[Unified Agenda of Federal Regulations]
[National Credit Union Administration Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


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Part LVII




 
National Credit Union Administration





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Semiannual Regulatory Agenda


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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                            
  
  
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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Ch. VII

Semiannual Agenda of Regulations

AGENCY: National Credit Union Administration (NCUA).

ACTION: Semiannual agenda of regulations.

_______________________________________________________________________

SUMMARY: Pursuant to its ongoing policy of reviewing regulations, NCUA 
is publishing a list of current and projected rulemakings, reviews of 
existing regulations, and completed actions as of February 28, 1994. 
NCUA will also include this agenda in the Unified Agenda of Federal 
Regulations.

DATES: This information is current as of February 28, 1994.

ADDRESSES: National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428.

FOR FURTHER INFORMATION CONTACT: For each regulation listed, the 
person(s) named in the listing at the above address, unless otherwise 
noted, or listed telephone number.

SUPPLEMENTARY INFORMATION: The purpose of this agenda is to enable 
credit unions and the public to follow regulatory development and 
review at NCUA and to enable interested parties to more effectively 
participate in that process. The agenda is divided into three parts: 
(1) Actions completed since the last agenda; (2) actions proposed but 
not completed; and (3) actions planned but not yet proposed by the NCUA 
Board.

    The agenda is published pursuant to NCUA Interpretive Ruling 
and Policy Statement Number 87-2 (``Developing and Reviewing 
Government Regulations,'' 54 FR 35231; September 18, 1987). 
Executive Order No. 12866, signed by President Clinton on September 
30, 1993, now requires independent executive agencies such as NCUA 
to publish a regulatory agenda. This agenda will be included in the 
Office of Management and Budget's next publication of its Unified 
Agenda of Federal Regulations.

Approved by the NCUA Board on February 28, 1994.

Becky Baker,

Secretary of the Board. 

                                                 Prerule Stage                                                  
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
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4897        Share Insurance and Appendix..........................................................    3133-AB15 
4898        Golden Parachute and Indemnification Payments.........................................    3133-AB28 
4899        Special Reserves......................................................................    3133-AB29 
4900        Investment and Deposit Activities.....................................................    3133-AB41 
4901        Loans to Members and Lines of Credit to Members.......................................   3133-AB60  
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                                              Proposed Rule Stage                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
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4902        Credit Union Service Contracts and Correspondent Services.............................    3133-AA95 
4903        Requirements for Insurance............................................................    3133-AB31 
4904        Organization and Operation of Federal Credit Unions and Requirements for Insurance....    3133-AB61 
4905        Payments on Shares by Public Units and Nonmembers, and Low-Income Designation.........   3133-AB62  
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                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
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4906        Excerpts From the Uniform Standards of Professional Appraisal Practice Applicable to                
            Federally Related Transactions........................................................    3133-AB20 
4907        Chartering and Field of Membership Policy.............................................    3133-AB54 
4908        Truth in Savings......................................................................   3133-AB59  
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                                               Completed Actions                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
 Number                                                                                                Number   
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4909        Share, Share Draft, and Share Certificate Accounts....................................    3133-AB50 
4910        Advertising...........................................................................    3133-AB56 
4911        Organization and Operations of Federal Credit Unions; Corporate Credit Unions;                      
            Requirements for Insurance............................................................    3133-AB57 
4912        Description of NCUA; Requests for Agency Action.......................................   3133-AB63  
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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4897. SHARE INSURANCE AND APPENDIX

Legal Authority:  12 USC 1766; 12 USC 1781; 12 USC 1789

CFR Citation:  12 CFR 745

Legal Deadline: None

Abstract: On May 15, 1990, the FDIC issued final rules on deposit 
insurance (55 FR 20111). The FDIC rules differ in some respects from 
NCUA's current rules and/or policies. NCUA staff will be analyzing the 
changes and clarifications to deposit insurance coverage rules made by 
the FDIC, in order to determine whether changes in NCUA's insurance 
regulation are warranted. Staff is also reviewing the entire section 
for a general update.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James J. Engel, Deputy General Counsel, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB15
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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4898. GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS

Legal Authority:  12 USC 1786(t)

CFR Citation:  12 CFR 701.34

Legal Deadline: None

Abstract: The Crime Control Act of 1990 amended the Federal Credit 
Union Act to strictly limit the use of golden parachute payments and 
indemnification by credit unions. NCUA staff is considering whether 
proposed rules are necessary to implement this statutory amendment.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Allan Meltzer, Associate General Counsel, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB28
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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4899. SPECIAL RESERVES

Legal Authority:  12 USC 1762(b); 12 USC 1781(b)(6); 12 CFR 741.9(a)(2)

CFR Citation:  12 CFR 702.4

Legal Deadline: None

Abstract: NCUA has the authority, pursuant to the FCU Act, to order 
individual credit unions to establish special reserves. NCUA staff is 
considering the advisability of a uniform procedure and a mechanism for 
credit unions to respond to such procedures.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Richard Schulman, Trial Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB29
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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4900. INVESTMENT AND DEPOSIT ACTIVITIES

Legal Authority:  12 USC 1757(7); 12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 703.4(e)

Legal Deadline: None

Abstract: The NCUA staff is reviewing the regulation on reverse 
repurchase transactions to determine the necessity for the limitation 
on the maturity date of the securities involved in such transactions.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lisa Henderson, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB41
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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4901.  LOANS TO MEMBERS AND LINES OF CREDIT TO MEMBERS

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 701.21

Legal Deadline: None

Abstract: Staff is reviewing NCUA's lending regulations with a view to 
changes that will facilitate credit union lending. One issue under 
consideration is whether NCUA's restrictions on loan-related incentive 
pay can be eased consistent with safety and soundness concerns.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Lisa Henderson, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB60
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage
  
  
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4902. CREDIT UNION SERVICE CONTRACTS AND CORRESPONDENT SERVICES

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 701.26

Legal Deadline: None

Abstract: The proposed rule clarifies the limits on the authority for 
an FCU to provide services and activities to other credit unions. In 
response to comments, staff is preparing a proposed revision which 
would permit, and set safety and soundness standards for, correspondent 
credit union services between credit unions, as well as address the 
issue of shared branching.

Timetable:
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Action                            Date                      FR Cite

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ANPRM                           11/21/89                    54 FR 48110
ANPRM Comment Period End        02/20/90                    54 FR 48110
NPRM                            06/00/94

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Martin E. Conrey, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AA95
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage
  
  
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4903. REQUIREMENTS FOR INSURANCE

Legal Authority:  12 USC 1757; 12 USC 1766(a); 12 USC 1781 to 1790

CFR Citation:  12 CFR 741

Legal Deadline: None

Abstract: NCUA staff is reviewing requirements for National Credit 
Union Share Insurance Fund (NCUSIF) insurance as part of its regulatory 
review process. Staff expects to rewrite part 741 in order to clarify 
which of the NCUA Regulations currently apply to State-chartered, 
NCUSIF-insured credit unions. The changes will be informational, rather 
than substantive.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            06/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Linda Groth, State Program Officer, Office of 
Examination and Insurance, National Credit Union Administration, 1775 
Duke Street, Alexandria, VA 22314-3428, 703 518-6360

RIN: 3133-AB31
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage
  
  
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4904.  ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS AND 
REQUIREMENTS FOR INSURANCE

Legal Authority:  12 USC 1752; 12 USC 1755; 12 USC 1766; 12 USC 1782

CFR Citation:  12 CFR 701.6; 12 CFR 741.11

Legal Deadline: None

Abstract: The proposal would amend sections 701.6(a), (b)(2) and (3) 
and 741.11(b)(1), (c), (d), and (g) to conform the NCUA Board's recent 
decision to convert the agency's budget and the National Credit Union 
Share Insurance Fund to calendar year cycles. These changes to the 
fiscal and insurance years were approved by the NCUA Board on November 
15, 1993, and are effective January 1, 1995.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            02/22/94                     59 FR 8424
NPRM Comment Period End         04/25/94
Final Action                    06/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Herbert S. Yolles, Controller, Office of Controller, 
National Credit Union Administration, 1775 Duke Street, Alexandria, VA 
22314-3428, 703 518-6570

