[Federal Register Volume 79, Number 107 (Wednesday, June 4, 2014)]
[Proposed Rules]
[Pages 32191-32195]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12739]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Chapter VII


Regulatory Publication and Review Under the Economic Growth and 
Regulatory Paperwork Reduction Act of 1996

AGENCY: National Credit Union Administration.

ACTION: Notice of regulatory review; request for comments.

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SUMMARY: The NCUA Board (Board) is beginning its second, comprehensive 
review of its regulations to identify outdated, unnecessary, or 
burdensome regulatory requirements imposed on federally insured credit 
unions, as contemplated by section 2222 of the Economic Growth and 
Regulatory Paperwork Reduction Act of 1996 (EGRPRA). In accordance with 
EGRPRA, the Board has categorized its regulations for the purpose of 
the review and proposes to publish categories of regulations for public 
comment at regular intervals over the next two years. The categories, 
and the regulations that the Board considers to be part of those 
categories, are detailed below. This review presents a significant 
opportunity to consider the possibilities for burden reduction in 
groups of similar regulations. The Board welcomes comment on the 
categories, the order of review, and all other aspects of this 
initiative in order to maximize the review's effectiveness. In 2003, 
the Board commenced an initial review of all its regulations pursuant 
to EGRPRA, a process that ended in 2006. Today, the Board initiates its 
second EGRPRA review by issuing the first in a series of four requests 
for public comment, comprising two of the categories--``Applications 
and Reporting'' and ``Powers and Activities.'' We will address the 
remaining eight categories in the next three requests for comment.

DATES: Comment must be received on or before September 2, 2014.

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/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html. Follow the 
instructions for submitting comments.
     Email: Address to [email protected]. Include ``[Your 
name] Comments on Regulatory Review pursuant to EGRPRA'' in the email 
subject line.
     Fax: (703) 518-6319. Use the subject line described above 
for email.
     Mail: Address to Gerard Poliquin, 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/Legal/Regs/Pages/PropRegs.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 9:00 a.m. and 3:00 p.m. To make an appointment, call 
(703) 518-6546 or send an email to [email protected].

FOR FURTHER INFORMATION CONTACT: Ross P. Kendall, Special Counsel to 
the General Counsel, at the above address, or telephone: (703) 518-
6562.

SUPPLEMENTARY INFORMATION: 

I. Introduction

    Congress enacted EGRPRA \1\ as part of an effort to minimize 
unnecessary government regulation of financial institutions consistent 
with safety and soundness, consumer protection, and other public policy 
goals. Under EGRPRA, the appropriate federal banking agencies (Office 
of the Comptroller of the Currency, Board of Governors of the Federal 
Reserve System, and Federal Deposit Insurance Corporation; herein 
Agencies \2\) and the Federal Financial Institutions Examination 
Council (FFIEC) must review their regulations to identify outdated, 
unnecessary, or unduly burdensome requirements imposed on insured 
depository institutions. The Agencies are required, jointly or 
individually, to categorize regulations by type, such as ``consumer 
regulations'' or ``safety and soundness'' regulations. Once the 
categories have been established, the Agencies must provide notice and 
ask for public comment on one or more of these regulatory categories.
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    \1\ Public Law 104-208, Div. A, Title II, section 2222, 110 
Stat. 3009 (1996); codified at 12 U.S.C. 3311.
    \2\ The Office of Thrift Supervision was still in existence at 
the time EGRPRA was enacted and was included in the listing of 
Agencies. Since that time, the OTS has been eliminated and its 
responsibilities have passed to the Agencies and the Consumer 
Financial Protection Bureau.
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    NCUA is not technically required to participate in the EGRPRA 
review process, since NCUA is not an ``appropriate Federal banking 
agency'' as specified in EGRPRA. In keeping with the spirit of the law, 
however, the Board has once again elected to participate in the review 
process. Thus, NCUA has participated along with the Agencies in the 
planning process, but has developed its own regulatory categories that 
are comparable with those developed by the Agencies. Because of the 
unique circumstances of federally insured credit unions and their 
members, the Board is issuing a separate notice from the Agencies. 
NCUA's notice is consistent and comparable with the Agencies' notice, 
except on issues that are unique to credit unions.
    In accordance with the objectives of EGRPRA, the Board asks the 
public to identify areas of its regulations that are outdated, 
unnecessary, or unduly burdensome. In addition to this initial notice, 
the Board will issue three more notices for comment over the course of 
the next two years, at regular intervals. The EGRPRA review supplements 
and complements the reviews of regulations that NCUA conducts under 
other laws and its internal policies.\3\
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    \3\ Interpretive Ruling and Policy Statement (IRPS) 87-2, 52 FR 
35231 (Sept. 8, 1987) as amended by IRPS 03-2, 68 FR 32127 (May 29, 
2003.) (Reflecting NCUA's commitment to ``periodically update, 
clarify and simplify existing regulations and eliminate redundant 
and unnecessary provisions.'')
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    In addition to the elimination of the Office of Thrift Supervision, 
another significant development since the first EGRPRA review is the 
creation of the Consumer Financial Protection Bureau (CFPB). Created 
with the enactment of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010,\4\ the CFPB has assumed responsibility for the 
administration of several consumer protection regulations that had 
previously been the responsibility of the Agencies and/or NCUA, such as 
Regulation Z and rules governing consumer privacy. Because the CFPB is

