Corporate CU Archives - Page 4 of 31

NCUA Summary: Decennial Notice of Regulatory Review and Request for Comment on “Agency Programs,” “Capital,” and “Consumer Protection”

NASCUS Legislative and Regulatory Affairs Department
July 15, 2025

On July 10, 2025, The NCUA Board (Board) approved a voluntary regulatory review and request for comment under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the FFIEC and federal bank regulatory agencies to review their regulations every ten years to identify any outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. While this statute does not apply to the NCUA, the agency is voluntarily participating in the review process.

Over two years, the NCUA has indicated it will publish four Federal Register notices, each requesting comment on multiple categories or regulations. The first notice requested comments on regulations concerning “Applications and Reporting” and “Powers and Activities.”

This second notice requests comments on regulations concerning “Agency Programs,” “Capital,” and “Consumer Protection.” The NCUA will address the remaining five categories in the next two documents.

Comments on the voluntary regulatory review are due on or before October 8, 2025.

Summary

Due to the unique circumstances of federally insured credit unions and their members, the NCUA Board has once again issued a separate request from the other agencies, including issues unique to credit unions. In previous decennial reviews, the Board developed and published for comment ten categories of the NCUA’s regulations. The Board is following the previous reviews and is utilizing the same 10 categories in this multi-year review.

The NCUA is seeking comment on the following regulations, divided into three categories.

(You can find NASCUS comments on the first notice here.)

[kp_table table_title=”Category of Regulation: Agency Programs”]

Subject	Regulatory Citation	Applicability to FISCUs
Community Development Revolving Loan Fund Access for Credit Unions	12 CFR 705	741.207
National Credit Union Administration Central Liquidity Facility	12 CFR 725	741.210
Designation of Low Income Status; Receipt of Secondary Capital accounts by low-income designated credit unions	12 CFR 701.34	741.204

[/kp_table]

[kp_table table_title=”Category of Regulation: Capital”]

Subject	Regulatory Citation	Applicability to FISCUs
Capital Adequacy	12 CFR 702	741.226
Adequacy of Reserves	12 CFR 702 and 12 CFR 747	12 CFR 741.3(a)

[/kp_table] [kp_table table_title=”Category of Regulation: Consumer Protection”]

Subject	Regulatory Citation	Applicability to FISCUs
Nondiscrimination requirements (Fair Housing)	12 CFR 701.31
Truth in Savings	12 CFR 707	741.217
Loans In Areas Having Special Flood Hazards	12 CFR 760	741.216
Fair Credit Reporting; Duties of Users Consumer Report Regarding Address Discrepancies and Records Disposal.	12 CFR 717 Subpart I
Fair Credit Reporting; Identity Theft Red Flags	12 CFR 717, Subpart J
Share Insurance	12 CFR 745	741.212
Accuracy of Advertising and Notice of Insured Status	12 CFR 740	741.211
Disclosure of share insurance	12 CFR 741.10
Notice of termination of excess insurance coverage	12 CFR 741.5
Uninsured membership shares	12 CFR 741.9
Member inspection of credit union books, records, and minutes.	12 CFR 701.3

[/kp_table]

CFPB Summary re: Recission of State Official Notification Rules (Withdrawal)

12 CFR Part 1082

The Consumer Financial Protection Bureau (CFPB) is withdrawing a previously published direct final rule that would have rescinded procedures by which a State official must notify the Bureau when the official takes an action to enforce the Consumer Financial Protection Act.

The withdrawal of the rule was effective as of July 21, 2025 and can be found here.

Summary

The Bureau issued a final rule on May 21, 2025 that would have rescinded procedures that required State officials to notify the Bureau when the official takes an action to enforce the Consumer Financial Protection Act. The Bureau noted that the May 2025 rule would be withdrawn if the Bureau received significant adverse comments by June 20,2025. According to the rule withdrawal summary, the Bureau received significant adverse comments and is withdrawing the rule as a result.

The Bureau will address comments received in a subsequent rulemaking.

NASCUS Summary re: CFPB Policy Statement on Referrals for Potential Criminal Enforcement
June 27, 2025

The Consumer Financial Protection Bureau issued a policy statement describing its plan to address criminally liable regulatory offenses.

