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


[[Page 24359]]


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Part LX





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda


Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda
[[Page 24360]]

=======================================================================

______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                           
  
______________________________________________________________________

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 24, 1995. 
NCUA will also include this agenda in this Unified Agenda of Federal 
Regulations.

DATES: This information is current as of February 24, 1995.

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 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 20, 1995.

Becky Baker,

Secretary of the Board.

                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4923        Credit Union Service Contracts and Correspondent Services.............................    3133-AA95 
4924        Share Insurance and Appendix..........................................................    3133-AB15 
4925        Golden Parachute and Indemnification Payments.........................................    3133-AB28 
4926        Requirements for Insurance............................................................    3133-AB31 
4927        Loans to Members and Lines of Credit to Members.......................................    3133-AB60 
4928        Corporate Credit Unions...............................................................    3133-AB67 
4929        Employee Benefits.....................................................................    3133-AB68 
4930        Flood Insurance.......................................................................    3133-AB69 
4931        Interpretive Ruling and Policy Statement--Merger Standards............................    3133-AB70 
4932        Part 705--Community Development Revolving Loan Program for Credit Unions..............    3133-AB71 
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4933        Excerpts From the Uniform Standards of Professional Appraisal Practice Applicable to                
            Federally Related Transactions........................................................    3133-AB20 
4934        Mergers or Conversions of Federally Insured Credit Unions: NCUA Approval..............    3133-AB65 
----------------------------------------------------------------------------------------------------------------


                                           Completed/Longterm Actions                                           
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4935        Special Reserves......................................................................    3133-AB29 
4936        Corporate Credit Unions...............................................................    3133-AB64 
4937        Truth in Savings......................................................................    3133-AB66 
----------------------------------------------------------------------------------------------------------------



[[Page 24361]] 
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4923. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           11/15/89                    54 FR 48110
ANPRM Comment Period End        02/20/90                    54 FR 48110
NPRM                            12/00/95

Small Entities Affected: None

Government Levels Affected: Undetermined

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-AA95
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4924. 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 
regulations are warranted. Staff is also reviewing the entire section 
for a general update.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/00/95

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
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4925. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/00/95

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
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4926. 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) coverage 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/00/95

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
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4927. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           03/15/94                    59 FR 11937
ANPRM Comment Period End        05/16/94                    59 FR 11937
NPRM                            04/00/95

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
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4928.  CORPORATE CREDIT UNIONS

Priority:  Agency Priority

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 704

Legal Deadline: None

Abstract: Staff is reviewing part 704 to determine what changes need to 
be made to ensure that corporate credit unions remain safe and sound. 
[[Page 24362]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95

Small Entities Affected: None

Government Levels Affected: None

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-AB67
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4929.  EMPLOYEE BENEFITS

Legal Authority:  12 USC 1761b(12); 12 USC 1766a

CFR Citation:  12 CFR 701.19

Legal Deadline: None

Abstract: NCUA staff plans to present a proposed rule permitting 
Federal credit unions to establish and maintain certain partially self-
funded employee health benefit plans. At this time, Federal credit 
unions are only permitted to purchase fully insured employee health and 
medical policies from insurance companies.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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

RIN: 3133-AB68
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4930.  FLOOD INSURANCE

Legal Authority:  12 USC 1766; 12 USC 1789; 12 USC 4012a; 12 USC 4106; 
PL 103-325

CFR Citation:  12 CFR 760

Legal Deadline:  Final, Statutory, September 23, 1995.

