[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 LIX





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 23022]]



NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                            


  



_______________________________________________________________________

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 January 31, 1998. 
NCUA will also include this agenda in the Unified Agenda of Federal 
Regulatory and Deregulatory Actions.

DATES: This information is current as of January 31, 1998.

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 participate in that process more effectively. 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, requires independent executive agencies such as NCUA to 
publish a regulatory agenda. This agenda will be included in the 
next publication of the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

Approved by the NCUA Board on February 13, 1998.

Becky Baker,

Secretary of the Board.

                                               Proposed Rule Stage                                              
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4314         Golden Parachute and Indemnification Payments........................................    3133-AB28 
4315         FCU Ownership of Fixed Assets........................................................    3133-AB90 
4316         Management Official Interlocks.......................................................    3133-AB93 
4317         Federal Credit Union Bylaws..........................................................    3133-AB94 
4318         Federal Credit Union Chartering, Field of Membership Modifications, and Conversions..    3133-AC02 
4319         Change in Official or Senior Executive Officer in Credit Unions That Are Newly                     
            Chartered or Are in Troubled Condition................................................    3133-AC03 
4320         Fidelity Bond and Insurance Coverage of Federal Credit Unions........................    3133-AC04 
4321         Purchase, Sale and Pledge of Eligible Obligations....................................    3133-AC05 
4322         Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims               
            Involving Federally Insured Credit Unions in Liquidation..............................    3133-AC06 
4323         FCU Insurance and Group Purchasing Activities........................................    3133-AC07 
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage                                                
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4324         Member Business Loans................................................................    3133-AB91 
4325         Investment and Deposit Activities....................................................    3133-AC01 
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                                                Completed Actions                                               
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation 
 Sequence                                           Title                                            Identifier 
  Number                                                                                               Number   
----------------------------------------------------------------------------------------------------------------
4326         Credit Union Service Contracts/Correspondent Services/Credit Union Service                         
            Organizations.........................................................................    3133-AA95 
4327         Production of NCUA Records and Testimony of NCUA Employees in Legal Proceedings......    3133-AB87 
4328         Interpretive Rulings and Policy Statements (IRPS)....................................    3133-AB92 
4329         Mergers of Federally Insured Credit Unions; Voluntary Termination or Conversion of                 
            Insured Status........................................................................    3133-AB96 
4330         Central Liquidity Facility...........................................................    3133-AB97 
4331         Mergers or Conversions of Federally Insured Credit Unions to Non-Credit Union Status:              
            NCUA Approval.........................................................................    3133-AB98 
4332         Organization and Operations of Federal Credit Unions.................................    3133-AB99 

[[Page 23023]]

                                                                                                                
4333         The Freedom of Information Act and Privacy Act.......................................    3133-AC00 
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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage


  



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4314. GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS

Priority:  Substantive, Nonsignificant

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                            12/00/98

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
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB28
_______________________________________________________________________




4315. FCU OWNERSHIP OF FIXED ASSETS

Priority:  Info./Admin./Other

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  12 USC 1754(4)

CFR Citation:  12 CFR 701.36

Legal Deadline: None

Abstract: The current rule establishes a specific limitation on an 
FCU's investment in fixed assets at 5% of shares and retained earnings 
when an FCU's assets exceed $1 million. The proposal anticipates using 
a new fixed asset threshold based on an FCU's net capital. In addition, 
fixed asset waiver requests would need to be documented more fully than 
at present.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Martin 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
Email: [email protected]

RIN: 3133-AB90
_______________________________________________________________________




4316. MANAGEMENT OFFICIAL INTERLOCKS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 711

Legal Deadline: None

Abstract: The current regulation will need to be amended to conform it 
to recent changes made to the Depository Institutions Management 
Interlocks Act (the Interlocks Act). The Interlocks Act was amended to 
raise the asset threshold for the prohibition against interlocks 
involving an institution with at least $1 billion in total assets and 
an institution with at least $500 million in total assets. The 
Interlocks Act also was amended to expand the exemptive authority of 
the OCC and other Federal banking agencies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/98

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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB93
_______________________________________________________________________




