[October 31,2005 (Volume 70, Number 209)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua051057.wais] [Page 65650-65657] National Credit Union Administration ----------------------------------------------------------------------- Part LVII ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 65650]] 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, 2005, to be included in the Unified Agenda of Federal Regulatory and Deregulatory Actions. DATES: This information is current as of July 31, 2005. 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 August 29, 2005. Mary Rupp, Secretary of the Board. National Credit Union Administration--Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4068 Fair Credit Reporting--Negative Information Notice.................................... 3133-AD01 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4069 Nondiscrimination in Federally Assisted Programs...................................... 3133-AC59 4070 Privacy of Consumer Financial Information............................................. 3133-AC84 4071 Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........ 3133-AC90 4072 Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule......... 3133-AC91 4073 Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and 3133-AC92 Rules................................................................................. 4074 Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........ 3133-AC93 4075 Federal Credit Union Bylaws........................................................... 3133-AC94 4076 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................................................................................ 4077 Supervisory Committee Audits and Verifications........................................ 3133-AD05 4078 Truth In Savings...................................................................... 3133-AD11 4079 Incidental Powers..................................................................... 3133-AD12 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4080 Truth in Savings...................................................................... 3133-AC57 4081 Regulatory Publication and Review..................................................... 3133-AC78 4082 Requests for Information Under the Freedom of Information Act and Privacy Act and by 3133-AC79 Subpoena, Subpart E................................................................... 4083 Fair Credit Reporting Medical Information Regulation.................................. 3133-AC88 4084 Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations....... 3133-AD00 4085 Member Business Loans................................................................. 3133-AD06 4086 Regulatory Flexibility Program; Corporate Credit Union Capital........................ 3133-AD09 4087 Fidelity Bond and Insurance Coverage for Federal Credit Unions........................ 3133-AD10 [[Page 65651]] 4088 Post-Employment Restrictions for Certain NCUA Examiners............................... 3133-AD13 4089 Requirements for Insurance............................................................ 3133-AD14 4090 Uninsured Secondary Capital Accounts.................................................. 3133-AD17 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4091 Conversion of Insured Credit Unions to Mutual Savings Banks........................... 3133-AD16 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 4092 Security Program and Appendix B -- Guidance on Response Program for Unauthorized 3133-AC83 Access to Member Information and Member Notice........................................ 4093 Credit Union Service Organizations.................................................... 3133-AD07 4094 Technical Correction.................................................................. 3133-AD15 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ National Credit Union Administration (NCUA) Prerule Stage _______________________________________________________________________ 4068. FAIR CREDIT REPORTING--NEGATIVE INFORMATION NOTICE Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681s(e)(2) CFR Citation: 12 CFR 717 Legal Deadline: None Abstract: NCUA intends to issue a proposed rule to address section 217 of the Fair and Accurate Credit Transactions Act of 2003, which requires a Federal credit union to provide notice to members no later than 30 days after it furnishes negative information to a nationwide consumer reporting agency about credit extended to a member. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 03/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6567 Fax: 703 518-6569 Email: cloizos@ncua.gov RIN: 3133-AD01 _______________________________________________________________________ National Credit Union Administration (NCUA) Proposed Rule Stage _______________________________________________________________________ 4069. 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 02/00/06 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: ppeterson@ncua.gov RIN: 3133-AC59 [[Page 65652]] _______________________________________________________________________ 4070. 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 03/00/06 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Federalism: Undetermined Agency Contact: Regina M. Metz, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Fax: 703 518-6569 Email: rmetz@ncua.gov RIN: 3133-AC84 _______________________________________________________________________ 4071. 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 12/00/05 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: rmetz@ncua.gov RIN: 3133-AC90 _______________________________________________________________________ 4072. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT (FACTA) ADDRESS RECONCILIATION RULE Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681c CFR Citation: 12 CFR 717 Legal Deadline: None Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs NCUA and the Federal banking agencies to prescribe regulations for credit card and debit card issuers to require the investigation of changes of addresses. The law contains requirements for card issuers to follow reasonable policies and procedures and to notify cardholders or use other means of evaluating address changes in certain circumstances. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/05 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: rmetz@ncua.gov RIN: 3133-AC91 _______________________________________________________________________ 4073. FAIR AND ACCURATE CREDIT TRANSACTIONS ACT FURNISHER RULE: ACCURACY GUIDELINES AND RULES Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681s CFR Citation: 12 CFR 717 Legal Deadline: None Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs the NCUA, the Federal banking agencies, and the FTC in coordination to establish guidelines for furnishers to enhance the accuracy and integrity of information they furnish to consumer reporting agencies. The agencies also must prescribe regulations to establish reasonable policies and procedures to implement the guidelines. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/05 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: rmetz@ncua.gov RIN: 3133-AC92 _______________________________________________________________________ 4074. 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 ________________________________________________________________________ NPRM 12/00/05 [[Page 65653]] 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: rmetz@ncua.gov RIN: 3133-AC93 _______________________________________________________________________ 4075. FEDERAL CREDIT UNION BYLAWS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1758 CFR Citation: None Legal Deadline: None Abstract: NCUA issued a proposal to amend and update the Federal Credit Union bylaws as a result of comments received in response to its ANPRM. NCUA will issue a final document after reviewing comments responding to the proposed changes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 09/29/04 69 FR 58203 ANPRM Comment Period End 11/29/04 NPRM 07/15/05 70 FR 40924 NPRM Comment Period End 10/13/05 Final Action 03/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6567 Fax: 703 518-6569 Email: cloizos@ncua.gov RIN: 3133-AC94 _______________________________________________________________________ 4076. DESIGNATION OF LOW-INCOME STATUS, RECEIPT OF SECONDARY CAPITAL ACCOUNTS BY LOW-INCOME DESIGNATED CREDIT UNIONS AND COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT UNIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1752(s), 1755 to 1757, 1759, 1761a, 1761b, 1766 to 1767; 42 USC 9822 and 9822 note CFR Citation: 12 CFR 701.34; 12 CFR 705 Legal Deadline: None Abstract: Amend NCUA rules to enable credit unions to document their low-income membership more easily and simplify NCUA's ability to update geographic differentials to be used when applying the annual income standards when designating low-income credit unions and making community development revolving loans. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/05 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: mgreen@ncua.gov RIN: 3133-AC98 _______________________________________________________________________ 4077. 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: This rulemaking will address GAO's recommendation to require that credit unions conform to the requirement imposed by FDICIA that banks having more than $500 million in assets obtain both an annual financial statement audit and an examination of internal controls over financial reporting; select provisions of the Public Company Accounting Oversight Board's heightened auditing standards for public companies (e.g., auditor independence, ethics, etc.) to credit union financial audits; and other limitations to auditor liability for supervisory committee audits. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/05 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: widerman@ncua.gov RIN: 3133-AD05 _______________________________________________________________________ 4078. [bull] TRUTH IN SAVINGS 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 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 ________________________________________________________________________ NPRM 11/00/05 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 Fax: 703 518-6569 [[Page 65654]] Email: fkressman@ncua.gov RIN: 3133-AD11 _______________________________________________________________________ 4079. [bull] 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 01/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6567 Fax: 703 518-6569 Email: cloizos@ncua.gov RIN: 3133-AD12 _______________________________________________________________________ National Credit Union Administration (NCUA) Final Rule Stage _______________________________________________________________________ 4080. TRUTH IN SAVINGS 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 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 09/19/01 66 FR 48206 Final Action 12/00/05 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 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AC57 _______________________________________________________________________ 4081. 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. 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 Final Action 09/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Ross P. Kendall, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Fax: 703 518-6569 Email: rkendall@ncua.gov RIN: 3133-AC78 _______________________________________________________________________ 4082. REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION ACT AND PRIVACY ACT AND BY SUBPOENA, SUBPART E Priority: Info./Admin./Other Legal Authority: 5 USC 552a CFR Citation: 12 CFR 792 Legal Deadline: None Abstract: Addition of new Privacy Act systems of records to ensure building security and to monitor employees' daily attendance and amendment of existing system of records to reflect maintenance of records of individual employee's entries and exits from a parking garage. