[The Regulatory Plan and 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 LX





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 August 19, 1994. NCUA 
will also include this agenda in the Unified Agenda of Federal 
Regulations.

DATES: This information is current as of August 19, 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 August 17, 1994.

Becky Baker,

Secretary of the Board.

                                                  Prerule Stage                                                 
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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5140        Share Insurance and Appendix..........................................................    3133-AB15 
5141        Golden Parachute and Indemnification Payments.........................................    3133-AB28 
5142        Special Reserves......................................................................    3133-AB29 
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                                               Proposed Rule Stage                                              
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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5143        Credit Union Service Contracts and Correspondent Services.............................    3133-AA95 
5144        Requirements for Insurance............................................................    3133-AB31 
5145        Loans to Members and Lines of Credit to Members.......................................    3133-AB60 
5146        Corporate Credit Unions...............................................................    3133-AB64 
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                                                Final Rule Stage                                                
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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5147        Excerpts From the Uniform Standards of Professional Appraisal Practice Applicable to                
            Federally Related Transactions........................................................    3133-AB20 
5148        Mergers of Federally Insured Credit Unions; Voluntary Termination or Conversion of                  
            Insured Status........................................................................    3133-AB65 
5149        Truth in Savings......................................................................    3133-AB66 
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                                                Completed Actions                                               
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                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
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5150        Investment and Deposit Activities.....................................................    3133-AB41 
5151        Chartering and Field of Membership Policy.............................................    3133-AB54 
5152        Truth in Savings......................................................................    3133-AB59 
5153        Organization and Operation of Federal Credit Unions and Requirements for Insurance....    3133-AB61 
5154        Payments on Shares by Public Units and Nonmembers, and Low-Income Designation.........    3133-AB62 
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage
  
  
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5140. 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: Richard S. Schulman, Associate General Counsel, Office 
of General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428, 703 518-6540

RIN: 3133-AB15
_______________________________________________________________________

5141. 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
_______________________________________________________________________

5142. 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 S. Shulman, Associate General Counsel, 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)         Proposed Rule Stage
  
  
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5143. 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                            12/00/94

Small Entities Affected: None

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
_______________________________________________________________________

5144. 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                            12/00/94

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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5145. 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: Under National Credit Union Administration (NCUA) Rules and 
Regulations, federally insured credit unions are prohibited from 
providing incentive pay plans to certain employees related to the 
credit union's lending activities. NCUA has solicited public comment on 
whether this prohibition should be changed. NCUA also has invited 
comments on other changes to its lending regulations that would 
facilitate increased lending and improved loan-to-share ratios in 
credit unions. Information from interested parties will assist NCUA in 
determining whether to issue proposed amendments to its lending 
regulations.

Timetable:
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Action                            Date                      FR Cite

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ANPRM                           03/15/94                    59 FR 11937
ANPRM Comment Period End        05/16/94                    59 FR 11937
NPRM                            11/00/94

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
_______________________________________________________________________

5146.  CORPORATE CREDIT UNIONS

Legal Authority:  12 USC 1762; 12 USC 1766(a); 12 USC 1781; 12 USC 1789

CFR Citation:  12 CFR 704

Legal Deadline: None

Abstract: Many corporate credit unions are closely tied to credit union 
leagues or trade associations through interlocking boards of directors 
or common management. The NCUA Board has requested comment on whether 
to amend its regulations to require that a corporate credit union's 
board of directors be independently elected by its members, that the 
board represent primarily the interests of those members that are 
credit unions, and that management report only to the corporate credit 
union's board of directors.

Timetable:
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Action                            Date                      FR Cite

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ANPRM                           04/19/94                    59 FR 18503
ANPRM Comment Period End        06/20/94                    59 FR 18503
NPRM                            10/00/94

Small Entities Affected: None

Government Levels Affected: State

Agency Contact: H. Allen Carver, Director, Office of Corporate Credit 
Unions, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428, 703 518-6640

RIN: 3133-AB64
_______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage
  
  
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5147. 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

_________________________________________________________________________

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

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
_______________________________________________________________________

5148.  MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

Legal Authority:  12 USC 1766; 12 USC 1785; 12 USC 1786; 12 USC 1789

CFR Citation:  12 CFR 708

Legal Deadline: None

Abstract: The proposed rule would amend part 708 to clarify that the 
rules and regulations on mergers, voluntary termination and insurance 
conversion apply not only to federally insured credit unions converting 
to non-federally insured credit unions, but to federally insured credit 
unions converting to any institution that is not NCUSIF insured.

Timetable:
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Action                            Date                      FR Cite

_________________________________________________________________________

NPRM                            06/30/94                    59 FR 33702
NPRM Comment Period End         08/01/94                    59 FR 33702
Final Action                    10/00/94

Small Entities Affected: None

Government Levels Affected: State

Agency Contact: Mary Rupp, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, 703 518-
6540

RIN: 3133-AB65
_______________________________________________________________________

5149.  TRUTH IN SAVINGS

Legal Authority:  12 USC 4311

CFR Citation:  12 CFR 707, app C

Legal Deadline: None

Abstract: The proposed official staff interpretations apply and 
interpret the requirements of NCUA's Truth in Savings Rule and act as a 
substitute for, and a supplement to, NCUA individual staff 
interpretations. The proposed commentary incorporates much of the 
guidance provided when the final Truth in Savings rule was adopted, and 
addresses additional questions raised about the application of its 
requirements. The proposed commentary would be added as appendix C to 
part 707.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            08/03/94                    59 FR 39486
NPRM Comment Period End         09/19/94
Final Action                    11/00/94

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3133-AB66
_______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions
  
  
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5150. 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: To comply with the spirit of the President's January 29, 
1992, memorandum on regulatory burden, staff reviewed 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:
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Action                            Date                      FR Cite

_________________________________________________________________________

Withdrawn                       08/10/94

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
_______________________________________________________________________

5151. CHARTERING AND FIELD OF MEMBERSHIP POLICY

Legal Authority:  12 USC 1757; 12 USC 1759

CFR Citation:  None

Legal Deadline: None

Abstract: The final Interpretive Ruling and Policy Statement updates 
and revises NCUA's chartering policies. Changes in the policy were 
designed to facilitate corporate and military unit restructuring, 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 final decision on a 
charter application, and to make minor 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                    06/03/94                    58 FR 29066
Final Action Effective          07/05/94

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
_______________________________________________________________________

5152. 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 compliance date of part 707 of the 
NCUA Rules and Regulations (part 707), which implements the Truth in 
Savings Act for Credit Unions. Credit unions that are not automated and 
that have $2 million or less in assets as of December 31, 1993, will be 
given until January 1, 1996, to begin compliance with part 707. All 
other credit unions must comply with part 707 beginning on January 1, 
1995.

Timetable:
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Action                            Date                      FR Cite

_________________________________________________________________________

Final Action                    08/03/94                    59 FR 39425
Final Action Effective          01/01/95

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
_______________________________________________________________________

5153. 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: Amends various NCUA rules (701.6(a), (b)(2) and (3) and 
741.11(b)(1), (c), (d), and (g)) to conform to 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

_________________________________________________________________________

NPRM                            02/22/94                     59 FR 8424
NPRM Comment Period End         04/25/94
Final Action                    06/29/94                    59 FR 33420
Final Action Effective          01/01/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3133-AB61
_______________________________________________________________________

5154. 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: The final amendments: (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                    05/19/94                    58 FR 26101
Final Action Effective          06/20/94

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
[FR Doc. 94-21039 Filed 11-10-94; 8:45 am]
BILLING CODE 7535-01-F