[Federal Register Volume 81, Number 28 (Thursday, February 11, 2016)]
[Rules and Regulations]
[Page 7198]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02740]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 702

RIN 3133-AE44


Capital Planning and Stress Testing--Schedule Shift

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule; correcting amendment.

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SUMMARY: The NCUA Board (Board) published a final rule in the Federal 
Register on August 11, 2015, regarding the capital planning and stress 
testing provisions in NCUA's regulations. This amendment corrects the 
regulations by reinstating a provision that was inadvertently removed 
by the August 2015 final rule.

DATES: This correcting amendment is effective February 11, 2016.

FOR FURTHER INFORMATION CONTACT: Marvin Shaw, Staff Attorney, Office of 
General Counsel, 1775 Duke Street, Alexandria VA 22314 or telephone 
(703) 518-6553.

SUPPLEMENTARY INFORMATION: NCUA is correcting a technical error in the 
final rule NCUA published in the Federal Register on August 11, 2015 
(80 FR 48012). This amendment corrects Sec.  702.504(a) of NCUA's 
regulations by reinstating Sec.  702.504(a)(2) which was inadvertently 
removed by the August 2015 final rule.

List of Subjects in 12 CFR Part 702

    Capital, Credit unions, Reporting and recordkeeping requirements.

    By the National Credit Union Administration Board on February 5, 
2016.
Gerard Poliquin,
Secretary of the Board.

    For the reasons discussed above, the National Credit Union 
Administration amends part 702 as follows:

PART 702--CAPITAL ADEQUACY

0
1. The authority citation for part 702 continues to read as follows:

    Authority:  12 U.S.C. 1766(a), 1790d.

0
2. In Sec.  702.504, revise paragraph (a) to read as follows:


Sec.  702.504  Capital planning.

    (a) Annual capital planning. (1) A covered credit union must 
develop and maintain a capital plan. It must submit this plan and its 
capital policy to NCUA by May 31 each year, or such later date as 
directed by NCUA. The plan must be based on the credit union's 
financial data as of December 31 of the preceding calendar year, or 
such other date as directed by NCUA. NCUA will assess whether the 
capital planning and analysis process is sufficiently robust in 
determining whether to accept a credit union's capital plan.
    (2) A covered credit union's board of directors (or a designated 
committee of the board) must at least annually, and prior to the 
submission of the capital plan under paragraph (a)(1) of this section:
    (i) Review the credit union's process for assessing capital 
adequacy;
    (ii) Ensure that any deficiencies in the credit union's process for 
assessing capital adequacy are appropriately remedied; and
    (iii) Approve the credit union's capital plan.
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[FR Doc. 2016-02740 Filed 2-10-16; 8:45 am]
 BILLING CODE 7535-01-P