Proposed Regulations

Recently, the National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burdens with respect to lending-related consumer protection rules that may be outdated, unnecessary, or unduly burdensome.

The National Credit Union Administration (NCUA) has proposed a change to its rule regarding financial and statistical reports filed by all federally insured credit unions. The proposal would eliminate the requirement that federally insured credit unions with assets of less than ten million dollars file alternate Form NCUA 5300SF, and instead require all federally insured credit unions, regardless of size, to file revised Form NCUA 5300 every quarter.

The National Credit Union Administration (NCUA) has published for comment proposed amendments to the Federal Credit Union (FCU) Bylaws. Among other things, the proposed changes include revisions to: annual meeting requirements, requirements for calling special meetings, the required posting of monthly financial statements, and election requirements and procedures.

Recently, the National Credit Union Administration (NCUA) issued a request for comment on proposed amendments to 12 C.F.R. part 712. The proposed rulemaking provides that a wholly-owned credit union service organization (CUSO) need not obtain its own annual financial statement audit from a certified public accountant if it is included in the financial statement audit of the parent federal credit union (FCU).

The rule implements: (1) the statutory increase in the general lending maturity limit; and (2) the statutory expansion of the services federal credit unions are permitted to provide to nonmembers.

On June 29, 2006, the National Credit Union Administration (NCUA) issued a proposed rule and request for comment regarding revisions to the official sign indicating insured status. The proposal modifies the official sign to conform to statutorily-mandated changes that include adding a statement that NCUA-insured share accounts are “backed by the full faith and credit of the United States Government,” and the words “at least” to qualify the amount insured, which, as written, is $100,000, but may be as much as $250,000 in some cases because of recent statutory changes.

National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burden with respect to agency programs, capital, and corporate credit union regulations that may be outdated, unnecessary, or unduly burdensome. This notice is a part of the regulatory review required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

Recently, the National Credit Union Administration (NCUA), along with the other Federal Financial Institutions Examination Council (FFIEC) regulators (the Agencies), issued Proposed Illustrations of Consumer Information for Subprime Mortgage Lending.

On June 5, 2007, the National Credit Union Administration (NCUA) published in the Federal Register a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.

The proposed rule would (1) require Originating Depository Financial Institutions (ODFIs) that are suspected of creating the greatest risk to comply with new reporting requirements, and tie those requirements to the National System of Fines; (2) permit NACHA's Rules Enforcement Panel to suspend the privileges of originating ACH payments for Originators or Third Party Senders; and (3) increase fine levels in the National System of Fines.

Recently, the Department of Defense (DoD or the Department) issued a request for public comment regarding its forthcoming report to Congress. An Item of Special Interest in the Senate Report 110-077 accompanying the National Defense Authorization Act for Fiscal Year 2008 requires DoD to submit a report to the Armed Services Committees of the House and Senate regarding the implementation of its anti-predatory lending rule, which became effective in October 2007. The rule regulates the terms of certain credit extensions to active duty service members and their dependents and currently only covers certain types of refund anticipation loans, vehicle title loans, and payday loans. DoD must provide its report to Congress by April 1, 2008.

Recently, NACHA – The Electronic Payments Association (NACHA) published a request for comment on a proposed rule to amend the NACHA Operating Rules (Rules). The proposed rule would modify the Rules regarding stop payment orders.

Recently, the President's Advisory Council on Financial Literacy recommended the Workplace Financial Literacy Honor Roll Program (Honor Roll) to the Department of Treasury's Office of Financial Education. Honor Roll is intended to increase interest in financial education by highlighting successful initiatives that demonstrate the benefits of financial education.

Senior NCUA staff made a presentation to the NCUA Board regarding the NCUA proposed budget for 2009. The budget briefing is pre-decisional; a final budget will be presented to the NCUA Board at its November meeting.

President Bush signed the Emergency Economic Stabilization Act of 2008 (EESA) on October 3, 2008. EESA accelerated the date by which the Reserve Banks had authority to pay interest on required reserves and excess reserves held at the Reserve Banks. On October 9, 2008, the Board published an interim final rule directing Reserve Banks to pay interest on required reserves held under Regulation D as well as excess reserves.

Each year, the National Credit Union Administration (NCUA) reviews one-third of its regulations to ensure they are necessary, appropriate, clear and understandable.

This proposed rule is part of a detailed review of Regulation Z dating back to 2004. The Board has been conducting a comprehensive, staged review of all of Regulation Z since that time. This proposal deals primarily with closed-end credit secured by real property or a consumer's dwelling.

The proposed guidance aims to minimize compliance and reputation risk concerns related to reverse mortgage lending.

On December 13, 2001, the NCUA Board approved an interim final rule amending the chartering and field of membership manual. The amendment consists of two revisions: first, an existing community chartered credit union need not document how it plans to serve the entire community and second, the definition of an investment area has been updated.

The Federal Reserve Board has issued a request for comment on how the Board's regulations may be adapted to the online delivery of financial services. This request for comment was initiated due to the Gramm-Leach-Bliley Act of 1999, which requires federal banking regulators to conduct a study of regulations and submit a report about adapting existing legislative and regulatory requirements to online banking and lending.

On November 16, 2000, the NCUA Board of Directors unanimously approved an advance notice of proposed rulemaking (ANPR) that seeks comments on several issues in Part 704, the rule governing corporate credit unions (corporates).