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Pending Proposals
- NCUA Proposes Rulemaking for Member Business Loans
NCUA is considering amending its member business loans (MBL) rule to clarify or revise current provisions including those related to: loan-to-value (LTV) ratio requirements;
collateral and security requirements; credit union service organization (CUSO) involvement in the MBL process; MBL loan participation; and waivers. Text;
PDF Published: 6/25/08
- NCUA Proposes Rulemaking for Organization of Federal Credit Unions
NCUA seeks public comment on four proposals to modify its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to "underserved areas." The first proposal clarifies the procedure for establishing that an "underserved area" qualifies as a local community. The second addresses the application of the economic distress criteria that determine whether an area combining multiple geographic units is sufficiently "distressed" to qualify as "underserved." The third would update the documentation and clarify the scope requirements for
demonstrating that a proposed area has "significant unmet needs" for loans and applicable financial services. The final proposal recognizes that meaningful data from NCUA and the federal banking agencies will be available to assess whether an area is "underserved by other depository institutions." Text;
Published: 6/17/08
- FRB Publishes Proposed Rulemaking Correction
This document contains corrections to proposed rules published in the Federal Register on May 19, 2008 (73 FR 28966) implementing the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).Text;
PDF Published: 5/29/08
- NCUA Publishes Proposed Rulemaking for Incidental Powers
NCUA proposes to amend its regulation governing a federal credit union's (FCU's) incidental powers by adding illustrations of permissible activities under the categories of correspondent services, operational programs, and finder activities. These amendments will provide useful information to FCUs by clarifying and updating the illustrations regarding permissible activities. Text;
PDF Published: 5/29/08
- NCUA and OTS Publish Correction to Proposed Rule for Unfair or Deception Acts or Practices in FR
This document corrects the preamble to a proposed rule published in the Federal Register on May 19, 2008, regarding Unfair or Deceptive Acts or Practices. This correction revises
cross-references in OTS’s and the NCUA’s Paperwork Reduction Act (PRA) analysis. Text;
PDF 5/29/08
- FRB Proposes Rulemaking
- Fair Credit Reporting
The Board and the Commission are publishing for comment proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The proposed
rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. TXT;
PDF Published:5/19/08
- Truth in Lending
On June 14, 2007, the Board published proposed amendments to Regulation Z, which implements the Truth in Lending Act (TILA), and to the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions addressed disclosures provided with credit card applications and solicitations, at account-opening, on periodic statements, when terms are changed on an account, and in advertisements. The Board is seeking comment on a limited number of additional revisions to the regulation and commentary. TXT;
PDF Published:5/19/08
- Truth in Savings
The Federal Reserve Board (Board) proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to provide additional disclosures about account terms and costs associated with overdrafts. The proposed amendments would set forth content and timing requirements for a notice to consumers about any right to opt out of an institution's overdraft service. TXT;
PDF Published:5/19/08
- Unfair or Deceptive Acts or Practices
The Board, OTS, and NCUA (collectively, the Agencies) are proposing to exercise their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or
deceptive acts or practices. The proposed rule would prohibit institutions from engaging in certain acts or practices in connection with consumer credit cards accounts and
overdraft services for deposit accounts. This proposal evolved from the Board's June 2007 Notice of Proposed Rule under the Truth in Lending Act and OTS’s August 2007 Advance Notice of Proposed Rulemaking under the Federal Trade Commission Act. TXT;
PDF Published:5/19/08
- HUD Extends Comment Period for Proposed Rulemaking for RESPA
This notice extends the public comment period for an additional 30-day period for HUD's proposed rule entitled "Real Estate Settlement Procedures Act (RESPA); Proposed Rule
to Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs," published on March 14, 2008. The public comment period for this proposed rule is scheduled to close on May 13, 2008. HUD is extending the public comment period to June 12, 2008.TXT;
PDF Published: 5/12/08
- Proposed Rule for Privacy Act Regulation
The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern: the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act. Text;
PDF Published: 5/07/08
- NCUA Proposes Rulemaking for Credit Union Service Organizations
NCUA proposes to change its credit union service organization (CUSO) rule by adding two new categories of permissible CUSO activities: Credit card loan origination and payroll processing services. The proposal would also add new examples of permissible CUSO activities within existing categories and would expand the scope of two categories of services to include persons eligible for credit union membership. Text PDF Published: 5/01/08
