Loan compensation, bank purchases on rule agenda
(Dec. 17, 2021) NCUA’s fall rule agenda was published late last week, along with other agencies (see item on CFPB), with 21 projects listed, 14 of them in “final rule stage.”
Among the key items of both proposed and final rules:
- A proposed rule on compensation in connection with loans to members and lines of credit to members, following up on a request for comment issued in 2019. The agency expects action this spring.
- A notice of proposed rulemaking by this summer on decentralized finance and cryptocurrencies as they relate to the credit union industry, following up on a request for information (RFI) issued in July.
- A final rule on “combination transactions” (also known as credit union purchases of banks), perhaps as early as February, to “establish requirements related to transactions where a federally insured credit union (FICU) proposes to assume liabilities from an institution other than a credit union.” The agency issued a proposal early this year.
- Another final rule to amend the agency’s procedures on “suspicious activity reports” (SARs) to allow the agency to issue exemptions from those requirements to provide relief to federally insured credit unions (FICUs) that develop innovative solutions to meet the requirements of the Bank Secrecy Act (BSA). The final follows a proposal issued in January.
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