Proposed Regulations

The Federal Reserve Banks released a public consultation paper on improving the U.S. payment system.

The Consumer Financial Protection Bureau (CFPB) has issued an interim final rule, with a request for comments, regarding certain amendments to its January, 2013 mortgage rules under Regulation X and Regulation Z.

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Department of Housing and Urban Development (HUD) has issued a proposed rule to define “qualified mortgage.” The definition would apply to single family mortgages insured by the Federal Housing Administration (FHA).

NCUA is proposing to amend it regulations to clarify that a federal credit union is authorized to fund a charitable donation account (CDA), a hybrid charitable and investment vehicle, provided the account is primarily charitable in nature and meets other regulatory conditions.

Pursuant to the Paperwork Reduction Act, the National Credit Union Administration is reinstating an information collection required by NCUA Regulation 712, previously approved by the Office of Management and Budget.

Pursuant to the Paperwork Reduction Act, the National Credit Union Administration is reinstating an information collection required by the Truth in Savings Act, previously approved by the Office of Management and Budget.

The Federal Housing Financing Agency, Consumer Financial Protection Bureau (CFPB), Department of Housing and Development, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (the Agencies) have issued a second proposed rule related to credit risk retention requirements for issuers of securities of asset-backed securities.

The Financial Accounting Standards Board proposed amendments clarifying certain accounting processes related to troubled debt restructurings.

The NCUA is establishing a Minority Depository Institutions Preservation Program (MDI Program) to encourage the preservation of Minority Depository Institutions (MDI).

NCUA is proposing to require all FICUs to submit call reports and other data and to update their credit union profiles online in order to reduce the expense of printing and mailing paper forms and other processing costs.

The National Credit Union Administration, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Board of s of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Federal Housing Financing Agency (the Agencies) released the 2013 Interagency Appraisals Final Rule on January 18, 2013 (the Final Rule).

The Private Company Counsel and the Financial Standards Accounting Board proposed an accounting alternative for the accounting for goodwill.

The PCC and FASB proposed amendments that would provide guidance on an accounting alternative for the recognition, measurement, and disclosure of identifiable intangible assets acquired in a business combination by a private company.

The proposed rule addresses several parts of the mortgage-related rules issued by the Consumer Financial Protection Bureau in January 2013.

The NCUA has issued a proposed rule that would provide qualified credit unions limited derivatives authority for the specific and limited purpose of hedging against interest rate risk.

The CFPB has issued a proposed rule to amend two of the mortgage-related rules it issued in January 2013 – ability-to-repay/qualified mortgages and mortgage servicing.

The proposed rule would identify a market for student loan servicing and define “larger participants” of this market that would be subject to the CFPB's supervisory authority for nonbank covered persons.

The proposed rule would clarify the definitions of “rural” and “underserved” for purposes of the exemption provided in the CFPB's January 2013 rule on escrow accounts.

The Financial Standards Accounting Board has issued an Exposure Draft as a part of its major undertaking to simplify and improve reporting for financial instruments.

The NCUA is proposing to amend the rules on fixed assets to provide clarity and improve the organizational structure of the rules.

The proposal would replace the incurred loss model with a forward-looking expected loss model for recognizing and measuring credit losses.