[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 22363]]



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Part LXI



National Credit Union Administration



_______________________________________________________________________

Semiannual Regulatory Agenda

[[Page 22364]]



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 4, 1999, in 
the Unified Agenda of Federal Regulatory and Deregulatory Actions.

DATES: This information is current as of January 4, 1999.

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 24, 1999.

Becky Baker,

Secretary of the Board.

                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4332         Federal Credit Union Ownership of Fixed Assets.......................................    3133-AB90
4333         Federal Credit Union Bylaws..........................................................    3133-AB94
4334         Federal Credit Union Insurance and Group Purchasing Activities.......................    3133-AC07
4335         Prompt Corrective Action.............................................................    3133-AC14
4336         Requirements for Insurance...........................................................    3133-AC22
4337         Share Insurance and Appendix.........................................................    3133-AC23
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4338         Member Business Loans................................................................    3133-AB91
4339         Management Official Interlocks.......................................................    3133-AB93
4340         Change in Official or Senior Executive Officer in Credit Unions That Are Newly           3133-AC03
            Chartered or Are in Troubled Condition................................................
4341         Fidelity Bond and Insurance Coverage of Federal Credit Unions........................    3133-AC04
4342         Leasing..............................................................................    3133-AC13
4343         Charitable Contributions.............................................................    3133-AC15
4344         Credit Union Service Organizations...................................................    3133-AC16
4345         Statutory Lien.......................................................................    3133-AC17
4346         Supervisory Committee Audits and Verifications.......................................    3133-AC18
4347         Organization and Operations of Federal Credit Unions Safe Deposit Box Service........    3133-AC19
4348         Truth in Savings.....................................................................    3133-AC20
4349         Conversion of Insured Credit Unions to Mutual Savings Banks..........................    3133-AC21
----------------------------------------------------------------------------------------------------------------


                                                Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4350         Loan Interest Rates..................................................................    3133-AC25
----------------------------------------------------------------------------------------------------------------


[[Page 22365]]


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4351         Federal Credit Union Chartering, Field of Membership Modifications, and Conversions..    3133-AC02
4352         Purchase, Sale and Pledge of Eligible Obligations....................................    3133-AC05
4353         Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims     3133-AC06
            Involving Federally Insured Credit Unions in Liquidation..............................
4354         Organization and Operations of Federal Credit Unions; Trustees and Custodians of         3133-AC09
            Pension Plans.........................................................................
4355         Loans to Members and Lines of Credit to Members......................................    3133-AC10
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage




_______________________________________________________________________




4332. FEDERAL CREDIT UNION OWNERSHIP OF FIXED ASSETS

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 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                            07/00/99

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
_______________________________________________________________________




4333. 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 proposed changes consolidate the two manuals that 
currently contain the Federal credit union bylaws into one manual and 
eliminate or modernize several bylaws. This action is necessary because 
several of the bylaws had become outdated or obsolete. The proposal is 
intended to update and clarify the Federal credit union bylaws.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/13/97                    62 FR 11778
ANPRM Comment Period End        06/12/97                    62 FR 19702
NPRM                            01/04/99                      64 FR 187
NPRM Comment Period End         04/05/99
Final Action                    09/00/99

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
_______________________________________________________________________




4334. FEDERAL CREDIT UNION INSURANCE AND GROUP PURCHASING ACTIVITIES

Priority:  Substantive, Nonsignificant

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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/99

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-AC07
_______________________________________________________________________




4335.  PROMPT CORRECTIVE ACTION

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1790(d)

CFR Citation:  12 CFR 702

Legal Deadline: None

Abstract: A new provision of the Federal Credit Union Act, as added by

[[Page 22366]]

the Credit Union Membership Access Act, requires the NCUA Board to 
adopt, by regulation, a system of prompt corrective actions to be taken 
by the NCUA when a federally insured credit union becomes 
undercapitalized. The system will be indexed to each of five capital 
categories which the new provision establishes for federally insured 
credit unions. Much of the system of prompt corrective action either is 
already prescribed by the new provision itself or is required to be 
comparable with the system Congress established for other federally 
insured financial institutions in 1991.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/29/98                    63 FR 57938
ANPRM Comment Period End        01/27/99
NPRM                            05/00/99

