[Federal Register Volume 59, Number 177 (Wednesday, September 14, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-22748]


[[Page Unknown]]

[Federal Register: September 14, 1994]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 704 and 790

 

Corporate Credit Unions and Description of NCUA; Request for 
Agency Action

AGENCY: National Credit Union Administration (``NCUA'').

ACTION: Final rule.

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SUMMARY: The NCUA Board recently established a new Office of Corporate 
Credit Unions. This new office is responsible for the corporate credit 
union program. The corporate credit union program was previously 
managed by the Office of Examination and Insurance. Appropriate changes 
to the corporate credit union regulation and the regulation describing 
NCUA's offices are made. In addition, the section in the corporate 
regulation addressing effective date and waiver thereof is being 
modified as the waiver provisions are no longer necessary. The Office 
of Information Systems has been renamed the Office of Technology and 
Information Systems. The new name and updated description of this 
office is reflected in the regulation describing NCUA's offices.

EFFECTIVE DATE: September 14, 1994.

ADDRESSES: National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428.

FOR FURTHER INFORMATION CONTACT:
Hattie M. Ulan, Special Counsel to the General Counsel, at above 
address or 703-518-6544.

SUPPLEMENTARY INFORMATION: In July, 1994, the NCUA Board established a 
new Office of Corporate Credit Unions. This new office is responsible 
for the corporate credit union program. The Office of Examination and 
Insurance was previously responsible for the program. All corporate 
credit union functions have been transferred to the new office. Part 
790 of the NCUA Regulations sets forth descriptions of all of NCUA's 
offices. A new paragraph (16) is added to Sec. 790.2(b) describing the 
Office of Corporate Credit Unions. The paragraph setting forth the 
corporate credit union duties of the Director of the Office of 
Examination and Insurance Sec. 790.2(b)(6)(ii)) is deleted. There are 
several references in the corporate credit union regulation (12 CFR 
part 704) to the Director, Office of Examination and Insurance. These 
references (indicating who corporate credit unions should submit 
reports and requests to) are all changed to the Director, Office of 
Corporate Credit Unions. Section 704.16 of the corporate regulation is 
entitled ``Effective Date.'' Part 704 was made effective in 1992 and 
this section sets forth procedures for a temporary waiver from the 
effective date. Since there are no longer any outstanding waivers, the 
provisions relating to waiver are deleted.
    The Office of Information Systems has been renamed the Office of 
Technology and Information Services. The description of this office has 
been updated. The appropriate changes in name and description are made 
to Sec. 790.2(b)(10).

Regulatory Procedures

Regulatory Flexibility Act

    The Regulatory Flexibility Act requires the NCUA to prepare an 
analysis to describe any significant economic impact any regulation may 
have on a substantial number of small credit unions (primarily those 
under $1 million in assets). The types of changes made by this rule 
have no economic impact on credit unions. These are merely housekeeping 
changes. Therefore, the NCUA Board has determined and certifies that, 
under the authority granted in 5 U.S.C. 605(b), this final rule will 
not have a significant economic impact on a substantial number of small 
credit unions. Accordingly, the Board has determined that a Regulatory 
Flexibility Analysis is not required.

Paperwork Reduction Act

    This final rule does not change any paperwork requirements.

Executive Order 12612

    Executive Order 12612 requires NCUA to consider the effect of its 
actions on state interests. Since these are housekeeping changes only, 
there is no effect on state interests.

List of Subjects in 12 CFR Parts 704 and 790

    Credit unions.

    By the National Credit Union Administration Board on September 
6, 1994.
Becky Baker,
Secretary of the Board.

    Accordingly, for the reasons set out in the preamble, 12 CFR parts 
704 and 790 are amended as set forth below.

PART 704--CORPORATE CREDIT UNIONS

    1. The authority citation for part 704 continues to read as 
follows:

    Authority: 12 U.S.C. 1762, 1766(a), 1781, and 1789.


Secs. 704.10, 704.11, 704.13, 704.16, Appendix B to Part 704  [Amended]

    2. Remove the phrase ``Director, Office of Examination and 
Insurance'' and add, in its place, the phrase ``Director, Office of 
Corporate Credit Unions'' in the following places (the phrase appears 
three times in Sec. 704.10(b)(2)):
    (a) Sec. 704.10(b)(2);
    (c) Sec. 704.11(a)(1);
    (b) Sec. 704.11(a)(2);
    (c) Sec. 704.13(c);
    (d) Section c. of Appendix B.
    3. Section 704.16 is amended by removing the second, third and 
fourth sentences.

PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION

    4. The authority citation for part 790 continues to read as 
follows:

    Authority: 12 U.S.C. 1766, 1789, and 1795f.

    5. Section 790.2 is amended by moving paragraph (b)(6)(ii); by 
redesignating paragraph (b)(6)(iii) as paragraph (b)(6)(ii); by 
revising paragraph (b)(10) and adding a new paragraph (b)(16) as 
follows:


Sec. 790.2  Central and region office organization.

* * * * *
    (b) * * *
    (10) Office of Technology and Information Services. The Director of 
the Office of Technology and Information Services has responsibility 
for the management and administration of NCUA's information resources. 
This includes the development, maintenance, operation, and support of 
information systems which directly support the Agency's mission, 
maintaining and operating the Agency's information processing 
infrastructure, responding to requests for releasable Agency 
information, and insuring all related material security and integrity 
risks are recognized and controlled as much as possible.
* * * * *
    (16) Office of Corporate Credit Unions. The Director, Office of 
Corporate Credit Unions, manages NCUA's corporate credit union program 
in accordance with established policies and the corporate regulation. 
The Director's duties include directing chartering, examination and 
supervision programs to promote and assure safety and soundness; 
managing NCUA's corporate resources to meet program objectives in the 
most economical and practical manner, and maintaining good public 
relations with public, private and governmental organizations, 
corporate credit union officials, credit union organizations, and other 
groups which have an interest in corporate credit union matters.
* * * * *
[FR Doc. 94-22748 Filed 9-13-94; 8:45 am]
BILLING CODE 7535-01-M