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 03/00/06 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Dianne M. Salva, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6540 Fax: 703 518-6569 Email: dsalva@ncua.gov RIN: 3133-AC79 _______________________________________________________________________ 4083. FAIR CREDIT REPORTING MEDICAL INFORMATION REGULATION Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681b; 15 USC 1681s [[Page 65655]] CFR Citation: 12 CFR 717 Legal Deadline: Final, Statutory, June 4, 2004. Abstract: The Fair and Accurate Credit Transactions Act of 2003 directs NCUA and the Federal banking agencies to prescribe regulations creating exceptions to the law's prohibition against the institutions they supervise obtaining or using consumers' medical information in connection with a determination of the consumer's eligibility for credit. The exceptions must be necessary and appropriate to protect legitimate operational, transactional, risk, consumer, and other needs, including permitting actions necessary for administrative verification purposes, consistent with the law's intent to restrict the use of medical information for inappropriate purposes. The regulations will also address how institutions can share medical information with their affiliates (for Federal credit unions these are credit union service organizations). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/28/04 69 FR 23380 NPRM Comment Period End 05/28/04 Interim Final Rule 06/10/05 70 FR 33957 Final Action 12/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No 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: rmetz@ncua.gov RIN: 3133-AC88 _______________________________________________________________________ 4084. FAIR CREDIT REPORTING--AFFILIATE USE OF INFORMATION FOR MARKETING SOLICITATIONS Priority: Substantive, Nonsignificant Legal Authority: 15 USC 1681s; 15 USC 1681s-3 CFR Citation: 12 CFR 717 Legal Deadline: Final, Statutory, September 4, 2004, NCUA required to issue a final rule within 9 months from the date the Fair Accurate Credit Transactions Act was enacted. Abstract: NCUA issued a joint proposed rule to implement section 214 of the Fair and Accurate Credit Transactions Act of 2003, with the Federal banking agencies. The proposed rule provides for consumer notice and an opportunity to prohibit Federal credit union affiliates from using certain information to make or send marketing solicitations to consumers. NCUA intends to issue a final rule by the end of the year. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/15/04 69 FR 42502 NPRM Comment Period End 08/16/04 Final Action 12/00/05 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Chrisanthy J. Loizos, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6567 Fax: 703 518-6569 Email: cloizos@ncua.gov RIN: 3133-AD00 _______________________________________________________________________ 4085. MEMBER BUSINESS LOANS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1756 to 1757; 12 USC 1757A; 12 USC 1766; 12 USC 1785; 12 USC 1789; . . . CFR Citation: 12 CFR 723 Legal Deadline: None Abstract: NCUA proposes amendments to the member business loans rule to clarify the minimum capital requirements for a corporate credit union to make unsecured business loans to entities other than credit unions and CUSOs, revise the definition of construction or development loan to include loans for renovating commercial property, and revise the net worth definition to parallel the definition in part 702 and the Act. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/20/05 70 FR 20487 NPRM Comment Period End 06/20/05 Final Action 10/00/05 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 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AD06 _______________________________________________________________________ 4086. REGULATORY FLEXIBILITY PROGRAM; CORPORATE CREDIT UNION CAPITAL Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1756; 12 USC 1766 CFR Citation: 12 CFR 742; 12 CFR 704 Legal Deadline: None Abstract: This rulemaking proposes to modify the minimum net worth and CAMEL criteria for eligibility for NCUA's Regulatory Flexibility Program. Federally insured credit unions that qualify for the program are exempt in whole or in part from a series of regulatory restrictions and also are allowed to purchase and hold an expanded range of eligible obligations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/29/05 70 FR 43796 NPRM Comment Period End 09/27/05 Final Action 12/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Steven W. Widerman, Trial Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6557 Fax: 703 837-2779 Email: widerman@ncua.gov RIN: 3133-AD09 [[Page 65656]] _______________________________________________________________________ 4087. [bull] FIDELITY BOND AND INSURANCE COVERAGE FOR FEDERAL CREDIT UNIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1761(b); 12 USC 1766(a); 12 USC 1766(h); 12 USC 1789(a)(11); 12 USC 1761(a); . . . CFR Citation: 12 CFR 713; 12 CFR 741 Legal Deadline: None Abstract: This amendment would make several changes to NCUA's rule governing mandatory fidelity bond coverage for federal credit union officers, directors, and employees. The changes include increasing the maximum deductible and increasing the required coverage limits for both larger credit unions and smaller credit unions. The listing of approved bond forms and bond companies would be removed from the rule, and we solicit comment on whether to discontinue an outdated bond form. The proposed rule makes a technical correction to part 741. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/25/05 70 FR 30017 NPRM Comment Period End 07/25/05 Final Action 10/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Ross P. Kendall, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Fax: 703 518-6569 Email: rkendall@ncua.gov RIN: 3133-AD10 _______________________________________________________________________ 4088. [bull] POST-EMPLOYMENT RESTRICTIONS FOR CERTAIN NCUA EXAMINERS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1786(w) CFR Citation: 12 CFR 796 Legal Deadline: Other, Statutory, December 17, 2005, Restrictions apply by statute on or after 12/17/05. Abstract: The proposed rule prohibits senior NCUA examiners for one year after leaving NCUA employment from accepting employment with a credit union if they had continuing broad responsibility for its examination for two or more months in their last year of NCUA employment. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/29/05 70 FR 43800 NPRM Comment Period End 09/27/05 Final Action 11/00/05 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: rmetz@ncua.gov RIN: 3133-AD13 _______________________________________________________________________ 4089. [bull] REQUIREMENTS FOR INSURANCE Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1757; 12 USC 1766(a); 12 USC 1781 to 1790; 12 USC 1790(d) CFR Citation: 12 CFR 741.8 Legal Deadline: None Abstract: The rule amends the regulation on the purchase of assets and assumption of liabilities by federally insured credit unions to clarify which transfers of assets or accounts require approval by the NCUA Board. It also requests comments on provisions governing nonconforming investments and CUSO investments by federally insured, state-chartered credit unions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/29/05 70 FR 43794 NPRM Comment Period End 09/27/05 Final Action 12/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: State Federalism: This action may have federalism implications as defined in EO 13132. Agency Contact: Moisette I. Green, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6553 Fax: 703 518-6319 Email: mgreen@ncua.gov RIN: 3133-AD14 _______________________________________________________________________ 4090. [bull] UNINSURED SECONDARY CAPITAL ACCOUNTS 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 1761a to1761b; 12 USC 1766 to 1767; 12 USC 1782; 12 USC 1784; 12 USC 1787; 12 USC 1781 to 1790; PL 101-73; 31 USC 3717; 12 USC 1601 et seq; 42 USC 1981; 42 USC 3601 to 3610; 12 USC 4311 to 4312; 12 USC 1790d CFR Citation: 12 CFR 701; 12 CFR 741 Legal Deadline: None Abstract: This proposal will allow low-income-designated credit unions that offer secondary capital accounts to begin redeeming the funds in those accounts when they are within 5 years of maturity and to require prior approval of a plan for the use of secondary capital before such accounts can be offered. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/29/05 70 FR 43789 NPRM Comment Period End 09/27/05 Final Action 12/00/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Steven W. Widerman, Trial Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6557 Fax: 703 837-2779 Email: widerman@ncua.gov RIN: 3133-AD17 [[Page 65657]] _______________________________________________________________________ National Credit Union Administration (NCUA) Long-Term Actions _______________________________________________________________________ 4091. [bull] CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1766; 12 USC 1785(b) CFR Citation: None Legal Deadline: None Abstract: Amend part 708a of NCUA regulations regarding conversion of insured credit unions to mutual savings banks to provide enhanced protection for members and regulatory certainty for credit unions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Prerule To Be Determined 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 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AD16 _______________________________________________________________________ National Credit Union Administration (NCUA) Completed Actions _______________________________________________________________________ 4092. SECURITY PROGRAM AND APPENDIX B -- GUIDANCE ON RESPONSE PROGRAM FOR UNAUTHORIZED ACCESS TO MEMBER INFORMATION AND MEMBER NOTICE Priority: Substantive, Nonsignificant Legal Authority: 15 USC 6801; 15 USC 6805(b); 12 USC 1751 et seq CFR Citation: 12 CFR 748.0 (b)(3); 12 CFR 748 app B Legal Deadline: None Abstract: NCUA issued a final rule regarding section 501(b) of the Gramm-Leach-Bliley Act, consistent and comparable with the other banking agencies' guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. NCUA's rule change was accompanied by an appendix that provides guidance to credit unions on establishing response programs in cases involving breach or compromise of security regarding member accounts. The final rule became effective on June 1, 2005. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 10/30/03 68 FR 61760 NPRM Comment Period End 12/29/03 Final Action 05/02/05 70 FR 22764 Final Action Effective 06/01/05 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Ross P. Kendall, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Fax: 703 518-6569 Email: rkendall@ncua.gov RIN: 3133-AC83 _______________________________________________________________________ 4093. CREDIT UNION SERVICE ORGANIZATIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1751 et seq CFR Citation: 12 CFR 712 Legal Deadline: None Abstract: This amendment will liberalize NCUA's existing rule on credit union service organizations (CUSOs) by allowing credit unions that have wholly owned CUSOs to include the CUSO in a consolidated financial statement audit. This change is consistent with generally accepted accounting principles and will enable wholly owned CUSOs to avoid the effort and expense of obtaining a separate CPA opinion audit. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/23/05 70 FR 14579 NPRM Comment Period End 05/23/05 Final Action 09/21/05 70 FR 55227 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: rkendall@ncua.gov RIN: 3133-AD07 _______________________________________________________________________ 4094. [bull] TECHNICAL CORRECTION Priority: Info./Admin./Other Legal Authority: IRPS 87-2 CFR Citation: 12 CFR 790 Legal Deadline: None Abstract: The rule corrects titles of NCUA offices and reorganizes 12 CFR 790.2(b). Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 09/22/05 70 FR 55516 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: mgreen@ncua.gov RIN: 3133-AD15 [FR Doc. 05-17871 Filed 10-28-05; 8:45 am] BILLING CODE 7535-01-S