- NCUA Proposes Rulemaking Relative to the Low-Income Definition
The NCUA is proposing to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and assistance from the Community Development Revolving Loan Fund (CDRLF). The proposed rule will eliminate the confusion associated with adjusting median household income (MHI) in metropolitan areas with higher costs of living. Text PDF Published: 4/28/08
- NCUA Proposes Rulemaking to Revise the Official Advertising Statemnt
The NCUA Board proposes revising the requirements for use of the official insurance sign and official advertising statement to permit insured credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The proposed rule will give credit unions added flexibility in advertisements. Text PDF Published: 4/28/08
- NCUA Proposes Rulemaking for Revisions for the Freedom of Information Act and Privacy Act Regulations
The changes to FOIA provisions largely relate to recent amendments to the Freedom of
Information Act addressing several procedural issues concerning fee practices, time limits for complying with requests, and new reporting requirements. The changes reflect the agency's efforts to clarify the procedures whereby individuals may obtain notification of whether an NCUA system of records contains information about the
individual and access or amend a record. Text PDF Published: 4/25/08
- CTR NPRM Issued
FinCEN has issued a Notice of Proposed Rulemaking (NPRM) to significantly simplify the requirements to exempt eligible customers from currency transaction reporting. Three existing requirements would be eliminated. Comments are due by June 23, 2008. Text PDF Published: 4/24/08
- FDIC Assessment Dividend Proposed Rule
The FDIC has issued a FIL regarding a Notice of Proposed Rulemaking (NPR), which seeks comments on regulations to implement dividend requirements to replace the existing regulations on dividends that will expire on December 31, 2008. Comments are due by May 23, 2008.
FIL;
NPR Published: 3/27/08
- The OCC, FRB, FDIC, OTS, FCA, and NCUA have issued proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. Included in the proposal are the introduction of new questions and
answers in a number of areas, including second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. There are substantive modifications to questions and answers previously adopted in the 1997 Q&A pertaining to construction loans and condominiums. They also propose to revise and reorganize the existing Q&A to clarify areas of potential misunderstanding and to provide
clearer guidance to users.
TXT;
PDF Published: 3/20/08
- HUD Publishes Proposed Rulemaking in FR for Real Estate Settlement Procedures Act (RESPA)
This proposed rule presents HUD’s proposal to simplify and improve the disclosure requirements for mortgage settlement costs under the Real Estate Settlement Procedures Act of 1974 (RESPA), to protect consumers from unnecessarily high settlement costs. A few of HUD's objectives in proposing these revisions are to: Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement service providers; ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to comparison shop among loan originators for a mortgage loan. TXT; PDF Published: 3/14/08
- NCUA Proposes Rulemaking for Mergers, Conversion from Credit Union Charter, and Account Insurance Termination
The NCUA Board recently issued an ANPR regarding mergers, conversions from credit union charter, and account insurance termination that provided a 60-day comment period, 73
FR 5461 (Jan. 30, 2008). NCUA received several oral requests to extend the comment period and has decided to extend the comment period for an additional 30 days. TXT; PDF Published: 2/28/08
- FRB Proposes Rulemaking for Reserve Requirements of Depository Institutions; Issue and Cancellation of Federal Reserve Bank Capital Stock
The Board is publishing for comment proposed amendments to Regulation D (Reserve Requirements of Depository Institutions) and Regulation I (Issue and Cancellation of Federal Reserve Bank Capital Stock). The first of the proposed substantive amendments would amend Regulation D to implement Section 603 of the Financial Services Regulatory Relief Act of 2006 by authorizing member banks of the Federal Reserve System to enter into pass-through arrangements. The second of the proposed substantive amendments would eliminate the provision in the "savings deposit" definition of Regulation D limiting
certain kinds of transfers from savings deposits to not more than three per month. TXT; PDF Published: 2/12/08
- NCUA Proposes Rulemakeing for Mergers, Conversion From Credit Union Charter, and Account Insurance Termination
NCUA is considering whether to issue regulations to govern merger of a federally insured credit union (FICU)into or a FICU's conversion to a financial institution other than a mutual savings bank (MSB). It is also considering amending its regulations regarding mergers, charter conversions, and changes in account insurance to address various issues these transactions present that affect member rights and ownership interests. TXT; PDF Published: 1/30/08
- FRB Proposed Rulemaking for Truth in Lending (Reg Z)
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act and Home
Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transactionspecific disclosures early enough to use while shopping for a mortgage. TXT; PDF Published: 1/14/08
- FDIC Proposes Rulemaking for Minority and Women Outreach Program Contracting
