President Bush signed the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act) into law October 13, 2006. The Reg Relief Act makes a number of changes to the Federal Credit Union Act (FCUA), including expanded authority for FCUs in certain areas and clarification of NCUA’s enforcement authority. This letter summarizes the changes affecting credit unions and NCUA. Some of the changes, marked with an asterisk (*), require changes to NCUA regulations as well. NCUA issued an interim final rule addressing the increase in the general loan term limit and the authority to cash checks and transmit funds for nonmembers within the field of membership on October 19. NCUA intends to draft other necessary revisions promptly.

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