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


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Part LVI





National Credit Union Administration





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Semiannual Regulatory Agenda

[[Page 74272]]



NATIONAL CREDIT UNION ADMINISTRATION (NCUA)                            


  



_______________________________________________________________________

NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Ch. VII

Semiannual Regulatory Agenda

AGENCY: National Credit Union Administration (NCUA).

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: Pursuant to its ongoing policy of reviewing regulations, NCUA 
is publishing a list of current and projected rulemakings, reviews of 
existing regulations, and completed actions as of July 31, 2006, to be 
included in the Unified Agenda of Federal Regulatory and Deregulatory 
Actions.

DATES: This information is current as of July 31, 2006.

ADDRESSES: National Credit Union Administration, 1775 Duke Street, 
Alexandria, VA 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 September 15, 2006.

 Allan Meltzer,

Acting Secretary of the Board.

                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4034        Nondiscrimination in Federally Assisted Programs......................................    3133-AC59
4035        Privacy of Consumer Financial Information.............................................    3133-AC84
4036        Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule.........    3133-AC91
4037        Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and         3133-AC92
            Rules.................................................................................
4038        Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........    3133-AC93
4039        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................................................................................
4040        Supervisory Committee Audits and Verifications........................................    3133-AD05
4041        Incidental Powers.....................................................................    3133-AD12
4042        Credit Union Service Organizations....................................................    3133-AD20
4043        Organization and Operation of Federal Credit Unions...................................    3133-AD22
4044        Records Preservation..................................................................    3133-AD24
4045        Merger of Federally Insured Credit Unions; Voluntary Terminations or Conversion of        3133-AD28
            Insured Status........................................................................
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4046        Regulatory Publication and Review.....................................................    3133-AC78
4047        Privacy Act Systems of Records Notice.................................................    3133-AC79
4048        Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........    3133-AC90
4049        Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations.......    3133-AD00
4050        Truth In Savings--Electronic Disclosure...............................................    3133-AD11
4051        Conversion of Insured Credit Unions to Mutual Savings Banks...........................    3133-AD16
4052        Sales of Nondeposit Investments.......................................................    3133-AD25
4053        Permissible Investments for Federal Credit Union......................................    3133-AD27
4054        Accuracy of Advertising and Notice of Insured Status..................................    3133-AD29
4055        General Lending Maturity Limit and Other Financial Services...........................    3133-AD30
----------------------------------------------------------------------------------------------------------------


[[Page 74273]]


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
4056        Truth in Savings--Bounce Protection...................................................    3133-AC57
4057        Federal Credit Union Bylaws...........................................................    3133-AC94
4058        Share Insurance and Appendix..........................................................    3133-AD18
4059        Organization and Operation of Federal Credit Unions...................................    3133-AD19
4060        Third-Party Servicing of Indirect Vehicle Loans.......................................    3133-AD21
4061        Security Program......................................................................    3133-AD23
4062        Interest Rate Ceiling (Completion of a Section 610 Review)............................    3133-AD26
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage


  



_______________________________________________________________________




4034. 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
_______________________________________________________________________




4035. 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                            01/00/07

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
_______________________________________________________________________




4036. 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

________________________________________________________________________

ANPRM                           03/22/06                    71 FR 14419
ANPRM Comment Period End        05/22/06
NPRM                            01/00/07

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
_______________________________________________________________________




4037. 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.

[[Page 74274]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/22/06                    71 FR 14419
ANPRM Comment Period End        05/22/06
NPRM                            01/00/07

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-AC92
_______________________________________________________________________




4038. 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                           03/22/06                    71 FR 14419
ANPRM Comment Period End        05/22/06
NPRM                            12/00/06

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC93
_______________________________________________________________________




4039. 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: NCUA is considering 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                            03/00/07

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
_______________________________________________________________________




4040. 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
NPRM                            04/00/07

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
_______________________________________________________________________




4041. 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                            01/00/07

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-AD12

[[Page 74275]]

_______________________________________________________________________




4042. 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: NCUA may propose an amendment that would make several changes 
to the existing rule, including the elimination of a section dealing 
with requests for amendments and a requirement that credit union 
service organizations register with the NCUA.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

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-AD20
_______________________________________________________________________




4043. 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 is considering proposing 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                            01/00/07

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
_______________________________________________________________________




4044. 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 and proper destruction 
of vital records and preparation and filing of catastrophic act reports 
and disaster recovery programs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AD24
_______________________________________________________________________




4045. [bull] MERGER OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATIONS OR CONVERSION OF INSURED STATUS

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

Legal Authority: 12 USC 1766(a); 12 USC 1785(b); 12 USC 1785(c); 12 USC 
1789(a)

CFR Citation: 12 CFR 708b

Legal Deadline: None

Abstract: NCUA may propose an amendment that would require disclosure 
of certain merger-related financial and compensation arrangements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/06

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-AD28
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage


  



_______________________________________________________________________




4046. 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 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

[[Page 74276]]

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. A final report is due to Congress by the end of 
2006.

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                    12/00/06

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
_______________________________________________________________________




4047. PRIVACY ACT SYSTEMS OF RECORDS NOTICE

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.