[[Page 32192]]

not covered by EGRPRA or required to participate in this regulatory 
review process, the Agencies and NCUA have excluded certain consumer 
protection regulations from the scope of the current review.\5\ In the 
case of rules implementing specific aspects of the Fair Credit 
Reporting Act, the Truth in Savings Act, rules pertaining to fair 
lending in the housing area, and flood insurance, NCUA has retained 
rule-writing authority, and these rules have been retained for purposes 
of the EGRPRA review. Regulations that were included in the initial 
review under this category pertaining to share insurance and 
advertising also remain the province of NCUA and are included as well.
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    \4\ Public Law 111-203, 124 Stat. 1376 (2010).
    \5\ In addition to rules that have been transferred to the CFPB, 
insured credit unions are also subject to certain other regulations 
that are not required to be reviewed under the EGRPRA process, such 
as regulations issued by the Department of the Treasury's Financial 
Crimes Enforcement Network. Any comment received during the EGRPRA 
process that pertains to such a rule will be forwarded to the 
appropriate agency.
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    EGRPRA contemplates a two-part regulatory response. First, NCUA 
will publish in the Federal Register a summary of the comments 
received, identifying and discussing the significant issues raised. 
Second, the law directs the Agencies to ``eliminate unnecessary 
regulations to the extent that such action is appropriate.'' As was 
done during the initial EGRPRA regulatory review process, the Board 
anticipates that it will prepare its response separately from the 
Agencies, but at around the same time.
    EGRPRA further requires the FFIEC to submit a report to the 
Congress within 30 days after NCUA and the Agencies publish the comment 
summary and analysis in the Federal Register.
    This report must summarize any significant issues raised by the 
public comments and the relative merits of those issues. The report 
also must analyze whether the appropriate federal financial regulator 
involved is able to address the regulatory burdens associated with the 
issues by regulation, or whether the burdens must be addressed by 
legislation. The FFIEC report submitted to Congress following the 
initial EGRPRA review included an Agency section discussing banking 
sector issues and a separate section devoted to NCUA and credit union 
issues. It is likely that the FFIEC will follow a similar approach in 
this second EGRPRA review and report process.