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Agency Contact: Herbert S. Yolles, Deputy Director, Office of 
Examination and Insurance, National Credit Union Administration, 1775 
Duke Street, Alexandria, VA 22314
Phone: 703 518-6360
Fax: 703 518-6499
Email: [email protected]
  
Steven Widerman, Trial 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-AC14
_______________________________________________________________________




4336.  REQUIREMENTS FOR INSURANCE

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1782a

CFR Citation:  12 CFR 741.6

Legal Deadline: None

Abstract: A new provision of section 202 of the Federal Credit Union 
Act, added by the Credit Union Membership Act, requires NCUA to amend 
its regulations requiring federally insured credit unions to file a 
certified statement showing the total amount of insured shares in the 
credit union at the end of a relevant reporting period. The certified 
statement would show both the amount of its deposit or adjustment of 
deposit and the amount of the insurance charge due to the National 
Credit Union Share Insurance Fund.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Regina M. Metz, 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-AC22
_______________________________________________________________________




4337.  SHARE INSURANCE AND APPENDIX

Priority:  Info./Admin./Other

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

CFR Citation:  12 CFR 745

Legal Deadline: None

Abstract: This regulation describes the insurance coverage of various 
types of member accounts. NCUA plans to simplify this regulation to 
increase members' understanding of their insurance coverage.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank S. Kressman, 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-AC23
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage




_______________________________________________________________________




4338. 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; 12 CFR 722; 12 CFR 723; 12 CFR 741

Legal Deadline: None

Abstract: On September 23, 1998, the NCUA issued an interim final rule 
concerning member business loans and appraisals for federally insured 
credit unions as well as implementing recent statutory limitations 
regarding member business loans. The interim final rule was published 
in the Federal Register on September 29, 1998 (63 Federal Register 
51793). The NCUA Board requested comments on the interim final rule by 
November 30, 1998. Upon request, the Board extended the comment period 
for an additional 60 days to January 29, 1999.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/01/97                    62 FR 41313
NPRM Comment Period End         09/30/97
Interim Final Rule              11/27/98                    63 FR 65532
Final Action                    05/00/99

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

[[Page 22367]]

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

RIN: 3133-AB91
_______________________________________________________________________




4339. 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: An amendment to the current regulation will conform it to the 
recent changes made to the Depository Institutions Management 
Interlocks Act (the Interlocks Act). The amendment to the Interlocks 
Act raised 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. Also, the 
amendment of the Interlocks Act expanded the exemptive authority of the 
OCC and other federal banking agencies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/98                    63 FR 57945
NPRM Comment Period End         01/27/99
Final Action                    05/00/99

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
_______________________________________________________________________




4340. 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; 12 USC 1784

CFR Citation:  12 CFR 701.14

Legal Deadline: None

Abstract: The NCUA Board proposes to amend its regulation dealing with 
newly chartered and troubled credit unions that require prior notice of 
the appointment or employment of directors and senior officers. The 
proposed amendment clarifies when the notice period commences and when 
the new director or senior officer may begin service.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/05/98                    63 FR 59742
NPRM Comment Period End         02/03/99
Final Action                    05/00/99

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
_______________________________________________________________________




4341. FIDELITY BOND AND INSURANCE COVERAGE OF FEDERAL CREDIT UNIONS

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; 12 USC 1784

CFR Citation:  12 CFR 701.20

Legal Deadline: None

Abstract: The NCUA is proposing to update, clarify, revise and 
redesignate its regulation that addresses the requirements for surety 
bond coverage for losses caused by credit union employees and officials 
and for general insurance coverage for losses caused by persons outside 
of the credit union, e.g. vandalism. The proposed rule recasts the rule 
in plain English format and adds several previously approved bond forms 
to the regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/04/99                       64 FR 58
NPRM Comment Period End         03/05/99
Final Action                    05/00/99

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
_______________________________________________________________________




