[Federal Register Volume 89, Number 101 (Thursday, May 23, 2024)]
[Proposed Rules]
[Pages 45602-45609]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-11166]


 ========================================================================
 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 89, No. 101 / Thursday, May 23, 2024 / 
Proposed Rules  

[[Page 45602]]



NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Chapter VII

[NCUA-2024-0014]


Regulatory Publication and Voluntary Review as Contemplated by 
the Economic Growth and Regulatory Paperwork Reduction Act of 1996

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notification of regulatory review; request for comments.

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SUMMARY: As contemplated by the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (EGRPRA), the NCUA Board (Board) is 
voluntarily reviewing agency regulations to identify rules that are 
outdated, unnecessary, or unduly burdensome on federally insured credit 
unions. The NCUA is not statutorily required to undertake the EGRPRA 
review; however, the Board has elected to participate in the decennial 
review process. The NCUA divided its regulations into 10 categories 
outlined in the included chart. Over the next 2 years, the NCUA will 
publish four Federal Register documents each requesting comment on 
multiple categories of regulations. This first Federal Register 
document requests comment on regulations concerning the following two 
categories: ``Applications and Reporting,'' and ``Powers and 
Activities.'' The NCUA will address the remaining eight categories in 
the next three documents.

DATES: Comments must be received by August 21, 2024.

ADDRESSES: You may submit written comments by any of the following 
methods (Please send comments by one method only):
     Federal eRulemaking Portal: https://www.regulations.gov. 
The docket number for this document is NCUA-2024-0014. Follow the 
instructions for submitting comments. A plain language summary of the 
document is also available on the docket website.
     Mail: Address to Melane Conyers-Ausbrooks, Secretary of 
the Board, National Credit Union Administration, 1775 Duke Street, 
Alexandria, Virginia 22314-3428.
     Hand Delivery/Courier: Same as mailing address.
    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: Pamela Yu, Special Counsel to the 
General Counsel, Office of General Counsel, at the above address or 
telephone (703) 518-6540.

SUPPLEMENTARY INFORMATION:

I. Introduction

    Congress enacted section 2222 of the EGRPRA \1\ to reduce 
regulatory burden imposed upon insured depository institutions 
consistent with safety and soundness, to promote consistency between 
the Federal banking agencies' regulations, and to support consumer 
protection. The statute requires that not less frequently than once 
every 10 years, the Federal Financial Institutions Examination Council 
(FFIEC),\2\ along with the Federal banking agencies,\3\ conduct a 
review of their regulations to identify outdated or otherwise 
unnecessary regulatory requirements imposed on insured depository 
institutions. In conducting this review, the FFIEC or the appropriate 
Federal banking agencies (Office of the Comptroller of the Currency 
[OCC], Board of Governors of the Federal Reserve System [FRB], and 
Federal Deposit Insurance Corporation [FDIC]; herein Agencies \4\) 
shall (a) categorize their regulations by type and (b) at regular 
intervals, provide notice and solicit public comment on categories of 
regulations, requesting commenters to identify areas of regulations 
that are outdated, unnecessary, or unduly burdensome.\5\
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    \1\ 12 U.S.C. 3311.
    \2\ The FFIEC is an interagency body empowered to prescribe 
uniform principles, standards, and report forms for the Federal 
examination of financial institutions and to make recommendations to 
promote uniformity in the supervision of financial institutions. The 
FFIEC does not issue regulations.
    \3\ The FFIEC is composed of the OCC, FRB, FDIC, NCUA, Consumer 
Financial Protection Bureau (CFPB), and State Liaison Committee. Of 
these, only the OCC, FRB, and FDIC are statutorily required to 
undertake the EGRPRA review. The NCUA Board elected to participate 
in the first and second EGRPRA reviews and again has elected to 
participate in this review process. Consistent with its approach 
during the first and second EGRPRA reviews, the NCUA is issuing 
documents and requests for comment on its rules separately. The CFPB 
is required to review its significant rules and publish a report of 
its review no later than 5 years after they take effect. See 12 
U.S.C. 5512(d). This process is separate from the EGRPRA process.
    \4\ The Office of Thrift Supervision (OTS) 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 CFPB.
    \5\ Federally insured credit unions are also subject to 
regulations that are not reviewed under this decennial review 
process because they were not promulgated by the NCUA. Examples 
include rules for which rulemaking authority was transferred to the 
CFPB and anti-money laundering and Bank Secrecy Act regulations 
issued by the Department of the Treasury's Financial Crimes 
Enforcement Network, among others. If, during this decennial review 
process, the NCUA receives a comment about a regulation that is not 
subject to NCUA review, it will forward that comment to the 
appropriate agency.
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    The NCUA is not statutorily required to undertake the EGRPRA review 
because the NCUA is not an ``appropriate Federal banking agency'' as 
specified in EGRPRA. In keeping with the spirit of the law, however, 
the NCUA Board has once again elected to participate in the decennial 
review process. Accordingly, the 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 document from the 
Agencies. The NCUA's document is consistent and comparable with the 
Agencies' document, except on issues that are unique to credit unions.
    EGRPRA also requires the FFIEC or the Agencies to publish in the 
Federal Register a summary of the comments received, identifying 
significant issues raised and commenting on these issues. It also 
directs the Agencies to eliminate unnecessary regulations to the extent

