[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]


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Part LIX





National Credit Union Administration





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Semiannual Regulatory Agenda

[[Page 73984]]



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 September 9, 2003, to 
be included in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

DATES: This information is current as of September 9, 2003.

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 
institution 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 9, 2003.

    NAME: Becky Baker,

    Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4255        Consumer Protections for Federally Insured Credit Unions' Sale of Nondeposit            3133--AC56
            Investments.........................................................................
4256        Regulatory Publication and Review...................................................    3133--AC78
4257        Privacy of Consumer Financial Information...........................................    3133--AC84
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4258        Credit Practices....................................................................    3133--AC34
4259        Nondiscrimination in Federally Assisted Programs....................................    3133--AC59
4260        Maximum Borrowing Authority; Suretyship and Guaranty................................    3133--AC73
4261        Mergers of Federally--Insured Credit Unions; Voluntary Termination or Conversion of     3133--AC82
            Insured Status......................................................................
4262        Guidance on Response Program for Unauthorized Access to Member Information and          3133--AC83
            Member Notice.......................................................................
4263        Conversion of Insured Credit Unions to Mutual Savings Banks.........................    3133--AC86
4264        Exchangeable Collateralized Mortgage Obligations....................................    3133--AC87
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4265        OMB Control Numbers.................................................................    3133--AC52
4266        Truth in Savings....................................................................    3133--AC57
4267        Share Insurance and Appendix........................................................    3133--AC65
4268        Description of NCUA; Request for Agency Action......................................    3133--AC77
4269        Requests for Information Under the Freedom of Information Act and Privacy Act and by    3133--AC79
            Subpoena, Subpart E.................................................................
4270        Loan Participation..................................................................    3133--AC85
----------------------------------------------------------------------------------------------------------------


[[Page 73985]]


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4271        Requirements for Insurance..........................................................    3133--AC33
4272        Investment and Deposit Activities...................................................    3133--AC49
4273        Bank Secrecy Act Compliance Programs and Procedures.................................    3133--AC62
4274        Organization and Operations of Federal Credit Unions--Benefits for Employees of         3133--AC64
            Federal Credit Unions...............................................................
4275        Advertising.........................................................................    3133--AC67
4276        Member Business Loans...............................................................    3133--AC68
4277        Revision of Interpretive Ruling and Policy Statement 87--2, Developing and Reviewing    3133--AC71
            Government Regulations..............................................................
4278        Treatment of Swap Agreements in Liquidation or Conservatorship......................    3133--AC72
4279        Prompt Corrective Action............................................................    3133--AC74
4280        Rules of NCUA Board Procedures; Promulgation of NCUA Rules and Regulations; Public      3133--AC75
            Observation of NCUA Board Meetings..................................................
4281        Requests for Information Under the Freedom of Information Act and Privacy Act and by    3133--AC76
            Subpoena; Security Procedures for Classified Information............................
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage






_______________________________________________________________________




4255. 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                           06/00/04

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
_______________________________________________________________________




4256. REGULATORY PUBLICATION AND REVIEW

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 3311

CFR Citation: Not Yet Determined

Legal Deadline: Final, Statutory, September 6, 2003, Final.

Abstract: The financial institution regulators are required by section 
2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 
1996 to categorize all of the agencies' regulations by type and then 
issue a notice and request for comment for each of the categories. The 
notice must request comment on areas of the regulations that are 
outdated, unnecessary, or unduly burdensome. This must be done on a 
10--year cycle. The first cycle ends in September 2006. The notice for 
the first category was issued on July 3, 2003.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice                          07/03/03                    68 FR 39803
Notice                          01/00/04

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-AC78
_______________________________________________________________________




4257. [bull] PRIVACY OF CONSUMER FINANCIAL INFORMATION

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

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 6801 et seq

CFR Citation: 12 CFR 716

Legal Deadline: None

Abstract: NCUA plans to issue an interagency ANPRM and then a proposed 
rule, and a final rule on privacy notices and ways financial 
institutions can make them clear and conspicuous.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/00/03

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism:  Undetermined

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-AC84

[[Page 73986]]

_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage






_______________________________________________________________________




4258. 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                     06/00/04

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
_______________________________________________________________________




4259. 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                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

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-AC59
_______________________________________________________________________




4260. MAXIMUM BORROWING AUTHORITY; SURETYSHIP AND GUARANTY

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757; 12 USC 1766; 12 USC 1781 to 1790; 12 USC 
1790d

