WASHINGTON (11/24/15)--Several important pending rulemakings for credit unions remain on agencies’ fall agendas including the National Credit Union Administration proposal on supplemental capital and the Consumer Financial Protection Bureau’s (CFPB) pre-rule activity on overdraft protection services.
Federal agencies are required to publish such agendas twice a year under the Regulatory Flexibility Act.
According to the NCUA’s agenda, a supplemental capital rulemaking would modernize agency regulations to incorporate supplemental capital provisions in the risk-based capital context.
Other items in the proposed rule stage on the NCUA’s fall 2015 rulemaking agenda include: automated valuation models, incentive-based compensation arrangements and a field-of-membership review.
The CFPB’s rulemaking agenda features a list of the bureau’s current and long-term initiatives.
According to the agenda, the CFPB is preparing for a rulemaking on overdraft programs for checking accounts. In preparation for the rulemaking, the CFPB is conducting additional research and is testing consumer initiatives related to the opt-in process.
CUNA has discussed the need for overdraft protection services a number of times with the CFPB, including during the overdraft protection summit this fall where CUNA members and staff urged the CFPB to engage in additional, and better informed research, before moving forward with a rulemaking.
Other items on the CFPB’s fall rulemaking agenda include: