Compliance Center: CFPB and NCUA Release Spring Update to the Unified Agenda of Rulemaking

The Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Financial Crimes Enforcement Network (FinCEN) have posted a semi-annual update to their rulemaking agendas. Federal agencies typically release regulatory agendas twice a year. Each spring and fall, OMB and the Regulatory Information Service Center (RISC) work with federal agencies to compile a list that outlines most of the rulemaking activities of the agencies for the coming 12-month cycle. It also includes recently completed rulemakings.

The major initiatives for the CFPB include:

  • Updates to HMDA
  • Implementation of the TILA/RESPA Integrated Disclosures
  • Amendments and clarifications to the Dodd-Frank Mortgage Rules
  • Finalizing the prepaid financial products rule (Reg E and Reg Z)
  • Rules regarding Payday, auto title, and certain other loans
  • Overdrafts
  • Defining larger participants in the market for auto lending
  • Direct supervision of larger participants in installment loan and vehicle title loan markets
  • Issuing proposed rule regarding debt collection under the FDCPA
  • Concerns regarding arbitration agreements
  • Reg CC amendments final rule (originally proposed in 2011)

The major initiatives for the NCUA include:

  • Reg-Flex threshold for small credit union definition
  • Loans in areas having special flood hazards (Escrow, Mandatory Purchase and acceptance of private flood insurance)
  • Asset securitization
  • Risk-Based Capital
  • Supplemental Capital and Secondary Capital
  • Updating Share Insurance and Appendix for IOTLAs
  • FCU ownership of fixed assets
  • MBL program updates
  • Automated Valuation Models

The major initiatives for FinCEN include:

  • Customer Due Diligence requirements regarding the beneficial owners of business entities
  • Adding prepaid products to the definition of “Monetary Instruments”

Legal Briefs

National Credit Union Administration (NCUA) 

The NCUA has released the video recording of its April 2015 Board meeting.

Consumer Financial Protection Bureau (CFPB)

CFPB Director Cordray delivered prepared remarks at the Financial Literacy and Education Commission Meeting. In his remarks, Cordray stated the importance of bringing financial education for young people into the workplace and the classroom.

The CFPB posted a blog entry regarding their Spring 2015 rulemaking agenda. Items on the agenda include the HMDA proposal (which they are working to finalize), prepaid financial products, overdrafts, and payday and title loans.

Housing and Urban Development Department (HUD)

HUD issued a notice of proposed information collection on application forms used for FHA Insured Mortgages.            

Federal Housing Finance Agency (FHFA)

The FHFA has published a notice and request for input in the Federal Register regarding its method for assessing the national average single-family house price for use in adjusting the conforming loan limits of Fannie Mae and Freddie Mac. Comments are due on July 27, 2015.

Federal Reserve Board (FRB)

The FRB issued its Annual Performance Report 2014 to Congress. The report covers the Board’s supervision, data governance, facilities infrastructure, and management process, among other topics.

The FRB, along with the FDIC and OCC, issued a request for comment on  reducing regulatory burden and insured depository institutions.

The FRB issued a Small Issuer Exemption to help facilitate compliance with the debit card interchange fee standards.

The FRB released its survey on the financial and economic conditions of American households. The report states that the perception of overall financial well-being for individuals slightly increased between 2013 and 2014.

The FRB released the minutes of the discount rate meetings. The minutes are for the meetings held between March 30, 2015 and April 27, 2015.

The FRB issued a notice and request for comments on enhancement to the FRB’s same-day ACH service. Comments are due on July 2, 2015.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of June 1, 2015. The last update prior to this was May 22, 2015.

Compliance Question of the Week:

Can a credit union reimburse a board member and their spouse for expenses incurred when the board member had to attend an official credit union function?

Yes.  In Washington, RCW 31.12.365 authorizes credit unions to reimburse a board member and their spouse for such expenses.  Note that the statute indicates spouse and not guest.  Furthermore, the expenses must be from performance of official duties.  The credit union must also have a board-approved policy in place addressing this issue.

In Oregon, ORS 723.266 authorizes credit unions to reimburse directors of committee members, while on official business of the credit union, any necessary expenses incidental to the performance of such business.

In Idaho, IDS 26-2122 authorizes credit unions to reimburse directors of committee members for actual expenses they may incur in carrying out the duties of their office.


Interested in learning more?

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NCUA.