[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 LVI





National Credit Union Administration





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Semiannual Regulatory Agenda

[[Page 23682]]



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, 2006, to 
be included in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

DATES: This information is current as of February 28, 2006.

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 15, 2006.

 Mary Rupp,

Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3943        Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........    3133-AC93
3944        Supervisory Committee Audits and Verifications........................................    3133-AD05
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3945        Nondiscrimination in Federally Assisted Programs......................................    3133-AC59
3946        Privacy of Consumer Financial Information.............................................    3133-AC84
3947        Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........    3133-AC90
3948        Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule.........    3133-AC91
3949        Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and         3133-AC92
            Rules.................................................................................
3950        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................................................................................
3951        Incidental Powers.....................................................................    3133-AD12
3952        Conversion of Insured Credit Unions to Mutual Savings Banks...........................    3133-AD16
3953        Share Insurance and Appendix..........................................................    3133-AD18
3954        Credit Union Service Organizations....................................................    3133-AD20
3955        Organization and Operation of Federal Credit Unions...................................    3133-AD22
3956        Security Program......................................................................    3133-AD23
3957        Records Preservation..................................................................    3133-AD24
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3958        Truth in Savings--Bounce Protection...................................................    3133-AC57
3959        Regulatory Publication and Review.....................................................    3133-AC78
3960        Requests for Information Under the Freedom of Information Act and Privacy Act and by      3133-AC79
            Subpoena, Subpart E...................................................................
3961        Federal Credit Union Bylaws...........................................................    3133-AC94
3962        Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations.......    3133-AD00

[[Page 23683]]

 
3963        Truth In Savings--Electronic Disclosure...............................................    3133-AD11
3964        Organization and Operation of Federal Credit Unions...................................    3133-AD19
3965        Third-Party Servicing of Indirect Vehicle Loans.......................................    3133-AD21
3966        Sales of Nondeposit Investments.......................................................    3133-AD25
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3967        Fair Credit Reporting Medical Information Regulation..................................    3133-AC88
3968        Fair Credit Reporting--Negative Information Notice....................................    3133-AD01
3969        Member Business Loans.................................................................    3133-AD06
3970        Regulatory Flexibility Program; Corporate Credit Union Capital........................    3133-AD09
3971        Fidelity Bond and Insurance Coverage for Federal Credit Unions........................    3133-AD10
3972        Post-Employment Restrictions for Certain NCUA Examiners...............................    3133-AD13
3973        Requirements for Insurance............................................................    3133-AD14
3974        Uninsured Secondary Capital Accounts..................................................    3133-AD17
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage






_______________________________________________________________________




3943. 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

________________________________________________________________________

ANPRM                           04/00/06

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
_______________________________________________________________________




3944. 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: Rulemaking to modify part 715 to require credit unions to 
obtain an ``attestation on internal controls'' in connection with their 
annual audits; to identify and impose assessment and attestation 
standards for such engagements; to enhance the composition of 
Supervisory Committees; and to identify and impose a standard for the 
independence required of State-licensed, compensated auditors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           02/23/06                     71 FR 9278
ANPRM Comment Period End        04/24/06

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

[[Page 23684]]

_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage






_______________________________________________________________________




3945. 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                            12/00/06

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
_______________________________________________________________________




3946. 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                            06/00/06

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
_______________________________________________________________________




3947. 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                            04/00/06

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
_______________________________________________________________________




3948. 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                            04/00/06

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
_______________________________________________________________________




3949. 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                            04/00/06

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 23685]]

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

RIN: 3133-AC92
_______________________________________________________________________




3950. 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 document their 
low-income membership more easily and simplify NCUA's ability to update 
geographic differentials to be used when applying the annual income 
standards when designating low-income credit unions and making 
community development revolving loans.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Moisette I. Green, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314
Phone: 703 518-6553
Fax: 703 518-6319
Email: [email protected]

RIN: 3133-AC98
_______________________________________________________________________




3951. INCIDENTAL POWERS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757(17); 12 USC 1766; 12 USC 1789

CFR Citation: 12 CFR 721

Legal Deadline: None

Abstract: NCUA is considering issuing a proposed rule to update its 
incidental powers rule to include any additional examples of activities 
NCUA deems to be within the incidental powers of a Federal credit 
union.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/06

