[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 65469]]

_______________________________________________________________________

Part LX





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 65470]]



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 20, 1999, to 
be included in this agenda in the Unified Agenda of Federal Regulatory 
and Deregulatory Actions.

DATES:  This information is current as of August 20, 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. 
Entries for the Agenda appear in one of five possible categories: 
prerule stage; proposed rule stage; final rule stage; long-term 
actions; or completed actions.

    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), which 
sets out NCUA's policy and procedures for developing and reviewing 
its regulations. NCUA's policy is to ensure that its regulations 
impose only minimum required burdens on credit unions, consumers, 
and the public; are appropriate for the size of the financial 
institutions it regulates; are issued only after full public 
participation; and are clear and understandable. Further, NCUA 
undertakes to review all regulations every three years to clarify 
and simplify existing regulations and eliminate redundant and 
unnecessary provisions. Executive Order 12866, signed by President 
Clinton on September 30, 1993, requires independent executive 
agencies such as NCUA to publish a regulatory agenda.

Approved by the NCUA Board on August 30, 1999.

 Becky Baker,

Secretary of the Board.

                                                  Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4523         Federal Credit Union Insurance and Group Purchasing Activities.....................     3133-AC07
----------------------------------------------------------------------------------------------------------------


                                               Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4524         Federal Credit Union Ownership of Fixed Assets.....................................     3133-AB90
4525         Leasing............................................................................     3133-AC13
4526         Share Overdraft Accounts Without a Written Lending Agreement.......................     3133-AC26
4527         Federal Credit Union Chartering, Field of Membership Modifications and Conversions.     3133-AC27
4528         Corporate Credit Unions............................................................     3133-AC28
4529         Prompt Correction Action...........................................................     3133-AC30
4530         Trustees and Custodians of Pension Plan............................................     3133-AC32
----------------------------------------------------------------------------------------------------------------


                                                Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4531         Management Official Interlocks.....................................................     3133-AB93
4532         Prompt Corrective Action...........................................................     3133-AC14
4533         Share Insurance and Appendix.......................................................     3133-AC23
4534         Credit Union Service Organization..................................................     3133-AC29
4535         Secondary Capital..................................................................     3133-AC31
----------------------------------------------------------------------------------------------------------------


[[Page 65471]]


                                                Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4536         Member Business Loans..............................................................     3133-AB91
4537         Federal Credit Union Bylaws........................................................     3133-AB94
4538         Change in Official or Senior Executive Officer in Credit Unions That Are Newly          3133-AC03
            Chartered or Are in Troubled Condition..............................................
4539         Fidelity Bond and Insurance Coverage of Federal Credit Unions......................     3133-AC04
4540         Charitable Contributions...........................................................     3133-AC15
4541         Credit Union Service Organizations.................................................     3133-AC16
4542         Statutory Lien.....................................................................     3133-AC17
4543         Supervisory Committee Audits and Verifications.....................................     3133-AC18
4544         Organization and Operations of Federal Credit Unions Safe Deposit Box Service......     3133-AC19
4545         Truth in Savings...................................................................     3133-AC20
4546         Conversion of Insured Credit Unions to Mutual Savings Banks........................     3133-AC21
4547         Requirements for Insurance.........................................................     3133-AC22
4548         Loan Interest Rates................................................................     3133-AC25
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage


  



_______________________________________________________________________




4523. 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

________________________________________________________________________

ANPRM                           12/00/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC07
_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage


  



_______________________________________________________________________




4524. FEDERAL CREDIT UNION OWNERSHIP OF FIXED ASSETS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1754(4)

CFR Citation: 12 CFR 701.36

Legal Deadline: None

Abstract: The current rule establishes a specific limitation on a 
federal credit union's investment in fixed assets at 5 percent of 
shares and retained earnings when a federal credit union's assets 
exceed $1 million. The proposal anticipates using a new fixed asset 
threshold based on a federal credit union'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                            07/00/00

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AB90
_______________________________________________________________________




4525. 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 83-3, as an NCUA regulation. Interpretive Ruling and 
Policy Statement 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.

