[Federal Register Volume 77, Number 55 (Wednesday, March 21, 2012)]
[Rules and Regulations]
[Pages 16425-16428]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6835]
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Rules and Regulations
Federal Register
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This section of the FEDERAL REGISTER contains regulatory documents
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Federal Register / Vol. 77, No. 55 / Wednesday, March 21, 2012 /
Rules and Regulations
[[Page 16425]]
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 701, 760, and 790
Technical Amendments
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final rule.
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SUMMARY: The NCUA Board (Board) is amending the sections of NCUA's
regulations addressing nondiscrimination requirements, flood insurance
and the description of NCUA to make minor, nonsubstantive technical
corrections. The technical amendments update the regulations to reflect
current agency practice and will not cause any substantive changes.
DATES: This rule is effective March 21, 2012.
FOR FURTHER INFORMATION CONTACT: Lance Noggle, Staff Attorney, Office
of General Counsel, National Credit Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314-3428 or telephone: (703) 518-6555.
SUPPLEMENTARY INFORMATION:
I. Background
II. Regulatory Changes
III. Regulatory Procedures
I. Background
A. Why is NCUA adopting this rule?
NCUA reviews one-third of its regulations each year to ``update,
clarify and simplify existing regulations and eliminate redundant and
unnecessary provisions.'' NCUA Interpretive Ruling and Policy Statement
(IRPS) 87-2, as amended by IRPS 03-2, Developing and Reviewing
Government Regulations. In its 2011 review, NCUA determined minor
revisions to parts 760 and 790 are necessary to reflect current agency
practice. In addition, a similar update to part 701 is made.
B. What changes does this rule make?
This rule amends parts 701, 760 and 790 of NCUA's regulations to
make minor technical corrections. The corrections are necessary to
update and conform the sections to current agency practice.
Specifically, section 701.31 is updated to reflect that the Board has
redesignated the Office of Consumer Protection to hear discrimination
complaints under the Fair Housing Act and Equal Credit Opportunity Act.
The Office of Examination and Insurance previously was assigned this
responsibility. The rule amends section 701.31 to remove references to
``Office of Examination and Insurance'' and to replace those references
with ``Office of Consumer Protection''. Section 760.6 is updated to
replace the Federal Emergency Management Administration's mailing
address with its Web site address. Section 790.2 is amended to add the
Office of Minority and Women Inclusion \1\ to the list of office
descriptions; remove the separate description of the Office of Capital
Markets and Planning and incorporate it into the description of the
Office of Examination and Insurance; change the title of Director to
Chief Financial Officer in the description of the Office of the Chief
Financial Officer; update the description of the Regional Offices to
reflect that other offices are primarily involved in chartering and
insurance issues; and update the contact address of Region II.
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\1\ The Office of Minority and Women Inclusion was required to
be established by the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010.
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II. Regulatory Changes
This rule provides minor technical corrections and will not cause
any substantive changes.
III. Regulatory Procedures
Final Rule Under the Administrative Procedure Act
The Board is issuing this rulemaking as a final rule, effective
upon publication. Generally, the Administrative Procedure Act (APA)
requires a rulemaking to be published as a notice of proposed
rulemaking with the opportunity for public comment, unless the agency
for good cause finds that notice and public comment are impracticable,
unnecessary, or contrary to the public interest. 5 U.S.C. 553. The
Board believes good cause exists for issuing these amendments without
notice and public comment. The amendments in this rule are not
substantive, but merely technical in that they make minor corrections
to update the regulations and conform them to current agency practice.
Additionally, the APA requires that a final rule must have a
delayed effective date of 30 days from the date of publication, except
for good cause. 5 U.S.C. 553(d). The Board also finds good cause to
waive the customary 30-day delayed effective date requirement under the
APA. 5 U.S.C. 553(d)(3). Again, the technical changes conform the rules
to current agency practice. This rule will, therefore, be effective
immediately upon publication.
Regulatory Flexibility Act
The Regulatory Flexibility Act requires NCUA to prepare an analysis
to describe any significant economic impact a rule may have on a
substantial number of small entities (primarily those credit unions
under ten million dollars in assets). This rule does not impose any
regulatory burden. It merely makes non-substantive technical changes to
parts 701, 760 and 790 of NCUA's regulations. These changes will not
have a significant economic impact on a substantial number of small
credit unions. Therefore, a regulatory flexibility analysis is not
required.
Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in
which an agency by rule creates a new paperwork burden on regulated
entities or modifies an existing burden. 44 U.S.C. 3507(d); 5 CFR part
1320. For purposes of the PRA, a paperwork burden may take the form of
either a reporting or a recordkeeping requirement, both referred to as
information collections. These technical amendments do not impose any
new paperwork burden.
Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to
consider the impact of their actions on state and local interests. In
adherence to fundamental federalism principles, NCUA, an independent
regulatory agency as defined in 44 U.S.C. 3502(5), voluntarily complies
with the executive
[[Page 16426]]
order. These changes will not have substantial direct effects on the
states, on the relationship between the national government and the
states, or on the distribution of power and responsibilities among the
various levels of government. NCUA has determined that these changes do
not constitute a policy that has federalism implications for purposes
of the executive order.
The Treasury and General Government Appropriations Act, 1999--
Assessment of Federal Regulations and Policies on Families
NCUA has determined that this rule will not affect family well-
being within the meaning of section 654 of the Treasury and General
Government Appropriations Act, 1999, Pub. L. 105-277, 112 Stat. 2681
(1998).
Small Business Regulatory Enforcement Fairness Act
The Small Business Regulatory Enforcement Fairness Act of 1996
(Pub. L. 104-121) (SBREFA) provides generally for congressional review
of agency rules. A reporting requirement is triggered in instances
where NCUA issues a final rule as defined by Section 551 of the APA. 5
U.S.C. 551. Based on similar technical changes to the NCUA regulations,
we believe the Office of Management and Budget will determine that this
rule is not a major rule for purposes of SBREFA. As required by SBREFA,
NCUA will file the appropriate reports with Congress and the General
Accounting Office so this rule may be reviewed.
List of Subjects
12 CFR Part 701
Advertising, Aged, Civil rights, Credit, Credit unions, Fair
housing, Individuals with disabilities, Marital status discrimination,
Mortgages, Religious discrimination, Sex discrimination, Signs and
symbols.
12 CFR Part 760
Flood insurance.
12 CFR Part 790
Organization and functions (Government agencies).
By the National Credit Union Administration Board on March 15,
2012.
Mary Rupp,
Secretary of the Board.
For the reasons discussed above, NCUA amends 12 CFR parts 701, 760,
and 790 of title 12, chapter VII, of the Code of Federal Regulations as
follows:
PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS
0
1. The authority citation for part 701 continues to read as follows:
Authority: 12 U.S.C. 1752(5), 1755, 1756, 1757, 1758, 1759,
1761A, 1761B, 1766, 1767, 1782, 1784, 1786, 1787, 1789, Section
701.6 is also authorized by 15 U.S.C. 1601, et seq.; 42 U.S.C. 1981
and 3601-3610, Section 701.35 is also authorized by 42 U.S.C. 4311-
4312.
0
2. Section 701.31 is amended by revising the image in paragraph (d)(3).
Sec. 701.31 Nondiscrimination requirements.
* * * * *
(d) * * *
(3) * * *
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PART 760--LOANS IN AREAS HAVE SPECIAL FLOOD HAZARDS
0
3. The authority for citation part 760 continues to read as follows:
Authority: 12 U.S.C. 1757, 1789; 42 U.S.C 4012a, 4104, 4104b,
4106, and 4128.
Sec. 760.6 [Amended]
0
4. Section 760.6 is amended by removing from paragraph (a) ``FEMA, P.O.
Box 2012, Jessup, MD 20794-2012'' and adding in its place ``FEMA's Web
site at www.fema.gov''.
PART 790--DESCRIPTION OF NCUA; REQUEST FOR AGENCY ACTION
0
5. The authority citation for part 790 continues to read as follows:
Authority: 12 U.S.C. 1766, 1789, 1795f.
0
6. In Sec. 790.2:
0
a. Revise paragraphs (b)(4), (b)(5), and (b)(13);
0
b. Remove from table in paragraph (c)(1) the address for Region No. II
``1775 Duke Street, Suite 4206, Alexandria, VA 22314-3437'' and add in
its place ``1900 Duke St., Suite 300, Alexandria, VA 22314-3498''; and
0
c. Revise paragraph (c)(2).
