WASHINGTON—The NCUA, CFPB and the Financial Crimes Enforcement Network (FinCEN) have released their upcoming regulatory agendas.
Here’s what each of the regulators has planned, according to a NAFCU analysis:
NCUA
- Climate-Related Financial Risks. The NCUA is seeking public input on potential climate-related financial risks to federally insured credit unions, related entities, and the National Credit Union Share Insurance Fund (SIF).
- Federal Credit Union Bylaws. The board said it continues to work on finalizing a proposed rule to amend the federal credit union bylaws to implement the Credit Union Governance Modernization Act of 2022 related to the expulsion of members.
- Simplification of Share Insurance Rules. Expected in early spring, the proposal would simplify the share insurance regulations by establishing a “trust accounts” category that governs coverage of shares of both revocable and irrevocable trusts using a common calculation and provide consistent share insurance treatment for all mortgage servicing account balances held to satisfy principal and interest obligations to a lender. The FDIC previously adopted a similar final rule.
- Subordinated Debt. The NCUA is considering amending its subordinated debt regulation as it applies to the duration of regulatory capital treatment of debt issued to government investors, as well as other possible changes. Comments on the proposed rule closed in December 2022.
- Succession Planning. A final rule to require FCUs to establish and adhere to succession plans for key positions, including board officers, management officials, and other positions identified in credit unions’ bylaws is tentatively planned for May.
- Asset Threshold for Determining Supervisory Office. The final rule to increase the threshold for transitioning large credit unions to ONES supervision is set for this summer.
The NCUA’s agenda also includes a number of final actions on interim final rules related to COVID relief, including prompt corrective action and the Central Liquidity Facility, as well as several items carried over from previous rulemaking agendas.
CFPB
- Fair Credit Report Act (FCRA). The Bureau is considering whether to amend Regulation V, which imposes legal duties on consumer reporting agencies, data furnishers, and users of consumer reports, and furnishers of information to consumer reporting agencies.
- Section 1071 Small Business Lending Data. The Bureau plans to finalize this rule to implement Section 1071 of the Dodd-Frank Act in March.
- Section 1033 Personal Financial Data. The Small Business Regulatory Enforcement Fairness Act (SBREFA) panel is expected to release its report in February.
- Fees. The Bureau has several items on its agenda related to fees, including overdraft, insufficient funds, and credit card penalties.
Financial Crimes Enforcement Network (FinCEN)
- Voluntary Information Sharing Under Section 314(b). This item has been included in several previous agendas and a proposed rule is now scheduled for June.
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