[[Page 45603]]

that such action is appropriate. Finally, the statute requires the 
FFIEC to submit to Congress a report that summarizes any significant 
issues raised in the public comments and the relative merits of those 
issues. The report also must include an analysis of whether the 
Agencies are able to address the regulatory burdens associated with 
such issues or whether these burdens must be addressed by legislative 
action. The FFIEC report submitted to Congress following the prior 
EGRPRA reviews included a section discussing the Agencies and banking 
sector issues and a separate section devoted to the NCUA and credit 
union issues. It is likely that the FFIEC will follow a similar 
approach in this third EGRPRA review and report process.
    Per the objectives of the decennial review, the Board asks the 
public to identify areas of the NCUA's regulations that are outdated, 
unnecessary, or unduly burdensome. In addition to this initial 
document, the Board will issue three more documents for comment over 
the course of the next 2 years, at regular intervals. The decennial 
review supplements and complements the reviews of regulations that the 
NCUA conducts under other laws and its internal policies.\6\
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    \6\ 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 the NCUA's commitment to ``periodically update, 
clarify and simplify existing regulations and eliminate redundant 
and unnecessary provisions.'').
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II. The Decennial Review's Targeted Focus

    The decennial regulatory review provides a significant opportunity 
for the public and the Board to consider groups of related regulations 
and identify possibilities for streamlining and improvement. The 
decennial review's overall focus on the totality of regulations will 
offer a new perspective in identifying opportunities to update and even 
streamline regulations. For example, the decennial review may 
facilitate the identification of regulatory requirements that are no 
longer consistent with the way credit union business is conducted and 
that, therefore, might be eliminated. Of course, regulatory updates 
must be compatible with ensuring the continued safety and soundness of 
federally insured credit unions and the financial system as a whole and 
with the consumer financial protections.
    Any resulting regulatory modifications from the NCUA's decennial 
review must also be consistent with the NCUA's statutory mandates, many 
of which require the issuance of regulations. EGRPRA recognizes that 
effective burden reduction may require statutory changes. Accordingly, 
as part of this review, the Board is specifically soliciting comment 
from the public on, and reviewing the comments and regulations 
carefully for, the relationship among burden reduction, regulatory 
requirements, policy objectives, and statutory mandates. The Board also 
seeks quantitative data about the impact of rules, where available.
    The Board views the approach of considering the relationship of 
regulatory and statutory change, in concert with EGRPRA's provisions 
calling for grouping regulations by type, to provide the potential for 
particularly effective burden reduction. The Board anticipates the 
decennial review will also contribute to its ongoing efforts to update 
and make regulations more efficient. Since 1987, under a formally 
adopted NCUA policy, the Board reviews each of its regulations at least 
once every 3 years with a view toward eliminating, simplifying, or 
otherwise easing the burden of each regulation.\7\ Further, the Board 
considers regulatory requirements each time it proposes, adopts, or 
amends a rule. For example, under the Paperwork Reduction Act of 
1995,\8\ the Regulatory Flexibility Act,\9\ and internal agency 
policies, the NCUA assesses each rulemaking with respect to the burdens 
the rule might impose. The Board also invites the public to comment on 
proposed rules as generally required by the Administrative Procedure 
Act.\10\
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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. 3501-3521.
    \9\ 5 U.S.C. 610.
    \10\ 5 U.S.C. 551-559.
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    The Board is particularly sensitive to the impact of agency rules 
on small institutions. The Board currently defines ``small entity'' as 
a federally insured credit union with less than $100 million in 
assets.\11\ The Board is cognizant that each new or amended regulation 
has the potential for requiring significant expenditures of time, 
effort, and resources to achieve compliance, and that this burden can 
be particularly challenging for institutions of smaller asset size, 
with fewer resources available.
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    \11\ NCUA IRPS 15-1, 80 FR 57512 (Sept. 24, 2015).
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III. The Board's Review Process

    EGRPRA contemplates the categorization of regulations by ``type.'' 
During its prior decennial reviews, the Board developed and published 
for comment 10 categories of the NCUA's regulations, including some 
that had been issued jointly with the Agencies. The Board believes 
these prior categories worked well for the purpose of presenting a 
framework for the review and proposes to use the same categories in 
this third review.\12\ The categories are:
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    \12\ Consistent with EGRPRA's focus on reducing burden on 
insured depository institutions, the Board has not included 
internal, organizational, or operational regulations in this review. 
These regulations impose minimal, if any, burden on federally 
insured credit unions.

 Agency Programs;
 Applications and Reporting;
 Capital;
 Consumer Protection; \13\
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    \13\ Some of the rules in the consumer protection category are 
now under CFPB's jurisdiction and administration, and those affected 
rules have been eliminated from the categories in this document.
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 Corporate Credit Unions;
 Directors, Officers and Employees;
 Anti-Money Laundering and Bank Secrecy Act;
 Powers and Activities;
 Rules of Procedure; and
 Safety and Soundness.

    Any rules adopted for the first time since the last decennial 
review was completed have been incorporated into the appropriate 
category.\14\
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    \14\ 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 effect associated with the 
regulatory requirements can be fully and properly understood.
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    Although there are other possible ways of categorizing its rules, 
the Board continues to maintain that these 10 categories are logical 
groupings that are not so broad such that the number of regulations 
presented in any one category would overwhelm potential commenters. In 
the Board's view, these categories also reflect recognized areas of 
stakeholder interest and specialization or are particularly critical to 
the health of the credit union system. As was noted during the previous 
reviews, some regulations, such as lending, pertain to more than one 
category and are included in all applicable categories.
    As with the prior decennial reviews, the Board remains convinced 
that publishing the NCUA's rules for public comment adjacently, but 
separately, from the Agencies is the most effective method for 
achieving EGRPRA's burden reduction goals for federally insured credit 
unions. In addition to not being statutorily required to undertake 
EGRPRA and owing to differences in the credit union system as compared 
to the banking system, there is not a direct, category by category, 
correlation between the NCUA's rules and those of the Agencies. For 
example, credit union

[[Page 45604]]

membership, credit union service organizations, and corporate credit 
unions are all unique to credit union operations. Similarly, certain 
categories identified by the Agencies in their 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, respectively, 
reflect these differences. The Board intends to maintain comparability 
with the Agencies' documents to the extent there is overlap or 
similarity in the issues and the categories.
    Over the next two years, the Board plans to publish four Federal 
Register documents, each addressing one or more categories of rules. 
Each Federal Register document will have a 90-day comment period. This 
staggered approach will provide stakeholders with sufficient time to 
focus in on discrete issues and provide comments to the Board. The 
Board welcomes recommendations on grouping the remaining categories and 
the order in which to publish them.
    Today, the Board is publishing the first of the four documents, 
addressing the following categories of regulations:

 Applications and Reporting; and
 Powers and Activities.