4317. FEDERAL CREDIT UNION BYLAWS

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1758

CFR Citation:  None

Legal Deadline: None

Abstract: The request for comments was issued to help guide the 
preparation of a proposed rule which would clarify, revise and 
reorganize existing FCU bylaws, and eliminate bylaws that are obsolete.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/13/97                    62 FR 11778
ANPRM Comment Period End        06/12/97                    62 FR 19702
NPRM                            06/00/98

Small Entities Affected: Undetermined

Government Levels Affected: None

Agency Contact: Mary F. Rupp, 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
Email: [email protected]

RIN: 3133-AB94

[[Page 23024]]

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4318.  FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP 
MODIFICATIONS, AND CONVERSIONS

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

CFR Citation:  12 CFR 701.1

Legal Deadline: None

Abstract: NCUA staff is currently working on a proposed Interpretive 
Ruling and Policy Statement (IRPS) to update completely our chartering 
and field of membership policies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/98

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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC02
_______________________________________________________________________




4319.  CHANGE IN OFFICIAL OR SENIOR EXECUTIVE OFFICER IN CREDIT 
UNIONS THAT ARE NEWLY CHARTERED OR ARE IN TROUBLED CONDITION

Priority:  Substantive, Nonsignificant

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 1787; 12 USC 1789

CFR Citation:  12 CFR 701.14

Legal Deadline: None

Abstract: This regulation was implemented in 1990. It sets forth the 
condition under which a newly chartered or troubled credit union must 
notify NCUA of any changes in its board of directors, committee 
members, or senior executive staff. The provisions relating to when the 
notice period begins for NCUA's review and the definition of a 
``troubled'' FISCU have created some problems for NCUA staff. NCUA 
intends to clarify the notice provision and to define an FISCU as 
``troubled'' if it receives a ``4'' or ``5'' CAMEL rating from NCUA or 
the State Supervisory Authority.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Mary F. Rupp, 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
Email: [email protected]

RIN: 3133-AC03
_______________________________________________________________________




4320.  FIDELITY BOND AND INSURANCE COVERAGE 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 1787; 12 USC 1789

CFR Citation:  12 CFR 701.20

Legal Deadline: None

Abstract: This regulation sets out the requirements for fidelity bonds 
and other insurance coverage. The revision will clarify and update it 
by identifying additional bonds that have been approved.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

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
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC04
_______________________________________________________________________




4321.  PURCHASE, SALE AND PLEDGE OF ELIGIBLE OBLIGATIONS

Priority:  Substantive, Nonsignificant

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 1787; 12 USC 1789

CFR Citation:  12 CFR 701.23

Legal Deadline: None

Abstract: This regulation sets forth the requirements for purchasing, 
selling, and pledging eligible obligations (loans) by Federal credit 
unions. Paragraph (b)(1)(iv) states that a Federal credit union may 
purchase real estate loans from any source if it is granting real 
estate loans on an ongoing basis and the purchase will facilitate the 
packaging of a pool of loans to be sold on the secondary market. Based 
on the preamble to the 1979 amendment to the regulation, a pool must 
include a substantial portion of the credit union's own loans and must 
be sold promptly.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

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
Email: [email protected]

RIN: 3133-AC05
_______________________________________________________________________




4322.  INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNIONS AND 
ADJUDICATION OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT 
UNIONS IN LIQUIDATION

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1766; 12 USC 1787 et seq

CFR Citation:  12 CFR 709

Legal Deadline: None

Abstract: NCUA plans to clarify the regulation to address various 
questions, including the application of the regulation to particular 
types of claims and the liquidating agent's notice obligations.