II. The EGRPRA Review's Special Focus

    The regulatory review contemplated by EGRPRA provides a significant 
opportunity for the public and the Board to consider groups of related 
regulations and identify possibilities for streamlining. The EGRPRA 
review's overall focus on the totality of regulations will offer a new 
perspective in identifying opportunities to reduce regulatory burden. 
For example, the EGRPRA review may facilitate the identification of 
regulatory requirements that are no longer consistent with the way 
business is conducted and that therefore might be eliminated. Of 
course, reducing regulatory burden must be consistent with ensuring the 
continued safety and soundness of federally insured credit unions and 
appropriate consumer protections.
    EGRPRA also recognizes that burden reduction must be consistent 
with NCUA's statutory mandates, many of which currently require certain 
regulations. One of the significant aspects of the EGRPRA review 
program is the recognition that effective burden reduction in certain 
areas may require legislative change. The Board will be soliciting 
comment on, and reviewing the comments and regulations carefully for, 
the relationship among burden reduction, regulatory requirements, and 
statutory mandates. This will be a key aspect of the report to 
Congress.\6\
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    \6\ Indeed, one direct result of the initial EGRPRA review and 
ensuing report to Congress was the enactment of the Financial 
Services Regulatory Relief Act of 2006, which, among other things, 
extended from twelve to fifteen years the general maturity limit on 
loans for Federal credit unions and expanded their ability to offer 
check cashing and money transfer services to individuals within 
their field of membership. Public Law 109-351, 120 Stat. 1966 
(2006).
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    The Board views the approach of considering the relationship of 
regulatory and statutory change on regulatory burden, in concert with 
EGRPRA's provisions calling for grouping regulations by type, to 
provide the potential for particularly effective burden reduction. The 
Board believes the EGRPRA review can also significantly contribute to 
its on-going efforts to reduce regulatory burden. Since 1987, a 
formally adopted NCUA policy has required the Board to review each of 
its regulations at least once every three years with a view toward 
eliminating, simplifying, or otherwise easing the burden of each 
regulation.\7\ Further, the Board addresses the issue of regulatory 
burden every time it proposes and adopts a rule. Under the Paperwork 
Reduction Act of 1995,\8\ the Regulatory Flexibility Act,\9\ and 
internal agency policies, NCUA examines each rulemaking to minimize the 
burdens it might impose on the industry and considers various 
alternatives.
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    \7\ IRPS 87-2, 52 FR 35231 (Sept. 8, 1987) as amended by IRPS 
03-2, 68 FR 32127 (May 29, 2003).
    \8\ 44 U.S.C. 3501 et seq.
    \9\ 5 U.S.C. 601 et seq.
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    The Board is particularly sensitive to the impact of agency rules 
on small institutions. In 2013, the Board formally increased the 
threshold for meeting the ``small'' classification to having assets of 
$50 million or less. The Board is cognizant that each new or amended 
regulation has the potential for requiring significant expenditures of 
time, effort, and money to achieve compliance, and also that this 
burden can be particularly difficult for institutions of smaller asset 
size, with fewer resources available.

III. The Board's Proposed Plan

    EGRPRA contemplates the categorization of regulations by ``type.'' 
During the initial EGRPRA review, the Board developed and published for 
comment ten categories for NCUA's rules, including some that had been 
issued jointly with the Agencies. The Board believes these initial 
categories worked well for the purpose of presenting a framework for 
the review and so is proposing to keep and use the same categories in 
this second review.\10\ The categories, in alphabetical order, are: 
Agency Programs; Applications and Reporting; Capital; Consumer 
Protection; Corporate Credit Unions; Directors, Officers and Employees; 
Money Laundering; Powers and Activities; Rules of Procedure; and Safety 
and Soundness. As noted above, some of the rules in the consumer 
protection category are now under CFPB's jurisdiction and 
administration, and those affected rules have been eliminated. Any 
rules adopted for the first time since 2006 have been included in the 
appropriate category.\11\
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    \10\ Consistent with EGRPRA's focus on reducing burden on 
insured credit unions, the Board has not included internal, 
organizational or operational regulations in this review. These 
regulations impose minimal, if any, burden on insured credit unions.
    \11\ Commenters should note, in this respect, that for new 
regulations that have only recently gone into effect, some passage 
of time may be necessary before the burden associated with the 
regulatory requirements can be fully and properly understood.
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    As the Board noted during the initial EGRPRA review, although there 
are other possible ways of categorizing its rules, these ten categories 
``are logical groupings that are not so broad such that the number of 
regulations presented in any one category would overwhelm potential 
commenters. The categories also reflect recognized areas of industry 
interest and specialization or are particularly critical to the health 
of the credit union system.'' As was also noted during the initial 
review, some regulations, such as lending, pertain to

