[Unified Agenda of Federal Regulatory and Deregulatory Actions]
[National Credit Union Administration Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


-----------------------------------------------------------------------

Part LVII





National Credit Union Administration





-----------------------------------------------------------------------



Semiannual Regulatory Agenda

[[Page 27970]]



NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                            


  



_______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Ch. VII

Semiannual Regulatory Agenda

AGENCY: National Credit Union Administration (NCUA).

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: Pursuant to its ongoing policy of reviewing regulations, NCUA 
is publishing a list of current and projected rulemakings, reviews of 
existing regulations, and completed actions as of February 28, 2005, to 
be included in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

DATES: This information is current as of February 28, 2005.

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 regulations impose 
only the 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.

    Approved by the NCUA Board on March 28, 2005.

 Mary Rupp,

Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3931        Regulatory Publication and Review.....................................................    3133-AC78
3932        Fair Credit Reporting--Negative Information Notice....................................    3133-AD01
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3933        Nondiscrimination in Federally Assisted Programs......................................    3133-AC59
3934        Privacy of Consumer Financial Information.............................................    3133-AC84
3935        Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........    3133-AC90
3936        Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule.........    3133-AC91
3937        Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and         3133-AC92
            Rules.................................................................................
3938        Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........    3133-AC93
3939        Federal Credit Union Bylaws...........................................................    3133-AC94
3940        Designation of Low-Income Status, Receipt of Secondary Capital Accounts by Low-Income     3133-AC98
            Designated Credit Unions and Community Development Revolving Loan Program for Credit
            Unions................................................................................
3941        Supervisory Committee Audits and Verifications........................................    3133-AD05
3942        Member Business Loans.................................................................    3133-AD06
3943        Credit Union Service Organizations....................................................    3133-AD07
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3944        Truth in Savings......................................................................    3133-AC57
3945        Requests for Information Under the Freedom of Information Act and Privacy Act and by      3133-AC79
            Subpoena, Subpart E...................................................................
3946        Guidance on Response Program for Unauthorized Access to Member Information and Member     3133-AC83
            Notice................................................................................
3947        Fair Credit Reporting Medical Information Regulation..................................    3133-AC88
3948        Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations.......    3133-AD00
----------------------------------------------------------------------------------------------------------------


[[Page 27971]]


                             National Credit Union Administration--Long-Term Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3949        Regulatory Flexibility Program; Corporate Credit Union Capital........................    3133-AD09
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3950        Consumer Protection for Federally Insured Credit Unions' Sale of Nondeposit               3133-AC56
            Investments...........................................................................
3951        Mergers of Federally Insured Credit Unions; Voluntary Termination or Conversion of        3133-AC82
            Insured Status........................................................................
3952        Conversion of Insured Credit Unions to Mutual Savings Banks...........................    3133-AC96
3953        Fair Credit Reporting--Disposal of Consumer Information...............................    3133-AC99
3954        Loans to Members and Lines of Credit to Members.......................................    3133-AD04
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage


  



_______________________________________________________________________




3931. REGULATORY PUBLICATION AND REVIEW

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 3311

CFR Citation: 12 CFR ch 7

Legal Deadline: Final, Statutory, September 6, 2006, Publication for 
review completed.

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 two categories was issued on July 3, 2003. The notice for the 
second category was issued on February 4, 2004. Notice for the third 
category was published on July 8, 2004. Notice for the fourth and fifth 
categories was published on February 4, 2005.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Notice                          07/03/03                    68 FR 39803
Notice                          02/04/04                     69 FR 5300
Notice                          07/08/04                    69 FR 41202
Notice                          02/04/05                     70 FR 5946
Notice                          06/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Ross P. Kendall, 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-AC78
_______________________________________________________________________




3932. FAIR CREDIT REPORTING--NEGATIVE INFORMATION NOTICE

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681s(e)(2)

CFR Citation: 12 CFR 717

Legal Deadline: None

Abstract: NCUA intends to issue a proposed rule to address section 217 
of the Fair and Accurate Credit Transactions Act of 2003, which 
requires a Federal credit union to provide notice to members no later 
than 30 days after it furnishes negative information to a nationwide 
consumer reporting agency about credit extended to a member.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           12/00/05

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, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD01

[[Page 27972]]

_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage


  



