[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 75617]]

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Part LIX






National Credit Union Administration





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Semiannual Regulatory Agenda

[[Page 75618]]



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, 2002, to be 
included in the Unified Agenda of Federal Regulatory and Deregulatory 
Actions.

DATES: This information is current as of July 31, 2002.

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 to 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 3 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 September 11, 2002.

 Becky Baker,

Secretary of the Board.

                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4203        Requirements for Insurance..........................................................     3133-AC33
4204        Credit Practices....................................................................     3133-AC34
4205        Investment and Deposit Activities...................................................     3133-AC49
4206        Nondiscrimination in Federally Assisted Programs....................................     3133-AC59
4207        Bank Secrecy Act Compliance Programs and Procedures.................................     3133-AC62
4208        Organization and Operations of Federal Credit Unions--Benefits for Employees of          3133-AC64
            Federal Credit Unions...............................................................
4209        Share Insurance and Appendix........................................................     3133-AC65
4210        Advertising.........................................................................     3133-AC67
4211        Member Business Loans...............................................................     3133-AC68
4212        Federal Credit Union Chartering, Field of Membership Modifications and Conversions..     3133-AC69
4213        Designation of Low-Income Status; Receipt of Secondary Capital Accounts by Low-          3133-AC70
            Income-Designated Credit Unions.....................................................
4214        Revision of Interpretive Ruling and Policy Statement 87-2, Developing and Reviewing      3133-AC71
            Government Regulations..............................................................
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4215        Corporate Credit Unions.............................................................     3133-AC28
4216        OMB Control Numbers.................................................................     3133-AC52
4217        Truth in Savings....................................................................     3133-AC57
4218        Prompt Corrective Action............................................................     3133-AC60
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4219        Consumer Protections for Federally Insured Credit Unions' Sale of Nondeposit             3133-AC56
            Investments.........................................................................
----------------------------------------------------------------------------------------------------------------


[[Page 75619]]


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4220        Eligible Obligations--Conflict of Interest Provision................................     3133-AC51
4221        Federal Credit Union Chartering, Field of Membership Modification and Conversions...     3133-AC63
4222        Federal Credit Union Chartering, Field of Membership Modifications and Conversions..     3133-AC66
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage






_______________________________________________________________________




4203. REQUIREMENTS FOR INSURANCE

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 741

Legal Deadline: None

Abstract: NCUA solicited 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                           09/14/00                    65 FR 55464
ANPRM Comment Period End        11/13/00
NPRM                            09/26/02                    67 FR 60607
NPRM Comment Period End         11/25/02

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
_______________________________________________________________________




4204. CREDIT PRACTICES

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 706

Legal Deadline: None

Abstract: NCUA issued a proposed regulation under the Fair Credit 
Reporting Act that addresses the sharing of opt-out information between 
Federal credit unions and their affiliates. NCUA intends to issue a 
second proposal for comment.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/26/00                    65 FR 64168
NPRM Comment Period End         12/26/00
Second NPRM                     01/00/03

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC34
_______________________________________________________________________




4205. INVESTMENT AND DEPOSIT ACTIVITIES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757(7); 12 USC 1757(8); 12 USC 1757(15)

CFR Citation: 12 CFR 703

Legal Deadline: None

Abstract: The advanced notice of proposed rulemaking solicited comments 
on how to update and clarify NCUA's investment and deposit activities 
rules. NCUA anticipates issuing a proposed rule in November 2002.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/26/01                    66 FR 54168
ANPRM Comment Period End        01/24/02
NPRM                            11/00/02

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

RIN: 3133-AC49
_______________________________________________________________________




4206. NONDISCRIMINATION IN FEDERALLY ASSISTED PROGRAMS

Priority: Substantive, Nonsignificant

Unfunded Mandates: Undetermined

Legal Authority: 42 USC 2000d et seq; 29 USC 793; 42 USC 6101 et seq

CFR Citation: 12 CFR 730

Legal Deadline: None

Abstract: The purpose of this rule is to implement Federal statutes 
that prohibit credit unions that receive Federal financial assistance 
from discrimination on certain bases.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

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

[[Page 75620]]

