development Company (504) loan programs.

On December 17, 2019, the National Credit Union Administration (NCUA) published a final rule in the Federal Register to delay the effective date by two years to January 1, 2022 for its October 2015 risk-based capital (RBC) final rule (2015 Final Rule), and November 2018 supplemental risk-based capital final rule (2018 Supplemental Rule) (collectively, the RBC Rules).

On December 2, 2019, the National Credit Union Administration (NCUA) published a final Interpretive Ruling and Policy Statement (IRPS) regarding statutory prohibitions imposed by Section 205(d) of the Federal Credit Union Act (FCU Act) (“Second Chance IRPS”). 

On October 31, 2019, the National Credit Union Administration (NCUA) published a final rule to allow federally insured credit unions (FICUs) to receive public unit (e.g., the U.S. government, states, and political subdivisions therein) and nonmember shares up to 50 percent of the credit union's net amount of paid-in and unimpaired capital and surplus less any public unit and nonmember shares.

On October 10, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule to adjust the threshold for reporting data about open-end lines of credit under the Home Mortgage Disclosure Act (HMDA).

The National Credit Union Administration (NCUA) published a final rulemaking to amend its standard federal credit union (FCU) bylaws found in Appendix A to Part 701 of its regulations.

The National Credit Union Administration (NCUA) published a final rulemaking amending Part 715 of its regulations regarding the responsibilities of a federally-insured credit union (FICU) to obtain a supervisory committee audit.

On September 24, 2019, the Department of Labor (DOL) issued a final rule to amend its overtime regulation under the Fair Labor Standards Act (FLSA). The final rule increases the standard salary level for the “white collar” overtime exemption. The practical effect of this change would be that workers making under $35,568 per year—and not otherwise exempt from the overtime rules—would be eligible for overtime pay.

The National Credit Union Administration (NCUA) published a final rulemaking amending its general lending provisions under Part 701 to add a regulatory framework for an additional PALs program, titled PALs II.

On September 13, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) issued final revisions to its policies governing the Trial Disclosure Program (TDP) and No-Action Letters (NALs). The Bureau also introduced a new Compliance Assistance Sandbox (CAS) which is intended to afford applicants greater legal certainty by granting safe harbors from liability with respect to a specific product or service offerings.

The Federal Housing Finance Agency (FHFA) published a final rulemaking to implement changes made by Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA).

On July 24, 2019, the National Credit Union Administration (NCUA) published a final rulemaking to amend its regulations under Parts 704 and 713 regarding fidelity bonds.

On July 24, 2019, the NCUA published a final rule that amends the agency’s regulation requiring real estate appraisals for certain transactions. The rule increases the threshold at which appraisals are required for nonresidential real estate transactions to $1 million from the current threshold of $250,000.

On July 3, 2019, the Bureau of Consumer Financial Protection (Bureau) and the Board of Governors of the Federal Reserve System (Board)—collectively, “the Agencies”—jointly published a final rule to amend Regulation CC. The rule implements a statutory requirement to adjust the dollar amounts in the Expedited Funds Availability Act (EFA Act) every five years by the aggregate annual percentage increase in the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W) rounded to the nearest multiple of $25.

The Bureau of Consumer Financial Protection (Bureau or CFPB) published a final rule delaying the compliance date for the mandatory underwriting provisions of the 2017 final rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Rule).