[Federal Register Volume 88, Number 124 (Thursday, June 29, 2023)]
[Notices]
[Pages 42105-42109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-13848]


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NATIONAL CREDIT UNION ADMINISTRATION

[NCUA-2023-0070]


Minority Depository Institution Preservation Program

AGENCY: National Credit Union Administration (NCUA).

ACTION: Proposed interpretive ruling and policy statement.

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SUMMARY: The NCUA Board is issuing proposed revisions to Interpretive 
Ruling and Policy Statement 13-1, regarding the Minority Depository 
Institution Preservation Program for credit unions.

DATES: Comments must be received on or before August 28, 2023.

ADDRESSES: You may submit comments by any of the following methods 
(Please send comments by one method only):
     Federal eRulemaking Portal: https://www.regulations.gov/. 
Follow the instructions for submitting comments for Docket Number NCUA-
2023-XXXX.
     NCUA website: Rulemakings and Proposals for Comment 
[verbar] NCUA. Follow the instructions for submitting comments.
     USPS/Hand Delivery/Courier: Address to Melane Conyers-
Ausbrooks, Secretary of the Board, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428.
    Public Inspection: You may view all public comments on the Federal 
eRulemaking Portal at https://www.regulations.gov, as submitted, except 
for those we cannot post for technical reasons. The NCUA will not edit 
or remove any identifying or contact information from the public 
comments submitted. If you are unable to access public comments on the 
internet, you may contact the NCUA for alternative access by calling 
(703) 518-6540 or emailing [email protected].

FOR FURTHER INFORMATION CONTACT: Supervisory Program Manager Kristi 
Kubista-Hovis or Program Manager Pamela Williams, Office of Credit 
Union Resources and Expansion, 703-518-6610 or [email protected].

I. Background

    Congress enacted the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (FIRREA) in response to the savings and loan 
industry crisis.\1\ FIRREA included provisions designed to encourage 
Federal financial regulators to preserve

[[Page 42106]]

and promote minority depository institutions.\2\ Specifically, FIRREA 
section 308 required the Secretary of the Treasury to consult with the 
Office of Thrift Supervision (OTS) and the Federal Deposit Insurance 
Corporation (FDIC) on best methods to achieve the following goals:
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    \1\ Public Law 101-73, 103 Stat. 183 (1989).
    \2\ Id. Title III, sec. 308, 103 Stat. 353, codified at 12 
U.S.C. 1463 note, ``Preserving Minority Ownership of Minority 
Financial Institutions.''
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     Preserving the number of minority depository institutions;
     Preserving the minority character of a minority depository 
institution involved in a merger or acquisition;
     Providing technical assistance to prevent the insolvency 
of minority depository institutions;
     Encouraging the formation of new minority depository 
institutions; and
     Providing training, technical assistance, and educational 
programs to minority depository institutions.\3\
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    \3\ Id. sec. (a). The Office of the Comptroller of the Currency 
and the Board of Governors of the Federal Reserve System also 
initiated minority depository institution programs to comply with 
the spirit of FIRREA sec. 308, even though neither was originally 
required to do so. OTS became part of the Office of the Comptroller 
of the Currency on July 21, 2011.
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    Those agencies developed various initiatives aimed at preserving 
federally insured banks and savings institutions that meet FIRREA's 
definition of a minority depository institution (MDI).\4\
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    \4\ Id. sec. (b).
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    In 2010, Congress enacted the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act).\5\ Section 367(4)(A) of the 
Dodd-Frank Act expanded FIRREA section 308 to require the Secretary of 
the Treasury to consult with the National Credit Union Administration 
(NCUA) and the Board of Governors of the Federal Reserve System (Fed), 
in addition to the FDIC and the Office of the Comptroller of the 
Currency (OCC) on methods for best achieving the FIRREA goals.\6\ 
Section 367(4)(B) of the Dodd-Frank Act also amended FIRREA section 308 
to require each agency to submit an annual report to Congress 
describing actions it has taken to preserve and encourage MDIs.\7\
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    \5\ Public Law 111-203, 124 Stat. 1376 (July 21, 2010); 12 
U.S.C. 5301 et seq.
    \6\ 12 U.S.C. 1463 note sec. (a).
    \7\ Id. sec. (c).
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    In 2013, the NCUA Board proposed Interpretive Ruling and Policy 
Statement (IRPS) 13-1 to establish a Minority Depository Institution 
Preservation Program (MDI Program) to encourage the preservation of 
MDIs and the establishment of new ones.\8\ In 2015, the NCUA Board 
approved final IRPS 13-1, establishing the NCUA's MDI Program.\9\
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    \8\ 78 FR 46374 (July 31, 2013).
    \9\ 80 FR 36356 (June 24, 2015).
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    The NCUA Board subsequently restructured the agency in 2018. Among 
other changes, the restructuring created the Office of Credit Union 
Resources and Expansion (CURE). CURE assumed administration of the 
NCUA's MDI Program from the agency's Office of Minority and Women 
Inclusion.

