[Federal Register Volume 64, Number 67 (Thursday, April 8, 1999)]
[Rules and Regulations]
[Pages 17085-17086]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8355]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 790


Description of NCUA; Requests for Agency Action

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

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SUMMARY: Due to parallel changes to the descriptions of the Central 
Liquidity Facility's (CLF) Bylaws, NCUA Regulations must be changed to 
mirror the new descriptions. The position of Vice President to the CLF 
has been added and the duties of both the President and Vice President 
positions have been changed in the regulation.

DATES: Effective May 10, 1999.

FOR FURTHER INFORMATION CONTACT: Herbert S. Yolles, President, National 
Credit Union Central Liquidity Facility, 1775 Duke Street, Alexandria, 
VA 22314-3428. Telephone Number (703) 518-6360.

SUPPLEMENTARY INFORMATION: Pub. L. 96-630, Title XVIII, 12 U.S.C. 1795 
et. seq., enacted in 1979, created the National Credit Union Central 
Liquidity Facility (CLF). Its purpose is to improve general financial 
stability by meeting the liquidity needs of credit unions and thereby 
encourage savings, support consumer and mortgage lending, and provide 
basic financial resources to all segments of the economy.
    On February 16, 1994, to improve costs and efficiency of CLF 
operations, the NCUA Board approved the transfer of the CLF to the 
Office of Examination and Insurance, Division of Risk Management. 
Staffing was reduced to one full time employee, with the Director of 
the Division of Risk Management appointed by the NCUA Board to also 
serve as CLF President.
    Due to approaching changes in the credit union environment, in 
December of 1998 the NCUA Board approved additional staffing changes to 
the CLF. The Office of Vice President was reinstated and a new staff 
position of part-time analyst was added. This new analyst position 
gives the CLF additional analytical depth and increased capacity to 
cover unexpected emergency developments and potential high-volume 
usage.
    The Board is now amending its regulation which describes the

[[Page 17086]]

management staff of the CLF. The reference to the Director of the 
Office of Risk Management is deleted. The paragraph is corrected to 
read that the NCUA Board appoints the CLF President and CLF Vice 
President.

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. The changes made 
by this rule 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 Act Analysis is not 
required.

Paperwork Reduction Act

    The final rule has no information collection requirements; 
therefore, no Paperwork Reduction Act analysis is required.

Executive Order 12612

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

List of Subjects in 12 CFR Part 790

    Credit unions.

    By the National Credit Union Administration Board on March 30, 
1999.
Becky Baker,
Secretary of the Board.

    Accordingly, for the reasons set forth in the preamble, NCUA amends 
12 CFR part 790 as set forth below:

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

    1. 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.

    2. Amend Sec. 790.2 by revising paragraph (b)6)(ii) to read as 
follows:


Sec. 790.2  Central and regional office organization.

* * * * *
    (b) * * *
    (6) * * *
    (ii) NCUA Central Liquidity Facility (CLF). The CLF was created to 
improve general financial stability by providing funds to meet the 
liquidity needs of credit unions. It is a mixed-ownership government 
corporation under the Government Corporation Control Act (31 U.S.C. 
9101 et seq.). The CLF is managed by the President, 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 of Directors. The NCUA Board shall appoint 
the CLF President and Vice President.

[FR Doc. 99-8355 Filed 4-7-99; 8:45 am]
BILLING CODE 7535-01-P