    The Board invites the public to identify outdated, unnecessary, or 
unduly burdensome regulatory requirements imposed on federally insured 
credit unions in these two categories. The Board anticipates publishing 
the remaining eight categories for similar comment periods at regular 
intervals over the next two years.
    The Board has prepared two charts to assist the public's 
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 the NCUA is requesting recommendations in this document. 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 a 
similar format.
    After the conclusion of the comment period for each decennial 
document 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 document.

IV. Request for 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. The NCUA's review 
efforts would benefit most by comments that cite specific provisions or 
language and provide reasons why such provisions should be changed. 
Suggested alternative provisions or text, 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 review are welcome, 
the Board reiterates the posture adopted during the previous decennial 
reviews and specifically invites comment on the following issues as 
they pertain to the Board's Applications and Reporting and Powers and 
Activities rules addressed in this document. The Board will ask these 
same questions for each document it issues in connection with the 
decennial process.
     Need and purpose of the regulations.
     Question 1: Have there been changes in the financial 
services industry, consumer behavior, or other circumstances that cause 
any regulations in these categories to be outdated, unnecessary, or 
unduly burdensome? If so, please identify the regulations, provide any 
available quantitative analyses or data, and indicate how the 
regulations should be amended.
     Question 2: Do any of these regulations impose burdens not 
required by their underlying statutes? If so, please identify the 
regulations and indicate how they should be amended.
     Overarching approaches or flexibilities.
     Question 3: With respect to the regulations in these 
categories, could the Board use a different regulatory approach to 
lessen the burden imposed by the regulations and achieve statutory 
intent?
     Question 4: Do any of these rules impose unnecessarily 
inflexible requirements? If so, please identify the regulations and 
indicate how they should be amended.
     Cumulative effects.
     Question 5: Looking at the regulations in a category as a 
whole, are there any requirements that are redundant, inconsistent, or 
overlapping in such a way that taken together, impose an unnecessary 
burden that could potentially be addressed? If so, please identify 
those regulations, provide any available quantitative analyses or data, 
and indicate how the regulations should be amended.
     Effect on competition.
     Question 6: Do any of the regulations in these categories 
create competitive disadvantages for one part of the financial services 
industry compared to another or for one type of federally insured 
credit union compared to another? If so, please identify the 
regulations and indicate how they should be amended.
     Reporting, recordkeeping, and disclosure requirements.
     Question 7: Do any of the regulations in these categories 
impose outdated, unnecessary, or unduly burdensome reporting, 
recordkeeping, or disclosure requirements on federally insured credit 
unions?
     Question 8: Could a federally insured credit union fulfill 
any of these requirements through new technologies (if they are not 
already permitted to do so) and experience a burden reduction? If so, 
please identify the regulations and indicate how they should be 
amended.
     Unique characteristics of a type of institution.
     Question 9: Do any of the regulations in these categories 
impose requirements that are unwarranted by the unique characteristics 
of a particular type of federally insured credit union? If so, please 
identify the regulations and indicate how they should be amended.
     Clarity.
     Question 10: Are the regulations in these categories clear 
and easy to understand?
     Question 11: Are there specific regulations for which 
clarification is needed? If so, please identify the regulations and 
indicate how they should be amended.
     Impact to minority depository institutions and small 
insured institutions. The Board has a particular interest in minimizing 
burden on minority depository institutions and small insured credit 
unions (those with less than $100 million in assets).
     Question 12: Are there regulations in these categories 
that impose outdated, unnecessary, or unduly burdensome requirements on 
a substantial number of minority or small institutions?

[[Page 45605]]

     Question 13: Has the Board issued regulations pursuant to 
a common statute that, as applied by the NCUA and Agencies, create 
redundancies or impose inconsistent requirements?
     Question 14: Should any of these regulations be amended or 
repealed to minimize this impact? If so, please identify the 
regulations and indicate how they should be amended.
     Question 15: Have the effects of any regulations in these 
categories changed over time that now have a significant economic 
impact on a substantial number of minority or small institutions? If 
so, please identify the regulations and indicate how they should be 
amended. The Board seeks information on (1) the continued need for the 
rule; (2) the complexity of the rule; (3) the extent to which the rule 
overlaps, duplicates, or conflicts with other Federal rules, and, to 
the extent feasible, with State and local governmental rules; and (4) 
the degree to which technology, economic conditions, or other factors 
have changed in the area affected by the rule.
     Scope of rules.
     Question 16: Is the scope of each rule in these categories 
consistent with the intent of the underlying statute(s)?
     Question 17: Could the Board amend the scope of a rule to 
clarify its applicability or reduce the burden, while remaining 
faithful to statutory intent? If so, please identify the regulations 
and indicate how they should be amended.
     Impact to credit union member-owners.
     Question 18: Are there regulations in these categories 
that unduly or negatively impact credit union member-owners? If so, 
please identify the regulations and indicate how they should be 
amended.