II. Summary of Proposed Changes to IRPS 13-1 and Request for Comments

    The NCUA is proposing to amend IRPS 13-1 to reflect changes to the 
agency's structure and current administration of the MDI Program by 
CURE and improve the MDI Program, including: recognizing the transfer 
of the MDI program administration to CURE, incorporating recent program 
initiatives, simplifying ``community it services, as designated in its 
charter'' to refer to an MDI's field of membership, referencing 
guidance the NCUA provides examination staff who continue to play a 
significant role in supporting and guiding MDIs under their 
supervision, explaining how the NCUA will review an MDI's designation 
status during routine evaluations, and adding new subsections on 
engagement, technical assistance, MDI examinations, Community 
Development Revolving Loan Fund grants and loans, training and 
education, and MDI preservation.
    The Board invites comments on all aspects of the proposed 
amendments to the IRPS. Additionally, the agency welcomes comments on 
any other aspects of the IRPS and what additional information the 
agency could provide to help MDIs and how best to deliver the 
information.
    Authority: 12 U.S.C. 1463 note; Sec. 308, Pub. L. 101-73, 103 Stat. 
353; as amended by Sec. 367(4), Pub. L. 111-203, 124 Stat. 1556.

III. Interpretive Ruling and Policy Statement 13-1, Minority Depository 
Institution Preservation Program, as Amended

    The text of IRPS 13-1, with proposed amendments, follows:

a. Goals and Objectives of the MDI Preservation Program

    Minority Depository Institutions (MDIs) play an important and 
unique role in promoting the economic viability of minority and 
underserved communities. The NCUA employs proactive steps and outreach 
efforts to preserve MDIs and foster their success. The NCUA's MDI 
Preservation Program (MDI Program) is designed to comply with section 
308 of FIRREA, which requires the NCUA to report on the actions it has 
taken in furtherance of the following goals:\10\
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    \10\ Public Law 101-73, title III, sec. 308, 103 Stat. 353 
(1989), as amended by Public Law 111-203, title III, sec. 367(4), 
124 Stat. 1556 (2010), codified at 12 U.S.C. 1463 note.
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     Preserve the present number of MDIs;
     Preserve the minority character of MDIs involved in 
mergers and acquisitions;
     Provide technical assistance to prevent insolvency of MDIs 
that are not now insolvent;
     Promote and encourage the creation of new MDIs; and
     Provide training, technical assistance, and educational 
programs for MDIs.