This proposal would amend existing FDIC regulations regarding the FDIC's contracting activities under its Minority and Women Outreach Program (MWOP).TXT; PDF Published: 1/03/08
- Interagency Notice of Proposed Rulemaking to Implement the Fair and Accurate Credit Transactions Act
The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing for comment proposed
regulations and guidelines to implement the accuracy and integrity provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The proposed regulations and guidelines would implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines.TXT; PDFPublished: 12/13/07
- OTS Proposes Rulemaking for Conversion to Call Reports
The OTS proposes rulemaking that would consider requiring savings associations to file quarterly Consolidated Reports of Condition and Income (Call Report) instead of the
Thrift Financial Report (TFR) currently filed. A CEO Letter has been issued by regarding the replacement of the Thrift Financial Report (TFR) with the Consolidated Reports of Condition and Income (Call Report), the type filed by other financial institutions. OTS is seeking comments on the matter. CEO Letter; TXT; PDF Published: 11/15/07
- FDIC Proposed Rulemaking for Annual Independent Audits and Reporting Requirements
Section 36 of the Federal Deposit Insurance Act (FDI Act) and the FDIC's implementing regulations (part
363) set forth annual independent audit and reporting requirements for insured depository institutions with $500 million or more in total assets. TXT; PDF Published: 11/02/07
- FRB and Treasury Propose Rulemaking for Prohibition on funding of unlawful Internet gambling (Regulation GG)
These agencies jointly propose rules to implement applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act"). The proposed rule requires participants in designated
payment systems to establish policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit transactions in connection with unlawful Internet gambling. TXT; PDF Published: 10/04/07
- FDIC Publishes Advanced Notice of Proposed Rulemaking for Assessment Dividends
The FDIC is seeking comments on alternative methods for allocating dividends as part of a permanent final rule to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act). The existing FDIC regulations on assessment dividends expire December 31, 2008. TXT; PDF Published: 9/18/07
- OTS Proposed Rulemaking for Unfair or Deceptive Acts or Practices
The OTS is reviewing its regulations relating to unfair or deceptive acts or practices to determine whether and, if so, to what extent, additional regulation is needed to ensure customers of OTS-regulated entities are treated fairly. TXT; PDFPublished: 8/06/07
- NCUA Proposes Rulemaking for Permissible Foreign Currency Investments for Federal and Corporate Credit Unions
NCUA is considering whether to amend its investment rules to permit natural person federal credit unions
(FCUs) and corporate credit unions (corporates) to make certain investments denominated in foreign currency.TXT; PDF Published 8/01/07
- NCUA Extends Comment Period for Proposed Rulemaking on Bylaws
The NCUA Board recently issued a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws
into NCUA regulations that provided a 60-day comment period. 72 FR 30984
(June 5, 2007). NCUA received a request to extend the comment period and the NCUA Board has decided to extend it for an additional two
weeks.TXT; PDFPublished: 7/09/07
- OCC Proposes Rulemaking for Regulatory Rule Amendments
The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules in order to reduce
unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and
conforming changes to its regulations. TXT; PDFPublished: 7/03/07
- FDIC Proposes Rulemaking to Extend the Time Period for Quarterly Reporting of Bank Officers' and
Certain Employees' Personal Securities Transactions
The FDIC proposes to amend its rule concerning the period of time that officers and all employees of state
nonmember banks who make or participate in investment decisions for the accounts of customers have to report their personal securities transactions after the end of the calendar quarter. TXT; PDFPublished: 6/27/07
- NCUA Publishes Proposed Rule for the Purchase, Sale, and Pledge of Eligible Obligations
NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. TXT; PDFPublished: 6/27/07
- OTS Proposes Rulemaking for Optional Charter Provisions in Mutual Holding Company Structures
The Office of Thrift Supervision (OTS) is proposing to amend its mutual holding company (MHC) regulations to permit certain MHC subsidiaries to adopt an optional charter provision that would prohibit any person from acquiring, or offering to acquire, beneficial ownership of more than ten percent of the MHC subsidiary’s minority stock (stock held by persons other than the subsidiary’s MHC). TXT; PDFPublished: 6/27/07
- FRB Publishes Proposed Rulemaking for Reg Z
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA’s rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.TXT; PDFPublished: 6/14/07
- NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions
The NCUA Board is proposing amendments to its chartering and field of membership manual to update community chartering policies in response to NCUA’s experience with reviewing applications of credit unions seeking community charters. TXT; PDF Published: 6/05/07
- NCUA Proposes Rulemaking for Federal Credit Union Bylaws
NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.