4342.  LEASING

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1756

CFR Citation:  12 CFR 714

Legal Deadline: None

Abstract: The NCUA Board is proposing to update and redesignate its 
longstanding policy statement on leasing, Interpretive Ruling and 
Policy Statement (IRPS) 83-3, as an NCUA regulation. IRPS 83-3 
authorizes Federal credit unions to engage in either direct or indirect 
leasing and either open-end or closed-end leasing of personal property 
to their members if such lease financing arrangements are the 
functional equivalent of secured loans. Also, the proposed regulation 
formalizes NCUA's position, stated in legal opinion letters, that a 
Federal credit union does not have to own the lease property in 
indirect leasing if certain requirements are satisfied.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/98                    63 FR 57950
NPRM Comment Period End         01/27/99
Final Action                    05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Nicole S. 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

[[Page 22368]]

Email: [email protected]

RIN: 3133-AC13
_______________________________________________________________________




4343.  CHARITABLE CONTRIBUTIONS

Priority:  Info./Admin./Other

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

CFR Citation:  12 CFR 701.25

Legal Deadline: None

Abstract: The NCUA is proposing to incorporate into its regulations the 
agency's long-standing interpretation that Federal credit unions are 
authorized, within limits, to make charitable contributions and 
donations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/98                    63 FR 57942
NPRM Comment Period End         01/27/99
Final Action                    05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank Kressman, 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-AC15
_______________________________________________________________________




4344.  CREDIT UNION SERVICE ORGANIZATIONS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1756; 12 USC 1757(5)(D) and (7)(l); 12 USC 
1766; 12 USC 1782; 12 USC 1784; 12 USC 1785 to 1786

CFR Citation:  12 CFR 712

Legal Deadline: None

Abstract: The NCUA proposes to: delete a provision preventing Federal 
credit unions from investing in or lending to Credit Union Service 
Organizations in which non-credit union depository institutions are co-
investors or lenders; revise a provision limiting Credit Union Service 
Organization investments in non-Credit Union Service Organization 
service providers; delete a provision preventing Federal credit unions 
from investing in the debentures of a Credit Union Service 
Organization; and clarify how the NCUA measures the limit on a Federal 
credit union investment in or loans to Credit Union Service 
Organizations. The proposed changes decrease the regulatory burden for 
Federal credit unions investing in or lending to Credit Union Service 
Organizations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/30/98                    63 FR 65714
NPRM Comment Period End         03/01/99
Final Action                    05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: 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
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC16
_______________________________________________________________________




4345.  STATUTORY LIEN

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 701.39

Legal Deadline: None

Abstract: The NCUA proposes to update, clarify and convert to a 
regulation the provisions of its existing Interpretive Ruling and 
Policy Statement 82-5 which implements the Federal Credit Union Act's 
authority to establish a statutory lien. Like the Interpretative Ruling 
and Policy Statements, the proposed rule will permit a Federal credit 
union to impress a statutory lien upon the shares and dividends of a 
member, and to enforce that lien to satisfy the member's outstanding 
indebtedness to the credit union, even when such indebtedness is not 
secured by shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/98                    63 FR 57943
NPRM Comment Period End         01/27/99
Final Action                    07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Steven W. Widerman, Trial 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-AC17
_______________________________________________________________________




4346.  SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 
USC 1761a; 12 USC 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 713; 12 CFR 741

Legal Deadline: None

Abstract: The Credit Union Membership Access Act has amended certain 
audit and financial reporting requirements of the Federal Credit Union 
Act. The NCUA solicits public comment on proposed rules implementing 
those amendments. The amendments specify the minimum annual audit a 
credit union is required to obtain according to its charter type and 
asset size, the licensing authority required of persons performing 
certain audits, the auditing principles which apply to certain audits 
and the accounting principles which must be followed in reports filed 
with the NCUA Board.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/06/99                      64 FR 776
NPRM Comment Period End         03/08/99
Final Action                    07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

[[Page 22369]]

Government Levels Affected: None

Agency Contact: Steven W. Widerman, Trial Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC18
_______________________________________________________________________