The policy statement became effective as of June 27, 2025 and can be found here.

Summary

President Trump issued Executive Order 14294 on May 9, 2025. The order required each agency to publish guidance on how it planned to address criminally liable regulatory offenses. The EO defines a “criminal regulatory offense” as a “Federal regulation that is enforceable by a criminal penalty. The policy statement provides the Bureau’s plan to address criminally liable regulatory offenses.

A number of the Bureau’s regulations are enforceable by criminal penalty. Where appropriate, the Bureau may refer alleged violations of the criminal regulatory offenses to the Department of Justice. When exercising discretion in making referrals, Bureau officials will consider the following factors, among others:

The harm or risk of harm, pecuniary or otherwise, caused by the alleged offense;
The potential gain to the putative defendant that could result from the offense;
Whether the putative defendant held specialized knowledge, expertise, or was licensed in an industry related to the rule or regulation at issue; and
Evidence, if any, of the putative defendant’s general awareness of the unlawfulness of his conduct as well as his knowledge (or lack thereof) of the regulation at issue.

The Bureau also intends to take the following steps to address criminal regulatory offenses:

The Bureau will provide a report to the OMB containing (i) a list of all criminal regulatory offenses enforceable by the Bureau or DOJ and (ii) the range of potential criminal penalties for a violation and the applicable mens rea standard for the criminal regulatory offense.
The Bureau will consider whether a criminal regulatory offense is included in the OMB report when considering whether to make a criminal referral to the DOJ or, where applicable, to the Bureau’s Inspector General.
The Bureau will examine the Bureau’s statutory authorities and determine whether there is authority to adopt a background mens rea standard for criminal regulatory offenses.

Request for Information: Potential Action To Address Payments Fraud

Department of Treasury, Office of the Comptroller of Currency, Federal Reserve System, and Federal Deposit Insurance Corporation

NASCUS Legislative and Regulatory Affairs Department
July 14, 2025

Summary

In June, the OCC, Treasury, FRB, and FDIC (agencies) issued a request for information (RFI) seeking public input on questions related to payment fraud. The RFI offers stakeholders the opportunity to identify actions the agencies could take to assist consumers, businesses, and financial institutions in mitigating check, ACH, wire, and instant payments fraud.

The NCUA is not participating in this RFI. NASCUS intends to comment on the RFI and will share comments submitted with the NCUA.

Comments on the RFI are due to the agencies by September 18, 2025.

Request for Information

According to the FTC, noncard payments fraud losses increased by 271% from 2020 to 2024. Similarly, 2014 – 2024 Suspicious Activity Reporting data related to check, ACH, and wire fraud, showed an increase of 489%. Notably, despite an overall decline in check usage, Treasury reports a 385% increase in check fraud since the COVID-19 pandemic.

The RFI seeks input on five specific areas to enhance collaboration among State and Federal agencies and to mitigate payment fraud. The agencies also seek comments on a handful of general questions. These areas in which they are seeking comment include:

External Collaboration – Questions 1 through 4
Consumer, Business, and Industry Education – Questions 5-8
Regulation and Supervision – Questions 9-15
Payments Fraud Data Collection and Information Sharing – Questions 16-20
Reserve Banks Operator Tools and Services – Questions 21-22; and
General Payments Fraud – Questions 23-26

For purposes of this summary, NASCUS highlights the following questions.

External Collaboration

What actions could increase collaboration among stakeholders to address payments fraud?
Which organizations outside of the payments or banking industry might provide additional insights related to payments fraud and be effective collaborators in detecting, preventing, and mitigating payments fraud?
Could increased collaboration among Federal and State agencies help detect, prevent, and mitigate payments fraud? If so, how?

Consumer, Business, and Industry Education

What types of payments fraud education are most effective, and why? Which approaches could make existing payments fraud education more effective?
Would additional education informing consumers and businesses about safe payment practices be helpful to reduce payments fraud and promote access to safe, secure payment options?

