Administrative agencies including the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Financial Crimes Enforcement Network (FinCEN) announced their Spring 2022 rulemaking agendas, which focus on projects under consideration.
Highlights for each of the agency’s rulemaking agendas are as follows:
- Digital Assets and Related Technologies: For December 2022, the NCUA will propose a final rule on decentralized finance and digital assets as they relate to the credit union industry.
- Fintech: For September 2022, a fintech proposed rule to provide more flexibility for a credit union to take advantage of advanced technologies and opportunities offered by the fintech sector.
- ACCESS Initiative: Scheduled for September 2022, the NCUA Board is considering the issuance of a proposed rule to amend its chartering and field of membership regulations that would remove outdated requirements, simplify the charter approval process, and clarify regulatory language.
- Cybersecurity: The NCUA is reviewing the federal banking agencies’ November 2021 rulemaking titled, “Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers,” and may issue similar requirements for the credit union system this summer.
- Section 1033: The CFPB will hold a Section 1033 Small Business Regulatory Enforcement Fairness Act (SBREFA) panel in November 2022.
- PACE Loans: The CFPB is set to publish a proposed rule to include an ability to repay requirement under Property Assessed Clean Energy (PACE) financing in May 2023.
- Section 1071: A final rule is scheduled for March 2023 regarding its proposed section 1071 data collection rule.
- Convertible virtual currencies or digital assets: A final rule is scheduled for March 2023 that implements the Bank Secrecy Act to require banks and money service businesses to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency or digital assets.
- Corporate Transparency Act: The agency plans to analyze comments in June 2022 for a proposed rule on the Corporate Transparency Act.
To view more on Spring 2022 agendas, please visit this link.