Proposed Regulations

Recently, the Fannie Mae entered into a Cooperation Agreement (Agreement) with the Office of Federal Housing Enterprise (OFHEO) and the New York Attorney General's Office to adopt a Home Valuation Protection Code (Code). As part of the agreement, Fannie Mae, along with Freddie Mac and other industry players, will also contribute to the establishment of an Independent Valuation Protection Institute (Institute). Fannie Mae has requested comments from its customers a

The proposed rule would prohibit seven credit card practices: (1) Unfair time constraints for consumers to make payments; (2) Unfair allocation of payments among balances with different interest rates; (3) Unfair application of increased APR to outstanding balances; (4) Unfair fees for exceeding the credit limit solely because of a hold placed on an account; (5) Unfair balance computation method; (6) Unfair financing of security deposits and fees for issuance or availability of credit; and (7) Deceptive firm offers of credit.

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 December 7, 2001, the Federal Reserve Board published proposed revisions to the official staff commentary that applies and interprets the requirements of Regulation Z. These changes seek to clarify how creditors that lace Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures in a form the consumer may keep.

On April 19, 2001, the National Credit Union Administration (NCUA) approved aproposed rule that would revise NCUA's regulations on nondiscrimination in advertising.

On November 16, 2000, the NCUA Board of Directors unanimously approved a notice of proposed rulemaking that would substantially amend the existing group purchasing and insurance provisions of part 721 of NCUA's Rules and Regulations.

On Thursday, March 16, the NCUA Board unanimously agreed to approve an advance notice of proposed rulemaking (ANPR) on regulatory flexibility (Reg-Flex).

Based on the report by NCUA's Field of Membership Task Force on revisions to the Chartering and Field of Membership Policy (IRPS 99-1), NCUA has issued a proposed rule amending the policy.

On July 15, 2002, Rules Work Group #34 of the National Automated Clearing House Association (NACHA) published a set of proposed amendments that would modify certain aspects of the rule compliance audit requirements to ensure that all key aspects of ACH processing are addressed.

The Gramm-Leach-Bliley Act of 1999 (GLBA) mandated a study of information sharing practices among financial institutions and their affiliates.

Recently, NCUA published proposed rules regarding share insurance, which are intended to simplify and clarify current regulations and provide parity with the deposit insurance rules of the Federal Deposit Insurance Corporation.

The Internal Revenue Service (IRS) has issued a notice of proposed rulemaking containing proposed amendments to income tax regulations promulgated under section 403(b) of the Internal Revenue Code (IRC) and related sections 402(b), 402(g), 414(c), and 3121(a)(5)(D). The proposed regulations provide updated guidance on section 403(b) contracts of public schools and organizations exempt from tax under 501(c)(3).

Recently, the National Credit Union Administration (NCUA) published a proposed rule to part 708a regarding the conversion of insured credit unions to mutual savings banks. The proposed amendments stem from NCUA's concern that many credit union members do not appreciate the effect a conversion may have on their ownership interests in the credit union and voting power in the mutual savings bank.

Section 318(a) of the Fair and Accurate Credit Transactions Act (FACT Act) requires the Federal Trade Commission (Commission) to conduct a study on the effects of requiring a creditor or a credit bureau to provide a consumer who has experienced an adverse action based on a credit report with a copy of the same credit report that was relied on in taking the adverse action.