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

RIN: 3133-AC59
_______________________________________________________________________




4207. BANK SECRECY ACT COMPLIANCE PROGRAMS AND PROCEDURES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1766(a); 12 USC 1786(q); 31 USC 5311; 31 USC 
5318

CFR Citation: 12 CFR 748.2

Legal Deadline: None

Abstract: The rule will be amended to clarify and cross-reference any 
changes to credit unions' responsibilities for Bank Secrecy Act 
compliance resulting from passage of the U.S.A. Patriot's Act, Public 
Law 107-56, October 26, 2001.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: John K. Ianno, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC62
_______________________________________________________________________




4208. ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS--BENEFITS FOR 
EMPLOYEES OF FEDERAL CREDIT UNIONS

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 701.19

Legal Deadline: None

Abstract: Clarify the scope of the rule permitting Federal credit 
unions to provide their employees with reasonable retirement and 
employee benefits.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/20/01                    66 FR 65662
NPRM Comment Period End         02/19/02
Second NPRM                     09/25/02                    67 FR 60184
Second NPRM Comment Period End  11/25/02

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

RIN: 3133-AC64
_______________________________________________________________________




4209. SHARE INSURANCE AND APPENDIX

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1757; 12 USC 1765 to 1766; 12 
USC 1781 to 1782; 12 USC 1787; ...

CFR Citation: 12 CFR 745

Legal Deadline: None

Abstract: Update NCUA's share insurance rules to bring them into closer 
parity with the Federal Deposit Insurance Corporation's deposit 
insurance rules.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/03

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

RIN: 3133-AC65
_______________________________________________________________________




4210. ADVERTISING

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1766; 12 USC 1781; 12 USC 1789; 12 USC 4311

CFR Citation: 12 CFR 740

Legal Deadline: None

Abstract: Revise to address electronic advertising and transactions and 
to improve clarity.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/25/02                    67 FR 60604
NPRM Comment Period End         11/25/02

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

RIN: 3133-AC67
_______________________________________________________________________




4211. [bull] MEMBER BUSINESS LOANS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757a

CFR Citation: 12 CFR 723

Legal Deadline: None

Abstract: NCUA plans to review its member business loan rule to 
determine whether amendments are necessary.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Federalism:  Undetermined

Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC68

[[Page 75621]]

_______________________________________________________________________




4212. [bull] FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP 
MODIFICATIONS AND CONVERSIONS

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 701.1

Legal Deadline: None

Abstract: NCUA is planning on revising its field of membership manual 
to ease regulatory burden and redefine certain terms.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

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-AC69
_______________________________________________________________________




4213. [bull] DESIGNATION OF LOW-INCOME STATUS; RECEIPT OF SECONDARY 
CAPITAL ACCOUNTS BY LOW-INCOME-DESIGNATED CREDIT UNIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757(6)

CFR Citation: 12 CFR 701.34

Legal Deadline: None

Abstract: NCUA is planning on updating the definition of what is a low-
income credit union.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/00/02

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-AC70
_______________________________________________________________________




4214. [bull] REVISION OF INTERPRETIVE RULING AND POLICY STATEMENT 87-2, 
DEVELOPING AND REVIEWING GOVERNMENT REGULATIONS

Priority: Info./Admin./Other

Legal Authority: 5 USC 601 et seq; 12 USC 1752a

CFR Citation: 12 CFR 791.8

Legal Deadline: None

Abstract: Revision will update the definition of small entity in 
section 11.2 of the Interpretive Ruling and Policy Statement for 
purposes of the Regulatory Flexibility Act's analysis.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/02

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

RIN: 3133-AC71
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage






_______________________________________________________________________




4215. 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 issued two proposed revisions to the rule governing 
corporate credit unions. Based on the comments, NCUA plans to issue a 
final rule in the fall.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           07/28/99                    64 FR 40787
ANPRM Comment Period End        11/26/99
Second ANPRM                    11/22/00                    65 FR 70319
Second ANPRM Comment Period End 02/20/01
NPRM                            09/21/01                    66 FR 48742
NPRM Comment Period End         12/20/01
Second NPRM                     07/01/02                    67 FR 44270
Second NPRM Comment Period End  08/30/02
Final Action                    11/00/02

