[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 23582]]



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 January 31, 2007, to 
be included in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions.

DATES: This information is current as of February 28, 2007.

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 1, 2007.

 Mary Rupp,

Secretary of the Board.

                               National Credit Union Administration--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3643        Permissible Foreign Currency Investments for FCUs.....................................    3133-AD34
----------------------------------------------------------------------------------------------------------------


                            National Credit Union Administration--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3644        Nondiscrimination in Federally Assisted Programs......................................    3133-AC59
3645        Privacy of Consumer Financial Information.............................................    3133-AC84
3646        Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule.........    3133-AC91
3647        Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and         3133-AC92
            Rules.................................................................................
3648        Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........    3133-AC93
3649        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................................................................................
3650        Incidental Powers.....................................................................    3133-AD12
3651        Credit Union Service Organizations....................................................    3133-AD20
3652        Organization and Operation of Federal Credit Unions...................................    3133-AD22
3653        Records Preservation and Disaster Preparedness Programs...............................    3133-AD24
3654        Merger of Federally Insured Credit Unions; Voluntary Terminations or Conversion of        3133-AD28
            Insured Status........................................................................
3655        Corporate Credit Unions...............................................................    3133-AD31
3656        Federal Credit Union Bylaws...........................................................    3133-AD32
3657        Member Access to Books, Records, and Minutes..........................................    3133-AD33
3658        Technical Corrections.................................................................    3133-AD35
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3659        Regulatory Publication and Review.....................................................    3133-AC78
3660        Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........    3133-AC90
3661        Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations.......    3133-AD00

[[Page 23583]]

 
3662        Sales of Nondeposit Investments.......................................................    3133-AD25
----------------------------------------------------------------------------------------------------------------


                             National Credit Union Administration--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3663        Privacy Act Systems of Records Notice.................................................    3133-AC79
3664        Supervisory Committee Audits and Verifications........................................    3133-AD05
3665        Truth in Savings--Electronic Disclosure...............................................    3133-AD11
3666        Conversion of Insured Credit Unions to Mutual Savings Banks...........................    3133-AD16
3667        Permissible Investments for Federal Credit Union......................................    3133-AD27
3668        Accuracy of Advertising and Notice of Insured Status..................................    3133-AD29
3669        General Lending Maturity Limit and Other Financial Services...........................    3133-AD30
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


National Credit Union Administration (NCUA)               Prerule Stage


  



_______________________________________________________________________




3643. [bull] PERMISSIBLE FOREIGN CURRENCY INVESTMENTS FOR FCUS

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

Legal Authority: 12 USC 1757(7), 1757(8), 1757(15)

CFR Citation: 12 CFR 703

Legal Deadline: None

Abstract: NCUA is considering revising permissible investment rules to 
permit FCUs to invest in an investment tied to a foreign interest rate 
or foreign currency.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           06/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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-AD34
_______________________________________________________________________


National Credit Union Administration (NCUA)         Proposed Rule Stage


  



_______________________________________________________________________




3644. 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                            12/00/07

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-AC59
_______________________________________________________________________




3645. 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 will 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

[[Page 23584]]

ANPRM Comment Period End        03/29/04
NPRM                            04/00/07

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
_______________________________________________________________________




3646. 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                            06/00/07

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
_______________________________________________________________________




3647. 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

________________________________________________________________________

ANPRM                           03/22/06                    71 FR 14419
ANPRM Comment Period End        05/22/06
NPRM                            09/00/07

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
_______________________________________________________________________




3648. 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                            09/00/07

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
_______________________________________________________________________




3649. 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                            12/00/07

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

[[Page 23585]]

Email: [email protected]

RIN: 3133-AC98
_______________________________________________________________________




3650. 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                            12/00/07

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
_______________________________________________________________________




3651. 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

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-AD20
_______________________________________________________________________




3652. 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 07-1.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/07

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
_______________________________________________________________________