[[Page 65472]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/29/98                    63 FR 57950
NPRM Comment Period End         01/27/99
Second NPRM                     10/15/99                    64 FR 55866
Second NPRM Comment Period End  12/14/99
Final Action                    04/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Paul Marshall Peterson, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6570
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC13
_______________________________________________________________________




4526.  SHARE OVERDRAFT ACCOUNTS WITHOUT A WRITTEN LENDING 
AGREEMENT

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

Unfunded Mandates: Undetermined

Legal Authority: 12 USC 1752(5); 12 USC 1755; 12 USC 1756; 12 USC 1757; 
12 USC 1759; ...

CFR Citation: 12 CFR 701.21

Legal Deadline: None

Abstract: NCUA Board proposes to amend its lending regulation to permit 
Federal credit unions to advance money to members to cover account 
deficits without having a credit application from the member on file if 
the credit union has a written overdraft policy.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/30/99                    64 FR 52694
NPRM Comment Period End         11/29/99
Final Rule                      04/00/00

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
Email: [email protected]

RIN: 3133-AC26
_______________________________________________________________________




4527.  FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP 
MODIFICATIONS AND CONVERSIONS

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

Legal Authority: 12 USC 1752(5); 12 USC 1755-57; 12 USC 1759; 12 USC 
1761b-c; 12 USC 1766-67; ...

CFR Citation: 12 CFR 701.1

Legal Deadline: None

Abstract: The regulation sets forth all the requirements to chartering 
and field of membership. The NCUA Board is considering issuing a 
proposal that would require Federal credit unions to have a business 
plan that sets forth the credit unions' efforts to serve low-income 
members. The NCUA Board is also considering issuing proposed amendments 
to clarify existing policy. These amendments would mostly be technical 
in nature.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/99

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC27
_______________________________________________________________________




4528.  CORPORATE CREDIT UNIONS

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

Legal Authority: 12 USC 1762; 12 USC 1766(a); 12 USC 1781; 12 USC 1789

CFR Citation: 12 CFR 704

Legal Deadline: None

Abstract: NCUA requests public comment on revisions to the rule 
governing corporate credit unions. As part of its regulatory review 
process, NCUA has identified provisions for further clarification or 
revision. Comments on these issues will assist NCUA in its regulatory 
review process.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           07/28/99                    64 FR 40787
ANPRM Comment Period Ends       11/26/99
NPRM                            06/00/00

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 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC28
_______________________________________________________________________




4529.  PROMPT CORRECTION ACTION

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

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702.102; 12 CFR 702.103

Legal Deadline: Final, Statutory, August 7, 2000, Imposed by Credit 
Union Membership Access Act 301(d(2)(B).

Abstract: The Credit Union Membership Access Act amended the Federal 
Credit Union Act to require NCUA to define credit unions which are 
``complex'' by reason of their portfolio or assets and liabilities and 
to develop a risk-based net worth requirement to apply to ``complex'' 
credit unions which are either ``well capitalized'' or ``adequately 
capitalized'' under NCUA's system of prompt corrective action. Under 
the proposed rule, the risk-based net worth requirement takes the form 
of a basis points addition to the 6 percent net worth ratio. As 
mandated by statute, a credit union that is either ``adequately 
capitalized'' or ``well capitalized'' whose net worth net ratio does 
not meet its risk-based net worth requirement will be downgraded to 
``undercapitalized.''

