Credit Union Register

Links to Federal Register notices and information of interest to credit unions. These include proposed and final rules, guidance and other information. If you find this site useful, feel free to link it or send the bookmark to others.

Friday, December 30, 2011

NCUA Board holds closed meeting Jan. 6

12/30/11: NCUA schedules closed board meeting.
Meeting is 10 a.m. 01/06/12.

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Thursday, December 29, 2011

CFPB correction to interim final rule (Regulation M)

12/29/11: Consumer Leasing (Regulation M); Correction. Interim final rule; correction. Consumer Financial Protection Bureau.

Effective 12/30/11. PDF Text

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OFAC blocked persons designation

12/29/11: Designation of Two Individuals Pursuant to Executive Order 13553. Notice. Office of Foreign Assets Control.

Effective 12/13/11. PDF Text

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President's Advisory Council on Financial Capability to meet

12/29/11: Open Meeting of the President's Advisory Council on Financial Capability. Notice of meeting. Treasury. Written statements are welcome and will be part of the public record.

Open meeting is 10 a.m. 01/19/12. PDF Text

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President to nominate 2 to Federal Reserve Board

12/29/11: President to nominate two to Federal Reserve Board. Nominees are Jerome Powell and Jeremy Stein. Announcement was 12/27/11.

Announcement Link

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President signs 'mini' omnibus bill

12/29/11: President signs "mini" omnibus spending package. H.R. 2055, signed Dec. 23, funds operations for several federal agencies and programs through Sept. 30, 2012. It also funds the National Flood Insurance Program through May 31, 2012.

Press statement Link

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Wednesday, December 28, 2011

NCUA websites on corporate resolution activities

12/28/11: NCUA launches two websites to increase transparency on corporate resolution.

  • Announcement Text PDF
  • Corporate system resolution costs Link
  • NCUA Guaranteed Note Program Link

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Clean audit report for Temporary Corporate Credit Union Stabilization Program

12/28/11: NCUA stabilization fund receives clean 2010 audit.

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NCUA proposed rule, Regulatory Flexibility Program

12/28/11: Eligible Obligations, Charitable Contributions, Nonmember Deposits, Fixed Assets, Investments, Member Business Loans, and Regulatory Flexibility Program. Proposed rule with request for comments. NCUA.

Comments are due 02/27/12. PDF Text

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Tuesday, December 27, 2011

CFPB interim final rule, Regulation E

12/27/11: Electronic Fund Transfers (Regulation E). Interim final rule with request for public comment. Consumer Financial Protection Bureau.
Effective 12/30/11; comments are due 02/27/12. PDF Text

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NCUA information collection, large credit union financials and board packages

12/27/11: Large Credit Union Financials and Board Packages. Agency Information Collection Activities: Submission to OMB for a Extension of a Currently Approved Collection; Comment Request. NCUA.
Comments are due 01/26/12. PDF Text

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FDIC update of failed institutions list

12/27/11: Update to Notice of Financial Institutions for Which the Federal Deposit Insurance Corporation Has Been Appointed Either Receiver, Liquidator, or Manager. Notice. FDIC.
Lists two banks closed 12/16/11. PDF Text

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Friday, December 23, 2011

U.S. Central Bridge winding down payment services

12/23/11: U.S. Central Bridge Corporate to Unwind Payment Services. NCUA.
Announcement was 12/22/11. PDF Text

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NCUA technical amendments updating low-income designation regulations

12/23/11: Technical Amendments. Final rule. NCUA.
Effective 12/23/11. PDF Text

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Thursday, December 22, 2011

NCUA proposed rule, loan participations

12/22/11: Loan Participations; Purchase, Sale and Pledge of Eligible Obligations; Purchase of Assets and Assumption of Liabilities. Proposed rule with request for comments. NCUA.

Comments are due 02/21/12. PDF Text

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NCUA advance notice of proposed rulemaking, maintaining access to emergency liquidity

12/22/11: Maintaining Access to Emergency Liquidity. Advance notice of proposed rulemaking with request for comment. NCUA.

Comments are due 02/21/12. PDF Text

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NCUA final rule, corporate credit unions

12/22/11: Corporate Credit Unions. Final rule. NCUA.

Effective 01/23/12. PDF Text

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CFPB interim final rule on truth in lending

12/22/11: Truth in Lending (Regulation Z). Interim final rule with request for public comment. Consumer Financial Protection Bureau. This is another step in the transfer of consumer financial services rules to the bureau.

