[Federal Register Volume 61, Number 170 (Friday, August 30, 1996)]
[Rules and Regulations]
[Pages 45875-45876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22169]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 705, 747 and 790


Changes in Office Description and References

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

ACTION: Final rule.

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SUMMARY: Last year, the NCUA Board established the Office of Chief 
Financial Officer, transferring to it the functions of the Office of 
the Controller and some of the responsibilities of the Office of 
Examination and Insurance. The description of and references to the 
Office of the Controller are deleted, and a description of and 
references to the Office of Chief Financial Officer are added. The 
description of the Office of Examination and Insurance is updated to 
reflect redistribution of duties. Two references in other parts of the 
Regulations are also updated. These changes update the Regulations to 
reflect the current structure and responsibilities of various agency 
offices and make technical corrections to references within the 
regulations.

EFFECTIVE DATE: August 30, 1996.

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

FOR FURTHER INFORMATION CONTACT: Hattie Ulan, Special Counsel to the 
General Counsel, at the above address or 703-518-6540.

SUPPLEMENTARY INFORMATION: Part 790 of the NCUA Regulations sets forth 
NCUA organization, including descriptions of duties of all agency 
components. On July 25, 1995, the NCUA Board established the Office of 
Chief Financial Officer, transferring to it the functions of the Office 
of the Controller and some of responsibilities of the Office of 
Examination of Insurance. This document deletes the description of the 
Office of the Controller, and replaces it with a new description of the 
Office of Chief Financial Officer. It also makes changes to the 
description of the Office of Examination and Insurance to reflect 
current duties. Two additional technical changes are made. First, in 
Section 705.3, the reference to Sec. 701.32(d)(1) is changed to 
Sec. 701.34(a)(1) to reflect a recent change to Part 701. Second, the 
reference to 12 CFR part 4 in Sec. 747.25(b) is corrected to read 12 
CFR Sec. 792.5(b). Section 747.25 was recently amended with the 
incorrect reference.

Regulatory Procedures

Regulatory Flexibility Act

    The Regulatory Flexibility Act requires the NCUA to prepare an 
analysis to describe any significant economic impact a 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

    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 705, 747 and 790

    Credit unions.

    By the National Credit Union Administration on August 8, 1996.
Becky Baker,
Secretary of the Board.
    Accordingly, for the reasons set out in the preamble, 12 CFR Ch. 
VII is amended as set forth below.

PART 705--COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT 
UNIONS

    1. The authority citation for part 705 continues to read as 
follows:

    Authority: Pub. L. 97-35, 42 U.S.C. 9822; Pub. L. 99-609, note 
to 42 U.S.C. 9822; Pub. L. 101-144, 12 U.S.C. 1766(k).

    2. Section 705.3 is amended by revising the reference 
``Sec. 701.32(d)(1)'' to ``Sec. 701.34(a)(1)'' in paragraph (b).

[[Page 45876]]

PART 747--ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF 
PRACTICE AND PROCEDURE, AND INVESTIGATIONS

    3. The authority citation for part 747 continues to read as 
follows:

    Authority: 12 U.S.C. 1766, 12 U.S.C. 1786, 12 U.S.C. 1784, 12 
U.S.C. 1787.

    4. Section 747.25 is amended by revising the reference ``12 CFR 
part 4'' to ``12 CFR 792.5(b)'' in the fifth sentence of paragraph (b).

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

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

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

    6. Section 790.2 is amended by revising paragraph (b)(5); revising 
the first sentence of paragraph (b)(6)(i); replacing the last three 
sentences of paragraph (b)(6)(ii) with four new sentences; and 
replacing ``Controller'' with ``Chief Financial Officer'' in paragraph 
(b)(7) to read as follows: 


Sec. 790.2   Central and regional office organization.

* * * * *
    (b) * * *
    (5) Office of Chief Financial Officer. NCUA's chief financial 
officer is in charge of budgetary, accounting and financial matters for 
the NCUA, including responsibility for submitting annual budget and 
staffing requests for approval by the Board and, as required, by the 
Office of Management and Budget; for managing NCUA's budgetary 
resources; for managing the operations of the National Credit Union 
Share Insurance Fund (NCUSIF) to include accounting, financial 
reporting and the collection and payment of capitalization deposits, 
insurance premiums and insurance dividends; for collecting annual 
operating fees from federal credit unions, for maintaining NCUA's 
accounting system and accounting records; for processing payroll, 
travel, and accounts payable disbursements; and for preparing internal 
and external financial reports.
    (6) Office of Examination and Insurance. (i) The Director of the 
Office of Examination and Insurance: Formulates standards and 
procedures for examination and supervision of the community of 
federally insured credit unions, and reports to the Board on the 
performance of the examination program; manages the risk to the NCUSIF, 
to include overseeing the NCUSIF Investment Committee, monitoring the 
adequacy of NCUSIF reserves, analyzing the reasons for NCUSIF losses, 
formulating policies and procedures regarding the supervision of 
financially troubled credit unions, and evaluating certain requests for 
special assistance pursuant to Section 208 of the Federal Credit Union 
Act and for certain proposed administrative actions regarding 
federally-insured credit unions; serves as the Board expert on 
accounting principles and standards and on auditing standards; 
represents NCUA at meetings with the American Institute of Certified 
Public Accountants (AICPA), Federal Financial Institutions Examination 
Council (FFIEC) and General Accounting Office (GAO); and collects data 
and provides statistical reports. * * *
    (ii) * * * The CLF is managed by the President of the CLF, under 
the general supervision of the NCUA Board which serves as the CLF Board 
of Directors. The Chairman of the NCUA Board serves as the Chairman of 
the CLF Board of Directors. The Secretary of the NCUA Board serves as 
the Secretary of the CLF Board. The Director of the Division of Risk 
Management, Office of Examination and Insurance, serves as the 
President of the CLF.
* * * * *
[FR Doc. 96-22169 Filed 8-29-96; 8:45 am]
BILLING CODE 7535-01-U