Specific NCUA Regulations Issued Since the Last Decennial Review \15\
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    \15\ For the last decennial review, the Board's first document 
requesting public comment on the NCUA's regulations was issued on 
June 4, 2014, with a comment period that ended on September 2, 2014. 
See 79 FR 32191 (June 4, 2014). Accordingly, the Board is currently 
requesting public comment on the Board's regulations issued since 
September 2014, that pertain to Applications and Reporting and 
Powers and Activities.
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     Chartering and Field of Membership.
    [cir] In April 2015, the Board issued a final regulation to amend 
the associational common bond provisions of the NCUA's chartering and 
field of membership requirements. Specifically, the amendments 
established a threshold requirement providing that, for an association 
to qualify to be part of a Federal credit union's field of membership, 
the association must not have been formed primarily for the purpose of 
expanding credit union membership. The amendments also expanded the 
criteria in the NCUA's totality of the circumstances test, which is a 
regulatory tool used to determine if an association, after satisfying 
the above-referenced threshold requirement, also satisfies the 
associational common bond requirements necessary to qualify for 
inclusion in a Federal credit union's field of membership. The 
amendments were intended to better ensure that Federal credit unions 
comply with established membership requirements. Additionally, the rule 
granted automatic membership qualification under the associational 
common bond requirements to certain categories of associations that the 
NCUA has routinely approved for Federal credit union membership in the 
past.
    [cir] The Board in October 2016 amended its chartering and field of 
membership rules to maximize access to Federal credit union services to 
the extent permitted by law, and to organize the rules in a more 
efficient framework. The amendments implemented changes in policy 
affecting: the definition of a local community, a rural district, and 
an underserved area; the chartering and expansion of a multiple common-
bond credit union; the expansion of a single common-bond credit union 
that serves a trade, industry, or profession; and the process for 
applying to charter, or to expand, a Federal credit union.
    [cir] In June 2018, the chartering and field of membership rules 
were amended with respect to applicants for a community charter 
approval, expansion, or conversion. The final rule allowed the option 
for an applicant to submit a narrative to establish the existence of a 
well-defined local community instead of limiting the applicant to a 
presumptive statistical community. Under the final rule, the NCUA will 
hold a public hearing for narrative applications where the proposed 
community exceeds a population of 2.5 million. Further, for communities 
that are subdivided into metropolitan divisions, an application may 
designate a portion of the area as its community without regard to 
division boundaries.
    [cir] In response to an August 2019 opinion and order issued by the 
D.C. Circuit Court of Appeals, a final rule issued in July 2020 amended 
the chartering and field of membership rules with respect to applicants 
and existing Federal credit unions seeking a community charter 
approval, expansion, or conversion. First, the Board re-adopted a 
provision to allow an applicant to designate a Combined Statistical 
Area (CSA), or an individual, contiguous portion thereof, as a well-
defined local community, provided that the chosen area has a population 
of 2.5 million or less. Second, with respect to communities based on a 
Core-Based Statistical Area (CBSA), or a portion thereof, the Board 
provided additional explanation to support its decision to eliminate 
the requirement to serve the CBSA's core area as provided for in its 
comprehensive 2016 field of membership rulemaking. Third, the Board 
clarified existing requirements and added an explicit provision to its 
rules regarding potential discrimination in the field of membership 
selection for CSAs and CBSAs.
     Federal Credit Union Occupancy, Planning and Disposal of 
Acquired and Abandoned Premises (Fixed Assets); Incidental Powers.
    [cir] In July 2015, the Board amended its regulation governing 
Federal credit union ownership of fixed assets. To provide regulatory 
relief to Federal credit unions, the final rule eliminated a provision 
in the fixed assets rule that established a 5 percent aggregate limit 
on investments in fixed assets for Federal credit unions with $1 
million or more in assets. With this elimination, provisions regarding 
waivers from the aggregate limit were no longer relevant, so the final 
rule also eliminated those provisions. Instead of applying the 
prescriptive aggregate limit provided by regulation in the former fixed 
assets rule, under the final rule, the NCUA oversees Federal credit 
union ownership of fixed assets through the supervisory process and 
guidance. The final rule also made conforming amendments to the scope 
and definitions sections of the fixed assets rule to reflect this 
modified approach, and it revised the title of Sec.  701.36 to more 
accurately reflect its amended scope and applicability. In addition, 
the final rule simplified the regulation's partial occupancy 
requirements for premises acquired for future expansion by establishing 
a single 6-year time period for partial occupancy of all premises and 
by removing the 30-month requirement for partial occupancy waiver 
requests.
    [cir] As part of the NCUA's Regulatory Modernization Initiative, in 
December 2016, the Board finalized amendments to its regulation 
governing Federal credit union occupancy, planning, and disposal of 
acquired and abandoned premises, and its regulation regarding 
incidental powers. To provide regulatory relief to Federal credit 
unions, the final rule eliminated a

[[Page 45606]]