[[Page 65473]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/99
Final Action                    08/00/00
Final Action Effective          01/00/01

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
Email: [email protected]

RIN: 3133-AC30
_______________________________________________________________________




4530.  TRUSTEES AND CUSTODIANS OF PENSION PLAN

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

Legal Authority: 12 USC 1757(6); 12 USC 1757(17)

CFR Citation: 12 CFR 724; 12 CFR 745

Legal Deadline: None

Abstract: Amendments of sections 724 and 745 to permit Federal credit 
unions in Puerto Rico to offer Individual Retirement Accounts and to 
clarify that they will be separately insured.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/15/99                    64 FR 55871
NPRM Comment Period End         12/14/99
Final Action                    03/00/00
Final Action Effective          04/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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
Email: [email protected]

RIN: 3133-AC32
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4531. 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                    11/00/99

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
Email: [email protected]

RIN: 3133-AB93
_______________________________________________________________________




4532. PROMPT CORRECTIVE ACTION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1790(d)

CFR Citation: 12 CFR 702

Legal Deadline: Final, Statutory, May 4, 1999.

Abstract: A new provision of the Federal Credit Union Act, as added by 
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                            05/18/99                    64 FR 27090
NPRM Comment Period End         08/16/99
Extension of Comment Period to 
08/31/99                        08/17/99                    64 FR 44663
Final Action                    01/00/00

Regulatory Flexibility Analysis Required: 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
Email: [email protected]

Herbert S. Yolles, Deputy Director, Office of Examination and 
Insurance, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314
Phone: 703 518-6360
Email: [email protected]

RIN: 3133-AC14
_______________________________________________________________________




4533. 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

[[Page 65474]]

member accounts. NCUA simplified this regulation to increase members' 
understanding of their insurance coverage.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/22/99                    64 FR 19685
Interim Final Rule Effective    04/22/99
Interim Final Rule Comment 
Period End                      07/15/99
Final Action                    05/00/00

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
Email: [email protected]

RIN: 3133-AC23
_______________________________________________________________________




4534.  CREDIT UNION SERVICE ORGANIZATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1756; 12 USC 1757(5)(D) and (7)(I); 12 USC 
1766; 12 USC 1782; 12 USC 1784-86

CFR Citation: 12 CFR 712

Legal Deadline: None

Abstract: The interim final rule provides a grandfather exemption for 
real estate brokerage services if a credit union service organization 
was providing that service prior to April 1, 1998, and requests comment 
on that exemption and whether real estate brokerage services should be 
reinstated as a permissible credit union service organization service.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              06/22/99                    64 FR 33187
Interim Final Rule Effective    07/22/99
Interim Final Rule Comment 
Period End                      08/20/99
Final Action                    11/00/99

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 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC29
_______________________________________________________________________




4535.  SECONDARY CAPITAL

Priority: Info./Admin./Other

Legal Authority: 12 USC 1752(5); 12 USC 1755-57; 12 USC 1759; 12 USC 
1761a-b; 12 USC 1766-67; ...

CFR Citation: 12 CFR 701.34

Legal Deadline: None

Abstract: The NCUA is amending its regulation regarding secondary 
capital accounts in low-income designated credit unions to specify that 
interest on these accounts may be accrued in the account, paid directly 
to the investor, or paid into a separate account from which an investor 
may make withdrawals. The NCUA believes that these changes will clarify 
the permissible alternatives and provide additional flexibility for 
low-income designated credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/28/99                    64 FR 40786
NPRM Comment Period End         09/27/99
Final Action                    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 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC31
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions


  



_______________________________________________________________________




4536. 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 November 19, 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 November 27, 1998 (63 Federal Register 
65532). 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. The NCUA Board issued a 
final rule on May 19, 1999 (64 Federal Register 28721).