[[Page 32193]]

more than one category and are included in all applicable categories.
    As with the initial EGRPRA review, the Board remains convinced that 
publishing its rules for public comment separately from the Agencies is 
the most effective method for achieving EGRPRA's burden reduction goals 
for federally insured credit unions. Owing to differences in the credit 
union system as compared to the banking system, there is not a direct, 
category by category, correlation between NCUA's rules and those of the 
Agencies. For example, credit unions deal with issues such as 
membership, credit union service organizations, and corporate credit 
unions, all of which are unique to credit union operations. Similarly, 
certain categories identified by the Agencies during the initial review 
process have limited or no applicability in the credit union sector, 
such as community reinvestment, international operations, and 
securities. The categories developed by the Board and the Agencies 
reflect these differences. The Board intends to maintain comparability 
with the Agencies' notices to the extent there is overlap or similarity 
in the issues and the categories.
    As with the initial review process, with this first notice the 
Board is publishing two categories of rules for comment on burden 
reduction. The Board anticipates publishing the remaining eight 
categories for similar comment periods at regular intervals over the 
next two years. The Board welcomes recommendations on grouping the 
remaining categories and the order in which to publish them.
    After the conclusion of the comment period for each EGRPRA notice 
published in the Federal Register, the Board will review the comments 
it has received and decide whether further action is appropriate with 
respect to the categories of regulations included in that notice.
    The Board has prepared two charts to assist public understanding of 
the organization of its review. The first chart, set forth at Section 
V.A. below, presents the two categories of regulations on which NCUA is 
requesting burden reduction recommendations in this notice. The two 
categories are shown in the left column. In the middle column are the 
subject matters that fall within the categories and in the far right 
column are the regulatory citations. The second chart, set forth at 
Section V.B. below, presents the remaining eight categories in 
alphabetical order in a similar format.

IV. Request for Burden Reduction Recommendations About the First Two 
Categories of Regulations: ``Applications and Reporting'' and ``Powers 
and Activities''

    The Board seeks public comment on regulations within the first two 
categories--``Applications and Reporting'' and ``Powers and 
Activities''--that may impose outdated, unnecessary, or unduly 
burdensome regulatory requirements on federally insured credit unions. 
Comments that cite particular provisions or language, and provide 
reasons why such provisions should be changed, would be most helpful to 
NCUA's review efforts. Suggested alternative provisions or language, 
where appropriate, would also be helpful. If the implementation of a 
comment would require modifying a statute that underlies the 
regulation, the comment should, if possible, identify the needed 
statutory change.
    Specific issues for commenters to consider. While all comments 
related to any aspect of the EGRPRA review are welcome, the Board 
reiterates the posture adopted during the initial review process and 
specifically invites comment on the following issues:
     Need and purpose of the regulations. Do the regulations in 
these categories fulfill current needs? Has industry or other 
circumstances changed since a regulation was written such that the 
regulation is no longer necessary? Have there been shifts within the 
industry or consumer actions that suggest a re-focus of the underlying 
regulations? Do any of the regulations in these categories impose 
burdens not required by their authorizing statutes?
     Need for statutory change. Do the statutes impose 
unnecessary requirements? Are any of the statutory requirements 
underlying these categories redundant, conflicting or otherwise unduly 
burdensome?
     Overarching approaches/flexibility of the regulatory 
standards. Generally, is there a different approach to regulating that 
the Board could use that would achieve statutory goals while imposing 
less burden? Do any of the regulations in these categories or the 
statutes underlying them impose unnecessarily inflexible requirements?
     Effect of the regulations on competition. Do any of the 
regulations in these categories or the statutes underlying them create 
competitive disadvantages for credit unions compared to another part of 
the financial services industry?
     Reporting, recordkeeping and disclosure requirements. Do 
any of the regulations in these categories or the statutes underlying 
them impose particularly burdensome reporting, recordkeeping or 
disclosure requirements? Are any of these requirements similar enough 
in purpose and use so that they could be consolidated? What, if any, of 
these requirements could be fulfilled electronically to reduce their 
burden?
     Consistency and redundancy. Do any of the regulations in 
these categories impose inconsistent or redundant regulatory 
requirements that are not warranted by the circumstances?
     Clarity. Are the regulations in these categories and the 
underlying statutes drafted in clear and easily understood language? 
Are there specific regulations or underlying statutes that need 
clarification?
     Scope of rules. Is the scope of each rule in these 
categories consistent with the intent of the underlying statute(s)? 
Could we amend the scope of a rule to clarify its applicability or to 
reduce the burden, while remaining faithful to statutory intent? If so, 
specify which regulation(s) should be clarified.
     Burden on small insured institutions. The Board has a 
particular interest in minimizing burden on small insured credit unions 
(those with less than $50 million in assets). NCUA solicits comment on 
whether any regulations within these categories should be continued 
without change, amended or rescinded in order to minimize any 
significant economic impact the regulations may have on a substantial 
number of small federally insured credit unions.

