Proposed Regulations

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 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).