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                    05/19/99                    64 FR 28721

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

[[Page 65475]]

Email: [email protected]

RIN: 3133-AB91
_______________________________________________________________________




4537. FEDERAL CREDIT UNION BYLAWS

Priority: Substantive, Nonsignificant

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                    10/14/99                    64 FR 55760
Final Action Effective          10/14/99

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
Email: [email protected]

RIN: 3133-AB94
_______________________________________________________________________




4538. 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 amends 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 
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                    05/27/99                    64 FR 28715
Final Action Effective          06/28/99

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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
Email: [email protected]

RIN: 3133-AC03
_______________________________________________________________________




4539. 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; 12 CFR 713; 12 CFR 741

Legal Deadline: None

Abstract: The final rule updates, clarifies, revises and redesignates 
NCUA's 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 final 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                    05/27/99                    64 FR 28718

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
Email: [email protected]

RIN: 3133-AC04
_______________________________________________________________________




4540. 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 incorporated 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                    04/21/99                    64 FR 19443
Effective Date                  05/21/99

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
Email: [email protected]

RIN: 3133-AC15
_______________________________________________________________________




4541. CREDIT UNION SERVICE ORGANIZATIONS

Priority: Info./Admin./Other

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

CFR Citation: 12 CFR 712

Legal Deadline: None

[[Page 65476]]

Abstract: The final rule deletes 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; revises a provision limiting Credit Union Service 
Organization investments in non-Credit Union Service Organization 
service providers; deletes a provision preventing Federal credit unions 
from investing in the debentures of a Credit Union Service 
Organization; and clarifies how the NCUA measures the limit on a 
Federal credit union investment in or loans to Credit Union Service 
Organizations. In addition, the final rule clarifies the meaning of 
cyber financial services. The 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                    06/22/99                    64 FR 33184

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 22314-3428
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC16
_______________________________________________________________________




4542. 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 final rule updates, clarifies, and converts 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 rule permits a Federal credit union to 
impress a statutory lien upon the shares and dividends of a member, and 
enforces 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                    10/22/99                    64 FR 56953
Final Action Effective          11/22/99

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
Email: [email protected]

RIN: 3133-AC17
_______________________________________________________________________




4543. 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 solicited 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                    07/29/99                    64 FR 41029

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
Email: [email protected]

RIN: 3133-AC18
_______________________________________________________________________




4544. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS SAFE DEPOSIT 
BOX SERVICE

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1798; 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 removed its rule governing safe deposit box 
service. This revision eliminated 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                    05/27/99                    64 FR 28717

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
Email: [email protected]

RIN: 3133-AC19


_______________________________________________________________________



[[Page 65477]]

4545. TRUTH IN SAVINGS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: None

Abstract: NCUA amended 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 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                    06/21/99                    64 FR 33009

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
Email: [email protected]

RIN: 3133-AC20
_______________________________________________________________________




4546. 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 revised its rules governing 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 made 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                    05/27/99                    64 FR 28733

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
Email: [email protected]

RIN: 3133-AC21
_______________________________________________________________________




4547. REQUIREMENTS FOR INSURANCE

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1782a

CFR Citation: 12 CFR 741.4

Legal Deadline: Final, Statutory, January 1, 2000.

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                            05/26/99                    64 FR 28415
Comment Period End              07/26/99
Final Action                    10/18/99                    64 FR 56148
Final Action Effective          01/01/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Dennis C. Winans, Chief Financial Officer, Office of 
the Chief Financial Officer, National Credit Union Administration, 1775 
Duke Street, Alexandria, VA 22314
Phone: 703 518-6570
Fax: 703 518-6439

RIN: 3133-AC22
_______________________________________________________________________




4548. LOAN INTEREST RATES

Priority: Info./Admin./Other

Legal Authority: 12 USC 1752(5); 12 USC 1766; 12 USC 1755 to 1757; 12 
USC 1759; 12 USC 1761a; ...

CFR Citation: 12 CFR 701.21

Legal Deadline: None

Abstract: The NCUA Board continues an 18 percent federal credit union 
loan rate ceiling for the period from March 9, 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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Rule                      02/08/99                     64 FR 5927
Final Action Effective          03/09/99

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: 703 518-6620
Email: [email protected]

RIN: 3133-AC25
[FR Doc. 99-23656 Filed 11-19-99; 8:45 am]
BILLING CODE 7535-01-F