WASHINGTON–The first Unified Rulemaking Agenda by federal agencies under the Trump Administration has been released. It includes information on what’s planned by agencies that include NCUA, CFPB, the Federal Reserve, Treasury, Small Business Administration, and the Financial Crimes Enforcement Network.
According to America’s Credit Unions, the agendas list areas with planned pre-rule, proposed rule, and final rule stages, but they are not binding and only some rulemakings include specific timelines.
America’s CUs said those include a CFPB listing of several items that would affect credit unions, including:
- Pre-rule activity on unfair, deceptive, or abusive acts or practices(UDAAP), identity theft and coerced debt, mortgage servicing rules, and defining larger participants in the auto financing, consumer debt, consumer reporting, and international money transfer markets.
- Rescission of rules on nonbank registry and loan originator compensation, reconsideration of rules on payday loans, personal financial data rights/open banking, and small business lending data collection
- New proposals on guidance document procedures, procedures for periodic review of bureau regulations, and the Equal Credit Opportunity Act
- Final rules on streamlining mortgage servicing for borrowers experiencing payment difficulties, remittance transfers, the Financial Data Transparency Act, and more
NCUA’s Proposals
The NCUA has listed on its agenda proposed rules on digital assets, records preservation, and dependent care and board member expense reimbursement.
Federal Reserve
America’s Credit Unions said in its analysis that, “importantly,” the Federal Reserve does not list its proposed rule on lowering the debit lower the maximum interchange fee that a large debit card issuer can receive for a debit transaction.
America’s Credit Unions has created a summary of the proposals here.
