[Federal Register Volume 76, Number 247 (Friday, December 23, 2011)]
[Rules and Regulations]
[Pages 80226-80227]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-32886]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 701


Technical Amendments

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

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SUMMARY: NCUA is amending the section of its regulations addressing the 
low-income designation to make minor, nonsubstantive technical 
corrections. The technical amendments update the regulation to reflect 
current agency practice and will not cause any substantive changes.

DATES: This rule is effective December 23, 2011.

FOR FURTHER INFORMATION CONTACT: Pamela Yu, Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, Virginia 22314-3428 or telephone: (703) 518-6540.

SUPPLEMENTARY INFORMATION:

I. Background
II. Regulatory Changes
III. Regulatory Procedures

I. Background 1
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    \1\ President Obama signed the Plain Writing Act of 2010 (Pub. 
L. 111-274) into law on October 13, 2010 ``to improve the 
effectiveness and accountability of federal agencies to the public 
by promoting clear Government communication that the public can 
understand and use.'' This preamble is written to meet plain writing 
objectives.
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A. Why is NCUA adopting this rule?

    NCUA continually reviews its regulations to ``update, clarify and 
simplify existing regulations and eliminate redundant and unnecessary 
provisions.'' NCUA Interpretive Ruling and Policy Statement (IRPS) 87-
2, as amended by IRPS 03-2, Developing and Reviewing Government 
Regulations. Recently, NCUA internally reviewed its regulations and 
determined minor revisions to section 701.34 are necessary to reflect 
current agency practice.

[[Page 80227]]

B. What changes does the final rule make?

    The final rule amends section 701.34 of NCUA's regulations to make 
minor technical corrections. The corrections are necessary to update 
and conform the regulation to current agency practice. Specifically, 
the NCUA Board has delegated its authority for designations of low-
income status to the Office of Consumer Protection. This authority 
previously sat with the regional directors. The final rule amends 
section 701.34 to remove references to ``regional directors,'' and to 
replace those references with ``NCUA''.

II. Regulatory Changes

    This rule provides minor technical corrections and will not cause 
any substantive changes.

III. Regulatory Procedures

Final Rule Under the Administrative Procedure Act

    NCUA is issuing this rulemaking as a final rule, effective upon 
publication. Generally, the Administrative Procedure Act (APA) requires 
a rulemaking to be published as a notice of proposed rulemaking with 
the opportunity for public comment, unless the agency for good cause 
finds that notice and public comment are impracticable, unnecessary, or 
contrary to the public interest. 5 U.S.C. 553. NCUA believes good cause 
exists for issuing these amendments without notice and public comment. 
The amendments in this rule are not substantive but merely technical in 
that they make minor corrections to update the regulations and conform 
them to current agency practice.
    Additionally, the APA requires that a final rule must have a 
delayed effective date of 30 days from the date of publication, except 
for good cause. 5 U.S.C. 553(d). NCUA also finds good cause to waive 
the customary 30-day delayed effective date requirement under the APA. 
5 U.S.C. 553(d)(3). Again the technical change conforms the rule to 
current agency practice. The rule will, therefore, be effective 
immediately upon publication.

 Regulatory Flexibility Act

    The Regulatory Flexibility Act requires NCUA to prepare an analysis 
to describe any significant economic impact a rule may have on a 
substantial number of small entities (primarily those credit unions 
under ten million dollars in assets). This rule does not impose any 
regulatory burden. It merely makes non-substantive technical changes to 
section 701.34 of NCUA's regulations. This rule will not have a 
significant economic impact on a substantial number of small credit 
unions. Therefore, a regulatory flexibility analysis is not required.

Paperwork Reduction Act

    NCUA has determined that this rule will not increase paperwork 
requirements under the Paperwork Reduction Act of 1995 and regulations 
of the Office of Management and Budget.

Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their actions on state and local interests. In 
adherence to fundamental federalism principles, NCUA, an independent 
regulatory agency as defined in 44 U.S.C. 3502(5), voluntarily complies 
with the executive order. This rule will not have substantial direct 
effects on the states, on the relationship between the national 
government and the states, or on the distribution of power and 
responsibilities among the various levels of government. NCUA has 
determined that this rule does not constitute a policy that has 
federalism implications for purposes of the executive order.

The Treasury and General Government Appropriations Act, 1999--
Assessment of Federal Regulations and Policies on Families

    NCUA has determined that this rule will not affect family well-
being within the meaning of section 654 of the Treasury and General 
Government Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 
(1998).

Small Business Regulatory Enforcement Fairness Act

    The Small Business Regulatory Enforcement Fairness Act of 1996 
(Pub. L. 104-121) (SBREFA) provides generally for congressional review 
of agency rules. A reporting requirement is triggered in instances 
where NCUA issues a final rule as defined by Section 551 of the APA. 5 
U.S.C. 551. Based on similar technical changes to the NCUA regulations, 
we believe the Office of Management and Budget will determine that this 
rule is not a major rule for purposes of SBREFA. As required by SBREFA, 
NCUA will file the appropriate reports with Congress and the General 
Accounting Office so this rule may be reviewed.

List of Subjects in 12 CFR Part 701

    Advertising, Aged, Civil rights, Credit, Credit unions, Fair 
housing, Individuals with disabilities, Insurance, Marital status 
discrimination, Mortgages, Religious discrimination, Reporting and 
recordkeeping requirements, Sex discrimination, Signs and symbols, 
Surety bonds.

    By the National Credit Union Administration Board on December 8, 
2011.
Mary Rupp,
Secretary of the Board.

    For the reasons discussed above, NCUA amends 12 CFR part 701 of 
title 12, chapter VII, of the Code of Federal Regulations as follows:

PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

0
1. The authority citation for part 701 continues to read as follows:

    Authority: 12 U.S.C. 1752(5), 1755, 1756, 1757, 1758, 1759, 
1761A, 1761B, 1766, 1767, 1782, 1784, 1786, 1787, 1789, Section 
701.6 is also authorized by 15 U.S.C. 1601, et seq.; 42 U.S.C. 1981 
and 3601-3610, Section 701.35 is also authorized by 42 U.S.C. 4311-
4312.


Sec.  701.34  [Amended]

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2. Section 701.34 is amended by:
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a. Removing the words ``the regional director'' wherever they appear 
and adding in their place the word ``NCUA''.
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b. Removing the words ``a regional director'' or ``A regional 
director'' wherever they appear and adding in their place the word 
``NCUA''.
0
c. Removing the words ``the appropriate Regional Director'' wherever 
they appear and adding in their place the word ``NCUA''.
0
d. Removing the words ``the appropriate regional director'' wherever 
they appear and adding in their place the word ``NCUA''.
0
e. Removing the words ``the appropriate regional director's'' wherever 
they appear and adding in their place the word ``NCUA's''.
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f. Removing the words ``the appropriate NCUA Regional Director'' 
wherever they appear and adding in their place the word ``NCUA''.

[FR Doc. 2011-32886 Filed 12-22-11; 8:45 am]
BILLING CODE 7535-01-P