[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]


Part LVIII





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 23906]]



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 February 11, 2000, to 
be included in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

DATES:  This information is current as of February 17, 2000.

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 February 24, 2000.

 Becky Baker,

Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4280        Requirements for Insurance..........................................................     3133-AC33
4281        Regulatory Flexibility and Exemption Program........................................     3133-AC38
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4282        Federal Credit Union Insurance and Group Purchasing Activities......................     3133-AC07
4283        Federal Credit Union Chartering, Field of Membership Modifications and Conversions..     3133-AC27
4284        Corporate Credit Unions.............................................................     3133-AC28
4285        Involuntary Liquidation of Federal Credit Union; Adjudication of Creditor Claims         3133-AC35
            Involving Federally Insured Credit Unions in Liquidation............................
4286        Privacy of Consumer Financial Information...........................................     3133-AC39
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4287        Leasing.............................................................................     3133-AC13
4288        Share Insurance and Appendix........................................................     3133-AC23
4289        Prompt Correction Action; Risk-Based Net Worth Requirement..........................     3133-AC30
4290        Secondary Capital...................................................................     3133-AC36
4291        Truth in Savings....................................................................     3133-AC37
----------------------------------------------------------------------------------------------------------------


[[Page 23907]]


                             National Credit Union Administration--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4292        Credit Practices....................................................................     3133-AC34
4293        Records Preservation Program........................................................     3133-AC41
4294        Exemptions (Privacy Act)............................................................     3133-AC42
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4295        Federal Credit Union Ownership of Fixed Assets......................................     3133-AB90
4296        Management Official Interlocks......................................................     3133-AB93
4297        Prompt Corrective Action............................................................     3133-AC14
4298        Share Overdraft Accounts Without a Written Lending Agreement........................     3133-AC26
4299        Credit Union Service Organization...................................................     3133-AC29
4300        Secondary Capital...................................................................     3133-AC31
4301        Trustees and Custodians of Pension Plan.............................................     3133-AC32
4302        Statutory Lien......................................................................     3133-AC40
----------------------------------------------------------------------------------------------------------------

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)               Prerule Stage


  



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4280.  REQUIREMENTS FOR INSURANCE

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1756-57; 12 USC 1757A; 12 USC 1766; 12 USC 
1785; 12 USC 1781

CFR Citation: 12 CFR 741

Legal Deadline: None

Abstract: NCUA is soliciting public comment on whether NCUA should 
adopt a regulation that would restrict the insurance coverage for 
state-chartered credit unions that open branches outside the United 
States.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Federalism:  Undetermined

Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of 
General Counsel, National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428
Phone: 703 518-6562
Email: [email protected]

RIN: 3133-AC33
_______________________________________________________________________




4281.  REGULATORY FLEXIBILITY AND EXEMPTION PROGRAM

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 1757; 12 USC 1756; 12 USC 1766

CFR Citation: 12 CFR 742

Legal Deadline: None

Abstract: NCUA is soliciting public comment on whether NCUA should 
adopt a regulation that would permit well-capitalized credit unions to 
be exempt from certain NCUA regulations, in whole or in part.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/22/00                    65 FR 15275
ANPRM Comment Period End        05/22/00
NPRM                            07/00/00
NPRM Comment Period End         09/00/00
Final Action                    12/00/00

Regulatory Flexibility Analysis Required: Undetermined

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: 703 518-6562
Email: [email protected]

RIN: 3133-AC38

[[Page 23908]]

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)         Proposed Rule Stage


  



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4282. 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, incidental activities, and group purchasing 
activities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/26/99                    64 FR 66413
Proposed Rule                   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: 703 518-6562
Email: [email protected]

RIN: 3133-AC07
_______________________________________________________________________




4283. 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 for 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                            05/00/00

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: 703 518-6562
Email: [email protected]

RIN: 3133-AC27
_______________________________________________________________________




4284. 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
_______________________________________________________________________




4285.  INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNION; 
ADJUDICATION OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT 
UNIONS IN LIQUIDATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757; 12 USC 1766; 12 USC 1786(h); 12 USC 1787 
to 1789a

CFR Citation: 12 CFR 709.10; 12 CFR 709.11

Legal Deadline: None

Abstract: NCUA is proposing to adopt a section on the treatment of 
financial assets transferred in a securitization or participation when 
the NCUA is acting as conservator or liquidating agent and a section on 
the treatment of public deposits that were not collateralized 
contemporaneously with the execution of the agreement for public 
deposits. Request for comments for 30 days.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/02/00                    65 FR 11250
NPRM Comment Period End         04/03/00
Final Rule                      05/00/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Chrisanthy O. Loizos, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, MD 20785
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC35
_______________________________________________________________________




4286.  PRIVACY OF CONSUMER FINANCIAL INFORMATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 6801 et seq; 12 USC 1751 et seq

CFR Citation: 12 CFR 716; 12 CFR 741.220

Legal Deadline: Final, Statutory, May 12, 2000, Deadline under Gramm-
Leach-Bliley Act.

Abstract: The proposed rule requires credit unions to have a privacy 
policy and provide certain disclosures and notices to individuals about 
whom credit unions collect non public personal information. It also 
restricts credit unions' ability to disclose nonpublic personal 
information, including giving individuals in some cases an opportunity 
to opt out of the disclosure.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/00

[[Page 23909]]

NPRM Comment Period End         05/00/00
Final Action                    06/00/00

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Organizations

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-AC39
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4287. 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.

