In January, we published a “New Year’s Resolutions” series, on the rulemaking agendas of FinCEN, the CFPB, and NCUA. Earlier this week, the agencies published their Spring 2022 Rulemaking Agendas, which we can think about as a sort of mid-year refresh of those resolutions that were made at the beginning of the year. In this post, we’ll focus on what the NCUA plans to accomplish for the rest of the year.
Here is an update to January’s post, which includes updates to the previous agenda items and some new actions we can look forward in the remainder of 2022 and into 2023:
- Automated Valuation Models (AVMs): NCUA and other federal regulators are planning to solicit comments via a proposed rule that would “implement quality control standards for the use” of AVMs by mortgage originators and the secondary market. The Fall Agenda noted that a Notice of Proposed Rulemaking (NPRM) could be expected in November 2021; however, that timeline was not met. The Spring Agenda provides an updated timeline, and states that an NPRM may be expected in October 2022.
- Investment and Deposit Activities: In another update from the Fall Agenda, the Spring Agenda notes that an NPRM on a proposed rule to “provide federal credit unions with more flexible investment options” by amending part 703 “to modernize and improve the NCUA’s investment rule and to provide regulatory relief” can be expected in September 2022.
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