RIN: 3133-AB61
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage
  
  
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4905.  PAYMENTS ON SHARES BY PUBLIC UNITS AND NONMEMBERS, AND 
LOW-INCOME DESIGNATION

Legal Authority:  12 USC 1752; 12 USC 1757

CFR Citation:  12 CFR 701.32

Legal Deadline: None

Abstract: Currently federally insured credit unions that wish to 
maintain public unit and nonmember accounts in excess of 20 percent of 
their total shares must have a waiver request approved by the Regional 
Director. The waiver request must include a plan setting forth the 
intended use of the funds. The proposed amendments would: (1) change 
the amount of nonmember and public unit accounts that a credit union 
may maintain without a waiver, to 20 percent of total shares or $1.5 
million, whichever is greater; and (2) require credit unions accepting 
any nonmember accounts to develop a written plan specifying the use of 
such accounts.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            03/04/94                    59 FR 10334
NPRM Comment Period End         04/04/94
Final Action                    10/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB62
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage
  
  
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4906. EXCERPTS FROM THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL 
PRACTICE APPLICABLE TO FEDERALLY RELATED TRANSACTIONS

Legal Authority:  12 USC 1766; 12 USC 1789; PL 101-73

CFR Citation:  12 CFR 722, app A

Legal Deadline: None

Abstract: The interim common rule, issued jointly with other Federal 
financial institution regulators (FRB, OTS, RTC, OCC, and FDIC), is 
designed to ensure that reliable appraisals are rendered in connection 
with federally related transactions.

Timetable:
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Action                            Date                      FR Cite

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Interim Final Rule              12/31/90                    55 FR 53610
Final Action                    06/00/94

Small Entities Affected: None

Government Levels Affected: State

Additional Information: The Federal financial institutions working 
group is nearing completion on a final rule.

Agency Contact: Michael J. McKenna, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB20
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage
  
  
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4907. CHARTERING AND FIELD OF MEMBERSHIP POLICY

Legal Authority:  12 USC 1757; 12 USC 1759

CFR Citation:  None

Legal Deadline: None

Abstract: The proposed IRPS is intended to update and revise IBPS 89-1 
to take into account changes in credit unions since that time. Changes 
in the policy were designed to facilitate corporate and military unit 
restructurings, to clarify NCUA policy on the ``operational area'' 
requirement for select group expansions, to update the low income and 
community development credit union policies, to accelerate reaching a 
final decision on a charter application, and to make minor or technical 
changes to modify or clarify NCUA policy.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            07/28/93                    58 FR 40470
NPRM Comment Period End         01/26/94                    58 FR 42698
Final Action                    06/00/94

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: H. Allen Carver, Region III Director, National Credit 
Union Administration, 7000 Central Parkway, Suite 1600, Atlanta, GA 
30328, 404 396-4042

RIN: 3133-AB54
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage
  
  
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4908.  TRUTH IN SAVINGS

Legal Authority:  12 USC 4311; PL 102-242

CFR Citation:  12 CFR 701.35; 12 CFR 740.2; 12 CFR 707

Legal Deadline: None

Abstract: This amendment extends the effective date of part 707 of the 
NCUA Rules and Regulations (part 707), which implements the Truth in 
Savings Act for credit unions. Credit unions with an asset size of 
between $500,000 and $1 million that are not automated will be given 
until March 31, 1995, to begin compliance with part 707. Credit unions 
with an asset size of less than $500,000 that are not automated will be 
given until June 30, 1995, to begin compliance with part 707. All other 
credit unions must comply with part 707 beginning on January 1, 1995. 
This document also contains clarifications, technical amendments, and 
revisions to part 707.

