Proposed Regulations

On September 20, 2024, the CFPB, released a proposed rule to amend certain remittance transfer disclosure requirements in the remittance rule in Regulation E (Remittance Rule or Rule), which implements the Electronic Fund Transfer Act (EFTA), and certain accompanying model forms, to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the state agency that licenses or charters their remittance transfer provider.

On August 2, 2024, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Department of the Treasury (Treasury), (collectively the Agencies) jointly published a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. Final standards established pursuant to this rulemaking will later be adopted for certain collections of information in separate rulemakings by the agencies or through other actions taken by the agencies.

The National Credit Union Administration (NCUA) Board released a proposed rule that would require credit union boards of directors to establish processes for succession planning for key positions. This proposal is based on a proposed rule from February 2022, but includes several changes that the Board believes will further strengthen succession planning for both FCUs and federally insured, state-chartered credit unions (FISCUs).

The Consumer Financial Protection Bureau (Bureau or CFPB) released a Proposed Rule that would amend rules originally issued in 2013 regarding the responsibilities of mortgage servicers. The CFPB is seeking comment on several topics, including four key groups of changes related to assisting borrowers during loss mitigation and early intervention, as well as seeking comment on a fifth key issue related to credit reporting.

FinCEN is proposing a rule to update financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs pursuant to the Anti-Money Laundering Act of 2020 (AML Act). The proposed rule would amend FinCEN’s regulations that prescribe the minimum requirements for AML/CFT programs for financial institutions.

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) published a proposed rule to remove a regulatory exception in Regulation V from the limitation in the Fair Credit Reporting Act (FCRA) on creditors obtaining or using information on medical debts for credit eligibility determinations.

On May 31, 2024, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL).

On May 6, 2024, the National Credit Union Administration (NCUA), along with other banking regulators and the FHFA (the Agencies) released a notice of proposed rulemaking to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) by jointly issuing regulations or guidelines: (1) prohibiting incentive-based compensation arrangements at covered financial institutions that encourage inappropriate risks by providing excessive compensation or that could lead to material financial loss; and (2) requiring those covered financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate federal regulator.

On May 30, 2024, the Consumer Financial Protection Bureau released a Request for Information regarding fees imposed in residential mortgage transactions, or closing costs. The Bureau is seeking input from the public on the impact of closing costs and the degree to which they add overall cost to the homebuying process.

On May 9, 2024, the Board of Governors of the Federal Reserve System published a request for comment on expanding the Fedwire Funds Service and National Settlement Service (NSS) operating hours to 22 hours per day, 7 days per week, every day of the year (22x7x365). Under the proposal, the NSS would close 30 minutes earlier than the Fedwire Funds Service.

The NCUA reviews all of its existing regulations every three years. Each year, the agency's Office of General Counsel (OGC) reviews one-third of NCUA's regulations. The 2024 Regulatory Review includes Parts 748 – 797. The public is invited to provide input on any or all of the parts and sections up for review.

The NCUA issued an advance notice of proposed rulemaking (ANPR) to solicit feedback on how the agency can improve and update its records preservation program regulations and guidance. In addition to input on the content of Part 749, the NCUA seeks comments on the Part’s structure, which may be confusing since it includes a combination of regulatory requirements and guidance. We appreciate the Board’s effort to pursue this rulemaking, which was developed, in part, through recent feedback from America’s Credit Unions’ Small Credit Union Committee.

On April 4, 2024, the Cybersecurity and Infrastructure Security Agency (CISA) published a notice of proposed rulemaking to implement cyber incident and ransom payment reporting requirements adopted in the Cyber Incident Reporting for Critical Infrastructure Act of 2022, which requires covered entities to report cyber incidents within 72 hours after the covered entity reasonably believes that the covered cyber incident has occurred and ransom payments made in response to a ransomware attack within 24 hours after the ransom payment has been made.

As required by the Paperwork Reduction Act (PRA), through three separate requests for comment (RFC), FinCEN is soliciting input on existing information collections associated with:

On January 24, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to prohibit covered financial institutions from charging fees, such as nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are instantaneously declined. Under the rule, charging such fees would constitute an abusive practice under the Consumer Financial Protection Act’s prohibition on unfair, deceptive, or abusive acts or practices (UDAAP).

In conjunction with FinCEN’s Beneficial Ownership Information (BOI) rulemakings, which implement the Corporate Transparency Act, FinCEN is soliciting feedback on the burden estimate associated with a component of the BOI Access Rule that was finalized in December. Along with the burden estimate, this request for comment (RFC) includes the method by which financial institutions must provide certification to FinCEN when requesting access to the BOI database.

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) released a notice of proposed rulemaking to amend Regulations E and Z to update regulatory exceptions for overdraft credit provided by very large financial institutions.

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) that would designate certain nonbanks offering “general-use digital consumer payment applications” as larger participants subject to the agency’s supervisory jurisdiction.

On October 23, 2023, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) in the Federal Register. This proposed rule requires domestic financial institutions to implement certain recordkeeping and reporting requirements for transactions involving convertible virtual currency (CVC) mixing. CVC mixing facilitates CVC transactions in a manner that obfuscates the source, destination, or amount involved in a transaction.

On October 25, 2023, the Board of Governors of the Federal Reserve System (Board) released a notice of proposed rulemaking to update the three components of the interchange fee cap based on the latest data reported to the Board and update the interchange fee cap every other year going forward based on data from the Board’s biennial survey of large debit card issuers.

On October 19, 2023, the National Credit Union Administration (NCUA) Board unanimously agreed to publish a notice of proposed rulemaking (NPRM). This proposed rule would allow people convicted of certain minor offenses to work in the credit union industry without applying for the NCUA Board’s approval.