_______________________________________________________________________




3933. NONDISCRIMINATION IN FEDERALLY ASSISTED PROGRAMS

Priority: Substantive, Nonsignificant

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                            08/00/05

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-AC59
_______________________________________________________________________




3934. PRIVACY OF CONSUMER FINANCIAL INFORMATION

Priority: Substantive, Nonsignificant

Unfunded Mandates: Undetermined

Legal Authority: 15 USC 6801 et seq

CFR Citation: 12 CFR 716

Legal Deadline: None

Abstract: NCUA issued an interagency ANPRM and may issue 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                           12/30/03                    68 FR 75164
ANPRM Comment Period End        03/29/04
NPRM                            09/00/05

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
_______________________________________________________________________




3935. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT (FACTA) RED FLAG 
GUIDELINES AND RULE

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681m and 1681s

CFR Citation: 12 CFR 717

Legal Deadline: None

Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs 
NCUA and the Federal banking agencies jointly to establish and maintain 
red flag guidelines for use in identifying the possible existence of 
identity theft. In addition, the agencies must prescribe regulations to 
require the institutions they supervise to establish and follow 
reasonable policies and procedures to implement the guidelines. The 
policies and procedures must not be inconsistent with section 326 of 
the USA PATRIOT Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: 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-AC90
_______________________________________________________________________




3936. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT (FACTA) ADDRESS 
RECONCILIATION RULE

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681c

CFR Citation: 12 CFR 717

Legal Deadline: None

Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs 
NCUA and the Federal banking agencies to prescribe regulations for 
credit card and debit card issuers to require the investigation of 
changes of addresses. The law contains requirements for card issuers to 
follow reasonable policies and procedures and to notify cardholders or 
use other means of evaluating address changes in certain circumstances.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: 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-AC91
_______________________________________________________________________




3937. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT FURNISHER RULE: ACCURACY 
GUIDELINES AND RULES

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681s

CFR Citation: 12 CFR 717

Legal Deadline: None

Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs 
the NCUA, the Federal banking agencies, and the FTC in coordination to 
establish guidelines for furnishers to enhance the accuracy and 
integrity of information they furnish to consumer reporting agencies. 
The agencies also must prescribe regulations to establish reasonable 
policies and procedures to implement the guidelines.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Regina M. Metz, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314

[[Page 27973]]

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

RIN: 3133-AC92
_______________________________________________________________________




3938. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT DIRECT DISPUTES WITH 
FURNISHERS RULE

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681s

CFR Citation: 12 CFR 717

Legal Deadline: None

Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs 
the NCUA, the Federal banking agencies, and FTC jointly to identify 
circumstances under which furnishers must reinvestigate a dispute 
concerning the accuracy of a consumer report when a consumer's request 
is submitted directly to the furnisher, rather than through a consumer 
reporting agency.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/05

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: 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-AC93
_______________________________________________________________________




3939. FEDERAL CREDIT UNION BYLAWS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1758

CFR Citation: None

Legal Deadline: None

Abstract: NCUA is aware of several suggested changes and wants to allow 
comment on the bylaws in their entirety, since it has been 5 years 
since the last revision.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/29/04                    69 FR 58203
ANPRM Comment Period End        11/29/04
NPRM                            07/00/05

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, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC94
_______________________________________________________________________




3940. DESIGNATION OF LOW-INCOME STATUS, RECEIPT OF SECONDARY CAPITAL 
ACCOUNTS BY LOW-INCOME DESIGNATED CREDIT UNIONS AND COMMUNITY 
DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT UNIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(s), 1755 to 1757, 1759, 1761a, 1761b, 1766 
to 1767; 42 USC 9822 and 9822 note

CFR Citation: 12 CFR 701.34; 12 CFR 705

Legal Deadline: None

Abstract: Amend NCUA rules to enable credit unions to simply document 
their low-income membership more simply and streamline the application 
process for the Community Development Revolving Loan Program for Credit 
Unions. Staff is also considering a proposal to allow low-income credit 
unions to redeem secondary capital in tandem with writing down its 
capital value.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/05

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-AC98
_______________________________________________________________________




3941. [bull] SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1761d; 12 USC 1782(a)(6)