[[Page 23025]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

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
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC06
_______________________________________________________________________




4323.  FCU INSURANCE AND GROUP PURCHASING ACTIVITIES

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1757(16); 12 USC 1766; 12 USC 1789

CFR Citation:  12 CFR 721

Legal Deadline: None

Abstract: The regulation sets forth the rules governing Federal credit 
union insurance and group purchasing activities. It is based, in part, 
on a certain view of what constitutes the incidental authority of 
Federal credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/98

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
Email: [email protected]

RIN: 3133-AC07
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4324. MEMBER BUSINESS LOANS

Priority:  Substantive, Nonsignificant

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 1787; 12 USC 1789

CFR Citation:  12 CFR 701.21(h)

Legal Deadline: None

Abstract: NCUA proposes to update, clarify, and streamline its existing 
rules concerning member business loans and appraisals for federally 
insured credit unions. The intended effect of the proposal is to reduce 
regulatory burden, maintain safety and soundness, and expand the number 
and type of business loans a Federal credit union may grant its 
members.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/01/97                    62 FR 41313
NPRM Comment Period End         09/30/97
Final Action                    04/00/98

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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB91
_______________________________________________________________________




4325.  INVESTMENT AND DEPOSIT ACTIVITIES

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1757(7); 12 USC 1757(8); 12 USC 1757(15)

CFR Citation:  12 CFR 703

Legal Deadline: None

Abstract: On June 12, 1997, the NCUA Board issued comprehensive final 
amendments to the NCUA Rules and Regulations on investment and deposit 
activities. Two new provisions will result in a number of credit unions 
having to significantly change the way they do business with broker-
dealers, which was not NCUA's intention. In addition, there are a few 
minor errors in the regulatory language. This interim final rule 
revises the two broker-dealer provisions to make them consistent with 
NCUA's intent and corrects the minor errors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/04/97                    62 FR 64146
Interim Final Rule Effective 
Date                            01/01/98
Interim Final Rule Comment 
Period End                      02/02/98
Final Action                    04/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David M. Marquis, Director, Office of Examination and 
Insurance, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6360
Fax: 703 518-6499
Email: [email protected]

RIN: 3133-AC01

[[Page 23026]]

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions


  



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4326. 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 would update, clarify and streamline 
existing rules concerning credit union service organizations (CUSOs), a 
common means of outside provision of services to Federal credit unions 
(FCUs) and their members. The intended effect of the proposal is to 
reduce regulatory burden, maintain safety and soundness, and ensure the 
continuity and growth of services to FCUs and their members conducted 
through CUSOs. Related conforming changes are also proposed to amend 
NCUA's rules on credit union service contract and credit union 
advertising requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/15/89                    54 FR 48110
ANPRM Comment Period End        02/20/90
NPRM                            03/13/97                    62 FR 11779
NPRM Comment Period End         06/12/97                    62 FR 19702
Final Action                    03/05/98                    63 FR 10743
Final Action Effective          04/01/98

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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AA95
_______________________________________________________________________




4327. PRODUCTION OF NCUA RECORDS AND TESTIMONY OF NCUA EMPLOYEES IN 
LEGAL PROCEEDINGS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1766; 12 USC 1787; 12 USC 1789; 12 USC 1795(f)

CFR Citation:  12 CFR 792

Legal Deadline: None

Abstract: The final rule provides procedures and information concerning 
requests for agency records and the testimony of agency employees in 
legal proceedings. The final rule serves NCUA's interest in protecting 
sensitive, confidential and privileged information and records 
generated by its supervisory and regulatory work.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/24/97                    62 FR 19941
NPRM Comment Period End         06/23/97
Final Action                    10/29/97                    62 FR 56051
Final Action Effective          10/29/97

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
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB87
_______________________________________________________________________




4328. INTERPRETIVE RULINGS AND POLICY STATEMENTS (IRPS)

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1751 et seq

CFR Citation:  12 CFR 700 et seq

Legal Deadline: None

Abstract: NCUA withdrew several of its Interpretive Rulings and Policy 
Statements (IRPS) that have become outdated or unnecessary or have been 
superseded by other IRPS or NCUA regulations. The intended purpose is 
to ease the compliance burden on federally chartered and federally 
insured credit unions and provide more valuable guidance by eliminating 
IRPS that no longer effectively advance NCUA's regulatory goals or 
statutory responsibilities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/13/97                    62 FR 11773
ANPRM Comment Period End        05/12/97
Final Action                    09/25/97                    62 FR 50245
Final Action Effective          09/25/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Nicole Sippial Williams, Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB92
_______________________________________________________________________




