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H.R. 2808
Homebuyer Privacy Protection Act Signed into Law
On Friday, Sept. 5, 2025, President Trump signed H.R. 2808, the Homebuyer Privacy Protection Act, into law.
The bill focuses on mortgage trigger leads and limits the circumstances in which credit reporting agencies may provide consumer credit reports to third parties in connection with residential mortgage transactions.
Specifically, the bill prohibits a credit reporting agency from providing a consumer's credit report to a third party in connection with a residential mortgage transaction unless the transaction consists of a firm offer of credit or insurance and (1) the third party provides documentation certifying that it has the consumer's consent; or (2) the third party has originated a mortgage on behalf of the consumer, is a current mortgage loan servicer to the consumer, or has a current specified banking relationship with the consumer.
These provisions take effect 180 days after the bill's enactment.
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National Credit Union Administration (NCUA)
NCUA Removes Disparate Impact References from Fair Lending Guide and Other Materials
The NCUA announced that it has removed all references to disparate impact liability from its Fair Lending Guide and other issuances.
The NCUA’s examination and supervision processes will no longer include reviews for disparate impact and the agency will no longer request, review, conclude, or follow-up on:
The NCUA’s supervisory processes continue to include regularly conducting fair lending risk assessments, analyzing Home Mortgage Disclosure Act data for possible evidence of disparate treatment, conducting risk-based fair lending examinations, and taking appropriate action if evidence of disparate treatment is found.
The NCUA expects credit unions to provide fair access to financial services, treat members fairly, and comply with all applicable laws and regulations.
NCUA Releases Second Quarter 2025 Credit Union System Performance Data
The NCUA released the second quarter credit union system performance data for 2025. According to the latest financial performance data report, total assets in federally insured credit unions rose by $82 billion, or 3.6 percent, over the year ending in the second quarter of 2025 to $2.38 trillion. Total loans outstanding increased $64 billion, or 3.9 percent, over the year to $1.68 trillion. Insured shares and deposits rose $71 billion, or 4.0 percent, over the year ending in the second quarter of 2025 to $1.83 trillion.
Highlights from the Second Quarter 2025 NCUA Quarterly Data Summary Report include:
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The credit union system’s net worth ratio was 11.11 percent in the second quarter of 2025, compared with 10.84 percent one year earlier. Note that beginning in 2023 Q1, this ratio excludes the Current Expected Credit Loss (CECL) transition provision.
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Net income totaled $17.7 billion at an annual rate in the year to date through the second quarter of 2025, up $2.1 billion, or 13.2 percent, compared with the same period in 2024.
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Financial Crimes Enforcement Network (FinCEN)
FinCEN Unveils User-Friendly Changes to FinCEN.gov
This week FinCEN has unveiled a new layout on its website. This restructure is aimed to make it easier for users to find information quickly and learn about FinCEN's work to safeguard the financial system.
FinCEN Issues Notice on Financially Motivated Sextortion
FinCEN issued a Notice to financial institutions to assist in identifying and reporting suspicious activity related to financially motivated sextortion, a disturbing and increasingly common typology that can devastate the lives and families of its victims. Financially motivated sextortion occurs when perpetrators, using fake personas, coerce victims to create and send sexually explicit images or videos of themselves, only to threaten to release the compromising material to the victims’ friends and family unless the victims provide payment. The perpetrators of financially motivated sextortion schemes can target anyone, with many victims being over the age of 18, according to law enforcement.
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National Multistate Licensing System (NMLS)
NMLS Modernization – Next Phase Launches in September
Phase two of the effort to modernize NMLS is set to begin on Sept. 20, 2025. The planned changes will primarily impact two places:
The changes include:
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NMLS Connect: This is a new component of NMLS where modernized processes are housed. After the September release, individual applicants/licensees and their sponsoring companies will work in NMLS Connect. NMLS Classic, the current NMLS, will still be used to manage company applications/licenses and for renewals. Users can move between NMLS Classic and NMLS Connect once logged into the system.
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Redesigned Mortgage Loan Originator (MLO) Experience: The process of submitting an MLO application or updating an MLO record will be streamlined. This includes bringing checklist content into NMLS for MLOs and improved navigation. After the September release, MLO and company users will complete/update the Individual Form (MU4) as well as manage company access, relationships, and sponsorship in NMLS Connect.
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New NMLS Resource Center: The NMLS Resource Center, the page most users use to launch NMLS, is getting a new look. The new resource center will have simplified navigation tailored to your role and tasks, enhanced search functionality, and streamlined up-to-date content. The new resource center replaces both the state and federal NMLS Resource Centers.
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Regulators Release Updated Rulemaking Agendas
The Federal Financial Regulators recently released the "Spring" update to their rulemaking agendas.
CFPB
The Consumer Financial Protection Bureau (CFPB) has 24 items listed on its rulemaking agenda. Several of the items listed highlight the change in leadership and focus of the Bureau.