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-AD12
_______________________________________________________________________




3952. CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS

Priority: Substantive, Nonsignificant

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

CFR Citation: None

Legal Deadline: None

Abstract: Amend part 708a of NCUA regulations regarding conversion of 
insured credit unions to mutual savings banks to provide enhanced 
protection for members and regulatory certainty for credit unions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/06

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-AD16
_______________________________________________________________________




3953.  SHARE INSURANCE AND APPENDIX

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 745

Legal Deadline: None

Abstract: Amend part 745 of NCUA's regulations to incorporate statutory 
increases to various share insurance coverages and to address the share 
insurance coverage for 529 plans and accounts denominated in foreign 
currencies.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

Government Levels Affected: State

URL For More Information:
www.ncua.gov/regulationsopinionlaws/proposed-regs/proposalregs.html

Agency Contact: Frank Kressman, Staff Attorney, National Credit Union 
Administration, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6558
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD18
_______________________________________________________________________




3954.  CREDIT UNION SERVICE ORGANIZATIONS

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

Legal Authority: 12 USC 1756; 12 USC 1757(5)(D); 12 USC 1757(F)(I); 12 
USC 1266; 12 USC 1782a

CFR Citation: 12 CFR 712

Legal Deadline: None

Abstract: This amendment would make several changes to the existing 
rule, including the elimination of a section dealing with requests for 
amendments and a change to the provisions relating to organizational 
structure and tax status of certain credit union service organizations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Ross P. Kendall, Staff Attorney, National Credit Union

[[Page 23686]]

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

RIN: 3133-AD20
_______________________________________________________________________




3955.  ORGANIZATION AND OPERATION OF FEDERAL CREDIT 
UNIONS

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 will propose revisions to its Field of Membership and 
Chartering Manual to clarify community charter documentation as 
Interpretive Ruling and Policy Statement 06-2.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

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-AD22
_______________________________________________________________________




3956.  SECURITY PROGRAM

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

Legal Authority: Not Yet Determined

CFR Citation: 12 CFR 748

Legal Deadline: None

Abstract: Revisions to update the provisions regarding Suspicious 
Activity Report requirements and to refine when reports must be filed.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Sheila A. Albin, Associate General Counsel, Operations, 
National Credit Union Administration, 1775 Duke Street, Alexandria, VA 
22314-3428
Phone: 703 518-6547
Fax: 703 518-6569

RIN: 3133-AD23
_______________________________________________________________________




3957.  RECORDS PRESERVATION

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

Legal Authority: Not Yet Determined

CFR Citation: 12 CFR 749

Legal Deadline: None

Abstract: Revisions regarding the preservation of vital records and the 
location of a ``safe'' vital records center and to provide direction on 
how to ensure records destruction is accomplished in a way that 
preserves privacy rights.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Sheila A. Albin, Associate General Counsel, Operations, 
National Credit Union Administration, 1775 Duke Street, Alexandria, VA 
22314-3428
Phone: 703 518-6547
Fax: 703 518-6569

RIN: 3133-AD24
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage






_______________________________________________________________________




3958. TRUTH IN SAVINGS--BOUNCE PROTECTION

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 needs to amend 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 in Regulation 
DD regarding information provided to consumers when they overdraw their 
deposit accounts.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              09/19/01                    66 FR 48206
Interim Final Rule              11/29/05                    70 FR 72895
Interim Final Rule Comment 
Period End                      02/06/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Moisette I Green, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6553
Fax: 703 518-6319
Email: [email protected]

RIN: 3133-AC57
_______________________________________________________________________




3959. REGULATORY PUBLICATION AND REVIEW

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 3311

CFR Citation: 12 CFR ch 7

Legal Deadline: Final, Statutory, September 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

[[Page 23687]]

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. Notice for the sixth and 
seventh categories was published on July 7, 2005. Notice for the last 
three categories was published on December 22, 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                          07/07/05                    70 FR 39202
Notice                          12/22/05                    70 FR 75986
Final Action                    09/00/06

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
_______________________________________________________________________




3960. 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: 12 CFR 792

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                    12/00/06

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
_______________________________________________________________________