CFR Citation: 12 CFR 741.2; 12 CFR 701.20

Legal Deadline: None

Abstract: This provision limits borrowing for federally insured credit 
unions to 50 percent of paid--in and unimpaired capital and surplus. 
The limitation is statutory for Federal credit unions (FCUs). NCUA 
proposes amending the regulation to permit federally insured, State--
chartered credit unions (FISCUs) to apply for a waiver from the 
borrowing limitations. NCUA also proposes adding a new provision to its 
regulations that allows FCUs to act as surety or guarantor on behalf of 
their members. The proposal establishes certain requirements to ensure 
that FCUs and FISCUs, if permitted under State law to act as a surety 
or guarantor, are not exposed to undue risk.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/01/03                    68 FR 56586
NPRM Comment Period End         12/01/03
Final Action                    04/00/04

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-AC73
_______________________________________________________________________




4261. [bull] MERGERS OF FEDERALLY--INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

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

Legal Authority: 12 USC 1766; 12 USC 1785; 12 USC 1786; 12 USC 1789

CFR Citation: 12 CFR 708b

Legal Deadline: None

Abstract: Update various regulatory requirements for mergers and 
conversions to nonfederal share insurance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/04

Regulatory Flexibility Analysis Required: Undetermined

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-AC82
_______________________________________________________________________




4262. [bull] GUIDANCE ON RESPONSE PROGRAM FOR UNAUTHORIZED ACCESS TO 
MEMBER INFORMATION AND MEMBER NOTICE

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

Legal Authority: 15 USC 6801 ; 15 USC 6805(b); 12 USC 1751 et seq

CFR Citation: 12 CFR 748.01(b); 12 CFR 748 app B

Legal Deadline: None

Abstract: NCUA plans to issue a proposed rule regarding section 501(b) 
of the Gramm--Leach--Bliley Act, consistent and comparable with the 
banking agencies' proposed rule on Interagency Guidance on Response 
Programs for Unauthorized Access to Customer Information and Customer 
Notice.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/30/03                    68 FR 61760
NPRM Comment Period End         12/29/03

[[Page 73987]]

Regulatory Flexibility Analysis Required: Undetermined

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3133-AC83
_______________________________________________________________________




4263. [bull] CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS

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

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

CFR Citation: 12 CFR 708a

Legal Deadline: None

Abstract: The proposal requires a credit union converting to a mutual 
savings bank to disclose additional information in its notice to 
members of its intent to convert.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/01/03                    68 FR 56589
NPRM Comment Period End         12/01/03
Second NPRM                     04/00/04

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-AC86
_______________________________________________________________________




4264. [bull] EXCHANGEABLE COLLATERALIZED MORTGAGE OBLIGATIONS

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

Legal Authority: 12 USC 1757(15)

CFR Citation: 12 CFR 703

Legal Deadline: None

Abstract: A proposed amendment to part 703 to enumerate the conditions 
under which a Federal credit union may invest in an Exchangeable 
Collateralized Mortgage Obligation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/00/04

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-AC87
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage






_______________________________________________________________________




4265. 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                    12/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3133-AC52
_______________________________________________________________________




4266. TRUTH IN SAVINGS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: Other, Statutory, November 6, 2001, Other.
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
Interim Final Rule Effective    10/01/01
Final Action                    06/00/04

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

[[Page 73988]]

_______________________________________________________________________




4267. 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                            07/03/03                    68 FR 39868
NPRM Comment Period End         09/02/03
Final Action                    12/00/03

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
_______________________________________________________________________




4268. DESCRIPTION OF NCUA; REQUEST FOR AGENCY ACTION

Priority: Info./Admin./Other

Legal Authority: 12 USC 1766, 1789, 1795F

CFR Citation: 12 CFR 790

Legal Deadline: None

Abstract: Revise and update description of NCUA and request for Agency 
action (including appeals provision); technical corrections.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/00/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3133-AC77
_______________________________________________________________________




4269. REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT AND 
PRIVACY ACT AND BY SUBPOENA, SUBPART E

Priority: Info./Admin./Other

Legal Authority: 5 USC 552a

CFR Citation: None

Legal Deadline: None

Abstract: Addition of new Privacy Act systems of records to ensure 
building security and to monitor employees' daily attendance and 
amendment of existing system of records to reflect maintenance of 
records of individual employee's entries and exists from a parking 
garage.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    03/00/04

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-AC79
_______________________________________________________________________




4270. [bull] LOAN PARTICIPATION

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

Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 15 USC 1601 et 
seq; 42 USC 1981; 42 USC 3601 to 3610; 42 USC 4311 to 4312

CFR Citation: 12 CFR 701.22

Legal Deadline: None

Abstract: NCUA proposes to update and clarify the definition of certain 
terms used in NCUA's loan participation rule to conform to other NCUA 
rules and to provide greater flexibility to Federal credit unions in 
choosing appropriate loan participation partners.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/26/03                    68 FR 39866
NPRM Comment Period End         09/02/03
Final Action                    12/00/03