Effective 12/30/11; comments are due 02/21/12. PDF Text

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Wednesday, December 21, 2011

Additional rules transfer to CFPB

12/21/11: Notice and rules. Consumer Financial Protection Bureau.
  • Notice of Proposed Privacy Act System of Records.
    Effective 01/30/12 unless comments result in other determination; comments are due 01/20/12. PDF Text
All interim rules below are effective 12/30/12; comments are due 02/21/12.
  • Privacy of Consumer Financial Information (Regulation P). Interim final rule with request for public comment. PDF Text
  • Truth in Savings (Regulation DD). Interim final rule with request for public comment. PDF Text
  • Fair Credit Reporting (Regulation V). Interim final rule with request for public comment. PDF Text
  • Equal Credit Opportunity (Regulation B). Interim final rule with request for public comment. PDF Text
  • Interstate Land Sales Registration Program (Regulations J, K, and L). Interim final rule with request for public comment. PDF Text

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NCUA revises 2012 board meeting schedule

12/21/11: 2012 NCUA Board meeting schedule revised. The July meeting has been moved to 07/24/12.

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FHFA final rule, Federal Home Loan Bank housing goals

12/21/11: Federal Home Loan Bank Housing Goals: Mortgage Reporting Amendments. Final rule. Federal Housing Finance Agency.
Effective 01/20/12. PDF Text

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Bank regulators' proposed rule on risk-based capital, alternatives to credit ratings

12/21/11: Risk-Based Capital Guidelines: Market Risk; Alternatives to Credit Ratings for Debt and Securitization Positions. Notice of proposed rulemaking. FDIC, Federal Reserve Board, Office of the Comptroller of the Currency.
Comments are due 02/03/12. PDF Text

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Tuesday, December 20, 2011

NCUA liquidates Birmingham Financial FCU

12/20/11: Birmingham Financial FCU of Birmingham, Ala., liquidated. NCUA. ēCO CU assumed the insitution's members, assets, loans and debt.

Announcement was 12/19/11. PDF Text

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CFPB interim final rule, RESPA

12/20/11: Real Estate Settlement Procedures Act (Regulation X). Interim final rule with request for public comment. This transfers RESPA rules to the CFPB from the Department of Housing and Urban Development, makes changes in conformance with the Dodd-Frank Act.

Effective 12/30/11; comments are due 02/21/12. PDF Text

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Monday, December 19, 2011

NFIP 6-month extension in Senate-passed spending package

12/19/11: Flood insurance program still open. The president over the weekend signed two continuing resolutions, a one-day extension to 12/17/11 of federal government funding followed by a second extension to 12/23/11. Meanwhile, the House and Senate last week passed H.R. 2055, a "mini" omnibus spending package that includes an extension to 05/31/12 for the National Flood Insurance Program. The package awaits the president's signature.
  • White House statement, CR to 12/23 signed Link
  • Summary of H.R. 2055 (from Emergency Management newsletter) Link

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NCUA issues prohibition order

12/19/11: Prohibition order. NCUA.

Order published 12/16/11. PDF Text

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Friday, December 16, 2011

NCUA Board seeks comments on RegFlex, loan participations, liquidity access for insured CUs

12/16/11: NCUA Board actions 12/15/11. Board issues RegFlex, loan participation proposals and ANPR on insured CUs' access to federal emergency liquidity services; budget for oversight of NCUA Guaranteed Notes in 2012; technical corrections to corporate reg. The NCUSIF was at 1.32 percent Nov. 30. (All listed action item links are to PDF files.)
  • Summary PDF Text
  • Final Rule – Part 704 of NCUA’s Rules and Regulations, Corporate Credit Unions. Item 1a; Item 1b
  • NCUA Strategic Plan 2011-2014. Item 2a; Item 2b
  • NCUA Annual Performance Budget 2012. Item 3a; Item 3b
  • National Security Delegations of Authority. Item 4
  • Request from Henrico Federal Credit Union to Expand its Community Charter. Item 5
  • Proposed Rule – Parts 701, 703 and 742 of NCUA’s Rules and Regulations, Reg Flex Relief. Item 6a; Item 6b
  • Proposed Rule – Parts 701 and 741 of NCUA’s Rules and Regulations, Loan Participations. Item Item 7a; Item 7b
  • Advance Notice of Proposed Rulemaking, Part 741 of NCUA’s Rules and Regulations, Maintaining Access to Emergency Liquidity. Item 8a; Item 8b
  • 2012 Budget for NCUA Guaranteed Note Securities Management and Oversight. Item 9
  • Insurance Fund Report. Item 10a; Item 10b

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NCUA picks CO-OP Financial Services as acquirer of online, mobile bill payment services of U.S. Central subsidiary

12/16/11: CO-OP Financial Services to Acquire U.S. Central Bridge online, mobile bill payment services. NCUA.

Announcement was 12/15/11. PDF Text

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CFPB interim final rule, fair debt collection practices

12/16/11: Fair Debt Collection Practices Act (Regulation F). Interim final rule with request for public comment. Consumer Financial Protection Bureau.