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: Linda K. Dent, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AC79
_______________________________________________________________________




4048. 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                            07/18/06                    71 FR 40785
NPRM Comment Period End         09/18/06
Final Action                    01/00/07

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
_______________________________________________________________________




4049. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/15/04                    69 FR 42502
NPRM Comment Period End         08/16/04
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AD00
_______________________________________________________________________




4050. 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 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                    08/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Frank Kressman, Staff Attorney, National Credit Union

[[Page 74277]]

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
_______________________________________________________________________




4051. CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 USC 708a

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                            06/28/06                    71 FR 36946
NPRM Comment Period End         08/28/06
Final Action                    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-AD16
_______________________________________________________________________




4052. 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                    03/00/07

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
_______________________________________________________________________




4053. [bull] PERMISSIBLE INVESTMENTS FOR FEDERAL CREDIT UNION

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

Legal Authority: 12 USC 1757(15)

CFR Citation: 12 CFR 703

Legal Deadline: None

Abstract: NCUA is proposing to amend its investment rules to allow 
federal credit unions to invest in repurchase transactions in which the 
underlying collateral consists of first-lien mortgage loans. The 
proposed amendment establishes a credit concentration limit, minimum 
credit rating, requirement for an independent assessment of market 
value, and a maximum term for these repurchase transactions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/26/06                    71 FR 42326
NPRM Comment Period End         09/25/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Businesses

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-AD27
_______________________________________________________________________




4054. [bull] ACCURACY OF ADVERTISING AND NOTICE OF INSURED STATUS

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 740

Legal Deadline: None

Abstract: Amend part 740 of NCUA's regulations to revise the official 
sign indicating a credit union's share accounts are insured by NCUA, to 
reflect recent share insurance increases, and by including a statement 
that NCUA insured accounts are backed by the full faith and credit of 
the United States Government.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/28/06                    71 FR 36719
NPRM Comment Period End         08/11/06
Final Action                    12/00/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: State

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-AD29
_______________________________________________________________________




4055. [bull] GENERAL LENDING MATURITY LIMIT AND OTHER FINANCIAL SERVICES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757

CFR Citation: 12 CFR 701

Legal Deadline: None

Abstract: NCUA is amending its general lending and Federal credit union 
operating rules to implement amendments to the Federal Credit Union Act 
made by the Financial Regulatory Relief Act of 2006. The interim final 
rule revises the general lending maturity limit and permits Federal 
credit unions to provide check cashing and money transfer services to 
nonmembers within their fields of membership.

[[Page 74278]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              10/27/06                    71 FR 62875
Interim Final Rule Comment 
Period End                      12/27/06

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.ncua.gov/regulationsopinionslaws/proposed--regs/proposed--reg.html

URL For Public Comments:
www.regulations.gov

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-AD30
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions


  



_______________________________________________________________________




4056. 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                    04/20/06                    71 FR 24568

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
_______________________________________________________________________




4057. FEDERAL CREDIT UNION BYLAWS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1758

CFR Citation: None

Legal Deadline: None

Abstract: NCUA issued final revisions to the Federal Credit Union 
Bylaws. The revisions update and clarify the Federal Credit Union 
Bylaws 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                    04/26/06                    71 FR 24551

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Elizabeth Wirick, 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-AC94
_______________________________________________________________________




4058. 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 in a 
final rule 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

________________________________________________________________________

Interim Final Rule              03/23/06                    71 FR 14631
Interim Final Rule Comment 
Period End                      05/22/06
Final Action                    09/26/06                    71 FR 56001

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
_______________________________________________________________________




4059. 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 final amendments to its rules regarding service 
to underserved areas. These amendments were proposed because of NCUA's 
experience addressing field of membership issues and the uncertainty 
resulting from recent litigation challenging existing chartering 
policy. This final rule will ensure continued

[[Page 74279]]

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                    06/28/06                    71 FR 36667

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-AD19
_______________________________________________________________________




4060. THIRD-PARTY SERVICING OF INDIRECT VEHICLE LOANS

Priority: Substantive, Nonsignificant

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                    06/28/06                    71 FR 36661

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
_______________________________________________________________________




4061. SECURITY PROGRAM

Priority: Substantive, Nonsignificant

Legal Authority: 31 USC 5301 to 5354

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                            06/28/06                    71 FR 36720
NPRM Comment Period End         08/28/06
Final Action                    10/27/06                    71 FR 62876

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Email: [email protected]

RIN: 3133-AD23
_______________________________________________________________________




4062. [bull] INTEREST RATE CEILING (COMPLETION OF A SECTION 610 REVIEW)

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757

CFR Citation: 12 CFR 701.21

Legal Deadline: None

Abstract: The NCUA Board may establish an interest rate ceiling 
exceeding 15 percent per year for periods not to exceed 18 months. The 
current rate expires September 8, 2006. NCUA will amend the rule to 
allow notification of an increase to the interest rate ceiling in 
publications other than the Federal Register.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    07/20/06                    71 FR 42249

Regulatory Flexibility Analysis Required: Yes

Small Entities Affected: Businesses

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-AD26
[FR Doc. 06-8149 Filed 12-08-06; 8:45 am]
BILLING CODE 7535-01-S