In addition to its actions on field-of-membership regulations, the NCUA board Thursday passed 2 final rules and issued 1 proposal.
The NCUA approved a final rule to adjust the maximum amount of civil monetary penalties under its jurisdiction to account for inflation. NCUA last adjusted civil monetary penalties in September 2015. Previously, these inflation adjustments were made every four years.
In November 2015, Congress enacted legislation requiring annual adjustments and providing for a one-time “catch-up” adjustment for 2016. Beginning in 2017, agencies must publish their inflation adjustment rules in the Federal Register by Jan. 15 of each year.
In addition, the board approved a final rule to change the name of the Office of Consumer Protection. It is now known as the Office of Consumer Financial Protection and Access.
According to the agency, the change provides greater clarity about the office’s focus on protecting consumers, as well as its duties relating to chartering and field of membership.
Finally, the board the NCUA Board approved an interagency proposed rule that would implement statutory requirements for private flood insurance.
It would require regulated lending institutions, such as credit unions, to accept flood insurance policies that meet the statutory definition of “private flood insurance” in the Biggert-Waters Flood Insurance Reform Act of 2012.
It also would permit those lenders to accept private flood insurance policies that do not meet that definition on a discretionary basis, subject to certain restrictions.
Comments on the proposal must be received within 60 days of publication in the Federal Register.