[Federal Register Volume 75, Number 233 (Monday, December 6, 2010)]
[Proposed Rules]
[Pages 75648-75649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-30426]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 701, 704, and 741

RIN 3133-AD74


Corporate Credit Unions

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice of extension of comment period.

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SUMMARY: On November 18, 2010, the NCUA Board issued a proposed rule 
amending its corporate credit union rule. 75 FR 73000 (November 29, 
2010). NCUA has received a request to extend the comment period set in 
the proposed rule and has determined to extend the comment period for 
an additional 30 days.

DATES: Comments must now be received by January 28, 2011.

ADDRESSES: You may submit comments by any of the following methods 
(Please send comments by one method only):
Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
instructions for submitting comments.
NCUA Web site: http://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx.
    Follow the instructions for submitting comments.
    E-mail: Address to [email protected]. Include ``[Your name] 
Comments on ``Notice of Proposed Rulemaking for Part 704--Corporate 
Credit Unions'' in the e-mail subject line.
    Fax: (703) 518-6319. Use the subject line described above for e-
mail.

[[Page 75649]]

    Mail: Address to Mary Rupp, Secretary of the Board, National Credit 
Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-
3428. Hand Delivery/Courier: Same as mail address.
    Public Inspection: All public comments are available on the 
agency's Web site at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx as submitted, except 
as may not be possible for technical reasons. Public comments will not 
be edited to remove any identifying or contact information. Paper 
copies of comments may be inspected in NCUA's law library at 1775 Duke 
Street, Alexandria, Virginia 22314, by appointment weekdays between 9 
a.m. and 3 p.m. To make an appointment, call (703) 518-6546 or send an 
e-mail to [email protected].

FOR FURTHER INFORMATION CONTACT: Jacqueline Lussier, Staff Attorney, 
Office of General Counsel; Elizabeth Wirick, Staff Attorney, Office of 
General Counsel; and Lisa Henderson, Staff Attorney, Office of General 
Counsel, at the address above or telephone (703) 518-6540; or David 
Shetler, Deputy Director, Office of Corporate Credit Unions, at the 
address above or telephone (703) 518-6640.

SUPPLEMENTARY INFORMATION: On November 18, 2010, the NCUA Board issued 
proposed amendments to its rule governing corporate credit unions 
(corporates) contained in part 704. The amendments include internal 
control and reporting requirements for corporates similar to those 
required for banks under the Federal Deposit Insurance Act and the 
Sarbanes-Oxley Act. The amendments require each corporate to establish 
an enterprise-wide risk management committee staffed with at least one 
risk management expert. The amendments provide for the equitable 
sharing of Temporary Corporate Credit Union Stabilization Fund expenses 
among all members of corporates, including both credit union and 
noncredit union members. The amendments increase the transparency of 
decision-making by requiring corporates conduct all board of director 
votes as recorded votes and include the votes of individual directors 
in the meeting minutes. The amendments permit corporates to charge 
their members reasonable one-time or periodic membership fees as 
necessary to facilitate retained earnings growth. For senior corporate 
executives who are dual employees of corporate credit union service 
organizations (CUSOs), the amendments require disclosure of certain 
compensation received from the corporate CUSO. In addition, this 
proposal would amend parts 701 and 741 to limit natural person credit 
unions to membership in one corporate credit union at any particular 
time and provide that a natural person credit union may not make any 
investment in a corporate credit union of which the natural person 
credit union is not also a member. 75 FR 73000 (November 29, 2010).
    NCUA requested comments on its proposal and set a 30-day comment 
period, originally scheduled to end on December 29, 2010. NCUA has 
received a request to extend the comment period. The NCUA Board 
believes a 30-day extension will facilitate the submission of comments 
without causing undue delay to the rulemaking process. Accordingly, the 
comment period is extended and comments must now be received by January 
28, 2011.

    By the National Credit Union Administration Board on November 
29, 2010.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 2010-30426 Filed 12-3-10; 8:45 am]
BILLING CODE 7535-01-P