Interim final rules on non-interest charges and fees, and dependent care and board member reimbursement, were adopted early Monday by the one-man board overseeing the federal credit union regulator, the agency said.
In a release, the National Credit Union Administration said its board – which is made up of only Chairman Kyle Hauptman (who is slated to leave the agency soon to move to another federal agency) – said the former rule clarifies the power of federal credit unions (FCUs) to charge non-interest charges and fees – including interchange fees – under existing law.
The agency asserted that is has the “exclusive authority over FCUs’ ability to charge non-interest charges and fees.” The agency said the rule’s intention to forestall any state law affecting the non-interest charges and fees related to payment card services. It noted that state rules regulating FCU activity related to non-interest charges and fees, including interchange fees, are not applicable to FCUs.
“Although NCUA believes that its preemption rules already allow FCUs to impose fees that are set by a third party without state interference, NCUA is adopting this Interim Final Rule both to clarify FCU authority and to avoid any disparity between FCUs and national banks in light of a recently issued interim final rule on the same subject by the Office of the Comptroller of the Currency (OCC),” the agency said.
The Interim Final Rule takes effect June 30, NCUA said.
In the latter rule, the one-man board decided that “reasonable expenses” for reimbursement were acceptable for FCU officials. The agency said the action would remove potential barriers for volunteer service. “This final rule provides flexibility for a federal credit union’s board to adopt more family-friendly policies tailored to its size, region, and operations,” the agency said. The agency noted that, previously, dependent care costs had not been considered reasonable expenses under NCUA regulations.
The final rule applies to all FCUs, but not to state-chartered, federally insured credit unions, the agency said. It takes effect 30 days after publication in the Federal Register.
Hauptman is moving to the to the board of the Public Company Accounting Oversight Board (PCOAB), another federal agency. The Securities and Exchange Commission (SEC) announced the appointment in January, noting that Hauptman will serve a term ending Oct. 24, 2029. His term on the NCUA Board ended nearly a year ago, but he said he would stay on until his successor is confirmed by the Senate.
In May, President Donald Trump (R) nominated John Crews to take Hauptman’s place. He has been the Treasury Department’s deputy assistant secretary for financial institutions policy, a post he has held since June 2025. He has not revealed any direct experience with credit union regulation or supervision.
NCUA Clarifies Federal Credit Unions’ Power
NCUA Board Approves Final Rule on Dependent Care and Board Member Reimbursement
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