Rulemaking in the Final Rule Stage include:
Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties – The CFPB issued a proposed rule in July 2024 to amend the existing RESPA mortgage servicing requirements. The proposed amendments would streamline existing requirements when borrowers seek payment assistance in times of distress, add safeguards when borrowers seek help, and revise existing requirements with respect to borrower assistance. The proposed rule would also require servicers to provide certain communications in languages other than English, such as when a borrower is seeking payment assistance with their mortgage. The CFPB is targeting December 2025 for the final rule to be issued.
Financial Data Transparency Act – The CFPB, along with the other federal financial institution regulators, are working on efforts to establish data standards for information collected from supervised entities under their jurisdiction. The CFPB is targeting December 2025 for the final rule to be issued.
Remittance Transfers Under Reg E – The CFPB issued a proposed rule in September 2024 which would make changes to the model forms for remittance transfers to provide consumers with information about inquires that may be directed to the CFPB and the state agency that licenses or charters the remittance transfer provider. The CFPB is looking at issuing the final rule in December 2025.
Protections for Borrowers Affected by the COVID-19 Emergency Under RESPA, Rescission The CFPB issued an interim final rule which rescinded the CFPB’s final rule Protections for Borrowers Affected by the COVID-19 Emergency under RESPA.
Rescission of State Official Notification Rules – The CFPB issued a direct final rule which rescinded the Bureau’s procedures by which a state official must notify the CFPB when the official takes an action to enforce the Consumer Financial Protection Act. The Bureau expects to withdraw the direct final rule because significant adverse comments were received.
Rulemaking in the Proposed Rule Stage include:
Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Proposed Rescission – The CFPB has proposed to rescind its rule requiring certain types of nonbank covered persons subject to certain final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related information to a CFPB registry.
Rules of Practice for Adjudication Proceedings; Rescission - The CFPB has proposed to rescind the amendments it adopted to the Rules of Practice for Adjudication Proceedings on Feb. 22, 2022, and March 29, 2023.
Procedures for Supervisory Designation Proceedings - The CFPB has proposed to rescind the amendments it adopted on April 29, 2022, Nov. 21, 2022, and April 23, 2024, to the Procedures for Supervisory Designation Proceedings.
Payday, Vehicle Title, and Certain High-Cost Installment Loans Reconsideration – The CFPB plans to issue a proposed rule to reconsider the remaining portions of the 2017 Payday rule.
Personal Financial Data Rights Reconsideration – The CFPB plans to issue a proposed rule to reconsider the final rule on personal financial data rights (open banking). The CFPB is looking at issuing the proposed rule in December 2025.
Small Business Lending Data Rights Collection Under ECOA Reconsideration – The CFPB plans to issue a proposed rule to amend the final rule which implemented section 1071 of the Dodd-Frank act which requires creditors to collect and report information on small business lending. The CFPB is looking to issue the proposed rule in October 2025.
Procedures for Guidance Documents – The CFPB is considering regulations to ensure that it issues guidance documents through fair and responsible procedures.
Procedures for Periodic Review of Bureau Regulations – The CFPB is considering a rule that would require periodic review of CFPB regulations. The CFPB would review its regulations to ensure alignment with current market dynamics, technological developments, and other aspects of the evolution of the financial products and services markets.
Legal Standard Applicable to Supervisory Designation Proceedings – The CFPB issued a proposed rule which would define "risks to consumers" for proceedings to designate nonbank covered persons for CFPB supervision.
Equal Credit Opportunity Act (Reg B) - The CFPB is considering whether rulemaking or other actions would facilitate compliance with ECOA by clarifying obligations imposed on the CFPB by the statute.
Rulemaking in the Prerule Rule Stage include:
Unfair, Deceptive, or Abusive Acts and Practices - Although over the last several years the Bureau’s policy statements, rulemaking work, and enforcement actions have addressed abusiveness, the Bureau is considering whether rulemaking or other activities, such as a Request for Information or an Advance Notice of Proposed Rulemaking, may be helpful to clarify the statutory language with respect to unfair, deceptive, or abusive acts and practices under section 1031 of the Dodd-Frank Act.
Identity Theft and Coerced Debt (Reg V) - The CFPB is considering proposing a rule to address concerns related to information furnished to credit bureaus and other consumer reporting agencies concerning coerced debt. The CFPB issued an advance notice of proposed rulemaking on Dec. 13, 2024, that solicits information on amending the definitions of "identity theft” and "identity theft report” in Regulation V, which implements the Fair Credit Reporting Act, as well as other related amendments to Regulation V.
Loan Originator Compensation Requirements Under TILA (Reg Z) - The CFPB is seeking information in advance of preparing a proposed rule to rescind all or parts of the discretionary compensation provisions of the Bureau’s Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z) Final Rule published on Feb. 15, 2013. The CFPB is seeking information on the impact of rescinding all or parts of such compensation provisions of the Loan Originator Rule and potentially certain related compensation provisions in the CFPB’s October 2013 Amendments to the Loan Originator Rule.
