[ 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]



[[Page 62747]]

_______________________________________________________________________

Part LX





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 62748]]

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 August 7, 1998. NCUA 
will also include this agenda in the Unified Agenda of Federal 
Regulatory and Deregulatory Actions.

DATES: This information is current as of August 7, 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 August 18, 1998.

Becky Baker,

Secretary of the Board.

                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4551         Federal Credit Union Ownership of Fixed Assets.......................................    3133-AB90
4552         Management Official Interlocks.......................................................    3133-AB93
4553         Federal Credit Union Bylaws..........................................................    3133-AB94
4554         Federal Credit Union Chartering, Field of Membership Modifications, and Conversions..    3133-AC02
4555         Change in Official or Senior Executive Officer in Credit Unions That Are Newly
            Chartered or Are in Troubled Condition................................................    3133-AC03
4556         Fidelity Bond and Insurance Coverage of Federal Credit Unions........................    3133-AC04
4557         Purchase, Sale and Pledge of Eligible Obligations....................................    3133-AC05
4558         Loans to Members and Lines of Credit to Members......................................    3133-AC10
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4559         Member Business Loans................................................................    3133-AB91
4560         Organization and Operations of Federal Credit Unions; Trustees and Custodians of
            Pension Plans.........................................................................    3133-AC09
----------------------------------------------------------------------------------------------------------------


                                                Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4561         Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims
            Involving Federally Insured Credit Unions in Liquidation..............................    3133-AC06
4562         Federal Credit Union Insurance and Group Purchasing Activities.......................    3133-AC07
----------------------------------------------------------------------------------------------------------------


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4563         Golden Parachute and Indemnification Payments........................................    3133-AB28

[[Page 62749]]

 
4564         Investment and Deposit Activities....................................................    3133-AC01
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________
NATIONAL CREDIT UNION ADMINISTRATION (NCUA)   Proposed Rule Stage
  
_______________________________________________________________________

4551. FEDERAL CREDIT UNION 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 percent 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                            01/00/99

Regulatory Flexibility Analysis Required: No

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-AB90
_______________________________________________________________________

4552. 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                            10/00/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Dianne M. Salva, 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
_______________________________________________________________________

4553. FEDERAL CREDIT UNION BYLAWS

Priority:  Substantive, Nonsignificant

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 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                            12/00/98

Regulatory Flexibility Analysis Required: 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
_______________________________________________________________________

4554. 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 to update completely our chartering and 
field of membership policies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

[[Page 62750]]

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
_______________________________________________________________________

4555. 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 
federally insured state credit union have created some problems for 
NCUA staff. NCUA intends to clarify the notice provision and to define 
a federally insured State credit union as troubled if it receives a 4 
or 5 CAMEL rating from NCUA or State Supervisory Authority.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Margaret McPartlin, Trial 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
_______________________________________________________________________

4556. 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                            10/00/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4557. 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: The regulation sets forth the requirements 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 for sale on the secondary 
market. The proposal clarifies that a pool must include a substantial 
portion of the Federal credit union loans and must be sold promptly. 
Further, the proposed rule explains when the purchase of a member loan 
is not the purchase of an eligible obligation, but rather the making of 
a direct loan.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/06/98                    63 FR 41976
NPRM Comment Period End         10/05/98
Interim Final Rule              12/00/98
Final Action                    12/00/98

Regulatory Flexibility Analysis Required: No

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-AC05
_______________________________________________________________________

4558.  LOANS TO MEMBERS AND LINES OF CREDIT TO MEMBERS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Unfunded Mandates: Undetermined

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

CFR Citation:  12 CFR 701.21(g)

Legal Deadline: None

Abstract: The NCUA is proposing to incorporate into its regulations the 
agency's longstanding interpretation that Federal credit unions can 
permit a nonmember to assume a member's residential real estate loan in 
conjunction with the nonmember's purchase of the member's principal 
residence.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/06/98                    63 FR 41978
NPRM Comment Period End         10/05/98
Final Action                    12/00/98

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Staff Attorney, National Credit 
Union Administration

[[Page 62751]]

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

RIN: 3133-AC10
_______________________________________________________________________
NATIONAL CREDIT UNION ADMINISTRATION (NCUA)      Final Rule Stage
  
_______________________________________________________________________

4559. MEMBER BUSINESS LOANS

Priority:  Substantive, Nonsignificant

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 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                    12/00/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4560.  ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS; 
TRUSTEES AND CUSTODIANS OF PENSION PLANS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Unfunded Mandates: Undetermined

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

CFR Citation:  12 CFR 701; 12 CFR 724

Legal Deadline: None

Abstract: The interim final rule corrects references in NCUA 
regulations regarding share insurance coverage on member accounts 
established as Education IRAs, ROTH IRAs, Savings Incentive Match Plan 
for Employees and Medical Savings Accounts. The rule also makes a 
conforming amendment to the rule regarding retirement benefits for 
Federal credit union employees.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              03/24/98                    63 FR 14025
Final Action                    10/00/98

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank Kressman, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AC09
_______________________________________________________________________
NATIONAL CREDIT UNION ADMINISTRATION (NCUA)     Long-Term Actions
  
_______________________________________________________________________

4561. INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNIONS AND ADJUDICATION 
OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT UNIONS IN 
LIQUIDATION

Priority:  Substantive, Nonsignificant

CFR Citation:  12 CFR 709

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Allan Meltzer
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC06
_______________________________________________________________________

4562. FEDERAL CREDIT UNION INSURANCE AND GROUP PURCHASING ACTIVITIES

Priority:  Info./Admin./Other

CFR Citation:  12 CFR 721

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC07

[[Page 62752]]

_______________________________________________________________________
NATIONAL CREDIT UNION ADMINISTRATION (NCUA)     Completed Actions
  
_______________________________________________________________________

4563. 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 NCUA Board has determined not to issue a regulation at 
this time.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       08/07/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4564. 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: NCUA is adopting as final the interim final amendments to the 
investment regulation as issued last year. The final amendments revise 
the broker-dealer and safekeeping provisions. NCUA is also deleting the 
references to the High Risk Securities Test for Collateralized Mortgage 
Obligations and Real Estate Mortgage Investment in its regulations on 
investments and corporate credit unions. These amendments will clarify 
certain procedures related to credit unions' involvement with broker-
dealers and safekeeping of securities.

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                    05/01/98                    63 FR 24103
Final Action Effective          05/01/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Daniel Gordon, Senior Investment Officer, Office of 
Investment Services, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6620
Fax: 703 518-6499
Email: [email protected]
Kim Iverson, Program Officer, Office of Examination and Insurance, 
National Credit Union Administration
Phone: 703 518-6360
Fax: 703 518-6499
Email: [email protected]

RIN: 3133-AC01
[FR Doc. 98-24587 Filed 11-06-98; 8:45 am]
BILLING CODE 7535-01-F