Timetable:
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Action                            Date                      FR Cite

_________________________________________________________________________

Final Action                    04/00/94
Final Action Effective          01/00/95

Small Entities Affected: Businesses

Government Levels Affected: State

Agency Contact: Martin E. Conrey, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB59
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions
  
  
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4909. SHARE, SHARE DRAFT, AND SHARE CERTIFICATE ACCOUNTS

Legal Authority:  12 USC 1752; 12 USC 1757; 12 USC 1759; 12 USC 1766; 
12 USC 1782; 12 USC 1789; PL 102-242

CFR Citation:  12 CFR 701.35

Legal Deadline:  Final, Statutory, September 19, 1993.
The rule conforms section 701.35 to the Truth in Savings Rule, which 
became final 9/27/93.

Abstract: Former section 701.35(c) permits a Federal credit union to 
determine, among other matters, the types of disclosures that it will 
make and its policies with regard to crediting of funds. The rule 
deletes references to that authority, in order to conform with the 
Truth in Savings Act and the proposed Truth in Savings Rule (12 CFR 
part 707), which address, among other things, credit union disclosures 
and crediting of funds.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            11/30/92                    57 FR 56686
NPRM Comment Period End         04/01/93                    58 FR 11801
Final Action                    09/27/93                    58 FR 50394
Final Action Effective          01/01/95                    58 FR 50394

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin E. Conrey, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB50
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions
  
  
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4910. ADVERTISING

Legal Authority:  12 USC 4311; PL 102-242

CFR Citation:  12 CFR 740

Legal Deadline:  Final, Statutory, September 19, 1993.

Abstract: The proposed rule adds a reference to the proposed Truth in 
Savings Rule (12 CFR 707.8).

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            11/30/92                    57 FR 56686
NPRM Comment Period End         03/01/93                    57 FR 56686
NPRM Comment Period Extended to 
04/01/93                        03/01/93                    58 FR 11801
Final Action                    09/27/93                    58 FR 50394
Final Action Effective          01/01/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin E. Conrey, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB56
_______________________________________________________________________


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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions
  
  
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4911. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS; CORPORATE 
CREDIT UNIONS; REQUIREMENTS FOR INSURANCE

Legal Authority:  12 USC 1751; 12 USC 1766(a); 12 USC 1781 to 1790

CFR Citation:  12 CFR 704.17; 12 CFR 741.1

Legal Deadline: None

Abstract: The rule allows corporate credit unions more options in 
purchasing fidelity bond coverage. It allows higher deductibles and 
requires higher limits for some corporate credit unions.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            05/27/93                    58 FR 30719
NPRM Comment Period End         07/30/93                    58 FR 33783
Final Action                    10/26/93                    58 FR 57539
Final Action Effective          10/26/93                    58 FR 57539

Small Entities Affected: None

Government Levels Affected: State

Agency Contact: D. Michael Riley, Director, Office of Examination and 
Insurance, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6360

RIN: 3133-AB57
_______________________________________________________________________


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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions
  
  
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4912.  DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION

Legal Authority:  12 USC 1766; 12 USC 1789; 12 USC 1795f; 5 USC 552

CFR Citation:  12 CFR 790

Legal Deadline: None

Abstract: This rule contains descriptions of the various offices of 
NCUA and a means for requesting agency action. Due to changes in the 
duties and responsibilities of various offices and to the change in 
addresses of the Central Office, some Regional Offices, and the Central 
Liquidity Facility, it is necessary to amend this part.

Timetable:
_________________________________________________________________________

Action                            Date                      FR Cite

_________________________________________________________________________

Final Action                    08/30/93                    58 FR 45430
Final Action Effective          09/07/93                    58 FR 45430

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin E. Conrey, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB63
[FR Doc. 94-5363 Filed 04-22-94; 8:45 am]
BILLING CODE 7535-01-F
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