Effective 12/30/11; comments are due 02/14/12. PDF Text

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CFPB interim final rule, disclosure requirements for non-federally insured institutions

12/16/11: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (Regulation I). Interim final rule with request for public comment. Consumer Financial Protection Bureau.

Effective 12/30/11; comments are due 02/14/12. PDF Text

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CFPB interim final rule, mortgage advertising, assistance relief services

12/16/11: Mortgage Acts and Practices--Advertising (Regulation N); Mortgage Assistance Relief Services (Regulation O). Interim final rule with request for public comment. Consumer Financial Protection Bureau.

Effective 12/30/11; comments are due 02/14/12. PDF Text

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OFAC blocked persons designation

12/16/11: Identification of Additional Entities Pursuant to Executive Order 13469. Notice. Office of Foreign Assets Control.

Effective 12/09/11. PDF Text

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Thursday, December 15, 2011

NCUA grants Catalyst Corporate FCU exclusive right to acquire Western Bridge Corporate

12/15/11: Catalyst Corporate has sole right to acquire Western Bridge Corporate. NCUA.

Announcement was 12/14/11. PDF Text

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NCUA approves merger of Treasure State Corporate into Kansas Corporate

12/15/11: Treasure State Corporate CU, Kansas Corporate CU to merge. NCUA. Merger of the two set to take effect 01/01/12. Treasure State is in Helena, Mont.; Kansas Corporate is in Wichita, Kan. Kansas Corporate will be the continuing institution.

Announcement was 12/14/11. PDF Text

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OFAC blocked persons designation lifted

12/15/11: Unblocking of Specially Designated Nationals and Blocked Persons Pursuant to Executive Order 12978. Office of Foreign Assets Control.

Effective 12/08/11. PDF Text

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Wednesday, December 14, 2011

CFPB proposed information collection, mortgage servicing forms and disclosures

12/14/11: Qualitative Testing of Mortgage Servicing Related Model Forms and Disclosures. Submission for OMB Review; Comment Request. Consumer Financial Protection Bureau.
Comments are due 01/13/12. PDF Text

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NCUA Board revises 12/14 closed meeting agenda

12/14/11: NCUA Board closed meeting agenda.
Meeting is 10 a.m. today.
  • Announcement PDF
  • Revised agenda Link

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Tuesday, December 13, 2011

FHFA public use database field changes

12/13/11: Notice of Order: Revisions to Enterprise Public Use Database Incorporating High-Cost Single-Family Securitized Loan Data Fields and Technical Data Field Changes. Supplementary notice. Federal Housing Finance Agency.
Updates information published in 09/28/11 Federal Register. PDF Text

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NCUA December newsletter online

12/13/11: The NCUA Report. Monthly newsletter. NCUA.
December issue. Link

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Monday, December 12, 2011

NCUA legal opinion on CUSO trustee activity

12/12/11: Credit Union Service Organization Trustee Activity. Legal Opinion Letter. NCUA.
Letter dated 11/17/11. PDF Text

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NCUA Board open meeting agenda for 12/15 (Federal Register notice)

12/12/11: Sunshine Act. Notice of agency meeting. NCUA.
Open meeting is 10 a.m. 12/15/11. PDF Text

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FDIC Deposit Insurance Fund designated reserve ratio

12/12/11: Designated Reserve Ratio for 2012. Notice of Designated Reserve Ratio for 2012. FDIC.
Dated 12/07/11. PDF Text

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Friday, December 9, 2011

NCUA Board open meeting agenda for 12/15

12/09/11: Open board meeting agenda. NCUA.

Open meeting is 10 a.m. 12/15/11. Link

Agenda:

  1. Final Rule – Part 704 of NCUA’s Rules and Regulations, Corporate Credit Unions.
  2. NCUA Strategic Plan 2011-2014.
  3. NCUA Annual Performance Budget 2012.
  4. National Security Delegations of Authority.
  5. Request from Henrico Federal Credit Union to Expand its Community Charter.
  6. Proposed Rule – Parts 701, 703 and 742 of NCUA’s Rules and Regulations, Reg Flex Relief.
  7. Proposed Rule – Parts 701 and 741 of NCUA’s Rules and Regulations, Loan Participations.
  8. Advance Notice of Proposed Rulemaking, Part 741 of NCUA’s Rules and Regulations, Maintaining Access to Emergency Liquidity.
  9. 2012 Budget for NCUA Guaranteed Note Securities Management and Oversight.
  10. Insurance Fund Report.

Closed meeting 12/14/11; agenda (Federal Register notice). PDF Text

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NCUA publishes prohibition order

12/09/11: Prohibition order. NCUA.

