[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] [[Page 74957]] Part LIX National Credit Union Administration _______________________________________________________________________ Semiannual Regulatory Agenda [[Page 74958]]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, 2000, to be included in the Unified Agenda of Federal Regulatory and Deregulatory Actions. DATES: This information is current as of July 31, 2000. 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 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 its regulations impose only minimum required burdens on credit unions, consumers, and the public; are appropriate for the size of the financial institutions it regulates; are issued only after full public participation; and are clear and understandable. Further, NCUA undertakes to review all regulations every three years to clarify and simplify existing regulations and eliminate redundant and unnecessary provisions. Executive Order 12866, signed by President Clinton on September 30, 1993, requires independent executive agencies such as NCUA to publish a regulatory agenda. Approved by the NCUA Board on August 3, 2000. Becky Baker, Secretary of the Board. National Credit Union Administration--Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4708 Corporate Credit Unions............................................................ 3133-AC28 4709 Requirements for Insurance......................................................... 3133-AC33 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4710 Federal Credit Union Insurance and Group Purchasing Activities..................... 3133-AC07 4711 Credit Practices................................................................... 3133-AC34 4712 Regulatory Flexibility and Exemption Program....................................... 3133-AC38 4713 Records Preservation Program....................................................... 3133-AC41 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4714 Federal Credit Union Chartering, Field of Membership Modifications and Conversions. 3133-AC27 4715 Exemptions (Privacy Act)........................................................... 3133-AC42 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4716 Credit Practices................................................................... 3133-AC43 ---------------------------------------------------------------------------------------------------------------- [[Page 74959]] National Credit Union Administration--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identification Number Number ---------------------------------------------------------------------------------------------------------------- 4717 Leasing............................................................................ 3133-AC13 4718 Share Insurance and Appendix....................................................... 3133-AC23 4719 Prompt Corrective Action; Risk-Based Net Worth Requirement......................... 3133-AC30 4720 Involuntary Liquidation of Federal Credit Union; Adjudication of Creditor Claims 3133-AC35 Involving Federally Insured Credit Unions in Liquidation............................ 4721 Secondary Capital.................................................................. 3133-AC36 4722 Truth in Savings................................................................... 3133-AC37 4723 Privacy of Consumer Financial Information.......................................... 3133-AC39 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ National Credit Union Administration (NCUA) Prerule Stage _______________________________________________________________________ 4708. CORPORATE CREDIT UNIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1762; 12 USC 1766(a); 12 USC 1781; 12 USC 1789 CFR Citation: 12 CFR 704 Legal Deadline: None Abstract: NCUA requests public comment on revisions to the rule governing corporate credit unions. As part of its regulatory review process, NCUA has identified provisions for further clarification or revision. Comments on these issues will assist NCUA in its regulatory review process. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 07/28/99 64 FR 40787 ANPRM Comment Period End 11/26/99 64 FR 40787 ANPRM 12/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Mary F. Rupp, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6540 Email: [email protected] RIN: 3133-AC28 _______________________________________________________________________ 4709. REQUIREMENTS FOR INSURANCE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1756-57; 12 USC 1757A; 12 USC 1766; 12 USC 1785; 12 USC 1781 CFR Citation: 12 CFR 741 Legal Deadline: None Abstract: NCUA is soliciting public comment on whether NCUA should adopt a regulation that would restrict the insurance coverage for State-chartered credit unions that open branches outside the United States. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 10/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6562 Email: [email protected] RIN: 3133-AC33 _______________________________________________________________________ National Credit Union Administration (NCUA) Proposed Rule Stage _______________________________________________________________________ 4710. FEDERAL CREDIT UNION INSURANCE AND GROUP PURCHASING ACTIVITIES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1757(16); 12 USC 1766; 12 USC 1789 CFR Citation: 12 CFR 721 Legal Deadline: None Abstract: The regulation will set forth the rules governing Federal credit union insurance and incidental activities. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 11/26/99 64 FR 66413 NPRM 11/00/00 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6562 Email: [email protected] RIN: 3133-AC07 _______________________________________________________________________ [[Page 74960]] 4711. CREDIT PRACTICES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 57a; 15 USC 1681b CFR Citation: 12 CFR 706 Legal Deadline: None Abstract: NCUA will promulgate a regulation under the Fair Credit Reporting Act that addresses the sharing of opt out information between Federal credit unions and their affiliates. