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Comments on NCUA Proposals, Prepaid Amendments Due in August
Wednesday, August 2, 2017 6:45 AM

Comments on a number of NCUA proposals, from the appeals process to the agency’s annual regulatory review, are due in the month of August. In addition, comments on the Consumer Financial Protection Bureau’s (CFPB) amendments to its prepaid accounts rule are due this month.  

The CFPB’s proposal requests comments on potential modifications to the rule, including error resolution and limitations on liability for prepaid accounts where the financial institution has not completed its consumer identification and verification process, among other clarifications and changes.  

Comments on this proposal are due Aug. 14.  

Other comment deadlines this month include: 

Aug. 7: NCUA proposed rule on the appeals process, involving procedures that govern appeals to the board that would apply to agency regulations that currently have their own embedded appeals provisions;

Aug. 7: NCUA proposed rule to amend procedures for appealing material supervisory determinations to the NCUA Supervisory Review Committee (SRC). The rule expands the number of supervisory determinations appealable to the SRC and provides credit unions with the opportunity for additional review by the Director of the Office of Examination and Insurance;

Aug. 7: NCUA proposed rule to revise the procedures a federal credit union must follow to merge voluntarily with another credit union; and

Aug. 14: NCUA annual review of one-third of its regulations. This year’s regulations include: Bank Secrecy Act compliance, golden parachute and indemnification payment, registration of residential mortgage loan originator, procedures for debt collection, and more.