                                 V. A. Regulations About Which Burden Reduction Recommendations Are Requested Currently
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                          Category                                       Subject                                    Regulation cite
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1. Applications and Reporting..............................  Change in official or senior     12 CFR 701.14.
                                                              executive officer in credit
                                                              unions that are newly
                                                              chartered or in troubled
                                                              condition.
                                                             Field of membership/chartering.  12 CFR 701.1; IRPS 03-1, as amended.
                                                             Federal Credit Union Bylaws....  12 CFR 701.2; Appendix A to Part 701.

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                                                             Fees paid by federal credit      12 CFR 701.6.
                                                              unions.
                                                             Conversion of insured credit     12 CFR 708a.
                                                              unions to mutual savings banks.
                                                             Mergers of federally insured     12 CFR 708b.
                                                              credit unions; voluntary
                                                              termination or conversion of
                                                              insured status.
                                                             Applications for insurance.....  12 CFR 741.0; 741.3; 741.4.
                                                             Financial, statistical and       12 CFR 741.6.
                                                              other reports.
                                                             Conversion to a state-chartered  12 CFR 741.7.
                                                              credit union.
                                                             Purchase of assets and           12 CFR 741.8.
                                                              assumption of liabilities.
2. Powers and Activities:
    a. Lending, Leasing and Borrowing......................  Loans to members and lines of    12 CFR 701.21.
                                                              credit to members.
                                                             Participation loans............  12 CFR 701.22.
                                                             Borrowed funds from natural      12 CFR 701.38.
                                                              persons.
                                                             Statutory lien.................  12 CFR 701.39.
                                                             Leasing........................  12 CFR 714.
                                                             Member business loans..........  12 CFR 723.
                                                             Maximum borrowing..............  12 CFR 741.2.
    b. Investment and Deposits.............................  Investment and deposit           12 CFR 703.
                                                              activities.
                                                             Fixed assets...................  12 CFR 701.36.
                                                             Credit union service             12 CFR 712.
                                                              organizations (CUSOs).
                                                             Payment on shares by public      12 CFR 701.32.
                                                              units and nonmembers.
                                                             Designation of low-income        12 CFR 701.34.
                                                              status; receipt of secondary
                                                              capital accounts by low-income
                                                              designated credit unions.
                                                             Share, share draft, and share    12 CFR 701.35.
                                                              certificate accounts.
                                                             Treasury tax and loan            12 CFR 701.37.
                                                              depositories; depositories and
                                                              financial agents of the
                                                              government.
                                                             Refund of interest.............  12 CFR 701.24.
                                                             Trustee or custodian, tax-       12 CFR 724.
                                                              advantaged plans.
    c. Miscellaneous Activities............................  Incidental powers..............  12 CFR 721.
                                                             Charitable contributions and     12 CFR 721.3(b).
                                                              donations, including
                                                              charitable donation accounts.
                                                             Credit union service contracts.  12 CFR 701.26.
                                                             Purchase, sale, and pledge of    12 CFR 701.23.
                                                              eligible obligations.
                                                             Services for nonmembers within   12 CFR 701.30.
                                                              the field of membership.
                                                             Suretyship and guaranty........  12 CFR 701.20.
                                                             Foreign branching..............  12 CFR 741.11.
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                                        V. B. Categories and Regulations About Which NCUA Will Seek Comment Later
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                          Category                                       Subject                                    Regulation cite
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3. Agency Programs.........................................  Community Development Revolving  12 CFR 705.
                                                              Loan Program.
                                                             Central liquidity facility.....  12 CFR 725.
                                                             Designation of low-income        12 CFR 701.34.
                                                              status; receipt of secondary
                                                              capital accounts by low-income
                                                              designated credit unions.
4. Capital.................................................  Prompt corrective action.......  12 CFR 702.
                                                             Adequacy of reserves...........  12 CFR 741.3(a).
5. Consumer Protection.....................................  Nondiscrimination requirement    12 CFR 701.31.
                                                              (Fair Housing).
                                                             Truth in Savings (TIS).........  12 CFR 707.
                                                             Loans in areas having special    12 CFR 760.
                                                              flood hazards.
                                                             Fair Credit Reporting--identity  12 CFR 717, Subpart J.
                                                              theft red flags.
                                                             Fair Credit Reporting--disposal  12 CFR 717.83.
                                                              of consumer information.
                                                             Fair Credit Reporting--duties    12 CFR 717.82.
                                                              regarding address
                                                              discrepancies.
                                                             Share insurance................  12 CFR 745.
                                                             Advertising....................  12 CFR 740.
                                                             Disclosure of share insurance..  12 CFR 741.10.
                                                             Notice of termination of excess  12 CFR 741.5.
                                                              insurance coverage.
                                                             Uninsured membership shares....  12 CFR 741.9.
                                                             Member inspection of credit      12 CFR 701.3.
                                                              union books, records, and
                                                              minutes.
6. Corporate Credit Unions.................................  Corporate credit unions........  12 CFR 704.
7. Directors, Officers, and Employees......................  Loans and lines of credit to     12 CFR 701.21(d).
                                                              officials.
                                                             Reimbursement, insurance, and    12 CFR 701.33.
                                                              indemnification of officials
                                                              and employees.
                                                             Retirement benefits for          12 CFR 701.19.
                                                              employees.
                                                             Management officials interlock.  12 CFR 711.
                                                             Fidelity bond and insurance      12 CFR 713.
                                                              coverage.
                                                             General authorities and duties   12 CFR 701.4.
                                                              of federal credit union
                                                              directors.
                                                             Golden parachutes and            12 CFR 750.
                                                              indemnification payments.