b. Description of the MDI Program

    The NCUA's MDI Program consists of proactive steps and outreach 
efforts to promote and preserve MDIs in the credit union system. The 
NCUA's Office of Credit Union Resources and Expansion (CURE) 
administers the agency's MDI Program and will meet periodically with 
State regulators, other Federal regulators, and other stakeholders to 
discuss outreach efforts, share ideas, and identify areas to work 
together to assist MDIs.
    The NCUA offers MDI-designated credit unions a variety of 
initiatives to assist in preserving the economic viability of their 
institutions. The initiatives include technical assistance, educational 
opportunities, and funding. Examples of such initiatives include the 
following:
     Consulting and support program;
     Training; and
     Grants and loans through the NCUA's Community Development 
Revolving Loan Fund (CDRLF), subject to eligibility.\11\
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    \11\ Prior to 2023, under the annual appropriations statutes, 
grants and loans from the CDRLF were historically only available to 
low-income designated credit unions, some of which are also MDIs. 
However, not all MDIs have a low-income designation.
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    Examples of broad-based and individualized technical assistance 
include the following:
     Providing guidance in resolving examination concerns;
     Helping MDIs locate new sponsors, mentors, or merger 
partners;
     Assisting with field of membership expansions;
     Supporting management in setting up new programs and 
services;
     Attempting to preserve the minority character of failing 
institutions during the resolution process; and
     Aiding groups that are interested in chartering a new MDI.

[[Page 42107]]

Engagement With MDIs
    The NCUA's MDI Program will provide continual engagement with MDIs 
through interaction with headquarters and field staff. This interaction 
includes sharing information and expertise on supervisory topics, using 
various venues to engage in an open dialogue between NCUA, MDIs, and 
related organizations, seeking feedback on the NCUA's efforts under the 
MDI program, and providing a variety of training opportunities hosted 
or sponsored by the NCUA. The NCUA's outreach also includes seeking 
out, working with, and supporting groups interested in applying for a 
new Federal or State charter with an MDI designation, and aiding 
existing credit unions interested in receiving the MDI designation.
Technical Assistance
    The NCUA will provide technical assistance to an MDI designated 
credit union upon request. The agency contacts each MDI at least 
annually to ask if it would like to receive technical assistance. Also, 
an MDI can contact its assigned field office, supervisory examiner, or 
district examiner to request technical assistance.
    Technical assistance is not an examination or supervisory activity 
and will be provided separate from examinations and supervision 
contacts. Technical assistance includes but is not limited to 
assistance in understanding applicable laws and regulations, agency 
processes, reporting requirements, supervisory guidance, accounting 
standards, supervisory findings and conclusions (only after the 
conclusion of the applicable examination or supervision contact), 
applications or requests for agency approval or action (such as field 
of membership, bidding on a failing institution, regulatory waivers, 
etc.), and assistance in receiving an MDI designation. In providing 
technical assistance, agency staff will not perform tasks expected of 
an institution's management or employees. And while they may help the 
institution understand how to apply for something or submit a bid, 
agency staff will not assist or guide the institution in developing the 
substance of such application or bid.
Examinations of MDIs
    MDI-designated credit unions have a unique role in promoting the 
economic viability of minority and underserved communities, at times 
necessitating distinct approaches to taking and managing the related 
financial and operational risks. The NCUA expects examiners to 
recognize the distinctive characteristics and differences in core 
objectives of each financial institution and consider these when 
evaluating the institution's financial and operational condition and 
related management practices. Examiners are able to evaluate an MDI 
using peer metrics such as through the Financial Performance Report.