Regulation and Supervision

What potential changes to regulations could address payments fraud and mitigate the harms from payments fraud to consumers, businesses, and supervised institutions?
Is existing supervisory guidance related to payments fraud sufficient and clear? If not, what new or revised supervisory guidance should the Board, FDIC, and OCC consider issuing on this topic within the respective authorities?
There were several questions around “holds on depositors’ funds.” (What is the experience of consumers and businesses around ‘holds’? How frequently are consumers and businesses affected by holds, delays, or account freezes, and how responsive are supervised institutions to inquiries from consumers and businesses regarding these issues?
Regulators have received complaints from financial institutions regarding challenges the FI face when resolving disputes about liability for allegedly fraudulent checks.
What is the experience of supervised institutions when trying to resolve these types of interbank disputes regarding allegedly fraudulent checks?
What potential amendments to Regulation CC would support timely access to funds from check deposits while providing depository institutions with sufficient time to identify suspected payments fraud?
Have technological advancements in check processing reduced the time it takes for depository institutions to learn of nonpayment or fraud such that funds availability requirements for local checks and nonproprietary ATMs should be shortened?)
Regulation CC provides six exceptions that allow depository institutions to extend deposit hold periods for certain types of deposits, including deposits for which the depository institution has reasonable cause to doubt the collectability of a check. Is this exception effective in allowing depository institutions to mitigate check fraud while also allowing timely access to funds?

National Credit Union Administration Summary: Agencies Issue Exemption Order to Customer Identification Program (CIP) Requirements

NASCUS Legislative and Regulatory Affairs Department
June 2025

On June 27, 2025, the FDIC, OCC, and the NCUA (Agencies), with the concurrence of FinCEN, issued an order granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implemented under Section 326 of the USA PATRIOT Act.

The order applies to “banks”, as defined in 31 CFR §1010.100(d) and their subsidiaries, which are subject to the jurisdiction of the OCC, Federal Reserve, FDIC, or NCUA. The definition of “bank” under this section includes “credit unions organized under the law of any State or of the United States.”

Background

In March 2024, FinCEN, in consultation with staff at the Agencies, issued a Request for Information (RFI) seeking information on CIP requirements to understand the potential risks and benefits, as well as safeguards, that could be established, if banks were permitted to obtain part or all of a customer’s TIN information from a third-party source before opening an account rather than from the customer.

After considering both comments submitted in response to the RFI and the advances made in identity verification tools available to banks and credit unions, FinCEN and the Agencies are granting this exemption from one aspect of the CIP TIN collection requirements.

Summary of Order

The order permits credit unions to use TIN information obtained from a third-party rather than from the member, if the credit union otherwise complies with the CIP Rule, which requires written procedures that:

Enable the credit union to obtain TIN information before opening an account;
Are based on the credit union’s assessment of the relevant risks; and
Are risk-based to verify the identity of each customer to the extent reasonable and practicable, enabling the credit union to form a reasonable belief that it knows the true identity of each member.

FinCEN, the administrator of the BSA, agrees that the use of an alternative collection method to obtain TIN information, when used appropriately, is consistent with the purposes of the BSA. Furthermore, the Agencies, together with FinCEN, believe the appropriate use of alternative collection methods for TIN information is consistent with safe and sound banking practices.

The Agencies emphasize that this exemption is not required, and FIs may continue to collect TIN information directly from the customer at the time of account opening. Additionally, this exemption does not change the overall purpose of the CIP Rule. Credit unions must still implement a CIP Program that includes risk-based verification procedures that enable the credit union to form a reasonable belief that it knows the true identity of its members. These requirements exist regardless of whether the credit union establishes this relationship directly with the customer or through an intermediary.

NASCUS Summary re: CFPB Interim Final Rule re: Small Business Lending Extension of Compliance Dates

12 CFR Part 1002

The CFPB issued an Interim Final Rule with Request for Comments that amends Regulation B to extend the compliance dates set forth in the 2023 Small Business Lending Rule and to make other date-related conforming adjustments.

The Interim Final Rule becomes effective on July 18, 2025, and comments are due on July 18, 2025. The rule can be found here.

