Proposed Regulations

The NCUA has issued an Advance Notice of Proposed Rulemaking (ANPR) as part of the process of addressing credit unions' access to liquidity sources in times of emergency.

The proposed rule would modify the Regulatory Flexibility program (RegFlex) program by expanding the program to apply to most federal credit unions.

The ANPR addresses the definition of “governmental plan” for purposes of determining whether an employee benefit plan is a governmental plan.

The Consumer Financial Protection Bureau (CFPB) is proposing to publish data on the complaints it receives from consumers regarding credit cards.

The discussion paper contains two alternative mortgage servicing models that would apply only for mortgages guaranteed by Fannie Mae and Freddie Mac.

The proposed changes are designed to simplify the administration of reserve requirements under Regulation D.

For the past 15 years, NACHA's rules have provided that the effective date of a debit entry must be one banking day in the future and the effective date of a credit entry must be one or two banking days in the future. Although NACHA recognizes that the one- and two-banking day standard is still appropriate in recurring payments for which the effective date is known in advance, it reasons that the ACH Network carries other types of transactions for which expedited processing and settlement (EPS) terms are also appropriate.

The Bank Secrecy Act (BSA) requires credit unions to file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The reports are also used to conduct intelligence activities to protect against terrorism, and to implement counter-money laundering programs and compliance procedures.

The CFPB is requesting information on the products and services (and associated programs and policies) currently being offered to meet the financial needs of servicemembers and their families.

Following the onset of the corporate credit union crisis, NCUA overhauled part 704 of its rules on corporate credit unions. See, Final Regulation 10-EF-15 (2010 Final Rule). The proposed rule would make a number of technical changes to the 2010 Final Rule.

The Federal Reserve Board (the Board) issued an interim final rule, which authorizes a fraud adjustment of one cent to the base debit card interchange fee. In a separate final rule, the Board set the base interchange fee at 21 cents plus five basis points of the transaction. The one cent fraud adjustment would be in addition to the 21 cents plus five basis points of the transactions. Thus, issuers eligible for the fraud adjustment would receive 22 cents for each transaction plus five basis points of the transaction.

The interim final rule is modeled on the uniform rules and procedures for administrative hearings (Uniform Rules) that have been adopted by the prudential regulators pursuant to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The rules also borrow from adjudication rules used by the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC).

The interim 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 interim rule describes and establishes the Bureau of Consumer Financial Protection (CFPB) policies and procedures that apply in non-adjudicative settings.

The proposed rule would extend NCUA's regulatory reach over Credit Union Service Organizations (CUSOs) by requiring CUSOs to submit financial reports to the NCUA.

Recently, the National Credit Union Administration (NCUA) issued an advance notice of proposed rulemaking (ANPR) on permitting natural person credit unions to engage in certain derivative activities for purposes of hedging interest rate risk.

NCUA has proposed to amend its rule that governs the process by which the agency solicits, receives, evaluates and acts on credit union applications for loans and technical assistance from NCUA's Community Development Revolving Loan Fund (CDRLF).

This proposal implements several provisions required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The proposal requires remittance transfer providers (providers) to provide pre-payment disclosures to senders containing specific information about the transfer, including the exchange rate, the applicable fees and taxes and the amount to be received by the designated recipient. These disclosures may be made orally if the transaction is conducted entirely by telephone. Additionally, the proposal requires a written receipt with the above information as well as additional information including the date of availability, the recipient's contact information and information regarding the sender's error resolution rights. Alternatively, the provider may make all of the written disclosures in a single pre-payment disclosure.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) grants the newly created Bureau of Consumer Financial Protection (the Bureau) authority to enforce most consumer financial protection laws.

NCUA has announced that it is considering a voluntary prepayment program for federally-insured credit unions to prepay assessments associated with the Temporary Corporate Credit Union Stabilization Fund.

The proposal would implement the requirements in Dodd-Frank that a lender determine a consumer's ability to repay before making a closed end mortgage loan. Regulation Z already includes an ability to repay requirement for higher-priced mortgage loans. This rule would apply to all consumer mortgage loans with the exception of HELOCs, timeshare plans, reverse mortgages or temporary loans. The proposal details four different ways to comply with the requirements. Two of the proposed methods are for more traditional loans. The other two proposed methods detail the process for balloon-payment mortgages and refinancing deals.