requirement in the occupancy rule (formerly known as the fixed assets 
rule) that a Federal credit union must plan for, and eventually achieve 
full occupancy of acquired premises. The final rule generally retained 
the regulatory timeframes for partial occupancy. However, it modified 
the definition of ``partially occupy'' to mean occupation and use on a 
fulltime basis, of at least 50 percent of the premises by the Federal 
credit union, or by a combination of the credit union and a credit 
union service organization in which the Federal credit union has a 
controlling interest in accordance with generally accepted accounting 
principles (GAAP). The final rule also amended the excess capacity 
provision in the NCUA's incidental powers rule to clarify that a 
Federal credit union may lease or sell excess capacity in its 
facilities, but it need not anticipate that such excess capacity will 
be fully occupied by the Federal credit union in the future. However, 
under the final rule, the sale or lease of excess capacity in equipment 
or services, including employee-sharing and data processing for third 
parties continued to be limited to circumstances where a Federal credit 
union reasonably anticipates that such excess capacity will be taken up 
by the future expansion of services to members.
     Member Business Loans; Commercial Lending. As part of the 
NCUA's Regulatory Modernization Initiative, in March 2016, the Board 
amended its member business loans rule to provide federally insured 
credit unions with greater flexibility and individual autonomy in 
safely and soundly providing commercial and business loans to serve 
their members. The final amendments modernized the regulatory 
requirements governing credit union commercial lending activities by 
replacing the former rule's prescriptive requirements and limitations--
such as collateral and security requirements, equity requirements, and 
loan limits--with a broad principles-based regulatory approach. As 
such, the amendments also eliminated the waiver process for member 
business loans, which became unnecessary under a principles-based rule.
     Investment and Deposit Activities--Bank Notes. In March 
2016, the Board finalized a rule to amend the maturity requirement for 
bank notes to be permissible investments for Federal credit unions by 
removing the word ``original'' from the former requirement that bank 
notes have ``original weighted average maturities of less than 5 
years.'' The authority for Federal credit unions to invest in bank 
notes is derived from the provision in the Federal Credit Union Act 
that permits Federal credit unions to make deposits in, among other 
things, national and State banks. The statute does not provide 
authority for Federal credit unions to purchase bank notes that are not 
deposits; however, it does not define ``deposit.'' NCUA's previous 
policy had been to use the definition of deposit in the Federal Reserve 
Board's Regulation D, which provides, in relevant part, that a 
liability of a depository institution can be a ``deposit'' if, among 
other things, it is insured; it is not subordinated to the claims of 
depositors; and it has a weighted average maturity of less than five 
years. Removing the word ``original'' better aligned the NCUA's 
requirements for bank notes with the Regulation D definition of a 
deposit. Further, the amendment allowed Federal credit unions to select 
from a much larger pool of possible bank note offerings, resulting in 
cheaper execution prices and greater flexibility and efficiency for 
Federal credit unions in finding suitable offerings.
     Emergency Mergers. In December 2017, the Board issued a 
final rule to amend its Chartering and Field of Membership Manual 
definition of the term ``in danger of insolvency'' for emergency merger 
purposes. The previous definition, adopted in 2010, required a credit 
union to fall into at least one of three net worth categories over a 
period of time to be ``in danger of insolvency.'' For two of those 
three categories, the final rule lengthened by 6 months the forecast 
horizons, the time periods in which the NCUA projects a credit union's 
net worth will decline to the point that it falls into one of the 
categories. This extended the time period in which a credit union's net 
worth is projected to either render it insolvent or drop below 2 
percent from 24 to 30 months and from 12 to 18 months, respectively. 
Additionally, the final rule added a fourth category to the three 
existing net worth categories to include credit unions that have been 
granted or received assistance under section 208 of the Federal Credit 
Union Act in the 15 months prior to the NCUA regional office's 
determination that the credit union is in danger of insolvency.
     Voluntary Mergers of Federally Insured Credit Unions. The 
Board issued a final rule in June 2018 to revise the procedures a 
federally insured credit union must follow to merge voluntarily with 
another federally insured credit union. The changes revised and 
clarified the contents and format of the member document; required 
merging credit unions to disclose certain merger-related financial 
arrangements for covered persons; increased the minimum member notice 
period; and provided a method for members and others to submit comments 
to the NCUA regarding the proposed merger. Additionally, the NCUA 
replaced its Merger Manual with revised model forms to conform to the 
requirements of the final rule.
     Loans to Members and Lines of Credit to Members.
    [cir] The NCUA's regulations regarding loans to members and lines 
of credit to members were amended in March 2019 to reduce regulatory 
requirements, improve clarity, and make compliance easier. The 
amendments made the lending regulations more user friendly by: (1) 
identifying in one section all the various maturity limits applicable 
to Federal credit union loans; (2) stating that the maturity date for a 
new loan under GAAP is calculated from the origination date of the new 
loan; and (3) more clearly expressing the limits for loans to a single 
borrower or group of associated borrowers.
    [cir] A final rule issued in September 2019 allows Federal credit 
unions to offer additional payday alternative loans (PALs) to their 
members. The final rule (referred to as the PALs II rule) did not 
replace the former PALs rule (referred to as the PALs I rule). Rather, 
the PALs II rule granted Federal credit unions additional flexibility 
to offer their members alternatives to traditional payday loans while 
maintaining many of the key structural characteristics of the PALs I 
rule.
     Federal Credit Union Bylaws.
    [cir] In September 2019, the Board issued a final rule to update, 
clarify, and simplify the Federal credit union bylaws. The final rule 
updated and conformed the bylaws to legal opinions issued by the NCUA's 
Office of General Counsel and provided greater flexibility to Federal 
credit unions. The final rule also made other changes designed to 
remove outdated or obsolete provisions.
    [cir] On March 15, 2022, Congress enacted the Credit Union 
Governance Modernization Act of 2022. Under the statute, the NCUA had 
18 months following the date of enactment to develop a policy by which 
a Federal credit union member may be expelled for cause by a two-thirds 
vote of a quorum of the credit union's board of directors. In July 
2023, the Board issued a final rule to amend the standard Federal 
credit union bylaws to adopt such a policy.
     Public Unit and Nonmember Shares. A final rule issued in 
October 2019 amended the NCUA's public unit and nonmember share rule to 
allow

[[Page 45607]]