This change clarifies NCUA’s ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. TXT; PDF Published: 6/05/07
- FRB Proposes Rulemaking for the Following Regulations:
- Consumer Leasing (Reg M)
The Board is proposing to amend Regulation M, which implements the Consumer Leasing Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001.
The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
- Electronic fund transfers (Reg E)
The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, to
withdraw the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act. TXT; PDF Published: 4/30/07
- Equal Credit Opportunity (Reg B)
The Board is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act, to
withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
- Truth in Lending (Reg Z)
The Board is proposing to amend Regulation Z, which implements the Truth in Lending Act, to withdraw
portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
- Truth in Savings (Reg DD)
The Board is proposing to amend Regulation DD, which implements the Truth in Savings Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
- NCUA Proposes Rulemaking for Disclosure Mergers Related Compensation Arrangements
NCUA is issuing a proposed rule on mergers to require all federally insured credit unions to include a
description of any arrangements providing a material increase in compensation or benefits to senior
management officials in connection with the merger in the merger plan. The proposed rule also requires federal credit unions to disclose the existence of such compensation arrangements in the materials provided to members voting on whether to approve the merger. TXT; PDF Published: 4/23/07
- NCUA Publishes Proposed Rule for Member Inspection of Credit Union Books
The National Credit Union Administration (NCUA) is issuing a proposed rule on member inspection of
federal credit union (FCU) books, records, and minutes. The rule provides that a group of members representing approximately one percent of the membership, with a proper purpose and upon petition, may inspect and copy the nonconfidential portions of the credit union’s books, records, and minutes. TXT; PDF Published: 4/23/07
- Joint Agencies Propose Rulemaking for Model Privacy Form Under the Gramm-Leach-
Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) are proposing amendments to
their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act), Title V, Subtitle A. These rules require financial institutions to provide initial and annual privacy notices to their customers.TXT; PDF Published: 3/29/07 - Correction to this proposed rule published on 4/05/07 TXT; PDF
- NCUA Announces Proposed Rulemaking for Catastrophic Preparedness
NCUA proposes to amend its regulations to address a federally insured credit union’s obligation to
maintain a records preservation program. The proposed rule draws from existing guidance to clarify
requirements for preserving vital records and to suggest important items for consideration in restoring vital member services.TXT; PDF Published: 3/27/07
- OTS Gives Notice of Proposed Rulemaking for Permissible Activities of Savings and Loan Holding Companies
The Office of Thrift Supervision (OTS) is proposing to revise its regulations to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners’ Loan Act (HOLA). It also proposes to amend the regulation to the statute that it is intended to implement by replacing the absolute prohibition on certain SLHC transactions that is currently in the regulation with a prior approval requirement.TXT; PDFPublished: 3/27/07
- FDIC publishes notice of proposed rulemaking for Industrial Bank Subsidiaries of Financial Companies
The FDIC is proposed rules that would impose certain conditions and requirements on each deposit insurance application approval and non-objection to a change in control notice that would
result in an insured industrial loan company or industrial bank becoming a subsidiary of a company that is engaged solely in financial activities and that is not subject to consolidated bank supervision by the Federal Reserve Board or the Office of Thrift Supervision.TXT, PDF Published: 2/05/07
- Agencies Publish Proposed Capital Revisions
Proposed revisions to the existing risk-based capital framework have been published. They are intended to enhance the capital framework's risk sensitivity without unduly increasing regulatory burden. The changes would apply to banks, bank holding companies, and savings associations. TXT, PDF .Correction to Proposed Rule: TXT; PDF Published 1/10/07
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