[Federal Register: April 8, 1999 (Volume 64, Number 67)] [Rules and Regulations] [Page 17085-17086] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr08ap99-2] ======================================================================= ----------------------------------------------------------------------- NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 790 Description of NCUA; Requests for Agency Action AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: Due to parallel changes to the descriptions of the Central Liquidity Facility's (CLF) Bylaws, NCUA Regulations must be changed to mirror the new descriptions. The position of Vice President to the CLF has been added and the duties of both the President and Vice President positions have been changed in the regulation. DATES: Effective May 10, 1999. FOR FURTHER INFORMATION CONTACT: Herbert S. Yolles, President, National Credit Union Central Liquidity Facility, 1775 Duke Street, Alexandria, VA 22314-3428. Telephone Number (703) 518-6360. SUPPLEMENTARY INFORMATION: Pub. L. 96-630, Title XVIII, 12 U.S.C. 1795 et. seq., enacted in 1979, created the National Credit Union Central Liquidity Facility (CLF). Its purpose is to improve general financial stability by meeting the liquidity needs of credit unions and thereby encourage savings, support consumer and mortgage lending, and provide basic financial resources to all segments of the economy. On February 16, 1994, to improve costs and efficiency of CLF operations, the NCUA Board approved the transfer of the CLF to the Office of Examination and Insurance, Division of Risk Management. Staffing was reduced to one full time employee, with the Director of the Division of Risk Management appointed by the NCUA Board to also serve as CLF President. Due to approaching changes in the credit union environment, in December of 1998 the NCUA Board approved additional staffing changes to the CLF. The Office of Vice President was reinstated and a new staff position of part-time analyst was added. This new analyst position gives the CLF additional analytical depth and increased capacity to cover unexpected emergency developments and potential high-volume usage. The Board is now amending its regulation which describes the [[Page 17086]] management staff of the CLF. The reference to the Director of the Office of Risk Management is deleted. The paragraph is corrected to read that the NCUA Board appoints the CLF President and CLF Vice President. Regulatory Procedures Regulatory Flexibility Act The Regulatory Flexibility Act requires the NCUA to prepare an analysis to describe any significant economic impact any regulation may have on a substantial number of small credit unions. The changes made by this rule are merely housekeeping changes. Therefore, the NCUA Board has determined and certifies that, under the authority granted in 5 U.S.C. 605(b), this final rule will not have a significant economic impact on a substantial number of small credit unions. Accordingly, the Board has determined that a Regulatory Flexibility Act Analysis is not required. Paperwork Reduction Act The final rule has no information collection requirements; therefore, no Paperwork Reduction Act analysis is required. Executive Order 12612 Executive Order 12612 requires NCUA to consider the effect of its actions on states interests. Since these are housekeeping changes only, there is no effect on state interests. List of Subjects in 12 CFR Part 790 Credit unions. By the National Credit Union Administration Board on March 30, 1999. Becky Baker, Secretary of the Board. Accordingly, for the reasons set forth in the preamble, NCUA amends 12 CFR part 790 as set forth below: PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION 1. The authority citation for part 790 continues to read as follows: Authority: 12 U.S.C. 1766, 12 U.S.C. 1789, 12 U.S.C. 1795f. 2. Amend Sec. 790.2 by revising paragraph (b)6)(ii) to read as follows: Sec. 790.2 Central and regional office organization. * * * * * (b) * * * (6) * * * (ii) NCUA Central Liquidity Facility (CLF). The CLF was created to improve general financial stability by providing funds to meet the liquidity needs of credit unions. It is a mixed-ownership government corporation under the Government Corporation Control Act (31 U.S.C. 9101 et seq.). The CLF is managed by the President, under the general supervision of the NCUA Board which serves as the CLF Board of Directors. The Chairman of the NCUA Board serves as the Chairman of the CLF Board of Directors. The Secretary of the NCUA Board serves as the Secretary of the CLF Board of Directors. The NCUA Board shall appoint the CLF President and Vice President. [FR Doc. 99-8355 Filed 4-7-99; 8:45 am] BILLING CODE 7535-01-P