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8. Money Laundering........................................  Report of crimes or suspected    12 CFR 748.1.
                                                              crimes.
                                                             Bank Secrecy Act...............  12 CFR 748.2.
9. Rules of Procedure......................................  Liquidation (involuntary and     12 CFR 709 and 710.
                                                              voluntary).
                                                             Uniform rules of practice and    12 CFR 747, subpart A.
                                                              procedure.
                                                             Local rules of practice and      12 CFR 747, subpart B.
                                                              procedure.
10. Safety and Soundness...................................  Lending........................  12 CFR 701.21.
                                                             Investments....................  12 CFR 703.
                                                             Supervisory committee audit....  12 CFR 715.
                                                             Security programs..............  12 CFR 748.0.
                                                             Guidelines for safeguarding      12 CFR 748, Appendices A and B.
                                                              member information and
                                                              responding to unauthorized
                                                              access to member information.
                                                             Records preservation program     12 CFR 749.
                                                              and record retention appendix.
                                                             Appraisals.....................  12 CFR 722.
                                                             Examination....................  12 CFR 741.1.
                                                             Liquidity and contingency        12 CFR 741.12.
                                                              funding plans.
                                                             Regulations codified elsewhere   12 CFR 741, subpart B.
                                                              in NCUA's regulations as
                                                              applying to federal credit
                                                              unions that also apply to
                                                              federally insured state-
                                                              chartered credit unions.
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    By the National Credit Union Administration Board on May 22, 
2014.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014-12739 Filed 6-3-14; 8:45 am]
BILLING CODE 7535-01-P