The revisions read as follows:
Sec. 790.2 Central and regional office organization.
* * * * *
(b) * * *
(4) Office of Chief Financial Officer. NCUA's Chief Financial
Officer is in charge of budgetary, accounting and financial matters for
the NCUA, including responsibility for submitting annual budget and
staffing requests for approval by the Board and, as required, by the
Office of Management and Budget; for managing NCUA's budgetary
resources; for managing the operations of the National Credit Union
Share Insurance Fund (NCUSIF) to include accounting, financial
reporting and the collection and payment of capitalization deposits,
insurance premiums and insurance dividends; for collecting annual
operating fees from federal credit unions; for maintaining NCUA's
accounting system and accounting records; for processing payroll,
travel, and accounts payable disbursements; and for preparing internal
and external financial reports. The Chief Financial Officer is also
responsible for providing NCUA's executive offices and Regional
Directors with administrative services, including: agency security;
contracting and procurement; management of equipment and supplies;
acquisition; printing; graphics; and warehousing and distribution.
(5) Office of Examination and Insurance. The Director of the Office
of Examination and Insurance: formulates standards and procedures for
examination and supervision of the community of federally insured
credit unions, and reports to the Board on the performance of the
examination program; manages the risk to the NCUSIF, to include
overseeing the NCUSIF Investment Committee, monitoring the adequacy of
NCUSIF reserves, analyzing the reasons for NCUSIF losses, formulating
policies and procedures regarding the supervision of financially
troubled credit unions, and evaluating certain requests for special
assistance pursuant to Section 208 of the Federal Credit Union Act and
for certain proposed administrative actions regarding federally insured
credit unions; serves as the Board expert on accounting principles and
standards and on auditing standards; represents NCUA at meetings with
the American Institute of Certified Public Accountants (AICPA), Federal
Financial Institutions Examination Council (FFIEC) and General
Accounting Office (GAO); and collects data and provides statistical
reports. The Director is responsible for developing and conducting
research in support of NCUA programs, and for preparing reports on
research activities for the information and use of agency staff, credit
union officials, state credit union supervisory authorities, and other
governmental and private groups. The Director is also responsible for
providing interest rate risk assessment, investment expertise and
advice to the Board and agency staff and conducting research and
development to assess risk areas of emerging products, delivery
systems, infrastructure issues, and investments.
* * * * *
(13) Office of Minority and Women Inclusion. The Office of Minority
and Women Inclusion was established pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010. It has the
responsibility for all NCUA matters relating to diversity in
management, employment, and business activities. Specific duties of the
office include developing and implementing standards for: equal
employment opportunity and the racial, ethnic, and gender diversity of
the workforce and senior management of NCUA; increased participation of
minority-owned and women-owned businesses in the programs and contracts
of NCUA, including standards for coordinating technical assistance to
such businesses; assessing the diversity policies and practices of
credit unions regulated by NCUA; and preserving credit unions run by
minorities and/or serving minorities.
* * * * *
(c) * * *
(2) A Regional Director is in charge of each Regional Office. The
Regional Director manages NCUA's programs in the Region assigned in
accordance with established policies. A Regional Director's duties
include: directing examination and supervision programs to promote and
assure safety and soundness; assisting other offices in chartering and
insurance issues; managing regional resources to meet program
objectives in the most economical and practical manner; and maintaining
good public relations with public, private, and governmental
organizations, Federal credit union officials, credit union
organizations, and other groups which have an interest in credit union
matters in the assigned Region. The Regional Director maintains liaison
and cooperation with other regional offices of Federal departments and
agencies, state agencies, city and county officials, and other
governmental units that affect credit unions. The Regional Director is
aided by an Associate Regional Director for Operations and Associate
Regional Director for Programs. Staff working in the Regional Office
report to the Associate Regional Director for Operations. Each region
is divided into examiner districts, each assigned to a Supervisory
Credit Union Examiner; groups of examiners are directed by a
Supervisory Credit Union Examiner, each of whom in turn reports
directly to the Associate Regional Director for Programs.
[FR Doc. 2012-6835 Filed 3-20-12; 8:45 am]
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