The National Credit Union Administration adopted a final rule confirming emergency changes to credit union capital and business lending regulations effective Nov. 4, according to its Federal Register entry.
The rule makes final revisions introduced through an interim final rule published on April 27, 2020. It covers amendments concerning the Paycheck Protection Program Liquidity Facility and Paycheck Protection Program loans.
Published on Nov. 4, the final rule adopts the earlier revisions to both the capital adequacy rule, which governs credit unions’ financial cushions, and the member business lending rule.
The agency also published a separate interim final rule on Nov. 4 removing a transitional provision from its member business loan and commercial lending regulations. That rule took effect the same day.
The agency described the provision as outdated and no longer necessary, and said its removal is intended to simplify compliance for federally insured credit unions. Comments on that rule close Jan. 4, 2027.
The two lending actions have different procedural status. The emergency amendments have been adopted as final, while the removal of the transitional provision takes effect through an interim final rule with a comment period.
A third final rule from the agency, also published Nov. 4, removes qualifying language from regulations governing federal credit unions’ statutory liens, legal claims against members’ accounts. It takes effect Dec. 4.
The deleted wording is “except as otherwise provided by law or except as otherwise provided by federal law.” The agency said the wording does not help credit unions determine whether relevant statutes exist. It said the same was true of court decisions.
The final rule follows a proposal published Feb. 25. The board adopted the removal as proposed after considering the matter further and reviewing comments.
Separately, the Treasury Department and Internal Revenue Service published a proposed-rule document titled “Guidance on Eligible Investments for Trump Accounts; Hearing” on Nov. 4.
It concerns proposed regulations published Aug. 21 governing the assets those accounts may hold before the calendar year in which a beneficiary turns 18. The supplied abstract gives no hearing date, effective date or comment deadline.
The Postal Service also published two final rules on Nov. 4 incorporating its international and domestic mailing manuals into federal regulations by reference. Both rules took effect that day.
The international rule covers the International Mail Manual issued Nov. 2. The domestic rule covers the Domestic Mail Manual updated Nov. 2. Incorporation by reference makes the manuals part of the regulations without reproducing their text there.
