[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] ----------------------------------------------------------------------- Part LVI National Credit Union Administration ----------------------------------------------------------------------- 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