4329.  MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 708b

Legal Deadline: None

Abstract: The NCUA proposes to amend the disclosure forms in its 
regulations relating to mergers and voluntary termination or conversion 
of insured status in mergers of federally insured credit unions. The 
amendments inform the members that, if their credit union converts to 
nonfederal insurance, the private insurance fund insuring their 
accounts is not backed by the full faith and credit of the United 
States Government. It also informs the members that, if their credit 
union terminates insurance, their shares, excluding those covered for 
one year, are no longer insured by the Federal Government or any other 
entity.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/04/97                    62 FR 64187
NPRM Comment Period End         02/02/98
Final Action                    03/04/98                    63 FR 10519
Final Action Effective          04/01/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Mary F. Rupp, 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
Email: [email protected]

RIN: 3133-AB96
_______________________________________________________________________




4330.  CENTRAL LIQUIDITY FACILITY

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1795 to 1795f

CFR Citation:  12 CFR 725

[[Page 23027]]

Legal Deadline: None

Abstract: The final rule permits the Facility to take, in lieu of 
blanket security interest, a first priority security interest in 
specific assets of the credit union with a net book value at least 
equal to 110% of the amount owed on the Facility advance or Agent loan. 
The final rule provides credit unions with greater flexibility in their 
normal operations while ensuring that the Facility is adequately 
protected for any loans that it makes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/25/97                    62 FR 50262
NPRM Comment Period End         11/24/97
Final Action                    12/29/97                    62 FR 67549
Final Action Effective          01/28/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Herbert S. Yolles, President, Central Liquidity 
Facility, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6363
Fax: 703 518-6499
Email: [email protected]

RIN: 3133-AB97
_______________________________________________________________________




4331.  MERGERS OR CONVERSIONS OF FEDERALLY INSURED CREDIT UNIONS 
TO NON-CREDIT UNION STATUS: NCUA APPROVAL

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1766; 12 USC 1785

CFR Citation:  12 CFR 708a

Legal Deadline: None

Abstract: The final rule would add a new provision to the disclosure 
statement in regulations relating to NCUA approval of mergers or 
conversions of federally insured credit unions to non-credit union 
status. Credit unions would be required to disclose in plain English on 
the cover page of the disclosure statement specific facts relating to 
the proposed transaction's impact on the members.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/04/97                    62 FR 64186
NPRM Comment Period End         02/02/98
Final Action                    03/04/98                    63 FR 10515
Final Action Effective          04/01/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Mary F. Rupp, Staff Attorney, National Credit Union 
Administration, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB98
_______________________________________________________________________




4332.  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 
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

CFR Citation:  12 CFR 701

Legal Deadline: None

Abstract: The final amendment deletes the requirement that a credit 
union converting to a community charter provide evidence of community 
support, since such evidence is not necessary for the agency to 
determine the economic viability of the credit union.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/97                    62 FR 56134
NPRM Comment Period End         12/29/97
Final Action                    01/22/98                     63 FR 4372
Final Action Effective          03/01/98

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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AB99
_______________________________________________________________________




4333.  THE FREEDOM OF INFORMATION ACT AND PRIVACY ACT

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1752a(d); 12 USC 1766; 12 USC 1789; 12 USC 
1795f

CFR Citation:  12 CFR 792

Legal Deadline: None

Abstract: The NCUA is revising its regulations governing the disclosure 
of information pursuant to the Freedom of Information Act Amendments of 
1996 (E-FOIA). The final rule, among other things, sets forth new 
procedures NCUA will employ to implement provisions of E-FOIA, such as 
expedited treatment of requests and multi-track processing. The final 
rule also clarifies the information which must be included in FOIA 
requests so that NCUA can process them. Other proposed changes to the 
rule are designed to provide guidance to the public on how to obtain 
records contained in the files of the Office of Inspector General.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/13/97                    62 FR 60799
NPRM Comment Period End         01/12/98
Final Action                    03/25/98                    63 FR 14336
Final Action Effective          04/24/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Dianne Salva, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC00
[FR Doc. 98-5172 Filed 04-24-98; 8:45 am]
BILLING CODE 7535-01-F