Links in “Final Rules”

Yesterday, the NCUA Board approved a final rule that requires all federally insured credit unions to take specific steps to ensure they have adequate liquidity. The requirements are tiered based on asset size. In addition, the Board approved a proposed rule that will required stress testing for all federally insured credit unions with assets of more than $10 billion. [10/25]

The goal is transparency, the obstacle is feasibility. Notwithstanding, the new rules go into affect 10/28/2013 and require disclosures, proper error resolution procedures and right of rescission on most remittances. Oh, and UDAAP issues are emphasized so anticipate analytics on FI remittance activities. [10/23]

The NCUA Board at its October meeting on Oct. 24 will consider stress test requirements for federally insured credit unions with assets in excess of $10 billion and whether the results of those tests should be made public. In addition, the Board will also be evaluating a final rule on liquidity contingency plans. [10/18]

Recapping the finalized amendments and clarifications to the CFPB's mortgage rules. [9/19]

FHA issues a final rule that streamlines the financial statement reporting requirement for credit unions and other lenders supervised by federal banking agencies. In exchange for submitting annual audited financial statements, FHA-approved lenders with less than $500 million in assets will be able to submit their unaudited financial regulatory reports that align with their fiscal year-end. [9/17]

New rule aligns with other regulatory requirements for small lenders/mortgagees (under $500 million) that allows for Call Report type information to be submitted to HUD for FHA lenders. [9/17]

The revised Fixed Asset Rule approved yesterday by the NCUA Board is intended to streamline the existing rule. The new rule contains an additional 1% of shares and retained earnings buffer over any approved waiver amount in an attempt to eliminate the need to file multiple waiver requests. The Board also approved a proposed rule concerning charitable donation accounts. [9/13]

In a hearing scheduled for this Wednesday, the Federal Reserve will advise a federal district court judge on whether it can issue an interim final rule to lower the debit interchange fee cap and to revise the network requirements; hearing follows the district court’s ruling that invalidated the Fed’s current debit card interchange rule and could potentially lead to a requirement that card issuers refund merchants for a portion of the fees charged since the Fed’s final rule went into effect. [8/19]

In its final rule, CFPB adopted a two-year transition period during which all small creditors can make balloon-payment QMs, even if they do not operate predominantly in rural or underserved areas; here are more details. [8/19]

Finalized EFTA rules on Remittance Transfers effective October 28, 2013. [8/15]