Proposed Regulations

The proposal would amend the definition of “unauthorized entry” to clarify that a purported authorization that is unclear or deceptive is not a valid authorization.

In September 2005, the eRulemaking program launched the Federal Docket Management System (FDMS), greatly expanding public access to information and improving agency management of the rulemaking process. FDMS serves as an electronic document repository, enabling departments and agencies to post all rulemaking and non-rulemaking documents for public access and comment.

The proposed rule will exclude investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from the calculation for total assets.

Recently, the National Credit Union Administration (NCUA) issued an interim final rule providing an exception to the 20-year maturity limit on second mortgages for federal credit unions that participate in the U.S. Department of Treasury's Making Home Affordable Program.

The NACHA Operating Rules (Rules) currently address “internet-initiated entries” (WEB) and require use of the WEB Standard Entry Class (SEC) code for those payments. The Rules do not address mobile ACH payments specifically.

The proposal clarifies, but does not substantively alter, certain changes to overdraft protection programs implemented in the Federal Reserve Board's (the Board) November 2009 rule (the November Rule) amending Regulation E.

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.