CFR Citation: 12 CFR 715

Legal Deadline: None

Abstract: This rulemaking will address GAO's recommendation to require 
that credit unions conform to the requirement imposed by FDICIA that 
banks having more than $500 million in assets obtain both an annual 
financial statement audit and an examination of internal controls over 
financial reporting; select provisions of the Public Company Accounting 
Oversight Board's heightened auditing standards for public companies 
(e.g., auditor independence, ethics, etc.) to credit union financial 
audits; and other limitations to auditor liability for supervisory 
committee audits.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            09/00/05

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
Fax: 703-837-2779
Email: [email protected]

RIN: 3133-AD05
_______________________________________________________________________




3942. [bull] MEMBER BUSINESS LOANS

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

Legal Authority: 12 USC 1756 to 1757; 12 USC 1757A; 12 USC 1766; 12 USC 
1785; 12 USC 1789; . . .

CFR Citation: 12 CFR 723

Legal Deadline: None

Abstract: NCUA proposes amendments to the member business loans rule to 
clarify the minimum capital requirements for a corporate credit union 
to make unsecured business loans to entities other than credit unions 
and CUSOs, revise the definition of construction or

[[Page 27974]]

development loan to include loans for renovating commercial property, 
and revise the net worth definition to parallel the definition in part 
702 and the Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/20/05                    70 FR 20487
NPRM Comment Period End         06/20/05
Final Action                    09/00/05

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-AD06
_______________________________________________________________________




3943. [bull] CREDIT UNION SERVICE ORGANIZATIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1751 et seq

CFR Citation: 12 CFR 712

Legal Deadline: None

Abstract: This amendment will liberalize NCUA's existing rule on credit 
union service organizations (CUSOs) by allowing credit unions that have 
wholly owned CUSOs to include the CUSO in a consolidated financial 
statement audit. This change is consistent with generally accepted 
accounting principles and will enable wholly owned CUSOs to avoid the 
effort and expense of obtaining a separate CPA opinion audit.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/23/05                    70 FR 14579
NPRM Comment Period End         05/23/05
Next Action                     09/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Ross P. Kendall, 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-AD07
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage


  



_______________________________________________________________________




3944. 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                    12/00/05

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
_______________________________________________________________________




3945. 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 exits from a parking 
garage.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/00/05

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
_______________________________________________________________________




3946. 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 issued a proposed rule regarding section 501(b) of the 
Gramm-Leach-Bliley Act, consistent and comparable with the other 
banking agencies' proposed guidance on Response Programs for 
Unauthorized Access to Customer Information and Customer Notice. NCUA's 
proposed rule change was accompanied by an appendix that provides 
guidance to credit unions on establishing response programs in cases 
involving breach or compromise of security regarding member accounts. 
NCUA anticipates finalizing its rule and the appendix before June 30, 
2005.

[[Page 27975]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/30/03                    68 FR 61760
NPRM Comment Period End         12/29/03
Final Action                    06/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Ross P. Kendall, 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-AC83
_______________________________________________________________________




3947. FAIR CREDIT REPORTING MEDICAL INFORMATION REGULATION

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681b; 15 USC 1681s

CFR Citation: 12 CFR 717

Legal Deadline: Final, Statutory, June 4, 2004.

Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs 
NCUA and the Federal banking agencies to prescribe regulations creating 
exceptions to the law's prohibition against the institutions they 
supervise obtaining or using consumers' medical information in 
connection with a determination of the consumer's eligibility for 
credit. The exceptions must be necessary and appropriate to protect 
legitimate operational, transactional, risk, consumer, and other needs, 
including permitting actions necessary for administrative verification 
purposes, consistent with the law's intent to restrict the use of 
medical information for inappropriate purposes. The regulations will 
also address how institutions can share medical information with their 
affiliates (for Federal credit unions these are credit union service 
organizations).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/28/04                    69 FR 23380
NPRM Comment Period End         05/28/04
Final Action                    05/00/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: 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-AC88
_______________________________________________________________________




3948. FAIR CREDIT REPORTING--AFFILIATE USE OF INFORMATION FOR MARKETING 
SOLICITATIONS

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681s; 15 USC 1681s-3

CFR Citation: 12 CFR 717

Legal Deadline: Final, Statutory, September 4, 2004, NCUA required to 
issue a final rule within 9 months from the date the Fair Accurate 
Credit Transactions Act was enacted.