    The NCUA provides examiners guidance to educate them about the 
unique challenges faced by MDIs and the support and services the NCUA 
offers to assist MDIs to address such challenges. The guidance 
acknowledges, at times, some MDIs may need more or different support 
from the NCUA than other credit unions. The guidance also lists 
specific types of technical assistance an MDI may request of the NCUA. 
It also advises that MDIs often have unique memberships and provide 
financial services to consumers and businesses in communities that 
might not otherwise have access to another federally insured financial 
institution. Therefore, the policies, processes, risks, and practices 
of MDIs may vary and comparison to other credit unions based solely on 
similar size may have limited value. Instead, examiners are instructed 
to assess each MDI based on its unique strategy and membership.
CDRLF Grants and Loans
    The CDRLF provides loans and grants to low-income designated credit 
unions to expand outreach to underserved populations, improve digital 
services and cybersecurity, to provide staff training, and to support 
capacity-building programs for example. In 2023, MDIs without the low-
income designation became eligible for CDRLF grants and loans.\12\
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    \12\ Refer to the Grants and Loans section of the NCUA website 
for eligibility requirements in future periods.
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Training and Education
    The NCUA offers training to credit unions through various formats 
such as webinars, online courses, videos, and in-person events. Through 
the Learning Management System, the agency offers training and 
educational resources to credit union board members, management, 
employees, and volunteers online and at no charge. Examples of the 
content provided include guidance on credit union operations, 
compliance, community partnerships, and strategic planning.\13\
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    \13\ These training opportunities are accessible to all credit 
unions through the Learning section the NCUA's website.
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Preservation of MDIs
    With regard to a potentially failing MDI or the need for an 
assisted merger of an MDI, as with any insured credit union, the NCUA 
Board will consider providing Section 208 assistance to reduce the risk 
or avert a threatened loss to the National Credit Union Share Insurance 
Fund (NCUSIF), facilitate a merger or consolidation, or to prevent the 
closing of a credit union that the Board determines is in danger of 
closing.\14\ Requirements concerning field of membership apply to most 
mergers. In addition, the NCUA must consider resolution costs and 
safety and soundness implications for all mergers.
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    \14\ 12 U.S.C. 1788(a)(1)-(2).
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    The NCUA will attempt to preserve the minority character of failing 
MDIs during the resolution process. In the event of the potential 
failure of an MDI, the agency will contact MDIs in the NCUA's merger 
registry that qualify to bid on a particular failing institution. 
Agency staff will solicit interest in bidding on the failing MDI and 
offer technical assistance to any MDI desiring to bid. The NCUA will 
also provide MDIs interested in submitting a bid with an additional two 
weeks to submit a bid whenever possible. Except in the cases of 
conservatorships, liquidations, or assisted mergers, the MDI's board of 
directors is generally the decision maker on a merger partner provided 
the selection is consistent with regulatory and safety and soundness 
standards. For conservatorships, liquidations, or assisted mergers, in 
the selection process, the NCUA will consider all the requirements 
applicable to a merger or purchase and assumption, including FIRREA's 
general preference guidelines.\15\
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    \15\ Generally, the NCUA is involved in the selection process 
when the transaction will cause a loss to the Share Insurance Fund 
or when the failing credit union is in conservatorship and the NCUA 
Board is the conservator. For additional information on the NCUA's 
selection process, see Letter to Credit Unions 10-CU-11, Information 
on NCUA's Merger and Purchase & Assumption Process.
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c. MDI Designation Eligibility