Abstract: The Riegle Community Development and Regulatory Improvement 
Act of 1994 directs NCUA to issue regulations requiring federally 
insured credit unions to ensure that loans secured by real estate 
located in flood hazard areas are covered by flood insurance. These 
regulations must be developed with the other banking agencies.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            09/23/95

Small Entities Affected: Organizations

Government Levels Affected: None

Agency Contact: Jeffrey S. Mooney, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428, 703 
518-6540

RIN: 3133-AB69
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________

4931.  INTERPRETIVE RULING AND POLICY STATEMENT--MERGER 
STANDARDS

Legal Authority:  12 USC 1785(c)

CFR Citation:  None

Legal Deadline: None

Abstract: The NCUA Board will propose merger criteria to supplement the 
criteria found in the Federal Credit Union Act and provide additional 
guidance to federally insured credit unions on the evaluation process 
used by the agency to determine whether to approve a voluntary merger 
involving at least one federally insured credit union.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3133-AB70
______________________________________________________________________



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)        Proposed Rule Stage
  
______________________________________________________________________


4932.  PART 705--COMMUNITY DEVELOPMENT REVOLVING LOAN 
PROGRAM FOR CREDIT UNIONS

Legal Authority:  PL 97-35; 42 USC 9822; PL 101-144; 12 USC 1766(k)

CFR Citation:  12 CFR 705

Legal Deadline: None

Abstract: NCUA is drafting proposed amendments to clarify issues and 
relieve regulatory burden.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            12/00/95

Small Entities Affected: Organizations

Government Levels Affected: None

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

RIN: 3133-AB71



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Final Rule Stage
  
______________________________________________________________________

4933. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Interim Final Rule              12/31/90                    55 FR 53610
Final Action                    04/00/95

Small Entities Affected: None

Government Levels Affected: State

Additional Information: The Federal financial institutions working 
group is nearing completion on a final rule. [[Page 24363]] 

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
______________________________________________________________________




______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Final Rule Stage
  
______________________________________________________________________


4934. MERGERS OR CONVERSIONS OF FEDERALLY INSURED CREDIT UNIONS: 
NCUA APPROVAL

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

CFR Citation:  12 CFR 708a

Legal Deadline: None

Abstract: The interim final rule clarifies NCUA's authority to approve 
mergers and conversions of federally insured credit unions converting 
to any institution that is not NCUSIF insured.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            06/30/94                    59 FR 33702
NPRM Comment Period End         08/01/94                    59 FR 33702
Interim Final Rule              09/23/94                    59 FR 48790
Final Action                    04/00/95

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



______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA) Completed/Longterm Actions
  
______________________________________________________________________

4935. 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:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Withdrawn - Procedure not needed 
at this time.                   02/24/95

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-AB29
______________________________________________________________________




______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION (NCUA) Completed/Longterm Actions
  
______________________________________________________________________

4936. 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: The final rule provides that: (1) a majority of a corporate 
credit union's board members must be representatives of member credit 
unions; (2) a majority of a corporate credit union's board members may 
not serve the same or affiliated credit union trade association; (3) 
the chairman of a corporate credit union board may not serve as an 
officer, director, or employee of a credit union trade association; and 
(4) the CEO of a corporate credit union must report solely to the board 
of the corporate Federal credit union and may not be an employee of a 
credit union trade association.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           04/19/94                    59 FR 18503
ANPRM Comment Period End        06/20/94                    59 FR 18503
NPRM                            09/16/94                    59 FR 48832
NPRM Comment Period End         10/24/94                    59 FR 48832
Final Action                    11/10/94                    59 FR 59357
Final Action Effective          01/01/96                    59 FR 59357

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) Completed/Longterm Actions
  
______________________________________________________________________


4937. TRUTH IN SAVINGS

Legal Authority:  12 USC 4311

CFR Citation:  12 CFR 707, app C

Legal Deadline: None

Abstract: The official staff interpretations apply and interpret the 
requirements of NCUA's Truth in Savings rule. The 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 commentary was added as 
appendix C to part 707. Compliance is optional for most credit unions 
until May 22, 1995.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            08/03/94                    59 FR 39486
NPRM Comment Period End         09/19/94
Final Action                    11/21/94                    59 FR 59887
Final Action Effective          05/22/95                    59 FR 59887

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
[FR Doc. 95-5759 Filed 05-05-95; 8:45 am]
BILLING CODE 7535-01-F