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
_______________________________________________________________________




4216. OMB CONTROL NUMBERS

Priority: Info./Admin./Other

Legal Authority: 12 USC 1766(a); 5 USC 3507(f)

CFR Citation: 12 CFR 795

Legal Deadline: None

Abstract: NCUA plans to update the display table that lists the current 
OMB control numbers and the 12 CFR part or section where each number is 
described or identified.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    11/00/02

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Regina M. Metz, Staff Attorney, Office of General 
Counsel,

[[Page 75622]]

National Credit Union Administration, 1775 Duke Street, Alexandria, VA 
22314
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC52
_______________________________________________________________________




4217. TRUTH IN SAVINGS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: Other, Statutory, November 6, 2001, Interim Final Rule.
Mandated by Truth in Savings Act.

Abstract: NCUA amended its Truth in Savings rule in compliance with the 
Truth in Savings Act which requires NCUA to amend its rule in 
conformity with changes made by the Federal Reserve Board to its 
Regulation DD.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/19/01                    66 FR 48206
Final Action                    12/00/02

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

RIN: 3133-AC57
_______________________________________________________________________




4218. PROMPT CORRECTIVE ACTION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702

Legal Deadline: None

Abstract: Revisions to NCUA system of minimum capital standards for 
federally insured credit unions and corresponding remedies to restore 
net worth.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/04/02                    67 FR 38431
NPRM Comment Period End         08/05/02
Final Action                    11/00/02
Final Action Effective          01/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: State

Federalism:  This action may have federalism implications as defined in 
EO 13132.

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-AC60
_______________________________________________________________________


National Credit Union Administration (NCUA)           Long-Term Actions






_______________________________________________________________________




4219. CONSUMER PROTECTIONS FOR FEDERALLY INSURED CREDIT UNIONS' SALE OF 
NONDEPOSIT INVESTMENTS

Priority: Substantive, Nonsignificant

Legal Authority: Not Yet Determined

CFR Citation: Not Yet Determined

Legal Deadline: None

Abstract: NCUA is considering proposing regulations to ensure that the 
sale to members of all nondeposit investments through various types of 
arrangements is done in a safe and sound manner.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                            To Be                       Determined

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-AC56
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions






_______________________________________________________________________




4220. ELIGIBLE OBLIGATIONS--CONFLICT OF INTEREST PROVISION

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 701.23

Legal Deadline: None

Abstract: Section 701.23 sets forth the requirements for purchasing, 
selling, and pledging eligible obligations (loans) by Federal credit 
unions. NCUA has determined that it will not propose a conflict of 
interest provision for this section at this time.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       07/31/02

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Regina M. Metz, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC51

[[Page 75623]]

_______________________________________________________________________




4221. FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP MODIFICATION 
AND CONVERSIONS

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 701.1

Legal Deadline: None

Abstract: The NCUA Board amended its chartering and field of membership 
manual to make two changes to ease the burden on applicants for 
community charters, expansions, or conversions. First, applicants need 
not submit documentation to establish a community area that is the same 
as one the NCUA has previously determined to be a well-defined local 
community, neighborhood, or rural district. Second, the NCUA Board 
deleted the category of common characteristics and background of 
residents from the examples of acceptable documentation because it has 
proven to generate documentation of limited relevance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              03/20/01                    66 FR 15619
Interim Final Rule Comment 
Period End                      05/21/01
Final Action                    04/24/02                    67 FR 20013

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-AC63
_______________________________________________________________________




4222. FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP MODIFICATIONS 
AND CONVERSIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1756; 12 USC 1757; 12 
USC 1759; 12 USC 1761a-b; ...

CFR Citation: 12 CFR 701.1

Legal Deadline: None

Abstract: An existing community charter need not document in writing 
how it plans on serving the entire community. The NCUA Board updated 
the definition of an investment area because of the release of the new 
census data and updated Community Development Financial Institution 
Fund standards.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/20/01                    66 FR 65625
Interim Final Rule Comment 
Period End                      02/19/02
Final Action                    04/24/02                    67 FR 20013

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-AC66
[FR Doc. 02-24264 Filed 12-06-02; 8:45 am]
BILLING CODE 7535-01-S