Abstract: NCUA issued a joint proposed rule to implement section 214 of 
the Fair and Accurate Credit Transactions Act of 2003, with the Federal 
banking agencies. The proposed rule provides for consumer notice and an 
opportunity to prohibit Federal credit union affiliates from using 
certain information to make or send marketing solicitations to 
consumers. NCUA intends to issue a final rule by the end of the 2nd 
quarter.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/15/04                    69 FR 42502
NPRM Comment Period End         08/16/04
Final Action                    06/00/05

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

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-AD00
_______________________________________________________________________


National Credit Union Administration (NCUA)           Long-Term Actions


  



_______________________________________________________________________




3949. [bull] REGULATORY FLEXIBILITY PROGRAM; CORPORATE CREDIT UNION 
CAPITAL

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1756; 12 USC 1766

CFR Citation: 12 CFR 742; 12 CFR 704

Legal Deadline: None

Abstract: Staff is reviewing NCUA's Regulatory Flexibility Program, 
which wholly or partially exempts credit unions from a series of 
regulatory restrictions and allows them to hold in their portfolios an 
expanded range of loans purchased from other credit unions. Staff is 
also reviewing capital requirements for corporate credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                            To Be                       Determined

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
Fax: 703-837-2779
Email: [email protected]

RIN: 3133-AD09

[[Page 27976]]

_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions


  



_______________________________________________________________________




3950. CONSUMER PROTECTION FOR FEDERALLY INSURED CREDIT UNIONS' SALE OF 
NONDEPOSIT INVESTMENTS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1766(a)

CFR Citation: None

Legal Deadline: None

Abstract: NCUA has withdrawn its consideration of regulations regarding 
the sale to members of all nondeposit investments through various types 
of arrangements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       12/31/04

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, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC56
_______________________________________________________________________




3951. MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY TERMINATION 
OR CONVERSION OF INSURED STATUS

Priority: Substantive, Nonsignificant

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 non-Federal share insurance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/29/04                    69 FR 45279
NPRM Comment Period End         09/27/04
Final Action                    01/24/05                     70 FR 3279

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses, Organizations

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
_______________________________________________________________________




3952. CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 708a

Legal Deadline: None

Abstract: Amends NCUA rule regarding conversion of insured credit 
unions to mutual savings banks to clarify and enhance member protection 
in the event of conversion.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/02/04                    69 FR 46111
NPRM Comment Period End         10/01/04
Final Action                    01/28/05                     70 FR 4005

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-AC96
_______________________________________________________________________




3953. FAIR CREDIT REPORTING--DISPOSAL OF CONSUMER INFORMATION

Priority: Substantive, Nonsignificant

Legal Authority: 15 USC 1681s; 15 USC 1681w

CFR Citation: 12 CFR 717.83; 12 CFR 748.0

Legal Deadline: Final, Statutory, December 4, 2004, NCUA required to 
adopt final rule by December 4, 2004, under 15 U.S.C. 1681w(a)(1).

Abstract: NCUA issued a final rule to implement section 216 of the Fair 
and Accurate Credit Transactions Act of 2003. The rule requires a 
Federal credit union to develop, implement, and maintain appropriate 
measures to properly dispose of consumer information derived from 
consumer reports, as part of its information security program.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/28/04                    69 FR 30601
NPRM Comment Period End         07/12/04
Final Action                    11/29/04                    69 FR 69269

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, VA 22314
Phone: 703 518-6567
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AC99
_______________________________________________________________________




3954. LOANS TO MEMBERS AND LINES OF CREDIT TO MEMBERS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752; 12 USC 1755; 12 USC 1756

CFR Citation: 12 CFR 701.21(e), (f), (g)

Legal Deadline: None

Abstract: NCUA has amended its lending rule to clarify the permissible 
maturities for loans secured by recreational vehicles, house trailers, 
and boats; to clarify that loans for manufactured housing may be 
considered residential real estate loans; and to clarify that loans 
subject to partial Government guarantees, insurance, or advance 
commitment to purchase are subject to the rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/29/04
NPRM Comment Period End         01/25/05
Final Action                    02/24/05                     70 FR 8921

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

[[Page 27977]]

Administration, 1775 Duke Street, Alexandria, VA 22314-3428
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD04
[FR Doc. 05-6973 Filed 05-13-05; 8:45 am]
BILLING CODE 7535-01-S