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



[[Page 24031]]




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Part LVIII



National Credit Union Administration



_______________________________________________________________________

Semiannual Regulatory Agenda

[[Page 24032]]





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 regulatory agenda.

_______________________________________________________________________

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 23, 1996. 
NCUA will also include this agenda in the Unified Agenda of Federal 
Regulations.

DATES: This information is current as of February 23, 1996.

ADDRESSES: National Credit Union Administration, 1775 Duke Street, 
Alexandria, Virginia 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 29, 1996.

Becky Baker,

Secretary of the Board.

                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4369        Credit Union Service Contracts/Correspondent Services/Credit Union Service                          
            Organizations.........................................................................    3133-AA95 
4370        Golden Parachute and Indemnification Payments.........................................    3133-AB28 
4371        Part 708--Mergers of Federally Insured Credit Unions; Voluntary Termination or                      
            Conversion of Insured Status..........................................................    3133-AB70 
4372        Part 705--Community Development Revolving Loan Program for Credit Unions..............    3133-AB71 
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4373        Corporate Credit Unions...............................................................    3133-AB67 
4374        Part 701--Organization and Operations of Federal Credit Unions........................    3133-AB72 
4375        Investment and Deposit Activities.....................................................    3133-AB73 
4376        Uniform Rules of Practice and Procedure...............................................    3133-AB79 
4377        Supervisory Committee Audits and Verifications........................................    3133-AB82 
4378        Organization and Operations of Federal Credit Unions..................................    3133-AB84 
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions                                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4379        Share Insurance and Appendix..........................................................    3133-AB15 
4380        Excerpts From the Uniform Standards of Professional Appraisal Practice Applicable to                
            Federally Related Transactions........................................................    3133-AB20 
4381        Requirements for Insurance............................................................    3133-AB31 
4382        Organization and Operations of Federal Credit Unions--Loan Incentives--Prohibited Fee               
            Exception.............................................................................    3133-AB60 
4383        Loan Participation....................................................................    3133-AB77 
4384        Fees Paid by Federal Credit Unions....................................................    3133-AB78 
4385        Appraisals............................................................................    3133-AB80 
4386        Loan Interest Rates...................................................................    3133-AB81 
4387        Truth in Savings......................................................................    3133-AB83 
----------------------------------------------------------------------------------------------------------------

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[[Page 24033]]




NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage


  



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4369. CREDIT UNION SERVICE CONTRACTS/CORRESPONDENT SERVICES/CREDIT UNION 
SERVICE ORGANIZATIONS

Priority:  Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 701.27

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 
issues of shared branching and request comments for other related 
issues.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/15/89                    54 FR 48110
ANPRM Comment Period End        02/20/90
NPRM                            12/00/96

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AA95
_______________________________________________________________________




4370. GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS

Priority:  Other

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                            12/00/96

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
Phone: 703 518-6540

RIN: 3133-AB28
_______________________________________________________________________




4371. PART 708--MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

Priority:  Other

Legal Authority:  12 USC 1785(c)

CFR Citation:  12 CFR 708

Legal Deadline: None

Abstract: The NCUA Board will propose that proposed merger plans 
address the six statutory criteria contained in section 205(c) of the 
Federal Credit Union Act which the Board is required to consider before 
granting or withholding approval of a proposed merger involving at 
least one federally insured credit union.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB70
_______________________________________________________________________




4372. PART 705--COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT 
UNIONS

Priority:  Other

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

CFR Citation:  12 CFR 705

Legal Deadline: None

Abstract: The proposed rule eliminates the limits on technical 
assistance that may be provided per year to participating credit 
unions; clarifies that student credit unions may not participate in the 
program; clarifies that credit unions may receive up to $300,000 in 
loans in the aggregate at any one time; and requires additional 
documentation from nonfederally insured credit unions that may wish to 
participate in the program.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/25/96                     61 FR 4238
NPRM Comment Period End         04/05/96

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB71
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4373. CORPORATE CREDIT UNIONS

Priority:  Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 704

Legal Deadline: None

Abstract: The proposed rule would strengthen the capital of corporate 
credit unions, reduce the risk of their investments, and improve asset-
liability management. It would return corporate credit unions to their 
primary functions of serving as liquidity centers and service providers 
and would protect the safety and soundness of the corporate credit 
union system.