    The agency adopted the definition of an MDI in FIRREA section 308 
that applies to a mutual institution.\16\ Accordingly, a credit union 
is eligible to receive the MDI designation if it meets all the 
following criteria:
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    \16\ 12 U.S.C. 1463 note sec. (b)(1)(C).
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     A majority of its current members are from any of the 
eligible minority groups;
     A majority of the members of its board of directors are 
from any of the eligible minority groups; and

[[Page 42108]]

     A majority of the community it services, as designated in 
its field of membership, are from any of the eligible minority groups.
    For minority representation to be a ``majority,'' it must be 
greater than 50 percent.
    The NCUA relies on the FIRREA section 308 ``minority'' definition 
to identify an eligible minority as any Black American, Asian American, 
Hispanic American, or Native American.\17\ For the purpose of this 
IRPS, Asian American includes anyone who is Native Hawaiian or Other 
Pacific Islander, and Native American includes anyone who is American 
Indian or Alaska Native. Also, for the purpose of minority 
representation under the MDI definition, an individual who falls into 
more than one of the minority categories will be considered as a 
single, eligible minority.
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    \17\ Id.
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    A credit union that meets the eligibility requirements can self-
certify as an MDI by following agency guidelines as specified on the 
NCUA's website. The instructions to the NCUA's Credit Union Profile 
form, which credit unions use to self-certify as an MDI, contain 
detailed directions on how to make the designation.\18\ An MDI may 
participate in the NCUA's MDI Program subject to the eligibility 
requirements of any specific initiative. An eligible credit union's 
decision to designate as an MDI or to participate in the MDI Program is 
voluntary.
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    \18\ NCUA Form 4501A, https://ncua.gov/files/publications/regulations/credit-union-profile-form-instructions-4501A-sept-2022.pdf.
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    A credit union defined as a ``small credit union'' by the NCUA 
under the Regulatory Flexibility Act (RFA) may self-certify greater 
than 50 percent representation among its current members, and within 
the community it services (potential members), based solely on 
knowledge of those members. Under the RFA, the NCUA currently defines a 
small credit union as a credit union with total assets of less than 
$100 million.\19\
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    \19\ 80 FR 57512 (Sept. 24, 2015).
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    A credit union not defined as a small credit union by the NCUA may 
rely on one of the following methods, as applicable, to determine the 
minority composition of its current membership exclusively and of the 
community it services. The credit union must maintain documentation 
supporting its MDI self-designation.
    1. The credit union may ascertain the minority representation using 
demographic data from the U.S. Census Bureau website, based on the 
area(s) where the current or potential membership resides, such as a 
township, borough, city, county, or Metropolitan Statistical Area. If 
the U.S. Census data--for example, census tracts, zip codes, townships, 
boroughs, cities, or counties--shows the area's population comprises 
mostly eligible minorities, the credit union may assume that its 
current membership and the community it services each have the same 
minority composition as the Census data indicates.
    2. The credit union may use Home Mortgage Disclosure Act (HMDA) 
data to calculate the reported number of minority mortgage applicants 
divided by the total number of mortgage applicants within the credit 
union's membership. If the share of minority representation among 
applicants is greater than 50 percent, the credit union may assume its 
current membership has the same minority composition as the HMDA data 
indicates. If a credit union grants a majority of its mortgage loans to 
minorities, it is likely the majority of the community the credit union 
services (its potential members) will consist of minorities.\20\
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    \20\ HMDA data can be obtained from the Federal Financial 
Institutions Examination Council website.
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    3. The credit union may elect to collect data from members who 
voluntarily choose to participate in such collection about their racial 
identity and use the data to determine minority representation among 
the credit union's membership. The credit union should consider using 
an unbiased third party to conduct such a collection. For example, data 
can be collected through a survey of members, assessing the services 
they desire, or by mailed electoral ballots for official positions. 
Once collected, it is essential to maintain the confidentiality of the 
data; it should not be retained in the members' files or with any 
personal identifiers, such as, names, accounts, or Social Security 
numbers. If a majority of its current members are minorities, it is 
likely the majority of the community the credit union services (its 
potential members) will consist of minorities.
    4. The credit union may use any other reasonable form of data, such 
as membership address list analyses or an employer's demographic 
analysis of employees.
    An MDI credit union must assess whether it continues to meet the 
required definition of an MDI whenever there is a significant change in 
its board of directors, or it changes its field of membership, and 
update its designation, if necessary, in the NCUA Credit Union Profile. 
In accordance with the regular examination process, the NCUA will 
review whether a credit union has updated its analysis and made any 
corresponding changes to its self-certification in the Credit Union 
Profile. Credit unions can expect to have the Credit Union Profile 
reviewed during routine evaluations. An MDI may elect to withdraw its 
designation by not completing the relevant questions in the Profile.

d. Monitoring and Reporting on MDIs

    The NCUA will monitor MDIs and report to Congress annually on the 
number and overall financial condition of MDIs, along with actions 
taken by the agency to preserve and strengthen them and to encourage 
the chartering of new ones.\21\ The report summarizes the NCUA's 
efforts to obtain feedback from MDIs on the effectiveness of the 
agency's MDI support and preservation activities. The NCUA also 
maintains a list of MDIs on its website.
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    \21\ 12 U.S.C. 1463 note sec. (c).
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IV. Regulatory Procedures

