[The Regulatory Plan and 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]


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Part LVI





National Credit Union Administration





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Semiannual Regulatory Agenda

[[Page 63518]]



NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                            


  



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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Ch. VII

Semiannual Regulatory Agenda

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 August 31, 1996. NCUA 
will also include this agenda in the Unified Agenda of Federal 
Regulatory and Deregulatory Actions.

DATES: This information is current as of August 31, 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 Regulatory and Deregulatory Actions.

Approved by the NCUA Board on September 20, 1996.

Hattie Ulan,

Acting Secretary of the Board.

                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4660        Credit Union Service Contracts/Correspondent Services/Credit Union Service                          
            Organizations.........................................................................    3133-AA95 
4661        Golden Parachute and Indemnification Payments.........................................    3133-AB28 
4662        Part 708--Mergers of Federally Insured Credit Unions; Voluntary Termination or                      
            Conversion of Insured Status..........................................................    3133-AB70 
4663        Investment and Deposit Activities.....................................................    3133-AB73 
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4664        Corporate Credit Unions...............................................................    3133-AB67 
4665        Part 705--Community Development Revolving Loan Program for Credit Unions..............    3133-AB71 
4666        Organization and Operations of Federal Credit Unions..................................    3133-AB84 
4667        Requirements for Insurance............................................................    3133-AB85 
4668        Management Official Interlocks........................................................    3133-AB86 
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions                                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4669        Part 701--Organization and Operations of Federal Credit Unions........................    3133-AB72 
4670        Uniform Rules of Practice and Procedure...............................................    3133-AB79 
4671        Supervisory Committee Audits and Verifications........................................    3133-AB82 
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[[Page 63519]]

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage


  



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4660. CREDIT UNION SERVICE CONTRACTS/CORRESPONDENT SERVICES/CREDIT UNION 
SERVICE ORGANIZATIONS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 701.26; 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
_______________________________________________________________________




4661. GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS

Priority:  Info./Admin./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
_______________________________________________________________________




4662. PART 708--MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

Priority:  Info./Admin./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
_______________________________________________________________________




4663. INVESTMENT AND DEPOSIT ACTIVITIES

Priority:  Info./Admin./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
NPRM Comment Period Extended    08/12/96                    61 FR 41750
NPRM Comment Period Extended to 11/18/96

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
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage


  



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4664. CORPORATE CREDIT UNIONS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 704.19

Legal Deadline: None

Abstract: The proposed rule is intended for wholesale corporate credit 
unions to ensure that the risk on their corporate credit union balance 
sheets is adequately managed and controlled.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/23/96                    61 FR 38117

[[Page 63520]]

NPRM Comment Period End         09/03/96
Final Action                    12/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Robert Schafer, 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
_______________________________________________________________________




4665. PART 705--COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT 
UNIONS

Priority:  Info./Admin./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
Final Action Effective          10/00/96

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
_______________________________________________________________________




4666. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

Priority:  Info./Admin./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
_______________________________________________________________________




4667.  REQUIREMENTS FOR INSURANCE

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 741.6

Legal Deadline: None

Abstract: The regulation would allow NCUA to assess its cost on 
federally insured credit unions that file late or inaccurate 5300 
reports.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/05/96                     61 FR 4237
Final Action                    10/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Herbert S. Yolles, Director, Division of Risk 
Management, Examination and Insurance, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6363

RIN: 3133-AB85
_______________________________________________________________________




4668.  MANAGEMENT OFFICIAL INTERLOCKS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 3201 et seq; 12 USC 1757

CFR Citation:  12 CFR 711

Legal Deadline: None

Abstract: The Depository Institution Management Interlocks Act 
prohibits certain management interlocks between depository 
institutions. The Interlocks Act exempts interlocking arrangements 
between credit unions and therefore, in the case of credit unions, only 
restricts interlocks between credit unions and other institutions -- 
banks and thrifts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/15/96                    61 FR 12043
NPRM Comment Period End         05/24/96
Final Action                    10/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Jeffrey Mooney, 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-AB86

[[Page 63521]]

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions


  



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4669. PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS

Priority:  Info./Admin./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: The NCUA Board issued five amendments to clarify: the 
application of field of membership requirements to mergers; the 
streamlined expansion procedure; the documentation requirements for 
low-income communities; the use of surveys to support a community 
common bond; and appeal procedures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/04/95                    60 FR 51936
NPRM Comment Period End         12/04/95
Final Action                    03/22/96                    61 FR 11721
Final Action Effective          07/01/96

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
_______________________________________________________________________




4670. UNIFORM RULES OF PRACTICE AND PROCEDURE

Priority:  Info./Admin./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 final rule is intended to clarify certain provisions and 
to increase the efficiency and fairness of administration hearings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    06/04/96                    61 FR 28021
Final Action Effective          06/05/96

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
_______________________________________________________________________




4671. SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS

Priority:  Info./Admin./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 final amendments clarify existing audit scope; expand 
audit scope and reporting requirements for compensated auditors only; 
require a comprehensive engagement letter setting forth minimum 
contracting terms and conditions; clarify existing working paper access 
requirements; expressly state available administrative sanctions for 
failure to comply with supervisory committee audit requirements and 
working paper access requirements; and add relevant definitions of 
accounting/auditing terms used throughout the regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    08/08/96                    61 FR 41312
Final Action Effective          12/31/96

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
Fax: 703 518-6569

RIN: 3133-AB82
[FR Doc. 96-25331 Filed 11-27-96; 8:45 am]
BILLING CODE 7535-01-F