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Michigan Credit Union League

Reg Corner

Updated 5/30/23

In this week’s Reg Corner, NCUA issues proposed rule on Charitable Donation Accounts, the CFBP penalizes Citizens Bank $9 Million, DIFS rescinds COVID-era bulletins, and the NCUA and CDFI are hosting upcoming webinars.

From the Regulators


  • 5/16 – NCUA Chairman Todd Harper testifies before the House Committee on Financial Services (Oral Testimony / Written Testimony)
  • 5/18 – NCUA Chairman Todd Harper testifies before the Senate Committee on Banking, Housing, and Urban Affairs (Oral Testimony / Written Testimony)
  • Reminder: Low-income and MDI credit unions have until June 30 to apply for Community Development Revolving Loan Fund grants
  • NCUA is hosting a WEBINAR on Thursday, June 8 at 1pm on Discovering MDIs: The Key to Building a Strong and Inclusive Financial System
  • 5/25 – NCUA Board Approves Proposed Rule to Include Veterans Organizations in Charitable Donation Accounts


  • 5/23 – CFPB Enforcement Action to Require Citizens Bank to Pay $9 Million Penalty for Unlawful Credit Card Servicing


  • CDFI is hosting a WEBINAR on Thursday, June 1 from 11:00am – 1:00pm on how to complete and submit Transaction Level Reports (TLRs) in the Awards Management Information System (AMIS). (Conference Number: PWXW3099095 / Audience Passcode: 8003933)
  • The Federal Reserve 2023 CDFI Survey’s deadline to complete is 11:59 pm ET on Friday, June 2, 2023.

From the State Regulators


  • 5/25 – DIFS rescinds several bulletins following the termination of the COVID Public Health Emergency


Open Comment Calls

  • CFPB Request for Information: Data Brokers and Other Business Practices Involving the Collection and Sale of Consumer Information. Comments Due June 13, 2023
    • This RFI seeks to understand modern consumer data collection agencies. None were named explicitly, but reading through the details suggests that this would likely include data brokers such as those that report on consumer rent payments, or services like Qualfile, The CFPB seeks to understand whether these brokers fall under the authority of the Fair Credit Reporting Act, with the intention of issuing a rulemaking. This RFI seeks information on:
      • The types of data that brokers collect, aggregate, sell, and so on
      • What sources data brokers rely on and the data collection methods employed
      • The specific information that brokers receive from financial institutions
      • What vendors or other third parties have relationships with data brokers
      • And so on
  • Federal Housing Finance Agency: All regulations published in 12 CFR chapter XII are open to review and public comment. Comments Due June 16, 2023.


  • NCUA Annual Regulatory ReviewComments Due June 30, 2023
    • This year, the NCUA will review the following (16) regulations:
      • 711         Management Official Interlocks
      • 712         Credit Union Service Organizations (CUSOs)
      • 713         Fidelity Bond and Insurance Coverage for Federally Insured Credit Unions
      • 714         Leasing
      • 715         Supervisory Committee Audits and Verifications
      • 717         Fair Credit Reporting
      • 721         Incidental Powers
      • 722         Appraisals
      • 723         Member Business Loans; Commercial Lending
      • 724         Trustees and Custodians of Certain Tax-Advantaged Savings Plans
      • 725         National Credit Union Administration Central Liquidity Facility
      • 740         Accuracy of Advertising and Notice of Insured Status
      • 741         Requirements for Insurance
      • 745         Share Insurance and Appendix
      • 746         Appeals Procedures
      • 747         Administrative Actions, Adjudicative Hearings, Rules of Practice and Procedure, and Investigations
  • NCUA Request For Information: Climate-Related Financial Risk Comments Due June 26, 2023.
    • The NCUA is soliciting comments from interested patties regarding current and future climate and natural disaster risks to federally insured credit unions (FICUs), related entities, their members, and the National Credit Union Share Insurance Fund. The NCUA also seeks input of any interested parties on the development of potential future guidance, regulation, reporting requirements, and/or supervisory approaches for FICUs’ management of climate-related financial risks.
    • NCUA Research Note: Estimating Credit Union Exposure to Climate-Related Physical Risks
  • CFPB Proposed Rule: Residential Property Assessed Clean Energy Financing (Regulation Z). Comments Due July 26, 2023
    • Requiring the PACE transaction and other property tax payment obligations to be identified as separate components of estimated taxes, insurance, and assessments;
    • Clarifying certain implications of the PACE transaction on the property taxes;
    • Requiring disclosure of identifying information for the PACE company;
    • Requiring various qualitative disclosures for PACE transactions that would replace disclosures on the current forms, including disclosures relating to assumption, late payment, servicing, partial payment policy, and the consumer's liability after foreclosure; and
    • Clarifying how unit-periods would be disclosed for PACE transactions.
  • NCUA Proposed Rule: Charitable Donation Accounts
    • Adds “war veterans’ organizations” to the definition of a qualified charity that a credit union may contribute to using a CDA, and is also asking  if there are other groups, entities, or organizations the Board should consider adding to the definition of a qualified charity.
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