Summary

Section 1071 of Dodd Frank requires financial institutions collect and report to the CFPB certain data regarding applications for credit for women-owned, minority-owned, and small businesses. The purpose of this requirement is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of these types of businesses.

Legal challenges to the rule remain ongoing in three jurisdictions. Courts in those jurisdictions have stayed the rule’s compliance deadlines for certain plaintiffs. To facilitate consistent compliance requirements for all covered financial institutions, the Bureau is extending the compliance dates set forth in the 2024 interim final rule by approximately one year. The Bureau has indicated that it intends to issue a new small business reporting proposed rule. The Bureau believes this extension should provide sufficient time to account for the court-ordered stays and to issue a new proposal.

As a result, Tier 1 institutions now have a compliance date of July 1, 2026. Tier 2 institutions now have a compliance date of January 1, 2027, and Tier 3 institutions now have a compliance date of October 1, 2027.

In addition, Section 1002.114(c)(1) of Regulation B permits a covered financial institution to collect protected demographic information required under the 2023 rule from small business applicants beginning 12 months prior to its compliance date.

The interim final rule revises Section 1002.114(c)(3) of Regulation B to permit a financial institution to use its number of originations of covered credit transactions for the following years – 2022 and 2023, or 2023 and 2024 or 2024 and 2025.

Finally, covered financial institutions are required to submit their small business lending application registers to the CFPB on or before June 1 following the calendar year for which the data are compiled and maintained. As a result, Tier 1 institutions will make their first data submission by June 1, 2027; Tier 2 and Tier 3 institutions will make theirs by June 1, 2028.

NASCUS Summary re: CFPB Interim Final Rule re: Small Business Lending Extension of Compliance Dates

12 CFR Part 1002

The Interim Final Rule becomes effective on July 18, 2025, and comments are due on July 18, 2025. The rule can be found here.

Summary

CFPB Summary: Procedure Relating to Rulemaking Rescission

12 CFR Part 1074

June 2025

The CFPB is adopting a final procedural rule that rescinds its rule specifying how the Bureau issues rules and when rules are considered issued.

The final rule is effective as of June 18, 2025 and can be found here.

Summary

The Bureau is rescinding a rule and regulations it adopted on December 28, 2012. That rule established that a Bureau rule is deemed to be issued upon the earlier of (i) when the final rule is posted on the Bureau’s website or (ii) when the final rule is published in the Federal Register.

The Bureau is exercising its discretion to rescind the 2012 Rule because the Bureau has reconsidered the necessity of deeming a rule as final based on its posting to the Bureau’s website. The Bureau is deciding to revert to the traditional mechanism for determining when a rule has been validly promulgated, which is publication in the Federal Register. The notice classifies the final rule as procedural and having no substantive impact. As a result, the final rule is effective upon publication in the Federal Register.

CFPB Summary Consumer Financial Civil Penalty Fund Amendment

12 CFR Part 1075

Docket No. CFPB-2025-0021

The CFPB is proposing to amend its 2013 rule implementing the provision of the Consumer Financial Protection Act of 2010 (CFPA) that establishes a Consumer Financial Civil Penalty Fund (Civil Penalty Fund). The Bureau’s 2013 rule provides for the use of these funds for payments to victims of activities subject to civil penalties or (under certain circumstances) to fund the Bureau’s consumer education and financial literacy programs.

Comments on the proposed rule must be received by July 18, 2025. The proposal can be found here.

Summary

Section 1017(d)(1) of the CFPA establishes a separate fund in the Federal Reserve, the “Consumer Financial Civil Penalty Fund,” into which the Bureau deposits civil penalties it collects from judicial or administrative actions in accordance with Federal consumer financial laws. Under the Act, amounts in the fund may be used for payments to the victims of the activities for which civil penalties have been imposed under the Federal consumer financial laws. In addition, the Act provides that money in the Fund may be used for consumer education and financial literacy programs under certain circumstances.

