WASHINGTON–NCUA and the Bureau of Consumer Financial Protection have both released their rulemaking agendas for Spring. NCUA said it the former saying it will be addressing field of membership, supplemental capital and its payday alternative loans (PAL) program, while the BCFP will examine issues related to debt collection, pay day lending, and Reg CC.
More specifically, for NCUA:
- On FOM, the agency agenda indicates it plans to finalize a 2016 proposal amending community charter FOM requirements later in 2018. As CUToday.info reported here, the U.S. District Court for the District of Columbia recently upheld two challenged portions of NCUA’s field of membership rule and struck down two provisions in a lawsuit filed against the agency by the American Bankers Association.
- NCUA said it will unveil a proposal around supplemental capital before year end
- The agency said it will be adding a new program option to its PAL program, but it would not replace the current program. Instead, the proposal will modify the minimum and maximum amount of the loans, eliminating the minimum membership requirement and increasing the maximum maturity for these loans.
- NCUA said it will finalize its voluntary merger rule before year-end.
- The agency will also during the summer unveil its final rule on involuntary liquidations.
- NCUA said it plans to update its rules for real estate appraisals, including increasing the threshold level at or below which appraisals would not be required for commercial real estate transactions.
The BCFP
The BCFP’s Spring Agenda indicates:
- It plans to propose a rule focused on debt collectors that may address communication practices and consumer disclosures issues. The rulemaking process is expected to begin in the first quarter of next year.
- It will formally reconsider its earlier proposals around payday lending.
- A notice of proposed rulemaking is expected from the bureau in June on Reg CC.
- It will issue a follow-up rulemaking on HMDA in early 2019 after temporarily increasing the HMDA reporting threshold for open-end lines of credit.
- Its pre-rule activities related to implementation of the Dodd-Frank Act's business lending data collection requirements will extend to the first quarter of 2019.
As CUToday.info reported here, the BCFP announced it has moved six regulatory actions to its “inactive list.”