Proposed Regulations

This interim final rule is a technical clarification to Part 701 regarding the definition of “lowincome members”.

On July 26, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to require all federally insured credit unions to file quarterly Financial and Statistical Reports (“Call Reports”).

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 749, NCUA's rule on vital records preservation.

On Thursday, September 7, the NCUA Board unanimously approved an advance notice of proposed rulemaking (ANPR) on overseas branching by federally insured statechartered credit unions.

At a February 3 special meeting, the NCUA Board approved a proposed rule on a risk-based net worth requirement for “complex” credit unions. This rulemaking is the result of a requirement in the Credit Union Membership Access Act (CUMAA) to define credit unions that are complex by reason of their portfolios of assets and liabilities.

NACHA has issued a request for comment on a proposed rule change that would permit the conversion/truncation of certain corporate checks in the Accounts Receivable Entries (ARC), Point-of-Purchase (POP) and Re-presented Check Entries (RCK) applications.

On September 19, the NCUA Board unanimously approved a proposed rule concerning revisions to §701.19 clarifying the scope of the rule and the investments Federal credit unions may use to fund employee benefits.

On May 24, 2002, Rules Work Group #52 of the National Automated Clearing House Association (NACHA) published a second set of proposed amendments that would modify the NACHA Operating Rules to address inconsistencies that have been identified within the Rules and to modify certain aspects of various applications to function more efficiently in today's marketplace.

Recently, the Federal Reserve Board (Board) published proposed rules designed to establish uniform standards for providing disclosures under five consumer protection regulations: B (Equal Credit Opportunity); E (Electronic Fund Transfers); M (Consumer Leasing); Z (Truth in Lending); and DD (Truth in Savings).

Recently, NACHA's Rules Work Group #32 published proposed amendments related to ACH data security requirements. The proposed amendments are intended to strengthen ACH security for transactions occurring via Unsecured Electronic Networks.

The proposal is in response to increasing costs for managing risk in the ACH Network due to the rise in the number of unauthorized debit entries.

The Securities and Exchange Commission (SEC) has issued a proposed rule providing three exemptions for credit unions from the definitions of “broker” and “dealer” under the Securities Exchange Act of 1934.

Recently, the National Credit Union Administration (NCUA) issued a proposed rule requiring the proper disposal of consumer information in accordance with the Fair Credit Reporting Act, as amended by the Fair and Accurate Credit Transactions Act.

The proposal would add a model form to Regulation V that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in sectio n 217 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

Recently, the Federal Reserve Board issued for public comment an advance notice of proposed rulemaking (ANPR) concerning open-end credit rules (Regulation Z). The ANPR solicits public comments on how the Board should implement amendments to TILA made by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The amendments deal mostly with open-end credit accounts and require new disclosures on periodic statements and on credit card applications and solicitations.

The Financial Accounting Standards Board has issued an exposure draft relative to the accounting treatment of business combinations, including combinations between credit unions.

On March 27, 2007, the National Credit Union Administration (NCUA) published a proposed rule related to federally insured credit unions' obligation to maintain a records preservation program. The proposed rule amends Parts 748 and 749 of the NCUA's Rules and Regulations.

On November 22, 2006, the National Credit Union Administration (NCUA) issued an interim final rule on share insurance appeals and clarification of NCUA Board's enforcement authority. The interim final rule implements amendments to the Federal Credit Union Act made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act).

Recently, the Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (Board) (collectively, the Agencies) jointly issued for public comment an advance notice of proposed rulemaking (ANPR) concerning the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds in amounts of $3,000 or more.

Recently, the National Credit Union Administration (NCUA), along with the federal banking regulators (the Agencies), issued proposed interagency guidance on nontraditional mortgage loan products to assist financial institutions in ensuring that their risk management and consumer protection practices adequately address the risks associated with their credit activities.