4347.  ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS SAFE 
DEPOSIT BOX SERVICE

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 701.30

Legal Deadline: None

Abstract: The NCUA Board proposes removing its rule governing safe 
deposit box service. This revision will eliminate an unnecessary 
section from the regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/04/99                       64 FR 57
NPRM Comment Period End         03/05/99
Final Action                    05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Regina M. Metz, 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-AC19
_______________________________________________________________________




4348.  TRUTH IN SAVINGS

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 4311

CFR Citation:  12 CFR 707

Legal Deadline: None

Abstract: NCUA is amending part 707 of its regulations to implement 
certain statutory changes in the Truth in Savings Act. These 
amendments: modify the rules governing indoor lobby signs; eliminate 
subsequent disclosure requirements for automatically renewable term 
share accounts with terms of one month or less; repeal Truth in 
Saving's civil liability provisions as of September 30, 2001; and 
permit disclosure of an annual percentage yield (APY) equal to the 
contract dividend rate for term share accounts with maturities greater 
than one year that do not compound but require dividend distributions 
at least annually.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/29/98                    63 FR 71573
Final Action                    06/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank S. Kressman, 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-AC20
_______________________________________________________________________




4349.  CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS 
BANKS

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1766; 12 USC 1785(b)

CFR Citation:  12 CFR 708a

Legal Deadline: None

Abstract: The NCUA is revising its rules that govern the conversion of 
insured credit unions to mutual savings banks or savings associations. 
These revisions will simplify the charter conversion process and reduce 
regulatory burden for insured credit unions that choose to convert. 
NCUA is making the revisions in compliance with recent federal 
legislation requiring the changes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              11/27/98                    63 FR 65532
Final Action                    05/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank S. Kressman, 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-AC21
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Long-Term Actions




_______________________________________________________________________




4350.  LOAN INTEREST RATES

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 
USC 1761a

CFR Citation:  12 CFR 701

Legal Deadline: None

Abstract: The NCUA Board continues an 18 percent federal credit union 
loan rate ceiling for the period from March 9, 1999, through September 
8, 2000. Loans and lines of credit balances existing prior to May 18, 
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.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No
Small Entities Affected: 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
Phone: 703 518-6540

[[Page 22370]]

Fax: 703 518-6540

RIN: 3133-AC25
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions




_______________________________________________________________________




4351. 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

________________________________________________________________________

Final Action                    12/30/98                    63 FR 71998
Final Action Effective          03/05/99

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-AC02
_______________________________________________________________________




4352. 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

________________________________________________________________________

Final Action                    12/23/98                    63 FR 70997
Final Action Effective          01/01/99

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
_______________________________________________________________________




4353. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn - No Change Required  01/30/99

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-AC06
_______________________________________________________________________




4354. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS; TRUSTEES AND 
CUSTODIANS OF PENSION PLANS

Priority:  Substantive, Nonsignificant

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: NCUA adopted as final the interim final amendments to part 
724 regarding Federal credit unions acting as trustees and custodians 
of pension and retirement plans, and part 701 regarding retirement 
benefits for federal credit union employees issued in March 1998. The 
final amendments revise part 724 to authorize Federal credit unions to 
act as trustees and custodians for Roth IRAs and Education IRAs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              03/24/98                    63 FR 14025
Final Action                    09/30/98                    63 FR 52146
Final Action Effective          01/01/99

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

[[Page 22371]]

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

RIN: 3133-AC09
_______________________________________________________________________




4355. LOANS TO MEMBERS AND LINES OF CREDIT TO MEMBERS

Priority:  Substantive, Nonsignificant

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 incorporated into its regulations the agency's long-
standing interpretation that Federal credit unions can permit a 
nonmember to assume a member's long-term 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                    12/24/98                    63 FR 71213
Final Action Effective          01/25/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Staff Attorney, National Credit 
Union Administration
Phone: 703 518-6540
Fax: 703 518-6569

RIN: 3133-AC10
[FR Doc. 99-7018 Filed 04-23-99; 8:45 am]
BILLING CODE 7535-01-F
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