Federal credit unions to receive public unit and nonmember shares up to 
50 percent of the credit union's net amount of paid-in and unimpaired 
capital and surplus less any public unit and nonmember shares. The 
final rule also made a conforming change to the NCUA's regulations that 
apply the public unit and nonmember share limit to all federally 
insured credit unions.
     Fees Paid by Federal Credit Unions. In December 2020, the 
NCUA's regulation governing assessment of an annual operating fee to 
Federal credit unions was amended. First, for purposes of calculating 
the annual operating fee, the final rule amended the regulation to 
exclude from total assets any loan a Federal credit union reports under 
the Small Business Administration's Paycheck Protection Program or 
similar future programs approved for exclusion by the Board. Second, 
the final rule deleted from the regulation references to the Credit 
Union System Investment Program and the Credit Union Homeowners 
Affordability Relief Program, both of which no longer exist. Third, the 
final rule amended the period used for the calculation of a Federal 
credit union's total assets. Prior to the final rule, total assets were 
calculated using the credit union's December 31st Call Report of the 
preceding year. The final rule provided that total assets are 
calculated as the average total assets reported on the credit union's 
previous four Call Reports available at the time the Board approves the 
agency's budget for the upcoming year, adjusted for any excludable 
programs as determined by the Board.
     Subordinated Debt.
    [cir] In December 2020, the Board amended various parts of the 
NCUA's regulations to permit low-income designated credit unions, 
complex credit unions, and new credit unions to issue subordinated debt 
for purposes of regulatory capital treatment. The Board finalized the 
rule largely as proposed, except for a few changes to various sections 
based on comments received. Such changes included amending the 
definition of ``accredited investor;'' providing a longer timeframe in 
which a credit union may issue subordinated debt after approval; 
reducing the required number of years of pro forma financial statements 
an issuing credit union must provide with its application; clarifying 
the prohibition on subordinated debt issuances outside of the United 
States; and clarifying that the Board will publish a fee schedule only 
if it makes a determination to charge a fee.
    [cir] The Board amended the subordinated debt rule in March 2023 to 
make two changes related to the maturity of subordinated debt notes and 
grandfathered secondary capital. Specifically, the final rule replaced 
the maximum permissible maturity of subordinated debt notes with a 
requirement that any credit union seeking to issue subordinated debt 
notes with maturities longer than 20 years demonstrate how such 
instruments would continue to be considered ``debt.'' The final rule 
also extended the regulatory capital treatment of grandfathered 
secondary capital to the later of 30 years from the date of issuance or 
January 1, 2052. This extension aligned the regulatory capital 
treatment of grandfathered secondary capital with the maximum 
permissible maturity for any secondary capital issued by low-income 
credit unions under the 2022 U.S. Department of the Treasury's 
Emergency Capital Investment Program or other programs administered by 
the U.S. Government.
     Derivatives. A final rule issued in May 2021 amended the 
NCUA's derivatives rule to modernize the regulation and make it more 
principles-based, while retaining key safety and soundness components. 
The changes provided more flexibility for Federal credit unions to 
manage interest rate risk through the use of derivatives. The final 
rule permits written options that comply with the rule's requirements 
and amended the collateral requirements for cleared derivatives.
     Capitalization of Interest in Connection with Loan 
Workouts and Modifications. In June 2021, the Board issued a final rule 
to remove the prohibition on the capitalization of interest in 
connection with loan workouts and modifications. The final rule also 
established documentation requirements to help ensure that the addition 
of unpaid interest to the principal balance of a mortgage loan does not 
hinder the borrower's ability to become current on the loan.
     Credit Union Service Organizations (CUSOs). A final rule 
issued by the Board in October 2021 amended the NCUA's CUSO regulation. 
The final rule expanded the list of permissible activities and services 
for CUSOs to include the origination of any type of loan that a Federal 
credit union may originate; and granted the Board additional 
flexibility to approve permissible activities and services.
     Financial Innovation: Loan Participations, Eligible 
Obligations, and Notes of Liquidating Credit Unions. In September 2023, 
the Board amended the NCUA's regulations regarding the purchase of loan 
participations and the purchase, sale, and pledge of eligible 
obligations and other loans (including notes of liquidating credit 
unions). The final rule clarified the NCUA's existing regulations and 
provided additional flexibility for federally insured credit unions to 
make use of advanced technologies and opportunities offered by the 
financial technology (fintech) sector. The final rule also amended the 
NCUA's rule regarding loans to members and lines of credit to members 
by adding new provisions about indirect lending arrangements and 
indirect leasing arrangements.\16\
---------------------------------------------------------------------------

    \16\ In addition to this final rule, the Board in April 2020 
issued a temporary final rule to grant temporary regulatory relief 
in response to COVID-19. The final rule temporarily modified certain 
regulatory requirements to help ensure that federally insured credit 
unions remained operational and liquid during the COVID-19 pandemic. 
Specifically, the Board temporarily raised the maximum aggregate 
amount of loan participations that a Federal insured credit union 
may purchase from a single originating lender to the greater of $5 
million or 200 percent of the credit union's net worth. The Board 
also temporarily suspended limitations on the eligible obligations 
that a Federal credit union may purchase and hold. In addition, 
given physical distancing policies implemented in response to the 
pandemic, the Board tolled the required timeframes for the occupancy 
or disposition of properties not being used for Federal credit union 
business or that had been abandoned. Unless extended, these 
temporary modifications were effective until December 31, 2020. In 
December 2020, the Board extended the effective date of the 
temporary final rule to December 31, 2021. The Board further 
extended the effective date to December 31, 2022, in a December 2021 
rule. Because these were temporary final rules that have now 
expired, the Board is not seeking public comment on these final 
rules in this document.
---------------------------------------------------------------------------

    The Board has not identified any rules pertaining to Applications 
and Reporting and Powers and Activities that would have a significant 
impact on a substantial number of small entities. However, the Board 
will consider any public comments submitted through the decennial 
review process and agency experience to identify regulations it can 
update that have a significant impact on a substantial number of small 
federally insured credit unions.\17\
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    \17\ The review will be consistent with the requirements of a 
Regulatory Flexibility Act, section 610 review. The Board will 
determine whether particular rules should be continued without 
change, amended, or rescinded, consistent with the objectives of 
applicable statutes, to minimize any significant economic impact of 
the rules on a substantial number of small federally insured credit 
unions.
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V. The Board's Review of Regulations Under the Regulatory Flexibility 
Act (RFA)