Regulatory Flexibility Act

    The RFA generally requires that, in connection with a notice of 
proposed rulemaking, an agency prepare and make available for public 
comment an initial regulatory flexibility analysis that describes the 
impact of a proposed rule on small entities. A regulatory flexibility 
analysis is not required, however, if the agency certifies that the 
rule will not have a significant economic impact on a substantial 
number of small entities (defined for purposes of the RFA to include 
credit unions with assets less than $100 million) \22\ and publishes 
its certification and a short, explanatory statement in the Federal 
Register together with the rule.
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    \22\ See 80 FR 57512 (Sept. 24, 2015).
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    The Board fully considered the potential economic impact of the 
proposed changes during the development of the revised IRPS. As noted 
in the preamble, the revised IRPS would clarify the NCUA's current 
policy on MDI preservation and provide additional services to MDIs. The 
proposed rule would not impose any new significant burden on credit 
unions designated as MDIs and may provide some additional resources. 
The resources gained, however, are unlikely to result in a significant 
economic impact for affected credit unions. Small credit unions are 
also not obligated to participate in the MDI program. Accordingly, the 
NCUA certifies that it would not have a significant economic impact on 
a substantial number of small federally insured credit unions.

[[Page 42109]]

Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in 
which an agency creates a new information collection or amends existing 
information collection requirements.\23\ For purposes of the PRA, an 
information collection requirement may take the form of a reporting, 
recordkeeping, or a third-party disclosure requirement. The NCUA may 
not conduct or sponsor, and the respondent is not required to respond 
to, an information collection unless it displays a valid Office of 
Management and Budget (OMB) control number. The current information 
collection requirements for the MDI policy are approved under OMB 
control number 3133-0195, Minority Depository Institution Preservation 
Program.
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    \23\ 44 U.S.C. 3507(d); 5 CFR part 1320.
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    The amendments in this proposed revision to IRPS 13-1 do not alter 
the information collection described under OMB control number 3133-
0195, and the NCUA does not anticipate an increase in the burden based 
on the proposed revisions. There are no additional information 
collections resulting from these proposed changes.

Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their actions on State and local interests. The 
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. This revised IRPS will not have a substantial 
direct effect 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. Although 
State-chartered credit unions are eligible to obtain the MDI 
designation and receive assistance based on it, the NCUA does not 
believe this affects State governments generally or State credit union 
regulators in particular. The NCUA will continue to work cooperatively 
with State credit union regulators to examine federally insured, State-
chartered credit unions and does not expect the proposed IRPS to alter 
these relationships or allocation of responsibilities. The decision 
about whether to certify as an MDI or seek MDI program benefits will be 
an individual business decision for each credit union's board. The NCUA 
has determined that this revised IRPS does not constitute a policy that 
has federalism implications for purposes of the executive order.

Assessment of Federal Regulations and Policies on Families

    The NCUA has determined that these proposed revisions to IRPS 13-1 
will not affect family well-being within the meaning of section 654 of 
the Treasury and General Government Appropriations Act, 1999.\24\ The 
proposed revisions to IRPS 13-1 may increase the ability of MDIs to 
provide financial services to families. However, the Board does not 
have a means to quantify how this might affect family well-being as 
described in factors included in the legislation, which include the 
effects of the action on the stability and safety of the family; 
parental authority and rights in the education, supervision, and 
nurture of their children; the ability of families to support their 
functions or substitute governmental activity for these functions; and 
on increases or decreases to disposable income.
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    \24\ Public Law 105-277, 112 Stat. 2681 (1998).

    By the National Credit Union Administration Board on June 22, 
2023.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2023-13848 Filed 6-28-23; 8:45 am]
BILLING CODE 7535-01-P