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-AC85
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions






_______________________________________________________________________




4271. 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 issued a final rule that requires a credit union to 
develop a business plan and receive foreign government approval before 
establishing a branch outside the United States.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/14/00                    65 FR 55464

[[Page 73989]]

ANPRM Comment Period End        11/13/00
NPRM                            09/26/02                    67 FR 60607
NPRM Comment Period End         11/25/02
Final Action                    04/30/03                    68 FR 23027

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3133-AC33
_______________________________________________________________________




4272. 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: This final rule updates and clarifies NCUA's investment and 
deposit activities rules, having taken into account comments solicited 
by a previously issued advance notice of proposed rulemaking and 
proposed rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           10/26/01                    66 FR 54168
ANPRM Comment Period End        01/24/02
NPRM                            12/27/02                    67 FR 78996
NPRM Comment Period End         02/25/03
Final Action                    05/24/03                    68 FR 32958

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
_______________________________________________________________________




4273. 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 has been amended to clarify and cross--reference 
changes to credit unions' responsibilities for Bank Secrecy Act 
compliance resulting from passage of the U.S.A. PATRIOTS Act, Public 
Law 107--56, October 26, 2001.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    05/09/03                    68 FR 25112

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3133-AC62
_______________________________________________________________________




4274. 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  12/26/02
Final Action                    04/24/03                    68 FR 23025

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
_______________________________________________________________________




4275. 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: Revised 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
Final Action                    05/02/03                    68 FR 23381

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
_______________________________________________________________________




4276. MEMBER BUSINESS LOANS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757a

CFR Citation: 12 CFR 723

Legal Deadline: None

Abstract: NCUA intends to issue a final rule adopting amendments to its

[[Page 73990]]

member business loan rule that will revise or clarify provisions 
regarding collateral requirements, aggregate loan limits, and other 
areas related to member business lending. NCUA also will amend the 
prompt corrective action, credit union service organization, regulatory 
flexibility, and corporate credit union rules as part of this 
rulemaking.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/03/03                    68 FR 16450
NPRM Comment Period End         06/03/03
Final Action                    10/01/03                    68 FR 56537

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
_______________________________________________________________________




4277. 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 amends the Interpretive Ruling and Policy Statement 
to update the definition of small credit union and provide for notice 
to the public of regulations up for NCUA review in the coming year.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/04/02                    67 FR 72113
NPRM Comment Period End         02/03/03
Final Action                    05/22/03                    68 FR 31949

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
_______________________________________________________________________




4278. TREATMENT OF SWAP AGREEMENTS IN LIQUIDATION OR CONSERVATORSHIP

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1787(c)(8)(D)(i)

CFR Citation: 12 CFR 709.13

Legal Deadline: None

Abstract: The NCUA amended its involuntary liquidation regulation to 
designate swap agreements as qualified final contracts (QFCs). 
Treatment of Swaps as QFCs will limit counterparty exposure when a 
federally insured credit union is placed into involuntary liquidation 
or a conservatorship and thereby encourage entities to engage in swaps 
with federally insured credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/26/03                     68 FR 8860
NPRM Comment Period End         03/28/03
Final Action                    05/22/03                    68 FR 32355

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-AC72
_______________________________________________________________________




4279. PROMPT CORRECTIVE ACTION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1790d

CFR Citation: 12 CFR 702

Legal Deadline: None

Abstract: Withdrawal of role establishing ``simplified net worth 
restoration plan'' for system of capital standards for federally 
insured credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/29/02                    67 FR 71113
NPRM Comment Period End         01/28/03
Withdrawn                       04/29/03

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: State

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-AC74
_______________________________________________________________________




4280. RULES OF NCUA BOARD PROCEDURES; PROMULGATION OF NCUA RULES AND 
REGULATIONS; PUBLIC OBSERVATION OF NCUA BOARD MEETINGS

Priority: Substantive, Nonsignificant

Legal Authority: 5 USC 5526

CFR Citation: 12 CFR 791

Legal Deadline: None

Abstract: Withdrawn.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       07/31/03

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-AC75
_______________________________________________________________________




4281. REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT AND 
PRIVACY ACT AND BY SUBPOENA; SECURITY PROCEDURES FOR CLASSIFIED 
INFORMATION

Priority: Substantive, Nonsignificant

Legal Authority: 5 USC 552

CFR Citation: 12 CFR 792

[[Page 73991]]

Legal Deadline: None

Abstract: Amendment to inform requester of Freedom of Information 
search cut--off date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Direct Final Rule               10/30/03                    68 FR 61736

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-AC76
[FR Doc. 03-25127 Filed 12-19-03; 8:45 am]
BILLING CODE 7535-01-S
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