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/00/00 NPRM Comment Period End 12/00/00 Final Rule 01/00/01 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, MD 20785 Phone: 703 518-6567 Fax: 703 518-6569 Email: [email protected] RIN: 3133-AC34 _______________________________________________________________________ 4712. REGULATORY FLEXIBILITY AND EXEMPTION PROGRAM Priority: Substantive, Nonsignificant Reinventing Government: This rulemaking is part of the Reinventing Government effort. It will revise text in the CFR to reduce burden or duplication, or streamline requirements. Legal Authority: 12 USC 1757; 12 USC 1756; 12 USC 1766 CFR Citation: 12 CFR 742 Legal Deadline: None Abstract: NCUA solicited public comment on whether NCUA should adopt a regulation that would permit well-capitalized credit unions to be exempt from certain NCUA regulations, in whole or in part. A proposed rule is scheduled for October 2000. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 03/22/00 65 FR 15275 ANPRM Comment Period End 05/22/00 NPRM 11/00/00 NPRM Comment Period End 01/00/01 Final Action 06/00/01 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: None Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6562 Email: [email protected] RIN: 3133-AC38 _______________________________________________________________________ 4713. RECORDS PRESERVATION PROGRAM Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Unfunded Mandates: Undetermined Legal Authority: 12 USC 1766 CFR Citation: 12 CFR 749 Legal Deadline: None Abstract: Review and update of provisions regarding record retention requirements and electronic storage. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/00/01 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Dianne M. Salva, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6540 Email: [email protected] RIN: 3133-AC41 _______________________________________________________________________ National Credit Union Administration (NCUA) Final Rule Stage _______________________________________________________________________ 4714. FEDERAL CREDIT UNION CHARTERING, FIELD OF MEMBERSHIP MODIFICATIONS AND CONVERSIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 USC 1761b-c; 12 USC 1766 to 1767; ... CFR Citation: 12 CFR 701.1 Legal Deadline: None Abstract: The regulation sets forth all the requirements for chartering and field of membership. The NCUA Board issued a proposal that would require Federal credit unions to have a plan that sets forth the credit unions' efforts to serve low-income members. The NCUA Board also issued proposed amendments to clarify existing policy and broaden chartering policies. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/06/00 65 FR 37065 Final Rule 10/00/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Michael J. McKenna, Senior Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6562 Email: [email protected] RIN: 3133-AC27 _______________________________________________________________________ 4715. EXEMPTIONS (PRIVACY ACT) Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Unfunded Mandates: Undetermined Legal Authority: 12 USC 1757 CFR Citation: 12 CFR 792.66 Legal Deadline: None [[Page 74961]] Abstract: Review and modify systems of records to reflect agency's recordkeeping preferences. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Rule 10/00/00 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Dianne M. Salva, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6540 Email: [email protected] RIN: 3133-AC42 _______________________________________________________________________ National Credit Union Administration (NCUA) Long-Term Actions _______________________________________________________________________ 4716. CREDIT PRACTICES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 57a, 1681b CFR Citation: 12 CFR 706 Legal Deadline: None Abstract: Along with the bank regulatory agencies, NCUA intends to issue a very broad advance notice of proposed rulemaking seeking comment on aspects of the Fair Credit Reporting Act that require clarification through regulations. Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, MD 20785 Phone: 703 518-6567 Fax: 703 518-6569 Email: [email protected] RIN: 3133-AC43 _______________________________________________________________________ National Credit Union Administration (NCUA) Completed Actions _______________________________________________________________________ 4717. LEASING Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1756; 12 USC 1757; 12 USC 1766; 12 USC 1785; 12 USC 1789 CFR Citation: 12 CFR 714 Legal Deadline: None Abstract: The final leasing rule updates and redesignates NCUA's longstanding policy statement on leasing, Interpretive Ruling and Policy Statement 83-3, as an NCUA regulation. Interpretive Ruling and Policy Statement 83-3 authorizes Federal credit unions to engage in either direct or indirect leasing and either open-end or closed-end leasing of personal property to their members if such leasing arrangements are the functional equivalent of secured loans. Also, the final regulation formalizes NCUA's position, stated in legal opinion letters, that a Federal credit union does not have to own the lease property in indirect leasing if certain requirements are satisfied. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/29/98 63 FR 57950 NPRM Comment Period End 01/27/99 63 FR 57950 Second NPRM 10/15/99 64 FR 55866 Second NPRM Comment Period End 12/14/99 64 FR 55866 Final Action 05/31/00 65 FR 34581 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Paul M. Peterson, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6555 Fax: 703 518-6569 Email: [email protected] RIN: 3133-AC13 _______________________________________________________________________ 4718. SHARE INSURANCE AND APPENDIX Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1766; 12 USC 1781; 12 USC 1789 CFR Citation: 12 CFR 745 Legal Deadline: None Abstract: This regulation describes the insurance coverage of various types of member accounts. NCUA simplified this regulation to increase members' understanding of their insurance coverage. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 04/22/99 64 FR 19685 Interim Final Rule Effective 04/22/99 64 FR 19685 Interim Final Rule Comment Period End 07/15/99 Final Action 06/01/00 65 FR 34921 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Frank S. Kressman, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Email: [email protected] RIN: 3133-AC23 _______________________________________________________________________ 4719. PROMPT CORRECTIVE ACTION; RISK-BASED NET WORTH REQUIREMENT Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1790d CFR Citation: 12 CFR 702.103 to 702.108 Legal Deadline: Final, Statutory, August 7, 2000, Imposed by Credit [[Page 74962]] Union Membership Access Act 301(d)(2)(B). Abstract: In 1998, the Federal Credit Union Act was amended to require NCUA to adopt a system of prompt corrective action for federally insured credit unions. As a separate component of that system, NCUA is required to define credit unions that are ``complex'' by reason of their portfolio of assets and liabilities and to develop a risk-based net worth requirement to apply to such credit unions in the ``well capitalized'' or ``adequately capitalized'' statutory net worth categories. The NCUA Board issued a proposed rule consisting of a three-step process for defining a ``complex'' credit union and for determining its risk-based net worth requirement under either of two methods. As revised to reflect public comments and to incorporate other improvements, the final rule narrows the definition of ``complex'' by minimum asset size and minimum risk-based net worth requirement; modifies the composition of certain risk portfolios; adjusts certain corresponding thresholds and risk weightings; and adds a risk mitigation credit. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 02/03/00 65 FR 8597 Final Action 07/13/00 65 FR 44950 Correction 09/14/00 65 FR 55439 Final Action Effective 01/01/01 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Steven W. Widerman, Trial Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6557 Email: [email protected] RIN: 3133-AC30 _______________________________________________________________________ 4720. INVOLUNTARY LIQUIDATION OF FEDERAL CREDIT UNION; ADJUDICATION OF CREDITOR CLAIMS INVOLVING FEDERALLY INSURED CREDIT UNIONS IN LIQUIDATION Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1757; 12 USC 1766; 12 USC 1786(h); 12 USC 1787 to 1789a CFR Citation: 12 CFR 709.10; 12 CFR 709.11 Legal Deadline: None Abstract: NCUA is issuing a regulation on the treatment of financial assets transferred in a securitization or participation when the NCUA is acting as conservator or liquidating agent. The regulation will also address the treatment of public deposits that were not collateralized contemporaneously with the execution of the agreement for public deposits. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/02/00 65 FR 11250 NPRM Comment Period End 04/03/00 Final Rule 09/14/00 65 FR 55439 Final Rule Effective 10/16/00 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, MD 20785 Phone: 703 518-6567 Fax: 703 518-6569 Email: [email protected] RIN: 3133-AC35 _______________________________________________________________________ 4721. SECONDARY CAPITAL Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 USC 1761a-b; 12 USC 1766 to 1767; ... CFR Citation: 12 CFR 701.34 Legal Deadline: None Abstract: This rule is a technical amendment to the secondary capital rule which gives NCUA the discretion to restrict credit unions who accept secondary capital investments from paying interest on those investments under certain circumstances. The rule change is consistent with the Prompt Corrective Action rules. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Rule 04/20/00 65 FR 21129 Final Rule Effective 08/07/00 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Frank S. Kressman, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Email: [email protected] RIN: 3133-AC36 _______________________________________________________________________ 4722. TRUTH IN SAVINGS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 4311 CFR Citation: 12 CFR 707 Legal Deadline: None Abstract: NCUA amended its regulations implementing the Truth in Savings Act (TISA). This final rule allows credit unions to deliver in electronic form periodic statement disclosures required by NCUA's regulations if the member agrees to this form of delivery. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 11/26/99 64 FR 66355 Interim Final Rule Comment Period End 01/25/00 64 FR 66355 Final Rule 04/20/00 65 FR 21131 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Frank S. Kressman, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Email: [email protected] RIN: 3133-AC37 _______________________________________________________________________ 4723. PRIVACY OF CONSUMER FINANCIAL INFORMATION Priority: Substantive, Nonsignificant Legal Authority: 12 USC 6801 et seq; 12 USC 1751 et seq CFR Citation: 12 CFR 716; 12 CFR 741.220 Legal Deadline: Final, Statutory, May 12, 2000, Deadline under Gramm- Leach-Bliley Act. Abstract: The final rule requires credit unions to have a privacy policy and provide certain disclosures and notices to individuals about whom credit unions collect nonpublic personal [[Page 74963]] information. It also restricts credit unions' ability to disclose nonpublic personal information, including giving individuals in some cases an opportunity to opt out of the disclosure. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/01/00 65 FR 10988 NPRM Comment Period End 03/31/00 65 FR 10988 Final Action 05/18/00 65 FR 31722 Final Action Amended 06/12/00 65 FR 36782 Final Action Effective 11/13/00 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Organizations 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 Email: [email protected] RIN: 3133-AC39 [FR Doc. 00-22735 Filed 11-29-00] BILLING CODE 7535-01-S