[Federal Register Volume 78, Number 13 (Friday, January 18, 2013)]
[Rules and Regulations]
[Pages 4029-4030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-00861]



12 CFR Part 701

RIN 3133-AE15

Treasury Tax and Loan Depositaries; Depositaries and Financial 
Agents of the Government

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.


SUMMARY: The NCUA Board (Board) is making technical amendments to 
NCUA's regulation regarding share insurance on various kinds of 
treasury accounts. The technical amendments

[[Page 4030]]

conform the regulation to changes made to NCUA's standard maximum share 
insurance amount (SMSIA) by the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act). Specifically, the Dodd-Frank 
Act increased the SMSIA from $100,000 to $250,000.

DATES: The final rule is effective on January 18, 2013.

FOR FURTHER INFORMATION CONTACT: John H. Brolin, Staff Attorney, or 
Frank Kressman, Associate General Counsel, Office of General Counsel, 
at 1775 Duke Street, Alexandria, VA 22314 or telephone: (703) 518-6438.


I. Background and Purpose of the Final Rule
II. Regulatory Procedures

I. Background and Purpose of the Final Rule

Why is the NCUA Board issuing this rule?

    Section 335 of the Dodd-Frank Act \1\ amended the Federal Credit 
Union Act to make permanent an increase in the SMSIA to $250,000. In 
September 2010, the Board issued a final rule \2\ which amended the 
SMSIA in NCUA's part 745 share insurance regulations to conform the 
regulatory language to the Dodd-Frank Act statutory change. The Board 
is now amending Sec.  701.37(c), which still reflects the former 
$100,000 SMSIA, to update it to reflect the current $250,000 SMSIA.

    \1\ Public Law 111-203; 124 Stat. 1376, 1540 (July 21, 2010).
    \2\ 75 FR 53841 (Sept. 2, 2010).

II. Regulatory Procedures

Final Rule

    Generally, the Administrative Procedure Act (APA) requires a 
federal agency to provide the public with notice and the opportunity to 
comment on agency rulemakings. The amendments in this rule are non-
substantive and technical. They make minor changes which are 
statutorily required by the Dodd-Frank Act. The APA permits an agency 
to forego the notice and comment period under certain circumstances, 
such as when a rulemaking is technical and non-substantive. NCUA finds 
that, in this instance, notice and public comment are unnecessary under 
section 553(b)(3)(B) of the APA.\3\ NCUA also finds good cause to 
dispense with the 30-day delayed effective date requirement under 
section 553(d)(3) of the APA.\4\ The rule, therefore, will be effective 
immediately upon publication.

    \3\ 5 U.S.C. 553(b)(3)(B).
    \4\ 5 U.S.C. 553(d)(3).

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 under $10 million 
in assets). NCUA has determined these technical amendments will not 
have a significant economic impact on a substantial number of small 
credit unions.

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.\5\ 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. 
NCUA has determined that the technical amendments in this final rule do 
not increase the paperwork requirements under PRA or regulations of the 
Office of Management and Budget.

    \5\ 44 U.S.C. 3507(d); 5 CFR part 1320.

Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their actions on state and local interests. 
NCUA, an independent regulatory agency as defined in 44 U.S.C. 3502(5), 
voluntarily complies with the executive order to adhere to fundamental 
federalism principles. This final rule will not have a substantial 
direct effect 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 this final rule does not constitute a policy that has 
federalism implications for purposes of the executive order.

Assessment of Federal Regulations and Policies on Families

    NCUA has determined that this final rule will not affect family 
well-being within the meaning of Section 654 of the Treasury and 
General Government Appropriations Act, 1999.\6\

    \6\ Public Law 105-277, 112 Stat. 2681 (1998).

Small Business Regulatory Enforcement Fairness Act

    The Small Business Regulatory Enforcement Fairness Act of 1996 \7\ 
(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 Administrative Procedure 
Act.\8\ NCUA has submitted this rule to the Office of Management and 
Budget for it to determine if the final rule is a ``major rule'' for 
purposes of SBREFA. NCUA does not believe the rule is major.

    \7\ Public Law 104-121, 110 Stat. 857 (1996).
    \8\ 5 U.S.C. 551.

List of Subjects in 12 CFR Part 701

    Credit unions; Share insurance.

    By the National Credit Union Administration Board on January 10, 
Mary Rupp,
Secretary of the Board.

    For the reasons discussed above, the NCUA Board amends 12 CFR part 
701 as follows:


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. 3717. Section 701.31 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.

Sec.  701.37  [Amended]

2. Amend Sec.  701.37(c) by removing the term ``$100,000'' wherever it 
appears and adding in its place the term ``$250,000''.

[FR Doc. 2013-00861 Filed 1-17-13; 8:45 am]