Proposed Regulations

The NCUA, along with four other agencies, has re-proposed a rule regarding loans in areas having special flood hazards. The proposal amends regulations to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act).

On October 27, 2016, the National Credit Union Administration (NCUA) issued a proposal to amend its chartering and field of membership rules. This proposal is separate from the final field of membership rule that NCUA finalized the same day. In general, the proposal would expand field of membership options for federal credit union (FCUs) and correct certain discrepancies in the final rule

On August 24, 2016, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for comments on its proposed “Amendments Relating to Disclosure of Records and Information.” The proposal amends the CFPB’s regulations relating to the treatment and sharing of confidential information obtained under the Freedom of Information Act (FOIA), the Privacy Act of 1974, or through legal proceedings.

The Consumer Financial Protection Bureau (CFPB) has issued a proposal to amend its Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID) Rule.

On August 1, 2016, the Consumer Financial Protection Bureau (CFPB) proposed the addition of a Company Response Survey to its Consumer Complaint Database.

The CFPB has published an Outline of Proposals Under Consideration and Alternatives Considered to facilitate the Small Business Regulatory Enforcement Fairness Act Panel’s discussion on debt collection issues relevant to third-party debt collectors.

The Consumer Financial Protection Bureau (CFPB) has proposed amending Regulation P to implement the recent amendment to the Gramm-Leach-Bliley Act, which creates an exception to the annual privacy notice requirement for financial institutions that meet certain criteria.

The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule regulating payday, vehicle title, and similar loans. The proposal would serve as a comprehensive overhaul of the short-term, small-dollar lending space, potentially sweeping in a number of other products not traditionally associated with “payday lending.”

The Federal Housing Finance Agency (FHFA) has issued a Request for Input (RFI) and is working with Fannie Mae and Freddie Mac as well as stakeholders to evaluate proposed structures for front-end credit risk transfer that are not currently available.

The CFPB has proposed a rule to prohibit arbitration agreements which limit consumers’ access to class action litigation in consumer financial products and services contracts. In effect, the CFPB would prohibit the use of “class action waivers” in mandatory pre-dispute arbitration agreements.

The Federal Financial Institutions Examination Council (FFIEC) has proposed an update to the Consumer Compliance Rating System (CC Rating System) for the first time since 1980. The proposal will not place any new obligations on credit unions, but credit unions should take note of how the CC Rating System framework would change.

The proposed rule would only cover credit unions with $1 billion or more in assets that offer incentive-based compensation plans. The proposed rule would apply to all persons who receive incentive-based compensation plans at covered credit unions.

NCUA has recently released several notices, requesting comments on ways to reduce the burden of reporting information to the agency. NCUA currently collects this information and these notices do not impose any new obligations on credit unions.

The National Credit Union Administration (NCUA) has issued a new proposal regarding Federal Credit Union (FCU) occupancy of fixed assets, which would eliminate the full occupancy requirement in the current rule.

The Federal Credit Union Act (FCU Act) authorizes the National Credit Union Administration (NCUA) to charge an Operating Fee on Federal Credit Unions (FCUs) to defray the expenses incurred in carrying out the examination and supervision of FCUs.

The Federal Credit Union Act (FCU Act) authorizes the National Credit Union Administration (NCUA) to allocate resources annually from the National Credit Union Share Insurance Fund (NCUSIF) to cover insurance related expenses. This allocation is calculated and effected through the Overhead Transfer Rate (OTR).

The Federal Housing Finance Agency (FHFA) issued a proposed rule that would require Fannie Mae and Freddie Mac (the Enterprises) to adopt plans to improve the distribution and availability of mortgage financing for residential properties that serve very low-, low-, and moderate-income families in the three specified underserved markets: (1) manufactured housing, (2) affordable housing preservation and (3) rural markets.

The National Credit Union Administration (NCUA) is conducting a review of certain regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) and is inviting comment on how these selected rules are outdated, aunnecessary or unduly burdensome.

The National Credit Union Administration (NCUA) has issued a proposed rule that seeks to modernize its chartering and field of membership regulations. The proposal would make substantive changes to all three charter types.

The CFPB is considering a rulemaking to address arbitration clauses. On October 7, 2015, the Bureau released an “Outline of the Proposals under Consideration” and announced the formation of a Small Business Review Panel to study the economic impact any arbitration arulemaking may have on a substantial number of small entities.

The National Credit Union Administration (NCUA) is proposing to amend its permissible investments regulations to expand the authority of federal credit unions (FCUs) to invest in bank notes