WASHINGTON—Federal regulators last week released an updated "unified agenda" of regulations, which includes possible final action next spring on an interagency rule on incentive-based compensation for financial services providers.
This proposed rule first came out in 2011 and never received final action. It was revised and released for comment again last year. While given a projected final action date of April 2018, the NCUA's description adds this note: "The agencies are working together, but it is uncertain if this proposal will be finalized," reported NAFCU in its analysis.
The proposed rule is broad, covering a wide range of financial services providers and aimed at preventing a recurrence of activities that led up to the financial crisis. Noting credit unions were not a party to such activities, NAFCU urged the rule's withdrawal in official comments last year; barring that, it urged changes to the NCUA rule to accommodate credit unions' unique business model.
NAFCU said it will continue to monitor for any next steps toward a final rule.
The unified agenda addresses other possible actions as well. From the NCUA, it lists possible final rules later this year on community chartering requirements and flood insurance and a proposed rule on investments, among other items, NAFCU said.
NAFCU noted that one CFPB item has been completed ahead of the projected August 2017 final action: the Bureau's final rule on arbitration, which was released earlier this month. As CUToday.info reported, Republicans in both the House and Senate are considering action resolutions under the Congressional Review Act to overturn it. House action is slated for today.