In May 2013, the Bureau published a rule that stated its interpretation of what kinds of payments to victims are appropriate and established procedures for allocating such funds to both victims and to consumer education and financial literacy programs. The Bureau is now proposing to revise its 2013 rule articulating procedures for allocations from the Civil Penalty Fund to rescind procedures related to allocations for consumer education and financial literacy programs. The Bureau now believes that the procedures outlines in the rule provide neither adequate guardrails for the agency’s exercise of its discretion nor adequate transparency to the public regarding a potentially significant expenditure.

As a result, the Bureau proposes to rescind those aspects of the 2013 Rule that reference the Bureau’s use of amounts in the Fund for consumer education and financial literacy programs. The Bureau became effective when published in the Federal Register on June 18, 2025.

NASCUS Summary
National Credit Union Administration: 2025 Regulatory Review

NASCUS Legislative and Regulatory Affairs Department
June 2, 2025

The NCUA maintains a rolling schedule that identifies one-third of the agency’s existing regulations for review each year and provides industry stakeholders with the opportunity to comment.

NCUA’s 2025 Regulatory Review can be found here.

Comments on the review are due to the NCUA by July 25, 2025.

Comments may be e-mailed to [email protected] or mailed to Regulatory Review (2025), Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA, 22314-3428.

The following regulations are under review for 2025:

700 Definitions

Includes definitions of frequently used terms throughout this section.

701.1 Federal Credit Union Chartering, Field of Membership Modifications, and Conversions

This section directs NCUA policies concerning chartering, field of membership modifications, and conversions to the Chartering and Field of Membership manual found in appendix B of this part.

701.2 Federal Credit Union Bylaws

Part 701.2 applies to Federal Credit Unions, requiring federal credit unions to operate in accordance with their approved bylaws.

701.3 Member Inspection of Credit Union Books, Records, and Minutes

Part 701.3 governs when and how members of federal credit unions can inspect certain records of their credit union.

701.4 General Authorities and Duties of Federal Credit Union Directors

Part 701.4 outlines the fiduciary duties and responsibilities of the board of directors of a federally chartered credit union.

Note – 701.5 is currently “reserved” for Succession Planning Final Rule, which is currently open for comment until June 23, 2025, as part of the White House memorandum “Regulatory Freeze Pending Review.” Should this become effective as initially published, it would also apply to FISCUs.

701.6 Fees Paid by Federal Credit Unions

Part 701.6 covers the operating fees that federally chartered credit unions are assessed annually by the NCUA.

- 701.14 Change in Official or Senior Executive Officer in Credit Unions that are Newly Chartered or are in Troubled Condition

Part 701.14 applies to FISCUs by way of reference in §741.205. The rule sets forth conditions under which a credit union must notify NCUA in writing of any proposed changes in its board of directors, committee members, or senior executive staff. The regulation only applies in the case of newly chartered credit unions and credit unions in troubled condition.

701.19 Benefits of Employees of Federal Credit Unions

Part 701.19 permits a federal credit union to provide employee benefits, including retirement benefits, to its employees and officers.

701.20 Suretyship and Guaranty

Part 701.20 authorizes a federal credit union to enter into a suretyship or guaranty agreement as an incidental powers activity.

701.21 Loans to Members and Lines of Credit to Members

Part 701.21 applies to FISCUs by way of reference in §741.203. The rule authorizes federal credit unions to make loans to members and issue lines of credit to members. Certain provisions apply to loans made by FISCUs.

701.22 Loan Participations

Part 701.22 applies to FISCUs by way of reference in §741.225. This section establishes the requirements a federally insured credit union must meet to purchase a participation loan.

701.23 Purchase, Sale, and Pledge of Eligible Obligations

Part 701.23 governs a Federal credit union’s purchase, sale, or pledge of all or part of a loan to one of its members, subject to certain exceptions.

701.24 Refund of Interest

Part 701.24 grants a Federal credit union’s board of directors the authority to authorize an interest refund to members who paid interest to the credit union during any dividend period and who are members of record at the close of business on the last day of the dividend period.

701.25 Loans to Credit Unions

Part 701.25 applies to FISCUs by way of reference in §741.227. This rule authorizes credit unions to make loans, including investments in Subordinated Debt, to other credit unions, including corporate credit unions. This rule also includes policy requirements

701.26 Credit Union Service Contracts

Part 701.26 permits a Federal credit union to act as a representative of and enter into contractual agreements with one or more credit unions or other organizations to share, utilize, rent, lease, purchase, sell, and/or joint ownership of fixed assets or engage in activities and/or services related to the daily operations of the credit unions.