Discretionary Servicing Rules under RESPA – When the CFPB issued the final mortgage servicing rule in 2013, it adopted various provisions per the CFPB’s discretionary authority under RESPA. Those discretionary provisions, which the CFPB has amended periodically, include requirements relating to servicer policies and procedures, early intervention with delinquent borrowers, continuity of contact, and procedures for evaluating and responding to loss mitigation applications. The CFPB is issuing an Advance Notice of Proposed Rulemaking to solicit comments and information to help the CFPB assess the costs and benefits of those discretionary provisions for the purpose of determining whether the CFPB should amend or rescind those provisions.
Discretionary Mortgage Servicing Rules under TILA - In 2013, the CFPB issued a final rule that implemented requirements in the Truth in Lending Act as it relates to mortgage servicing. That rulemaking, which has been amended over time, includes discretionarily imposed mandates on the form and substance of certain information provided to consumers, such as certain requirements relating to interest rate adjustment notices for variable-rate transactions. The CFPB is issuing an Advance Notice of Proposed Rulemaking to solicit comments and information to help the CFPB assess the costs and benefits of these discretionarily imposed provisions to covered persons and consumers for the purpose of considering whether the CFPB should amend or rescind certain provisions.
Defining Larger Participants of the Automobile Financing Market - The CFPB is seeking information in order to consider whether to propose a rule to amend the test to define larger participants in the automobile financing market established by the CFPB’s Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service Final Rule published on June 30, 2015. The CFPB is seeking information that will aid in its consideration of whether and how to modify this test.
Defining Larger Participants of the Consumer Debt Collection Market - The CFPB is seeking information in order to consider whether to propose a rule to amend the test to define larger participants in the consumer debt collection market established by the CFPB’s Defining Larger Participants of the Consumer Debt Collection Market Final Rule published on Oct. 31, 2012.
Defining Larger Participants of the Consumer Reporting Market 2025 - The CFPB is seeking information in advance of considering whether to propose a rule to amend the test to define larger participants in the consumer reporting market established by the CFPB’s Defining Larger Participants of the Consumer Reporting Market Final Rule published on July 20, 2012.
Defining Larger Participants of the International Money Transfer Market - The CFPB is seeking information in advance of considering whether to propose a rule to amend the test to define larger participants in the international money transfer market established by the CFPB’s Defining Larger Participants of the International Money Transfer Market Final Rule published on Sept. 9, 2014.
NCUA
The National Credit Union Administration (NCUA) has three items listed on its rulemaking agenda. These are:
Digital Assets and Related Technologies – The NCUA issued an Advanced Notice of Proposed Rulemaking in 2021 to gather information on a wide range of issues pertaining to decentralized finance and cryptocurrencies as they relate to the credit union industry. The NCUA will review the comments and determine if any proposals should be forthcoming. According to the Unified Agenda, the NCUA is expected to publish a proposed rule around April 2026.
Records Preservation Program and Appendices Record Retention Guidelines; Catastrophic Act Preparedness Guidelines – The NCUA issued a request for information on ways it can improve and update its records preservation program regulations and accompanying guidelines. The Board is considering issuing a proposed rule to update and clarify part 749. The amendments may include removing or streamlining the records retention guidelines and clarifying the requirements for maintaining vital records.
Dependent Care and Board Member Expense Reimbursement – The NCUA Board is considering issuing an amendment to its rules governing the reimbursement of reasonable expenses to federal credit union (FCU) officials. The proposed rule would permit FCU boards to adopt policies that allow payment for reasonable dependent care costs incurred by volunteer officials in attending board meetings and carrying out their official board duties. The proposal would add dependent care costs as a reimbursable expense. The proposed amendment would provide FCUs with more flexibility to develop family-friendly policies that ease dependent care costs for volunteer officials, which in some cases may serve as an impediment to volunteering.
FinCEN
The Financial Crimes Enforcement Network has several major rulemaking items on its agenda that credit unions should be aware of.
Anti-Money Laundering and Countering the Financing of Terrorism Programs – On June 28, 2024, FinCEN issued a proposed rule to implement Section 6101 of the Anti-Money Laundering Act of 2020 (AML Act). The proposed rule would amend credit unions’ AML requirements by explicitly requiring credit unions to establish, implement, and maintain effective, risk-based, and reasonably designed AML/CFT and review and incorporate the government-wide AML/CFT priorities into the credit union’s risk-based programs. FinCEN is targeting January 2026 to issue the final rule.
Revisions to Customer Due Diligence Requirements for Financial Institutions – Part 3 of the BOI changes. The proposed rule is scheduled to come out in May 2026 and would update the CDD requirements for credit unions in light of the other two pieces of rulemaking. Due to the interim final rule which removed the requirement for domestic reporting companies and U.S. persons to report their beneficial ownership information to FinCEN, access to the CTA might not be of much benefit for credit unions.
Beneficial Ownership Information Reporting Requirement – FinCEN adopted an interim final rule that removed the requirement for domestic reporting companies and U.S. persons to report their beneficial ownership information to FinCEN. FinCEN intends to issue a final rule in October.
Updating Whistleblower Incentives and Protections – FinCEN intends to issue a proposed rule to establish a whistleblower award program for eligible individuals that provide information regarding certain violations of the Bank Secrecy Act and U.S. economic sanctions. The unified agenda shows a potential October 2025 date for the proposed rule.
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