Final Regulation Summaries

This final rule requires CUSOs to annually provide basic profile information to NCUA. CUSOs that engage in certain complex or high-risk activities are required to additionally report more detailed information, including audited financial statements and general customer information.

Under the terms of the Policy, the CFPB approves limited-time exemptions for financial institutions from current federal disclosure laws, so they can research and test informative, cost-effective disclosures.

This final rule requires federally-insured credit unions (FICUs) to update their profiles by electronically accessing NCUA's information management system or other electronic means specified by NCUA.

The NCUA has issued a final rule that imposes new requirements on federally-insured credit unions (FICUs) regarding access to emergency liquidity.

This final rule amends the regulatory text of the fixed asset rule by using plain language and reorganizes the text without making substantive changes to the rule itself.

The final rule amends several parts of the final rules issued by the Consumer Financial Protection Bureau in January 2013 regarding mortgages.

The Financial Accounting Standards Board released an Accounting Standards Update providing guidance on when a credit union should use the liquidation basis of accounting.

The Department of Treasury (Treasury), Social Security Administration (SSA), Department of Veterans Affairs (VA), Railroad Retirement Board (RRB), and Office of Personnel Management (OPM) (the agencies) jointly adopted as final an interim rule to amend their regulation governing the garnishment of certain Federal benefit payments that are directly deposited to accounts at financial institutions.

The final rule amends several provisions of the mortgage-related rules under Regulations X and Z issued by the Consumer Financial Protection Bureau (CFPB) in 2013.

1 Final Regulation Consumer Financial Protection Bureau: Amendments to the 2013 Escrows Final Rule under the Truth in Lending Act (Regulation Z) 13-EF-22 NAFCU would like to highlight the following: • This final rule amends the Truth in Lending Act (Regulation Z) to clarify the determination method for the “rural” and

Purchasing credit unions will be subject to a single-originator concentration limit of the greater of $5 million or 100 percent of net worth.

The Consumer Financial Protection Bureau (CFPB) issued a final rule on January 10, 2013, that requires lenders to determine a consumer's ability to repay a mortgage before making a loan. NAFCU issued Final Regulation 13-EF-01on this final rule.

The final rule makes a number of technical amendments to the National Credit Union Administration's (NCUA) regulations including nomenclature changes to NCUA's regulations to reflect changes to the NCUA's office structure, including the transfer of duties and the creation of the new Office of National Examination and Supervision (ONES).

The Final Rule eliminates the requirement to disclose certain third-party fees and taxes not imposed by the remittance transfer provider.

The final rule removes references to an “independent” ability-to-pay standard from § 1026.51(a)(1) and associated commentary. As a result, card issuers are no longer required to consider whether consumers age 21 or older have an independent ability to pay.

Regulation Z limits the total amount of fees that a credit card issuer may require a consumer to pay with respect to an account to 25% of the credit limit.

To conform with recent statutory amendments to the Electronic Fund Transfer Act (EFTA), the Consumer Financial Protection Bureau (CFPB) is issuing a direct final regulation to amend Regulation E, which implements the EFTA, and the official interpretation to the Regulation.

The final rule establishes procedures for members of the public to obtain information from the Bureau of Consumer Financial Protection (CFPB) under the Freedom of Information Act (FOIA).

The final rule expands the transactions covered under Home Ownership Equity Protection Act (HOEPA) and implementing regulations. Notably, purchase money mortgage loans (owner-financed) and home equity lines of credit (HELOCs) are now covered. The rule implements revised statutory threshold or trigger requirements for HOEPA coverage.

Treasury Inflation Protected Securities (TIPS) are securities issued by the U.S. Department of Treasury in which principal increases with inflation and decreases with deflation, and upon maturity, the holder is paid the greater of the adjusted principal or original principal.

The NCUA has issued a final rule amending the definition of “rural district” as the term is used in the NCUA's Chartering and Field of Membership Manual.