701.30 Services for Nonmembers Within the Field of Membership

Part 701.30 permits Federal credit unions to provide certain services to nonmembers.

701.31 Nondiscrimination Requirements

Part 701.31 prohibits a Federal credit union from discriminating against an applicant in an appraisal, real estate transaction, or advertising of a real-estate related loan on the basis of race, color, religion, national origin, sex, handicap, or familial status.

701.32 Payment on Shares by Public Units and Nonmembers

Part 701.32 permits a Federal credit union, to the extent permitted under Section 107(6) of the FCUA and this section, to receive payments on shares from public units, political subdivisions, and non-member credit unions, and establishes limits.

701.33 Reimbursement, Insurance, and Indemnification of Officials and Employees

Part 701.33 details the requirements for Federal credit unions regarding reimbursement, insurance, and indemnification of their officials and employees.

701.34 Designation of Low-Income Status

Part 701.34 applies to FISCUs by way of reference in §741.204. This rule provides for low-income designation status based on data obtained through examinations. FISCUs would have to seek concurrence from their state regulator and the NCUA to receive the designation.

701.35 Share, Share Draft, and Share Certificate Accounts

Part 701.35 permits FCUs to offer share, share draft, and share certificate accounts in accordance with section 107(6) of the FCUA.

701.36 Federal Credit Union Occupancy and Disposal of Acquired and Abandoned Premises

Part 701.36 interprets and implements section 107(4) of the FCUA by establishing occupancy and disposal requirements for acquired and abandoned premises and by prohibiting certain transactions.

701.37 Treasury Tax and Loan Depositaries; Depositaries and Financial Agents of the Government

Part 701.37 permits a Federal credit union, subject to the regulation of the US Treasury Department, to serve as a Treasury tax and loan depositary, a depositary of Federal taxes, a depositary of public money, and a financial agent of the US Government.

701.38 Borrowed Funds

Part 701.38 permits Federal credit unions to borrow funds from any source, provided that certain requirements are met, including a written contract and signed promissory note.

701.39 Statutory Lien

Part 701.39 states that a Federal credit union may enforce its statutory lien against a member’s account(s) by debiting funds in the account and applying them to the extent of any of the member’s outstanding financial obligations to the credit union.

Appendix A to Part 701 – Federal Credit Union Bylaws

Appendix A to Part 701 details the contents and requirements for Federal credit union bylaws.

Appendix B to Part 701 – Chartering and Field of Membership Manual

Appendix B to Part 701 details the requirements for a new credit union charter application as well as field of membership. It also includes various NCUA forms and information for each NCUA regional office.

702 Capital Adequacy

Part 702 applies to FISCUs by way of reference in §741.3. This rule details prompt corrective action (PCA) for federally insured credit unions by establishing framework of minimum capital requirements.

703 Investment and Deposit Activities

Part 703 applies to FISCUS by way of reference in §741.3 and §741.219. This rule identifies certain permissible investment and deposit activities.

704 Corporate Credit Unions

Part 704 applies to FISCUs by way of reference in §741.3. This rule establishes special rules for all federally insured corporate credit unions. Non-federally insured corporate credit unions must agree, by written contract, to both adhere to the requirements of this part and submit to examinations, as determined by NCUA, as a condition of receiving shares or deposits from federally insured credit unions. This part grants certain additional authorities to federal corporate credit unions.

705 Community Development Revolving Loan Fund (CDRLF) Access for Credit Unions

Part 705 applies to FISCUs by way of §741.207. This part describes how NCUA makes money available to credit unions from its CDRLF.

707 Truth in Savings

Part 707 applies to FISCUs by way of §741.217. This part enables credit union members and potential members to make informed decisions about accounts at credit unions and requires credit unions to provide disclosures so that members and potential members can make meaningful comparisons among credit unions and depository institutions.

