Proposed Regulations

National Credit Union Administration (NCUA) published a request for comments and suggestions on ways it can identify and reduce regulatory burden with respect to agency programs, capital, and corporate credit union regulations that may be outdated, unnecessary, or unduly burdensome. This notice is a part of the regulatory review required by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

Recently, the National Credit Union Administration (NCUA), along with the other Federal Financial Institutions Examination Council (FFIEC) regulators (the Agencies), issued Proposed Illustrations of Consumer Information for Subprime Mortgage Lending.

On June 5, 2007, the National Credit Union Administration (NCUA) published in the Federal Register a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.

The proposed rule would (1) require Originating Depository Financial Institutions (ODFIs) that are suspected of creating the greatest risk to comply with new reporting requirements, and tie those requirements to the National System of Fines; (2) permit NACHA's Rules Enforcement Panel to suspend the privileges of originating ACH payments for Originators or Third Party Senders; and (3) increase fine levels in the National System of Fines.

Recently, the Department of Defense (DoD or the Department) issued a request for public comment regarding its forthcoming report to Congress. An Item of Special Interest in the Senate Report 110-077 accompanying the National Defense Authorization Act for Fiscal Year 2008 requires DoD to submit a report to the Armed Services Committees of the House and Senate regarding the implementation of its anti-predatory lending rule, which became effective in October 2007. The rule regulates the terms of certain credit extensions to active duty service members and their dependents and currently only covers certain types of refund anticipation loans, vehicle title loans, and payday loans. DoD must provide its report to Congress by April 1, 2008.

Revising the “low-income” definition to use Median Family Income (MFI) in lieu of Median Household Income (MHI) should better address metropolitan areas with higher costs of living.

In order to ensure that existing regulations continue to meet those standards, NCUA periodically updates, clarifies, and simplifies existing provisions.

Public input is solicited on what key issues Treasury should address in establishing the guarantee program for troubled assets required under the Emergency Economic Stabilization Act of 2008 (EESA).

The proposal would amend current rules regarding electronic disclosures. Additionally, the rule would also require new disclosures regarding overdraft protection fees.

The proposed rule would clarify the scope of FinCEN's regulations pertaining to confidentiality of SARs or information revealing the existence of SARs.

The NCUA proposed rule would address how credit unions that enter or depart the NCUSIF system in a given calendar year are affected by any NCUSIF premium, deposit replenishment assessments or distribution in that same year.

This interim final rule implements part of the Helping Families Save their Homes Act (the Act), which was passed in to law on May 20, 2009. Most importantly, the proposal establishes a new requirement for notifying consumers of the sale or transfer of their mortgage loans.

The NCUA Board recently approved an interim final rule amending its regulation that implements the Truth in Savings Act (TISA). This interim final rule establishes uniform standards for the electronic delivery of disclosures required by TISA and is substantially similar to the Federal Reserve Board’s recent interim final rule amending Regulation DD.

On April 19, 2001, the National Credit Union Administration (NCUA) approved a proposed rule that would revise NCUA’s regulations on nondiscrimination in advertising. The proposed rule is similar to the Federal Deposit Insurance Company’s rule and would give credit unions greater flexibility in giving notice of nondiscrimination.

The Federal Reserve Board has issued interim final rules establishing standards for the electronic delivery of disclosures under Regulations B (Equal Credit Opportunity), E (Electronic Fund Transfers), M (Consumer Leasing), Z (Truth in Lending), and DD (Truth in Savings). Under the rules, financial institutions, creditors, lessors, and others may deliver disclosures electronically if they obtain consumers' consent in accordance with the Electronic Signatures in Global and National Commerce Act (the "E-Sign Act").

On March 8, 2001, the National Credit Union Administration (NCUA) approved a proposed rule on regulatory flexibility (RegFlex). This rule would permit credit unions with advanced levels of net worth and consistently strong examination ratings to be exempt, in whole or in part, from certain NCUA regulations.

On February 15, 2001, the National Credit Union Administration (NCUA) approved a proposed rule to amend Part 712, the credit union service organization (CUSO) regulation. The proposal clarifies that the list of activities currently in the rule is illustrative and adds a provision encouraging federal credit unions to seek an advisory opinion on whether a proposed activity is authorized.

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. The proposal converts the regulation into a question-and-answer format and clarifies that records may be preserved in electronic form.