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                    05/00/00

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: 703 518-6555
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC13
_______________________________________________________________________




4288. SHARE INSURANCE AND APPENDIX

Priority: Substantive, Nonsignificant

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 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: 703 518-6558
Email: [email protected]

RIN: 3133-AC23
_______________________________________________________________________




4289. PROMPT CORRECTION ACTION; RISK-BASED NET WORTH REQUIREMENT

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

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702.103 to 702.106

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. The 
proposed rule establishes a three-step process for determining whether 
a credit union is ``complex'' and, if so, for calculating its risk-
based net worth requirement against which its net worth ratio will be 
measured. 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.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/03/00                     65 FR 8597
Final Action                    04/18/00
Final Action Effective          01/00/01

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

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

[[Page 23910]]

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4290.  SECONDARY CAPITAL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 
USC 1761a-b; 12 USC 1766 to 1767; ...

CFR Citation: 12 CFR 701.34

Legal Deadline: None

Abstract: This rule is a technical amendment to the secondary capital 
rule which gives NCUA the discretion to restrict credit unions who 
accept secondary capital investments from paying interest on those 
investments if the credit union is classified as ``critically 
undercapitalized.'' The rule change is consistent with the Prompt 
Corrective Action rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/00/00

Regulatory Flexibility Analysis Required: 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: 703 518-6558
Email: [email protected]

RIN: 3133-AC36
_______________________________________________________________________




4291.  TRUTH IN SAVINGS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: None

Abstract: NCUA is amending its regulations that implement the Truth in 
Savings Act (TISA). This interim rule allows credit unions to deliver 
in electronic form periodic statement disclosures required by NCUA's 
regulations if the member agrees to this form of delivery.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              11/26/99                    64 FR 66355
Interim Final Rule Comment 
Period End                      01/25/00
Final Rule                      04/00/00

Regulatory Flexibility Analysis Required: 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: 703 518-6558
Email: [email protected]

RIN: 3133-AC37
_______________________________________________________________________


NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Long-Term Actions


  



_______________________________________________________________________




4292.  CREDIT PRACTICES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 57a; 15 USC 1681b

CFR Citation: 12 CFR 706

Legal Deadline: None

Abstract: NCUA anticipates promulgating a regulation regarding fair 
credit reporting pursuant to Gramm-Leach-Bliley Act of 1999.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Chrisanthy O. Loizos, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, MD 20785
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC34
_______________________________________________________________________




4293.  RECORDS PRESERVATION PROGRAM

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

Unfunded Mandates: Undetermined

Legal Authority: 12 USC 1766

CFR Citation: 12 CFR 749

Legal Deadline: None

Abstract: Review and update of provisions regarding statute of 
limitations and electronic storage.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AC41
_______________________________________________________________________




4294.  EXEMPTIONS (PRIVACY ACT)

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

Unfunded Mandates: Undetermined

Legal Authority: 12 USC 1757

CFR Citation: 12 CFR 792.66

Legal Deadline: None

Abstract: Review and modify systems of records to reflect agency's 
recordkeeping preferences.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AC42

[[Page 23911]]

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NATIONAL CREDIT UNION ADMINISTRATION (NCUA)           Completed Actions


  



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4295. 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

________________________________________________________________________

Withdrawn                       02/09/00

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: 703 518-6562
Email: [email protected]

RIN: 3133-AB90
_______________________________________________________________________




4296. 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                    11/26/99                    64 FR 66356

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
_______________________________________________________________________




4297. PROMPT CORRECTIVE ACTION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702

Legal Deadline: Final, Statutory, February 7, 2000.

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                    02/03/00                     65 FR 8560
Final Action Effective          08/07/00

Regulatory Flexibility Analysis Required: No

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
Email: [email protected]

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-AC14
_______________________________________________________________________




4298. SHARE OVERDRAFT ACCOUNTS WITHOUT A WRITTEN LENDING AGREEMENT

Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is 
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 amended 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                      03/22/00                    65 FR 15224
Final Rule Effective            07/01/00

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
_______________________________________________________________________




4299. 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 to 1786

[[Page 23912]]

CFR Citation: 12 CFR 712

Legal Deadline: None

Abstract: The final rule reinstates real estate brokerage services 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                    11/26/99                    64 FR 66360

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
_______________________________________________________________________




4300. SECONDARY CAPITAL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1755-57; 12 USC 1759; 12 USC 
1761a-b; 12 USC 1766 to 1767; ...

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                    12/26/99                    64 FR 72269

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: 703 518-6558
Email: [email protected]

RIN: 3133-AC31
_______________________________________________________________________




4301. 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                    03/01/00                    65 FR 10933
Final Action Effective          03/31/00

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
_______________________________________________________________________




4302.  STATUTORY LIEN

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757(11)

CFR Citation: 12 CFR 701.39

Legal Deadline: None

Abstract: NCUA has updated, clarified and converted to a regulation the 
provisions of IRPS 82-5 implementing the statutory lien authority 
granted by 12 U.S.C. 1757(11). Section 701.39 implements the statutory 
right of federal credit unions to impress a lien against the shares and 
dividends of their members, and to enforce that lien to satisfy 
members' outstanding financial obligations due and payable to the 
credit union, even when such obligations are not secured by shares.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/28/98                    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-AC40
[FR Doc. 00-5325 Filed 04-21-00; 8:45 am]
BILLING CODE 7535-01-F
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