3961. FEDERAL CREDIT UNION BYLAWS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1758

CFR Citation: None

Legal Deadline: None

Abstract: NCUA issued a proposal to amend and update the Federal credit 
union bylaws as a result of comments received in response to its ANPRM. 
NCUA will issue a final document after reviewing comments responding to 
the proposed changes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/29/04                    69 FR 58203
ANPRM Comment Period End        11/29/04
NPRM                            07/15/05                    70 FR 40924
NPRM Comment Period End         10/13/05
Final Action                    04/00/06

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
_______________________________________________________________________




3962. 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 mid-year 2006.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

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

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
_______________________________________________________________________




3963. TRUTH IN SAVINGS--ELECTRONIC DISCLOSURE

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 4311

CFR Citation: 12 CFR 707

Legal Deadline: NPRM, Statutory, October 1, 2006.
Must promulgate rule within 90 days of Federal Reserve's rules 
effective date of 07/01/06.

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

[[Page 23688]]

with changes made by the Federal Reserve Board to its Regulation DD 
regarding electronic disclosures.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              01/29/05                    70 FR 72895
Interim Final Rule Effective    12/08/05
Interim Final Rule Comment 
Period End                      02/06/06
Final Action                    06/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank Kressman, Staff Attorney, National Credit Union 
Administration, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6558
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD11
_______________________________________________________________________




3964.  ORGANIZATION AND OPERATION OF FEDERAL CREDIT 
UNIONS

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 issued proposed amendments to its rules regarding 
service to underserved areas. These amendments are being proposed 
because of NCUA's experience addressing field of membership issues and 
the uncertainty resulting from recent litigation challenging existing 
chartering policy. This proposed rule will ensure continued reliable 
and efficient service to Federal credit union members located in 
underserved areas.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/27/06                     71 FR 4530
NPRM Comment Period End         03/28/06
Final Action                    05/00/06

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-AD19
_______________________________________________________________________




3965.  THIRD-PARTY SERVICING OF INDIRECT VEHICLE LOANS

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

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

CFR Citation: 12 CFR 702.21(h)

Legal Deadline: None

Abstract: The purpose of this rule is to regulate purchases by 
federally insured credit unions of indirect vehicle loans by third 
parties.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/21/05                    70 FR 75753
NPRM Comment Period End         02/21/06
Final Action                    06/00/06

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-AD21
_______________________________________________________________________




3966.  SALES OF NONDEPOSIT INVESTMENTS

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

Legal Authority: Not Yet Determined

CFR Citation: None

Legal Deadline: None

Abstract: Interpretive Ruling and Policy Statement to address the sale 
of non-deposit investment products.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/26/05                    70 FR 30489
NPRM Comment Period End         07/25/05
Final Action                    10/00/06

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-AD25
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions






_______________________________________________________________________




3967. 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 
directed 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 are necessary and appropriate to protect 
legitimate operational, transactional, risk, consumer, and other needs, 
including permitting actions necessary for

[[Page 23689]]

administrative verification purposes, consistent with the law's intent 
to restrict the use of medical information for inappropriate purposes. 
The regulations 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
Interim Final Rule              06/10/05                    70 FR 33957
Interim Final Rule Comment 
Period End                      07/11/05
Final Action                    11/22/05                    70 FR 70664
Final Rule                      12/22/05
Final Action Effective          12/22/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For Public Comments:
www.ncua.gov/regulationsopinionslaws/comments/faircredit-717/
index717.htm

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
_______________________________________________________________________




3968. 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 has determined that it will not issue an ANPRM regarding 
the negative information notice required under section 217 of the Fair 
and Accurate Credit Unions Act of 2003 at this time. The NCUA Board may 
consider a rulemaking or issue guidance to address various provisions 
in the FACT Act that have been enacted but do not require the agency to 
adopt implementing rules at a future date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       02/21/06

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
_______________________________________________________________________




3969. MEMBER BUSINESS LOANS

Priority: Substantive, Nonsignificant

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 amended 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, revised the definition of construction or 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                    12/21/05                    70 FR 75719
Final Action Effective          01/20/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank Kressman, Staff Attorney, National Credit Union 
Administration, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314-3428
Phone: 703 518-6558
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD06
_______________________________________________________________________




