[Federal Register Volume 81, Number 213 (Thursday, November 3, 2016)]
[Rules and Regulations]
[Pages 76495-76496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-26495]



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 Rules and Regulations
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  Federal Register / Vol. 81, No. 213 / Thursday, November 3, 2016 / 
Rules and Regulations  

[[Page 76495]]



NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 708a, 708b, and 790

RIN 3133-AE65


Office Name Change

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

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SUMMARY: The NCUA Board (``Board'') is issuing a final rule to rename 
its Office of Consumer Protection to provide additional clarity about 
the function and role of the office. The new name will be the Office of 
Consumer Financial Protection and Access.

DATES: This rule is effective November 3, 2016.

FOR FURTHER INFORMATION CONTACT: Gail W. Laster, Director, Office of 
Consumer Financial Protection and Access or Elizabeth Wirick, Senior 
Staff Attorney, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314 or telephone (703) 518-6540.

SUPPLEMENTARY INFORMATION:

I. Background

    In 2009, the Board established the Office of Consumer Protection 
(OCP) to ensure that NCUA applies all relevant consumer protections, 
promotes helpful tools for consumers such as financial education and 
encourages credit unions to serve all eligible consumers. In creating 
OCP, the Board recognized the need for greater focus on both providing 
consumer financial protection and increasing access to credit union 
services.
    The new name for the office will better encapsulate its scope and 
duties. Adding the word ``financial'' to the title of the office 
clarifies that its focus is on consumer financial protection, rather 
than other types of consumer protection issues. Adding the word 
``access'' to the title of the office emphasizes the office's role in 
increasing member access to responsible financial services and 
products, addressing the financial needs of the unbanked and under-
banked, and improving the financial conditions of distressed 
communities. The office's role of handling new charter applications, 
field of membership expansions and low income designation requests is 
unique among federal financial regulators and also enhances NCUA's 
consumer financial protection efforts. Providing additional clarity 
about the office's mission, namely consumer financial protection and 
access to financial services, will benefit consumers, their communities 
and credit unions.

II. Regulatory Procedures

1. Final Rule Under the Administrative Procedure Act (APA)

    Generally, the APA requires a federal agency to provide the public 
with notice and an opportunity to comment on agency rulemakings.\1\ 
This rule is exempt from the APA's notice and comment requirement 
because it addresses NCUA's organization and structure.\2\
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    \1\ 5 U.S.C. 553(b).
    \2\ Id. (b)(A).
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2. Effective Date

    The APA also generally requires publication in the Federal Register 
at least 30 days before the effective date of a rule. Agencies can 
dispense with the 30-day requirement for good cause.\3\ NCUA finds good 
cause to dispense with the 30-day effective date requirement, as this 
rule is technical rather than substantive. The rule will, therefore, be 
effective immediately upon publication.
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    \3\ Id. 553(d)(3).
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3. Small Business Regulatory Enforcement Fairness Act

    The Small Business Regulatory Enforcement Fairness Act of 1996 \4\ 
(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\ As required by 
SBREFA, NCUA has submitted this rule to the Office of Management and 
Budget for it to determine if the final rule is a ``major rule'' for 
purposes of SBREFA. NCUA does not believe the rule is major.
---------------------------------------------------------------------------

    \4\ Public Law 104-121.
    \5\ 5 U.S.C. 551.
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4. Regulatory Flexibility Act

    The Regulatory Flexibility Act requires NCUA to prepare an analysis 
of any significant economic impact a regulation may have on a 
substantial number of small entities (primarily those under $100 
million in assets).\6\ This final rule will have no economic impact on 
small credit unions as it addresses only the name of one NCUA office. 
Accordingly, NCUA certifies the rule will not have a significant 
economic impact on a substantial number of small credit unions.
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    \6\ 5 U.S.C. 603(a).
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5. Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in 
which an agency by rule creates a new paperwork burden on regulated 
entities or increases an existing burden.\7\ For purposes of the PRA, a 
paperwork burden may take the form of a reporting or recordkeeping 
requirement, both referred to as information collections. As the final 
rule is simply a name change for one of NCUA's offices, NCUA has 
determined it does not increase paperwork requirements under the PRA.
---------------------------------------------------------------------------

    \7\ 44 U.S.C. 3507(d); 5 CFR part 1320.
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6. Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their actions on state and local interests. 
NCUA, an independent regulatory agency as defined in 44 U.S.C. 3502(5), 
voluntarily complies with the executive order to adhere to fundamental 
federalism principles. The final rule does 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 
therefore determined that this final rule does not constitute a policy 
that has federalism implications for purposes of the executive order.

7. Assessment of Federal Regulations and Policies on Families

    NCUA has determined that this rule will not affect family well-
being within

[[Page 76496]]

the meaning of section 654 of the Treasury and General Government 
Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 (1998).

List of Subjects

12 CFR Part 708a

    Credit unions, Charter conversions.

12 CFR Part 708b

    Credit unions, Mergers of credit unions.

12 CFR Part 790

    Organization and functions (Government agencies).

    By the National Credit Union Administration Board, on October 
27, 2016.
Gerard Poliquin,
Secretary of the Board.

    For the reasons discussed above, the National Credit Union 
Administration amends 12 CFR parts 708a, 708b, and 790 as follows:

PART 708a--BANK CONVERSIONS AND MERGERS

0
1. The authority citation for part 708a continues to read as follows:

    Authority: 12 U.S.C. 1766, 1785(b), and 1785(c).


0
2. Revise the first sentence of the definition of ``Regional Director'' 
in Sec.  708a.101 to read as follows:


Sec.  708a.101  Definitions.

* * * * *
    Regional Director means either the director for the NCUA Regional 
Office for the region where a natural person credit union's main office 
is located or the director of the NCUA's Office of Consumer Financial 
Protection and Access. * * *
* * * * *

PART 708b--MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

0
3. The authority citation for part 708b continues to read as follows:

    Authority: 12 U.S.C. 1752(7), 1766, 1785, 1786, and 1789.


0
4. Revise the first sentence of the definition of ``Regional Director'' 
in Sec.  708b.2 to read as follows:


Sec.  708b.2   Definitions.

* * * * *
    Regional Director means either the director for the NCUA Regional 
Office for the region where a natural person credit union's main office 
is located or the director of the NCUA's Office of Consumer Financial 
Protection and Access. * * *
* * * * *

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

0
5. The authority citation for part 790 continues to read as follows:

    Authority: 12 U.S.C. 1766, 1789, 1795f.


0
6. Revise paragraphs (b)(15)(i) introductory text and (b)(15)(ii) of 
Sec.  790.2 to read as follows:


Sec.  790.2   Central and field office organization.

* * * * *
    (b) * * *
    (15) Office of Consumer Financial Protection and Access. (i) The 
Office of Consumer Financial Protection and Access contains four 
divisions:
* * * * *
    (ii) The Office provides consumer services, including consumer 
education and complaint resolution; establishes, consolidates, and 
coordinates consumer financial protections within the agency; acts as 
the central liaison on consumer financial protection with other federal 
agencies; and nationalizes field of membership processing and 
chartering activities.
* * * * *
[FR Doc. 2016-26495 Filed 11-2-16; 8:45 am]
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