[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 74957]]

Part LIX





National Credit Union Administration





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 74958]]



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 July 31, 2000, to be 
included in the Unified Agenda of Federal Regulatory and Deregulatory 
Actions.

DATES:  This information is current as of July 31, 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 August 3, 2000.

 Becky Baker,

Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4708         Corporate Credit Unions............................................................     3133-AC28
4709         Requirements for Insurance.........................................................     3133-AC33
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4710         Federal Credit Union Insurance and Group Purchasing Activities.....................     3133-AC07
4711         Credit Practices...................................................................     3133-AC34
4712         Regulatory Flexibility and Exemption Program.......................................     3133-AC38
4713         Records Preservation Program.......................................................     3133-AC41
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4714         Federal Credit Union Chartering, Field of Membership Modifications and Conversions.     3133-AC27
4715         Exemptions (Privacy Act)...........................................................     3133-AC42
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4716         Credit Practices...................................................................     3133-AC43
----------------------------------------------------------------------------------------------------------------



[[Page 74959]]

                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4717         Leasing............................................................................     3133-AC13
4718         Share Insurance and Appendix.......................................................     3133-AC23
4719         Prompt Corrective Action; Risk-Based Net Worth Requirement.........................     3133-AC30
4720         Involuntary Liquidation of Federal Credit Union; Adjudication of Creditor Claims        3133-AC35
            Involving Federally Insured Credit Unions in Liquidation............................
4721         Secondary Capital..................................................................     3133-AC36
4722         Truth in Savings...................................................................     3133-AC37
4723         Privacy of Consumer Financial Information..........................................     3133-AC39
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage


  



_______________________________________________________________________




4708. 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 End        11/26/99                    64 FR 40787
ANPRM                           12/00/00

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
_______________________________________________________________________




4709. 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                           10/00/00

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
_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage


  



_______________________________________________________________________




4710. 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 will set forth the rules governing Federal 
credit union insurance and incidental activities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           11/26/99                    64 FR 66413
NPRM                            11/00/00

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


_______________________________________________________________________



[[Page 74960]]

4711. CREDIT PRACTICES

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 706

Legal Deadline: None

Abstract: NCUA will promulgate a regulation under the Fair Credit 
Reporting Act that addresses the sharing of opt out information between 
Federal credit unions and their affiliates.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/00/00
NPRM Comment Period End         12/00/00
Final Rule                      01/00/01

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Chrisanthy J. 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
_______________________________________________________________________




4712. 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 solicited 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. A proposed 
rule is scheduled for October 2000.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/22/00                    65 FR 15275
ANPRM Comment Period End        05/22/00
NPRM                            11/00/00
NPRM Comment Period End         01/00/01
Final Action                    06/00/01

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
_______________________________________________________________________




4713. 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 record retention 
requirements and electronic storage.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/01

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
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4714. 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 to 1757; 12 USC 1759; 12 
USC 1761b-c; 12 USC 1766 to 1767; ...

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 issued a proposal that would 
require Federal credit unions to have a plan that sets forth the credit 
unions' efforts to serve low-income members. The NCUA Board also issued 
proposed amendments to clarify existing policy and broaden chartering 
policies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/06/00                    65 FR 37065
Final Rule                      10/00/00

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
_______________________________________________________________________




4715. 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

[[Page 74961]]

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Rule                      10/00/00

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
_______________________________________________________________________


National Credit Union Administration (NCUA)           Long-Term Actions


  



_______________________________________________________________________




4716.  CREDIT PRACTICES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 57a, 1681b

CFR Citation: 12 CFR 706

Legal Deadline: None

Abstract: Along with the bank regulatory agencies, NCUA intends to 
issue a very broad advance notice of proposed rulemaking seeking 
comment on aspects of the Fair Credit Reporting Act that require 
clarification through regulations.

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Chrisanthy J. 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-AC43
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions


  



_______________________________________________________________________




4717. LEASING

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1756; 12 USC 1757; 12 USC 1766; 12 USC 1785; 12 
USC 1789

CFR Citation: 12 CFR 714

Legal Deadline: None

Abstract: The final leasing rule updates and redesignates NCUA's 
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 leasing 
arrangements are the functional equivalent of secured loans. Also, the 
final 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                    63 FR 57950
Second NPRM                     10/15/99                    64 FR 55866
Second NPRM Comment Period End  12/14/99                    64 FR 55866
Final Action                    05/31/00                    65 FR 34581

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Paul M. 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
_______________________________________________________________________




4718. 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                    64 FR 19685
Interim Final Rule Comment 
Period End                      07/15/99
Final Action                    06/01/00                    65 FR 34921

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
_______________________________________________________________________




4719. PROMPT CORRECTIVE ACTION; RISK-BASED NET WORTH REQUIREMENT

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702.103 to 702.108

Legal Deadline: Final, Statutory, August 7, 2000, Imposed by Credit

[[Page 74962]]

Union Membership Access Act 301(d)(2)(B).

Abstract: In 1998, the Federal Credit Union Act was amended to require 
NCUA to adopt a system of prompt corrective action for federally 
insured credit unions. As a separate component of that system, NCUA is 
required to define credit unions that are ``complex'' by reason of 
their portfolio of assets and liabilities and to develop a risk-based 
net worth requirement to apply to such credit unions in the ``well 
capitalized'' or ``adequately capitalized'' statutory net worth 
categories. The NCUA Board issued a proposed rule consisting of a 
three-step process for defining a ``complex'' credit union and for 
determining its risk-based net worth requirement under either of two 
methods. As revised to reflect public comments and to incorporate other 
improvements, the final rule narrows the definition of ``complex'' by 
minimum asset size and minimum risk-based net worth requirement; 
modifies the composition of certain risk portfolios; adjusts certain 
corresponding thresholds and risk weightings; and adds a risk 
mitigation credit.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/03/00                     65 FR 8597
Final Action                    07/13/00                    65 FR 44950
Correction                      09/14/00                    65 FR 55439
Final Action Effective          01/01/01

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: 703 518-6557
Email: [email protected]

RIN: 3133-AC30
_______________________________________________________________________




4720. 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 issuing a regulation on the treatment of financial 
assets transferred in a securitization or participation when the NCUA 
is acting as conservator or liquidating agent. The regulation will also 
address the treatment of public deposits that were not collateralized 
contemporaneously with the execution of the agreement for public 
deposits.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/02/00                    65 FR 11250
NPRM Comment Period End         04/03/00
Final Rule                      09/14/00                    65 FR 55439
Final Rule Effective            10/16/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Chrisanthy J. 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
_______________________________________________________________________




4721. 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 under certain circumstances. The rule change is consistent 
with the Prompt Corrective Action rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Rule                      04/20/00                    65 FR 21129
Final Rule Effective            08/07/00

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
_______________________________________________________________________




4722. TRUTH IN SAVINGS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: None

Abstract: NCUA amended its regulations implementing the Truth in 
Savings Act (TISA). This final 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                    64 FR 66355
Final Rule                      04/20/00                    65 FR 21131

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
_______________________________________________________________________




4723. 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 final rule requires credit unions to have a privacy 
policy and provide certain disclosures and notices to individuals about 
whom credit unions collect nonpublic personal

[[Page 74963]]

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                            03/01/00                    65 FR 10988
NPRM Comment Period End         03/31/00                    65 FR 10988
Final Action                    05/18/00                    65 FR 31722
Final Action Amended            06/12/00                    65 FR 36782
Final Action Effective          11/13/00

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
[FR Doc. 00-22735 Filed 11-29-00]
BILLING CODE 7535-01-S