3970. 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: This rulemaking will modify the minimum net worth and CAMEL 
criteria for eligibility for NCUA's Regulatory Flexibility Program. 
Federally insured credit unions that qualify for the program are exempt 
in whole or in part from a series of regulatory restrictions and also 
are allowed to purchase and hold an expanded range of eligible 
obligations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/29/05                    70 FR 43796
NPRM Comment Period End         09/27/05
Final Action                    01/25/06                     71 FR 4035
Final Action Effective          02/24/06

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
_______________________________________________________________________




3971. FIDELITY BOND AND INSURANCE COVERAGE FOR FEDERAL CREDIT UNIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1761(b); 12 USC 1766(a); 12 USC 1766(h); 12 USC 
1789(a)(11); 12 USC 1761(a); . . .

CFR Citation: 12 CFR 713; 12 CFR 741

Legal Deadline: None

Abstract: This amendment makes several changes to NCUA's rule governing 
mandatory fidelity bond coverage for Federal credit union officers, 
directors, and employees. The changes include increasing the maximum 
deductible and increasing the required coverage limits for both larger 
credit unions and smaller credit

[[Page 23690]]

unions. The listing of approved bond forms and bond companies has been 
removed from the rule. The rule also makes a technical correction to 
part 741.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/25/05                    70 FR 30017
NPRM Comment Period End         07/25/05
Final Action                    10/26/05                    70 FR 61713
Final Action Effective          11/25/05

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-AD10
_______________________________________________________________________




3972. POST-EMPLOYMENT RESTRICTIONS FOR CERTAIN NCUA EXAMINERS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1786(w)

CFR Citation: 12 CFR 796

Legal Deadline: Other, Statutory, December 17, 2005, Restrictions apply 
by statute on or after 12/17/05.

Abstract: The rule prohibits senior NCUA examiners for 1 year after 
leaving NCUA employment from accepting employment with a credit union 
if they had continuing broad responsibility for its examination for two 
or more months in their last year of NCUA employment.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/29/05                    70 FR 43800
NPRM Comment Period End         09/27/05
Final Action                    12/07/05                    70 FR 72702
Final Action Effective          12/17/05

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For Public Comments:
www.ncua.gov/regulationsopinionslaws/comments/796postemp/
indexpostemp.htm

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-AD13
_______________________________________________________________________




3973. REQUIREMENTS FOR INSURANCE

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 741.8

Legal Deadline: None

Abstract: The rule amends the regulation on the purchase of assets and 
assumption of liabilities by federally insured credit unions to clarify 
which transfers of assets or accounts require approval by the NCUA 
Board. It also clarified the procedures for applying for NCUA approval 
of purchase or assumption transactions when required.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/29/05                    70 FR 43794
NPRM Comment Period End         09/27/05
Final Action                    12/21/05                    70 FR 75723
Final Action Effective          01/20/06

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: Moisette I. Green, Staff Attorney, Office of General 
Counsel, National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 22314
Phone: 703 518-6553
Fax: 703 518-6319
Email: [email protected]

RIN: 3133-AD14
_______________________________________________________________________




3974. UNINSURED SECONDARY CAPITAL ACCOUNTS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 
USC 1761a to1761b; 12 USC 1766 to 1767; 12 USC 1782; 12 USC 1784; 12 
USC 1787; 12 USC 1781 to 1790; PL 101-73; 31 USC 3717; 12 USC 1601 et 
seq; 42 USC 1981; 42 USC 3601 to 3610; 12 USC 4311 to 4312; 12 USC 
1790d

CFR Citation: 12 CFR 701; 12 CFR 741

Legal Deadline: None

Abstract: This rule will allow low-income-designated credit unions that 
offer secondary capital accounts to begin redeeming the funds in those 
accounts when they are within 5 years of maturity and to require prior 
approval of a plan for the use of secondary capital before such 
accounts can be offered.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/29/05                    70 FR 43789
NPRM Comment Period End         09/27/05
Final Action                    01/26/06                     71 FR 4234
Final Action Effective          02/27/06

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-AD17
[FR Doc. 06-2948 Filed 04-21-06; 8:45 am]
BILLING CODE 7535-01-S
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