3653. RECORDS PRESERVATION AND DISASTER PREPAREDNESS PROGRAMS

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

Legal Authority: Not Yet Determined

CFR Citation: 12 CFR 748, 749, 750

Legal Deadline: None

Abstract: Revisions regarding the preservation of vital records, 
preparation and filing of catastrophic act reports, and requirements 
for disaster preparedness programs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/07

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
_______________________________________________________________________




3654. 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                            04/00/07

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-AD28
_______________________________________________________________________




3655. [bull] CORPORATE CREDIT UNIONS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1766(a); 12 USC 1789

CFR Citation: 12 CFR 704

Legal Deadline: None

[[Page 23586]]

Abstract: This is an amendment to make several changes to the current 
rule, including a de minimis exception to certain requirements relating 
to credit unions service organizations and some new definitions.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/07

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-AD31
_______________________________________________________________________




3656. [bull] FEDERAL CREDIT UNION BYLAWS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1758; 12 USC 1766(b)(1); 12 USC 1786

CFR Citation: 12 CFR 701.2

Legal Deadline: None

Abstract: Incorporating Federal Credit Union Bylaws into NCUA 
regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/07
NPRM Comment Period End         06/00/07

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-AD32
_______________________________________________________________________




3657. [bull] MEMBER ACCESS TO BOOKS, RECORDS, AND MINUTES

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1761b; 12 USC 1766

CFR Citation: 12 CFR 701.3

Legal Deadline: None

Abstract: Amend NCUA rules to clarify and standardize the right of the 
FCU members to inspect the FCU's books, records, and minutes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: Organizations

Government Levels Affected: None

Agency Contact: Paul Marshall Peterson, Staff Attorney, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314
Phone: 703 518-6540
Fax: 703 518-6569
Email: [email protected]

RIN: 3133-AD33
_______________________________________________________________________




3658. [bull] TECHNICAL CORRECTIONS

Priority: Info./Admin./Other

Legal Authority: Not Yet Determined

CFR Citation: 12 CFR 701

Legal Deadline: None

Abstract: Minor technical corrections changing cross-references and 
providing clarification to part 701.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.regulations.gov

URL For Public Comments:
www.ncua.gov

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-AD35
_______________________________________________________________________


National Credit Union Administration (NCUA)            Final Rule Stage


  



_______________________________________________________________________




3659. 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 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. NCUA has prepared 
its own chapter for the final congressional report, which the FFIEC 
intends to submit to congress before June 2007.

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                    06/00/07

Regulatory Flexibility Analysis Required: No

[[Page 23587]]

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
_______________________________________________________________________




3660. 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                    06/00/07

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
_______________________________________________________________________




3661. 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                    06/00/07

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
_______________________________________________________________________




3662. 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                    12/00/07

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
_______________________________________________________________________


National Credit Union Administration (NCUA)           Completed Actions


  



_______________________________________________________________________




3663. 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                    12/20/06                    71 FR 77807

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

URL For More Information:
www.ncua.gov/foia/systems records notice 2006.pdf

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

[[Page 23588]]

_______________________________________________________________________




3664. 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
Withdrawn                       02/01/07

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
_______________________________________________________________________




3665. 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
Withdrawn                       02/01/07

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
_______________________________________________________________________




3666. 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: Amended 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                    12/22/06                    71 FR 77150

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
_______________________________________________________________________




3667. PERMISSIBLE INVESTMENTS FOR FEDERAL CREDIT UNION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1757(15)

CFR Citation: 12 CFR 703

Legal Deadline: None

Abstract: NCUA proposed 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 final 
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                    12/14/06                    71 FR 76122

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
_______________________________________________________________________




3668. 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: NCUA amended 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

[[Page 23589]]

NPRM Comment Period End         08/11/06
Final Action                    11/22/06                    71 FR 67436

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
_______________________________________________________________________




3669. 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 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.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              10/27/06                    71 FR 62875
Interim Final Rule Comment 
Period End                      12/27/06
Final Action                    02/22/07                     72 FR 7927

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-AD30
[FR Doc. 07-01258 Filed 04-27-07; 8:45 am]
BILLING CODE 7535-01-S