708a Bank Conversions and Mergers

Part 708(a) applies to FISCUs by way of §741.208. This part provides the requirements and authority of a credit union to convert to a mutual savings bank or a savings association without the prior approval of the NCUA, and subject to applicable law governing mutual savings banks and savings associations.

708b Mergers of Insured Credit Unions into Other Credit Unions; Voluntary Termination or Conversion of Insured Status

Part 708(b) applies to FISCUs by way of §741.208. This part prescribes the procedures for mergers of credit unions as well as conversions.

709 Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims Involving Federally Insured Credit Unions in Liquidation

Part 709 applies to FISCUs by way of §741.218. This part applies to charter revocations, involuntary liquidations and adjudication of creditor claims in all cases involving federally insured credit unions and the treatment by the Board as conservator or liquidating agent.

710 Voluntary Liquidation

This part describes the requirements that must be followed to accomplish the voluntary liquidation of a federal credit union. FISCUs are only subject to the notification requirement provided in 710.9, and voluntary liquidation is to be accomplished by state law or procedures established by the state regulatory authority.

NASCUS Summary re: CFPB Notice and Request for Comments re: Extension of the Consumer Complaint Intake System Company Portal Boarding Form”

Docket No. CFPB-2025-0027

The CFPB requests public comment related to the Office of Management and Budget’s (OMB) extension of the existing information collection titled “Consumer Complaint Intake System Company Portal Boarding Form.”

Comments are due by July 21, 2025 and the notice can be found here.

Summary

Section 1013 of Dodd-Frank requires the CFPB to “facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services.” In furtherance of its statutory mandate, the CFPB uses a Consumer Complaint Intake System Company Portal Boarding Form to sign up companies for access to the secure web-based Company Portal. The portal allows companies to view and respond to complaints submitted to the CFPB, supports the efficient routing of consumer complaints to companies and enables a timely and secure response by companies to the CFPB and consumers.

Request for Comments

The Bureau is requesting comments on the following:

Whether the collection of information is necessary for the proper performance of the functions of the CFPB, including whether the information will have practical utility;
The accuracy of the CFPB’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used;
Ways to enhance the quality, utility, and clarity of the information to be collected; and
Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.

NASCUS Summary re: Recission of Protections for Borrowers Affected by the COVID-19 Emergency under RESPA

12 CFR Part 1024

The CFPB issued an interim final rule that would rescind the protections for borrowers impacted by the COVID-19 pandemic provided for under RESPA. The CFPB is seeking comments on this interim final rule.

The Interim Final Rule becomes effective as of July 15, 2025, and comments are due by June 16, 2025. The interim final rule can be found here.

Summary

The 2021 COVID RESPA Rule adopted temporary procedural safeguards related to mortgage foreclosure, temporarily permitted mortgage servicers to offer certain loan modifications made available to borrowers experiencing a COVID-19 related hardship and finalized certain related temporary amendments to Regulation X.

The interim final rule provides two reasons for rescinding borrower protections under RESPA for those impacted by the COVID-19 emergency:

Both the temporary additional early intervention live contact requirements and the temporary special COVID-19 loss mitigation procedural safeguards have been sunset by their own terms and the COVID-19 Public Health Emergency expired on May 11, 2023. Therefore, borrowers and servicers are no longer uses these safeguards.
It is the policy of the Bureau to streamline regulatory requirements to reduce burdens on the American public. The Bureau has determined that, in light of the end of the COVID-19 pandemic, these regulations complicate Regulation X without commensurate benefits.

Request for Comments

The Bureau is requested interested parties to provide comment on the rescission of this rule. The comment period closes on June 16, 2025.

NCUA Summary: Agency Programs, Capital, and Consumer Protection

NCUA Summary: Decennial Notice of Regulatory Review and Request for Comment on “Agency Programs,” “Capital,” and “Consumer Protection”

CFPB Summary: Procedure Relating to Rulemaking Rescission

CFPB Summary Consumer Financial Civil Penalty Fund Amendment

NASCUS Summary National Credit Union Administration: 2025 Regulatory Review

NASCUS Summary
National Credit Union Administration: 2025 Regulatory Review