    The Board will use the decennial review to satisfy any potential 
obligations under section 610 of the RFA.\18\ There are no rules within 
the

[[Page 45608]]

scope of the review that had a significant economic impact on a 
substantial number of small entities. Regardless, consistent with the 
spirit of section 610 of the RFA, for each rule the Board has issued in 
the last 10 years, the Board invites comment on (1) the continued need 
for the rule; (2) the complexity of the rule; (3) the extent to which 
the rule overlaps, duplicates or conflicts with other Federal rules, 
and, to the extent feasible, with State and local governmental rules; 
and (4) the length of time since the rule has been evaluated or the 
degree to which technology, economic conditions, or other factors have 
changed in the area affected by the rule. The purpose of the review 
will be to determine whether such rules should be continued without 
change, or should be amended or rescinded, consistent with the stated 
objectives of applicable statutes, to minimize any significant economic 
impact of the rules upon a substantial number of such small entities.
---------------------------------------------------------------------------

    \18\ Section 610 of the Regulatory Flexibility Act, 5 U.S.C. 
610, imposes a continuing obligation on agencies to review 
regulations that may have a significant economic impact upon a 
substantial number of small entities, within 10 years after a final 
rulemaking is published. The factors agencies consider in evaluating 
a rule under 5 U.S.C. 610 are (1) the continued need for the rule; 
(2) the nature of complaints or comments received concerning the 
rule from the public; (3) the complexity of the rule; (4) the extent 
to which the rule overlaps, duplicates or conflicts with other 
Federal rules, and, to the extent feasible, with State and local 
governmental rules; and (5) the length of time since the rule has 
been evaluated or the degree to which technology, economic 
conditions, or other factors have changed in the area affected by 
the rule.

----------------------------------------------------------------------------------------------------------------
               Category                            Subject                          Regulation cite
----------------------------------------------------------------------------------------------------------------
                         A. Regulations About Which Comment Is Currently Requested \19\
----------------------------------------------------------------------------------------------------------------
1. Applications and Reporting.........  Change in official or senior   12 CFR 701.14.
                                         executive officer in credit
                                         unions that are newly
                                         chartered or are in troubled
                                         condition.
                                        Federal credit union           12 CFR 701.1; Appendix B to Part 701.
                                         chartering, field of
                                         membership modifications,
                                         and conversions.
                                        Federal credit union bylaws..  12 CFR 701.2; Appendix A to Part 701.
                                        Fees paid by Federal credit    12 CFR 701.6.
                                         unions.
                                        Bank Conversions and Mergers.  12 CFR 708a.
                                        Mergers of Insured Credit      12 CFR 708b.
                                         Unions into Other 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-         12 CFR 741.7.
                                         chartered 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.            12 CFR 701.22.
                                        Loan participations..........
                                        Purchase, sale, and pledge of  12 CFR 701.23.
                                         eligible obligations.
                                        Borrowed funds...............  12 CFR 701.38.
                                        Statutory lien...............  12 CFR 701.39.
                                        Leasing......................  12 CFR 714.
                                        Member Business Loans;         12 CFR 723.
                                         Commercial Lending.
                                        Maximum borrowing............  12 CFR 741.2.
    b. Investment and Deposits........  General Investment and         12 CFR 703, Subpart A.
                                         Deposit Activities.           12 CFR 703, Subpart B.
                                        Derivatives..................
                                        Loans to credit unions         12 CFR 701.25.
                                         [Subordinated Debt].
                                        Federal credit union           12 CFR 701.36.
                                         occupancy and disposal of
                                         acquired and abandoned
                                         premises.
                                        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.
                                        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.
                                        Trustees and Custodians of     12 CFR 724.
                                         Certain Tax-Advantaged
                                         Savings Plans.
    c. Miscellaneous Activities.......  Incidental Powers............  12 CFR 721.
                                        Charitable contributions and   12 CFR 721.3(b).
                                         donations; charitable
                                         donation accounts.
                                        Credit union service           12 CFR 701.26.
                                         contracts.
                                        Services for nonmembers        12 CFR 701.30.
                                         within the field of
                                         membership.
                                        Suretyship and guaranty......  12 CFR 701.20.
                                        Foreign branching............  12 CFR 741.11.
----------------------------------------------------------------------------------------------------------------
                   B. Categories and Regulations About Which the NCUA Will Seek Comment Later
----------------------------------------------------------------------------------------------------------------
3. Agency Programs....................  Community Development          12 CFR 705.
                                         Revolving Loan Fund Access
                                         for Credit Unions.
                                        National Credit Union          12 CFR 725.
                                         Administration Central
                                         Liquidity Facility.
                                        Designation of low-income      12 CFR 701.34.
                                         status; receipt of secondary
                                         capital accounts by low-
                                         income designated credit
                                         unions.
4. Capital............................  Capital Adequacy.............  12 CFR 702.
                                        Adequacy of reserves.........  12 CFR 741.3(a).
5. Consumer Protection................  Nondiscrimination              12 CFR 701.31.
                                         requirements [Fair Housing].
                                        Truth in Savings.............  12 CFR 707.
                                        Loans in Areas Having Special  12 CFR 760.
                                         Flood Hazards.
                                        Fair Credit Reporting; Duties  12 CFR 717, Subpart I.
                                         of Users Consumer Report
                                         Regarding Address
                                         Discrepancies and Records
                                         Disposal.