[[Page 24034]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/26/95                    60 FR 20438
NPRM Comment Period End         08/25/95                    60 FR 27240
Final Action                    04/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Robert Schafer, Acting Director, Office of Corporate 
Credit Unions, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6640
Fax: 703 518-6439

RIN: 3133-AB67
_______________________________________________________________________




4374. PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

Priority:  Other

Legal Authority:  12 USC 1755; 12 USC 1756; 12 USC 1757; 12 USC 1759; 
12 USC 1761a; 12 USC 1761b; 12 USC 1766; 12 USC 1767; 12 USC 1782; 12 
USC 1784; 12 USC 1787; 12 USC 1789; 12 USC 1798

CFR Citation:  12 CFR 701

Legal Deadline: None

Abstract: NCUA is planning to propose an amendment regarding the 
authority of Federal credit unions to add senior citizen/retiree groups 
formed solely for the purpose of acquiring credit unions service to a 
Federal credit unions field of membership. NCUA staff also plans to 
propose amendments to clarify operational issues.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/95                    60 FR 51936
NPRM Comment Period End         12/04/95
Final Action                    10/00/96

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB72
_______________________________________________________________________




4375. INVESTMENT AND DEPOSIT ACTIVITIES

Priority:  Other

Legal Authority:  12 USC 1757(7); 12 USC 1757(8); 12 USC 1757(15); 12 
USC 1757(17); 12 USC 1766(a); 12 USC 1789(ii)

CFR Citation:  12 CFR 703

Legal Deadline: None

Abstract: The proposed regulation clarifies a number of areas, adds 
restrictions on some securities which have been determined to be too 
risky for credit unions, broadens authority in certain areas, and 
requires that a credit union's staff and board of directors fully 
understand the potential risk characteristics of its investment 
options.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/29/95                    60 FR 61219
NPRM Comment Period End         03/28/96
Final Action                    10/00/96

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Kimberly Iverson, Program Officer, Office of 
Examination and Insurance, National Credit Union Administration, 1775 
Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6360
Fax: 703 518-6499

RIN: 3133-AB73
_______________________________________________________________________




4376. UNIFORM RULES OF PRACTICE AND PROCEDURE

Priority:  Other

Legal Authority:  12 USC 1766; 12 USC 1784; 12 USC 1786; 12 USC 1787; 
42 USC 4012a

CFR Citation:  12 CFR 747

Legal Deadline: None

Abstract: The Comptroller of the Currency (OCC), Board of Governors of 
the Federal Reserve System (Board of Governors), Federal Deposit 
Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), and 
National Credit Union Administration (NCUA) are proposing changes to 
the Uniform Rules and Practice and Procedure for Administrative 
Hearings (Uniform Rules) and to their agency specific rules of 
administrative practice and procedure (Local Rules). The proposal is 
intended to clarify certain provisions and to increase the efficiency 
and fairness of administrative hearings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/23/95                    60 FR 32882
NPRM Comment Period End         08/22/95
Final Action                    05/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Steven Widerman, Trial Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB79
_______________________________________________________________________




4377.  SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS

Priority:  Other

Legal Authority:  12 USC 1752(5); 12 USC 1755; 12 USC 1756; 12 USC 
1757; 12 USC 1759; 12 USC 1761a; 12 USC 1761b; 12 USC 1766; 12 USC 
1767; 12 USC 1782; 12 USC 1784; 12 USC 1787; 12 USC 1789; 12 USC 1798; 
PL 101-73

CFR Citation:  12 CFR 701.12

Legal Deadline: None

Abstract: The NCUA Board is proposing to amend the regulations to 
clarify existing audit scope; expand audit scope and reporting 
requirements in certain areas; clarify existing working paper access 
requirements and strengthen administrative remedies for denial of 
access; require a comprehensive engagement letter setting forth minimum 
contracting terms and conditions; and add relevant definitions of 
accounting/auditing terms used throughout the regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/02/95                    60 FR 55663
NPRM Comment Period End         01/18/96                    60 FR 66952
Final Action                    05/00/96

