Proposed Regulations

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

On September 13, 2001, the NCUA Board of Directors unanimously approved a proposed rule that seeks comments on several issues in Part 704, the rule governing corporate credit unions (corporates). The proposed rule follows two earlier ANPRs issued in 1999 and 2000 seeking similar information.

On March 8, 2001, the National Credit Union Administration (NCUA) approved a proposed rule on regulatory flexibility (RegFlex).

On October 19, 2000, the NCUA Board of Directors unanimously approved a notice of proposed rulemaking that implements parts of the Fair Credit Reporting Act (FCRA).

At its February meeting, the NCUA Board approved a proposed rule that tracks recent rulemaking by the Federal Deposit Insurance Corporation to resolve issues arising from the “legal isolation” requirement articulated in Financial Accounting Standards Board Statement No. 125.

On September 19, 2002, NCUA issued a proposed rule on Accuracy of Advertising and Insured Status. This proposed rule seeks to modernize the rule in response to the growing number of Internet transactions.

The Securities and Exchange Commission has issued a request for comment on whether all credit unions should be permitted to offer sweep accounts to members, including individuals, without registering as a broker-dealer.

On December 16, 2003, the Federal Reserve Board (Board) issued a notice of proposed rulemaking and an interim final rule to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FACT Act). The regulations are being issued jointly with the Federal Trade Commission (FTC).

Recently, the Department of the Treasury (Treasury) published a notice of inquiry relating to two issues within section 326 of the USA PATRIOT Act of 2001.

The proposed changes incorporate legal opinions previously issued by NCUA's Office of General Counsel (OGC) regarding permissiblematurities for certain types of loans and the effect of partial governmental guarantees.

Recently, the National Credit Union Administration proposed a rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance.

Section 213(e) of the Fair and Accurate Credit Transactions Act (FACT Act) requires the Federal Reserve Board (Board) to conduct a study on prescreened solicitations for credit or insurance. Specifically, Section 213(e) of the FACT Act directs the Board to conduct a study of the ability of consumers to avoid receiving written offers of credit or insurance in connection with transactions not initiated by the consumer, and the potential impact that any further restrictions on providing consumers with these offers would have on consumers.

Recently, the National Credit Union Administration (NCUA) issued a proposed rule to revise its regulations pertaining to the Community Development Revolving Loan Program For Credit Unions (CDRLP). The revision proposes to permit student credit unions to participate in the CDRLP.

Recently, NACHA, the Electronic Payments Association issued a request for comment with regard to ACH entries that involve offshore parties or correspondent accounts but that originate within the United States and therefore do not currently treated as cross-border transactions. These entries are of concern because they do not receive the same higher level of scrutiny as do cross-border entries using the CBR Standard Entry Class Code, as required by the Federal banking regulators and the U.S. Treasury Department's Office of Foreign Asset Control (OFAC).

The National Credit Union Administration (NCUA) has published for comment proposed amendments to the Regulatory Flexibility Program (RegFlex) (12 CFR Part 742).

Recently, the Department of Defense (DoD or Department) issued a proposed rule amending the Department regulations relating to policy and procedures on personal commercial solicitations on DoD installations. This policy controls all solicitations of military personnel for the sale of financial products and insurance on base, including any activity by credit unions.

Recently, the Board of Governors of the Federal Reserve System (Board) issued for public comment a proposed rule amending Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and its official staff commentary. The proposed amendments would create an exception for small-collar transactions of $15 or less from the requirement that electronic terminal receipts be made available to consumers at the time of the transaction.

Recently, the National Credit Union Administration issued for public comment a notice of proposed rulemaking concerning the requirements for reporting and filing suspicious activity reports (SAR). The proposed changes to §748.1(c) would provide some consistency with the SAR regulations issued by the other four Federal Financial Institutions Examination Council regulators and would extend to credit unions the banks' practice of notifying Board of Directors of SAR filings.

Recently, the Federal Reserve Board (Board) issued an interim final rule amending Regulation E, which implements the Electronic Fund Transfers Act, and its official staff commentary.