[[Page 45609]]

 
                                        Fair Credit Reporting;         12 CFR 717, Subpart J.
                                         Identity Theft Red Flags.
                                        Share Insurance..............  12 CFR 745.
                                        Accuracy of Advertising and    12 CFR 740.
                                         Notice of Insured Status.
                                        Disclosure of share insurance  12 CFR 741.10.
                                        Notice of termination of       12 CFR 741.5.
                                         excess 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.                    12 CFR 701.33.
                                        Reimbursement, insurance, and
                                         indemnification of officials
                                         and employees.
                                        Benefits for employees of      12 CFR 701.19.
                                         Federal credit unions.
                                        Management Official            12 CFR 711.
                                         Interlocks.
                                        Fidelity Bond and Insurance    12 CFR 713.
                                         Coverage for Federally
                                         Insured Credit Unions.
                                        General authorities and        12 CFR 701.4.
                                         duties of Federal credit
                                         union directors.
                                        Golden Parachute and           12 CFR 750.
                                         Indemnification Payments.
8. Anti-Money Laundering and Bank       Filing of reports [of known    12 CFR 748.1.
 Secrecy Act.                            or suspected crimes or        12 CFR 748.2.
                                         suspicious transactions].
                                        Procedures for monitoring
                                         Bank Secrecy Act compliance.
9. Rules of Procedure.................  Involuntary Liquidation of     12 CFR 709.
                                         Federal Credit Unions and
                                         Adjudication of Creditor
                                         Claims Involving Federally
                                         Insured Credit Unions in
                                         Liquidation.
                                        Voluntary Liquidation........  12 CFR 710.
                                        Uniform Rules of Practice and  12 CFR 747, Subpart A.
                                         Procedure.
                                        Local Rules of Practice and    12 CFR 747, Subpart B.
                                         Procedure.
                                        Procedures for Appealing       12 CFR 746, Subpart A.
                                         Material Supervisory
                                         Determinations.
                                        Appeals Procedures That Do     12 CFR 746, Subpart B.
                                         Not by Law Require a Board
                                         Hearing.
10. Safety and Soundness..............  Loans to members and lines of  12 CFR 701.21.
                                         credit to members.
                                        Investments..................  12 CFR 703.
                                        Supervisory Committee Audits   12 CFR 715.
                                         and Verifications.
                                        Security program.............  12 CFR 748.0.
                                        Guidelines for Safeguarding    12 CFR 748, Appendix A; 12 CFR 748,
                                         Member Information;            Appendix B.
                                         Responding to Unauthorized
                                         Access to Member Information
                                         and Member Notice.
                                        Records Preservation Program   12 CFR 749.
                                         and Appendices--Record
                                         Retention Guidelines;
                                         Catastrophic Act
                                         Preparedness Guidelines.
                                        Appraisals...................  12 CFR 722.
                                        Examination..................  12 CFR 741.1.
                                        Liquidity and contingency      12 CFR 741.12.
                                         funding plans.
                                        Regulations Codified           12 CFR 741, Subpart B.
                                         Elsewhere in NCUA's
                                         Regulations as Applying to
                                         Federal Credit Unions That
                                         Also Apply to Federally
                                         Insured State-Chartered
                                         Credit Unions.
                                        Guidance for an Interest Rate  12 CFR 741, Appendix A.
                                         Risk Policy and an Effective
                                         Program.
                                        Loan Workouts, Nonaccrual      12 CFR 741, Appendix B.
                                         Policy, and Regulatory
                                         Reporting of Troubled Debt
                                         Restructured Loans.
----------------------------------------------------------------------------------------------------------------
\19\ Section 205(d) of the Federal Credit Union Act prohibits, except with the Board's prior written consent,
  any person who has been convicted of certain criminal offenses involving dishonesty or breach of trust, or who
  has entered into a pretrial diversion or similar program in connection with a prosecution for such offense,
  from participating in the conduct of the affairs of an insured credit union. On December 23, 2022, the
  President of the United States signed into law the Fair Hiring in Banking Act (FHBA), which significantly
  revised section 205(d) and was effective immediately. The FHBA appears at section 5705 of the James M. Inhofe
  National Defense Authorization Act for Fiscal Year 2023, Public Law 117-263, 136 Stat 2395, 3411. On October
  19, 2023, the Board approved for publication a proposed rule to incorporate its ``Second Chance'' Interpretive
  Ruling and Policy Statement 19-1 and FHBA into its regulations under 12 CFR part 752. See 88 FR 76702 (Nov. 7,
  2023). The rule is not yet finalized.

VI. Regulatory Procedures

Providing Accountability Through Transparency Act of 2023

    The Providing Accountability Through Transparency Act of 2023 (5 
U.S.C. 553(b)(4)) (Act) requires that a notice of proposed rulemaking 
include the internet address of a summary of not more than 100 words in 
length of a proposed rule, in plain language, that shall be posted on 
the internet website under section 206(d) of the E-Government Act of 
2002 (44 U.S.C. 3501) (commonly known as regulations.gov). The Act, 
under its terms, applies to notices of proposed rulemaking and does not 
expressly include other types of documents that the Board publishes 
voluntarily for public comment, such as documents and interim-final 
rules that request comment despite invoking ``good cause'' to forgo 
such notice and public procedure. The Board, however, has elected to 
address the Act's requirement in these types of documents in the 
interests of administrative consistency and transparency.
    In summary, as contemplated by the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996, the NCUA Board is reviewing its 
regulations to identify rules that are outdated, unnecessary, or unduly 
burdensome on federally insured credit unions. The NCUA divided its 
regulations into 10 categories outlined in the included chart. Over the 
next 2 years, the NCUA will publish four Federal Register documents 
requesting comment on multiple categories. This first Federal Register 
document requests comment on regulations concerning the following two 
categories: ``Applications and Reporting,'' and ``Powers and 
Activities.'' The NCUA will address the remaining eight categories in 
the next three documents.
    The document and the summary can be found at https://www.regulations.gov.

    By the National Credit Union Administration Board.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2024-11166 Filed 5-22-24; 8:45 am]
BILLING CODE 7535-01-P