Small Entities Affected: None

Government Levels Affected: None

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

[[Page 24035]]

Fax: 703 518-6569

RIN: 3133-AB82
_______________________________________________________________________




4378.  ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

Priority:  Other

Legal Authority:  12 USC 1752(5); 12 USC 1755; 12 USC 1756; 12 USC 
1757; 12 USC 1759; 12 USC 1761a; 12 USC 1761b; 12 USC 1766; 12 USC 
1767; 12 USC 1782; 12 USC 1784; 12 USC 1787; 12 USC 1789; PL 101-73

CFR Citation:  12 CFR 701; 12 CFR 709; 12 CFR 741

Legal Deadline: None

Abstract: This interim final rule authorizes credit unions serving 
predominantly low-income members to raise secondary capital from 
foundations and other philanthropic-minded institutional investors. 
This rule also establishes a new section in NCUA regulations providing 
authority for secondary capital accounts and amending existing 
regulatory provisions concerning designation of low-income status; 
amends an existing rule to address the authority of federally insured 
State credit unions to issue secondary capital accounts; and amends 
another rule to establish that secondary capital accounts are paid 
after all other claims in the event of liquidation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule Effective    01/25/96
Interim Final Rule              02/02/96                     61 FR 3788
Interim Final Rule Comment 
Period End                      04/01/96
Final Action                    10/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Joyce Jackson, Special Assistant, Office of Community 
Development Credit Unions, National Credit Union Administration, 1775 
Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6610
Fax: 703 518-6439

RIN: 3133-AB84
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions


  



_______________________________________________________________________




4379. SHARE INSURANCE AND APPENDIX

Priority:  Other

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

CFR Citation:  12 CFR 745, subpart A

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

________________________________________________________________________

Withdrawn                       02/15/96

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB15
_______________________________________________________________________




4380. EXCERPTS FROM THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL 
PRACTICE APPLICABLE TO FEDERALLY RELATED TRANSACTIONS

Priority:  Other

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), was eliminated by the NCUA Board. On September 27, 1995, the 
Board issued a final rule to eliminate the appendix and make some 
technical amendments to simplify regulatory compliance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/31/90                    55 FR 53610
NPRM                            03/07/95                    60 FR 13388
NPRM Comment Period End         05/12/95
Final Action                    10/04/95                    60 FR 51889
Final Action Effective          10/04/95

Small Entities Affected: None

Government Levels Affected: State

Agency Contact: Michael J. McKenna, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB20
_______________________________________________________________________




4381. REQUIREMENTS FOR INSURANCE

Priority:  Other

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

CFR Citation:  12 CFR 701.26; 12 CFR 701.21

Legal Deadline: None

Abstract: The final rule reorganizes part 741 in order to clarify which 
of the NCUA regulations currently apply to State-chartered, NCUSIF-
insured credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/02/95                    60 FR 39274
NPRM Comment Period End         10/02/95
Final Action                    11/28/95                    60 FR 58502
Final Action Effective          01/29/96

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

[[Page 24036]]

Phone: 703 518-6360

RIN: 3133-AB31
_______________________________________________________________________




4382. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS--LOAN 
INCENTIVES--PROHIBITED FEE EXCEPTION

Priority:  Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 701.21(c)(8)

Legal Deadline: None

Abstract: The final rule amends NCUA's lending regulations to give 
member-elected credit union boards more flexibility to determine 
compensation policies, including the use of incentive pay.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/15/94                    59 FR 11937
ANPRM Comment Period End        05/16/94
NPRM                            04/20/95                    60 FR 19690
NPRM Comment Period End         06/19/95
Final Action                    10/04/95                    60 FR 51886
Final Action Effective          10/04/95

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB60
_______________________________________________________________________




4383. LOAN PARTICIPATION

Priority:  Other

Legal Authority:  12 USC 1757; 12 USC 1766

CFR Citation:  12 CFR 701.22

Legal Deadline: None

Abstract: The final rule amends NCUA's regulation on loan 
participations to broaden loan participation authority by removing the 
requirement that the participation agreement precede loan disbursement.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/02/95                    60 FR 39273
NPRM Comment Period End         10/02/95
Final Action                    11/28/95                    60 FR 58503
Final Action Effective          01/26/96