Announcement was 12/08/11. Link

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Thursday, December 8, 2011

CFPB proposed policy statement, disclosure of credit card complaint data

12/08/11: Disclosure of Certain Credit Card Complaint Data. Notice of proposed policy statement with request for comment. Consumer Financial Protection Bureau.
Comments are due 01/30/12. PDF Text

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NCUA Board 12/14 closed meeting agenda

12/08/11: NCUA Board closed meeting agenda. (The open board meeting is scheduled 12/15/11.)
Closed meeting is 10 a.m. 12/14/11. Link

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OFAC final rule, Sudanese sanctions regulations

12/08/11: Sudanese Sanctions Regulations. Final rule. Office of Foreign Assets Control.
Effective 12/08/11. PDF Text

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Wednesday, December 7, 2011

NCUA video on resources from the Office of Small Credit Union Initiatives

12/07/11: Training video available from NCUA Office of Small Credit Union Initiatives. The video, online and also available on DVD, explains resources available through the OSCUI. Request a DVD from oscuimail@ncua.gov.

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FFIEC notice of Appraisal Subcommittee meeting

12/07/11: Appraisal Subcommittee Notice of Meeting. Federal Financial Institutions Examination Council.

  • Open meeting is 10:30 a.m. 12/14/11. PDF Text
  • Closed meeting follows. PDF Text

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Tuesday, December 6, 2011

NCUA OIG sends semiannual report to Congress

12/07/11: Semiannual Report to Congress. NCUA Office of Inspector General.
Report covers the period from 04/01/11 through 09/30/11. PDF

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O.U.R. FCU liquidated

12/07/11: NCUA liquidates O.U.R. FCU, Eugene, Ore. Certain assets and member shares were purchased by Northwest Community CU, Springfield, Ore.
Announcement Link

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OFAC blocked persons designation

12/07/11: Designation of Additional Individual Pursuant to Executive Order 13413. Notice. Office of Foreign Assets Control.
Effective 11/30/11. PDF Text

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FOMC keeps rates unchangedm

12/07/11: Federal Open Market Committee; Domestic Policy Directive of November 1-2, 2011. Federal Reserve Board.
Statement notes continued federal funds target of 0 to 0.25 percent, securities purchasing program. PDF Text

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Monday, December 5, 2011

CFPB request for information, streamlining of inherited regulations (Federal Register notice)

12/05/11: Streamlining Inherited Regulations. Notice of streamlining project; request for information. Consumer Financial Protection Bureau.
Comments are due 03/05/12; a second round of comments will follow, ending 04/03/11. PDF Text

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NCUA information collection (reinstatement)

12/05/11: NCUA Economic Development Specialist Direct Assistance Survey. Agency Information Collection Activities: Submission to OMB for Review; Comment Request. NCUA.
Comments are due 02/03/12. PDF Text

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NCUA information collection, corporate FCU chartering

12/05/11: Corporate Federal Credit Union Chartering Guidelines. Agency Information Collection Activities: Submission to OMB for a New Collection; Comment Request. NCUA.
Comments are due 01/04/12. PDF Text

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NCUA information collection, Consumer Response Center

12/05/11: Consumer Response Center. Agency Information Collection Activities: Submission to OMB for New Collection; Comment Request. NCUA.
Comments are due 01/04/12. PDF Text

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FDIC notice of 12/07 open meeting

12/05/11: Sunshine Act Meeting. Notice. FDIC.
Open meeting is 10 a.m. 12/07/11. PDF Text

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Friday, December 2, 2011

NCUA releases 3Q call report data

12/02/11: Third-quarter credit union financial data. NCUA. Credit unions grew assets, membership and net worth, ROA down some. Share growth outpaced lending.

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Joint task force to combat HAMP scams, consumer fraud alert

12/02/11: Joint task force to fight Home Affordable Modification Program scams, fraud alert. Office of the Special Inspector General for the Trouble Assets Relief Program, Consumer Financial Protection Bureau, Treasury.
  • Announcement. Link
  • Consumer fraud alert. PDF

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Federal Housing Finance Agency repeal of regulations

12/02/11: Repeal of Regulations. Final rule. Federal Housing Finance Agency, Federal Housing Finance Board, Office of Federal Housing Enterprise Oversight, Department of Housing and Urban Development.
Effective 01/03/12. PDF Text

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Thursday, December 1, 2011

NCUA liquidates BCT FCU

12/01/11: BCT FCU liquidated. NCUA. Visions FCU assumed BCT's assets, liabilities and member shares.

Announcement was 11/30. PDF

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CFPB interim report on credit-card complaint data, proposed policy statement

12/01/11: Interim report on consumer credit card complaints, proposed policy statement. Consumer Financial Protection Bureau. Report gives a summary from first three months of the CFPB's consumer complaint response activities. The policy statement addresses disclosure of complaint data.

The policy statement proposal will be published in the Federal Register. Comments are due 01/30/12.

  • Announcement Link
  • Interim report PDF
  • Policy statement and comment request PDF

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