Proposed Regulations

On November 5, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a notice and request for comment regarding the business practices of large technology companies operating domestic payment systems.

On October 6, 2021, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a notice announcing that the Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service (Fedwire Funds).

On September 28, 2021, the National Credit Union Administration (NCUA) issued a proposed rule to extend the timeframe for grandfathering secondary capital that is issued to the United States Government or one of its subdivisions (Government) under an application approved before January 1, 2022.

On September 1, 2021, the Bureau of Consumer Financial Protection (Bureau) released a Proposed Rule that would amend the Bureau’s Regulation B to implement changes made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to the Equal Credit Opportunity Act (ECOA).

On July 22, 2021, the National Credit Union Administration (NCUA) issued a proposed rule which would permit credit unions to adopt an alternative measure of risk-based capital adequacy called the complex credit union leverage ratio (CCULR).

On July 27, 2021, the National Credit Union Administration (NCUA) published a request for information and comment (RFI) regarding how credit unions use and may use digital assets, Distributed Ledger Technology (DLT), and decentralized finance (DeFi) applications and what risks such uses pose to federally-insured credit unions (FICUs), related entities, and the NCUA.

On June 25, 2021, the Department of Housing and Urban Development (HUD) issued a proposed rule to rescind HUD’s 2020 disparate impact rule and restore the 2013 discriminatory effects rule.

On June 1, 2021, the Board of Governors of the Federal Reserve System (Board) released a notice and request for comment regarding proposed amendments and modifications to Regulation J pertaining to the release of the FedNow Service (FedNow).

On May 25, 2021, the National Credit Union Administration (NCUA) published a request for comment (RFC) seeking information and comment on the policy and methodology used to set the National Credit Union Share Insurance Fund (SIF) Normal Operating Level (NOL).

On May 11, 2021, the Board of Governors of the Federal Reserve System (Board) issued a request for comment (RFC) seeking input on proposed guidelines for evaluating requests for accounts and services at Federal Reserve Banks.

On May 13, 2021, the Board of Governors of the Federal Reserve System (Board) published a notice and request for comment (RFC) regarding proposed modifications to Regulation II that would clarify debit card issuers must enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present transactions.

On April 12, 2021, the National Credit Union Administration (NCUA) Board along with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Financial Crimes Enforcement Network (FinCEN) (collectively the agencies) published a request for information (RFI) seeking information and comment on the extent to which the principles discussed in the Interagency Supervisory Guidance on Model Risk Management (MRMG) support compliance by banks with the Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) requirements.

On April 9, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to protect borrowers affected by the COVID-19 pandemic under the Real Estate Settlement Procedures Act (RESPA) or Regulation X.

On March 31, 2021, the National Credit Union Administration (NCUA) along with other federal banking agencies (collectively the Agencies) issued a joint request for information (RFI) to solicit comment on artificial intelligence (AI) and machine learning (ML) usage within the financial sector.

On April 5, 2021, the Financial Crimes Enforcement Network (FinCEN) published an advanced notice of proposed rulemaking (ANPR) to solicit feedback related to beneficial ownership reporting requirements implementing section 6403 of the Corporate Transparency Act, which was enacted as part of the National Defense Authorization Act (NDAA).

On March 9, 2021, the U.S. Department of the Treasury (Treasury) issued an interim final rule (IFR) to implement statutory eligibility requirements for the Emergency Capital Investment Program (ECIP), which was authorized by the Consolidated Appropriations Act, 2021 (CAA).

On March 5, 2021, the Bureau of Consumer Financial Protection (Bureau or CFPB) published a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) loan definition until October 1, 2022.

On January 14, 2021, the National Credit Union Administration (NCUA) issued an advanced notice of proposed rulemaking (ANPR) to simplify the risk based capital requirements found in the agency’s 2015 Final Risk Based Capital Rule (RBC rule).

On January 14, the National Credit Union Administration (NCUA) Board approved for publication a proposed rule to add an “S” component to the existing CAMEL rating system and to redefine the “L” component to distinguish liquidity risk from sensitivity to market risk.

On January 14, 2021, The National Credit Union Administration (NCUA) Board issued a proposed rule which seeks comment on the amendment of the NCUA’s credit union service organization (CUSO) regulation. The NCUA is also seeking comment on broadening Federal Credit Union (FCU) investment authority in CUSOs.

On January 14, 2021, the National Credit Union Administration (NCUA) issued a proposed rule to amend the definition of “complex” for purposes of being subject to any risk-based net worth (RBNW) requirement in part 702 of the NCUA’s regulations. To learn more, please read NAFCU's Regulatory Alert.