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3133-AB77
_______________________________________________________________________




4384. FEES PAID BY FEDERAL CREDIT UNIONS

Priority:  Other

Legal Authority:  12 USC 1755; 31 USC 3717

CFR Citation:  12 CFR 701.6

Legal Deadline: None

Abstract: On November 16, 1995, the NCUA Board adopted a policy of 
restructuring the operating fee scale for natural person Federal credit 
unions. All such credit unions with assets of $500,000 and less will be 
exempt from paying any operating fee. In addition, all natural person 
Federal credit unions with assets over $500,000 but equal to or less 
than $750,000 will pay a minimum operating fee of $100.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/26/95                    60 FR 32925
NPRM Comment Period End         08/25/95
NCUA Board Adopted - No 
Regulation Required.            11/16/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Ronald M. Aaron, Deputy Director, Office of Chief 
Financial Officer, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6570

RIN: 3133-AB78
_______________________________________________________________________




4385. APPRAISALS

Priority:  Other

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

CFR Citation:  12 CFR 722

Legal Deadline: None

Abstract: The NCUA Board issued final amendments to its regulation 
regarding the appraisal of real estate, adopted pursuant to title XI of 
the Financial Institutions Reform, Recovery and Enforcement Act of 
1989. The final amendments simplify compliance with regulatory 
requirements for credit unions by changing provisions of the appraisal 
regulation that govern: the publication of the Uniform Standards of 
Professional Appraisal Practice; minimum appraisal standards; 
appraisals to address safety and soundness concerns; unavailable 
information; additional appraisal standards developed by the credit 
unions; and appraiser independence. The final amendments should reduce 
costs without affecting the reliability of appraisals used in 
connection with federally related transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/13/95                    60 FR 13388
NPRM Comment Period End         05/12/95
Final Action                    10/04/95                    60 FR 51889
Final Action Effective          10/04/95

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
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AB80
_______________________________________________________________________




4386.  LOAN INTEREST RATES

Priority:  Other

Legal Authority:  12 USC 1752(5); 12 USC 1755; 12 USC 1756; 12 USC 
1757; 12 USC 1759; 12 USC 1761a; 12 USC 1761b; 12 USC 1766; 12 USC 
1767; 12 USC 1782; 12 USC 1784; 12 USC 1787; 12 USC 1789; 12 USC 1798

CFR Citation:  12 CFR 701.21

Legal Deadline: None

Abstract: The NCUA Board continues an 18 percent Federal credit union 
loan rate ceiling for the period from March 9, 1996, through September 
8, 1997. Loans and lines of credit balances existing prior to May 15, 
1987, may continue to bear their contractual rate of interest, not to 
exceed 21 percent. The Board is prepared to reconsider the 18 percent 
ceiling at any time should changes in economic conditions warrant.

[[Page 24037]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    02/05/96                     61 FR 4213
Final Action Effective          03/09/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James F. Feeney, Senior Investment Officer, Office of 
Investment Services, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6620
Fax: 703 518-6429

RIN: 3133-AB81
_______________________________________________________________________




4387.  TRUTH IN SAVINGS

Priority:  Other

Legal Authority:  12 USC 4311

CFR Citation:  12 CFR 707

Legal Deadline: None

Abstract: The NCUA Board has extended the compliance date for 
nonautomated and insufficiently automated credit unions that have 
assets of $2 million or less as reported to, or determined by, the NCUA 
until January 1, 1997. The extension gives the smaller, automation-
impaired credit unions continued immunity from compliance until 
Congress has acted on its contemplated regulatory relief initiatives, 
which might ultimately exempt their compliance with Truth in Savings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    11/14/95                    60 FR 57173
Final Action Effective          01/01/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin Conrey, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
TDD: 703 518-6569

RIN: 3133-AB83
[FR Doc. 96-6559 Filed 05-10-96; 8:45 am]
BILLING CODE 7535-01-F