[April 30, 2007 (Volume 72, Number 82)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua070456.wais] [Page 23582-23589] National Credit Union Administration ----------------------------------------------------------------------- Part LVI ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 23582]] 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 January 31, 2007, to be included in the Unified Agenda of Federal Regulatory and Deregulatory Actions. DATES: This information is current as of February 28, 2007. 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 March 1, 2007. Mary Rupp, Secretary of the Board. National Credit Union Administration--Prerule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3643 Permissible Foreign Currency Investments for FCUs..................................... 3133-AD34 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Proposed Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3644 Nondiscrimination in Federally Assisted Programs...................................... 3133-AC59 3645 Privacy of Consumer Financial Information............................................. 3133-AC84 3646 Fair and Accurate Credit Transactions Act (FACTA) Address Reconciliation Rule......... 3133-AC91 3647 Fair and Accurate Credit Transactions Act Furnisher Rule: Accuracy Guidelines and 3133-AC92 Rules................................................................................. 3648 Fair and Accurate Credit Transactions Act Direct Disputes With Furnishers Rule........ 3133-AC93 3649 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................................................................................ 3650 Incidental Powers..................................................................... 3133-AD12 3651 Credit Union Service Organizations.................................................... 3133-AD20 3652 Organization and Operation of Federal Credit Unions................................... 3133-AD22 3653 Records Preservation and Disaster Preparedness Programs............................... 3133-AD24 3654 Merger of Federally Insured Credit Unions; Voluntary Terminations or Conversion of 3133-AD28 Insured Status........................................................................ 3655 Corporate Credit Unions............................................................... 3133-AD31 3656 Federal Credit Union Bylaws........................................................... 3133-AD32 3657 Member Access to Books, Records, and Minutes.......................................... 3133-AD33 3658 Technical Corrections................................................................. 3133-AD35 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Final Rule Stage ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3659 Regulatory Publication and Review..................................................... 3133-AC78 3660 Fair and Accurate Credit Transactions Act (FACTA) Red Flag Guidelines and Rule........ 3133-AC90 3661 Fair Credit Reporting--Affiliate Use of Information for Marketing Solicitations....... 3133-AD00 [[Page 23583]] 3662 Sales of Nondeposit Investments....................................................... 3133-AD25 ---------------------------------------------------------------------------------------------------------------- National Credit Union Administration--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3663 Privacy Act Systems of Records Notice................................................. 3133-AC79 3664 Supervisory Committee Audits and Verifications........................................ 3133-AD05 3665 Truth in Savings--Electronic Disclosure............................................... 3133-AD11 3666 Conversion of Insured Credit Unions to Mutual Savings Banks........................... 3133-AD16 3667 Permissible Investments for Federal Credit Union...................................... 3133-AD27 3668 Accuracy of Advertising and Notice of Insured Status.................................. 3133-AD29 3669 General Lending Maturity Limit and Other Financial Services........................... 3133-AD30 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ National Credit Union Administration (NCUA) Prerule Stage _______________________________________________________________________ 3643. [bull] PERMISSIBLE FOREIGN CURRENCY INVESTMENTS FOR FCUS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1757(7), 1757(8), 1757(15) CFR Citation: 12 CFR 703 Legal Deadline: None Abstract: NCUA is considering revising permissible investment rules to permit FCUs to invest in an investment tied to a foreign interest rate or foreign currency. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 06/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For Public Comments: www.regulations.gov Agency Contact: Moisette I. Green, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6553 Fax: 703 518-6319 Email: mgreen@ncua.gov RIN: 3133-AD34 _______________________________________________________________________ National Credit Union Administration (NCUA) Proposed Rule Stage _______________________________________________________________________ 3644. 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 12/00/07 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 _______________________________________________________________________ 3645. 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 will 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 [[Page 23584]] ANPRM Comment Period End 03/29/04 NPRM 04/00/07 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 _______________________________________________________________________ 3646. 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 ________________________________________________________________________ ANPRM 03/22/06 71 FR 14419 ANPRM Comment Period End 05/22/06 NPRM 06/00/07 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 _______________________________________________________________________ 3647. 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 ________________________________________________________________________ ANPRM 03/22/06 71 FR 14419 ANPRM Comment Period End 05/22/06 NPRM 09/00/07 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 _______________________________________________________________________ 3648. 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 ________________________________________________________________________ ANPRM 03/22/06 71 FR 14419 ANPRM Comment Period End 05/22/06 NPRM 09/00/07 Regulatory Flexibility Analysis Required: Undetermined Government Levels Affected: Undetermined Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Email: ldent@ncua.gov RIN: 3133-AC93 _______________________________________________________________________ 3649. 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: NCUA is considering 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 12/00/07 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 [[Page 23585]] Email: mgreen@ncua.gov RIN: 3133-AC98 _______________________________________________________________________ 3650. 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 12/00/07 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-AD12 _______________________________________________________________________ 3651. CREDIT UNION SERVICE ORGANIZATIONS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1756; 12 USC 1757(5)(D); 12 USC 1757(F)(I); 12 USC 1266; 12 USC 1782a CFR Citation: 12 CFR 712 Legal Deadline: None Abstract: NCUA may propose an amendment that would make several changes to the existing rule, including the elimination of a section dealing with requests for amendments. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/07 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-AD20 _______________________________________________________________________ 3652. ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1752(5); 12 USC 1755 to 1757; 12 USC 1759; 12 USC 1761a CFR Citation: 12 CFR 701.1 Legal Deadline: None Abstract: NCUA is considering proposing revisions to its Field of Membership and Chartering Manual to clarify community charter documentation as Interpretive Ruling and Policy Statement 07-1. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/00/07 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-AD22 _______________________________________________________________________ 3653. RECORDS PRESERVATION AND DISASTER PREPAREDNESS PROGRAMS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: 12 CFR 748, 749, 750 Legal Deadline: None Abstract: Revisions regarding the preservation of vital records, preparation and filing of catastrophic act reports, and requirements for disaster preparedness programs. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Email: ldent@ncua.gov RIN: 3133-AD24 _______________________________________________________________________ 3654. MERGER OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY TERMINATIONS OR CONVERSION OF INSURED STATUS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: 12 USC 1766(a); 12 USC 1785(b); 12 USC 1785(c); 12 USC 1789(a) CFR Citation: 12 CFR 708b Legal Deadline: None Abstract: NCUA may propose an amendment that would require disclosure of certain merger-related financial and compensation arrangements. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/07 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-AD28 _______________________________________________________________________ 3655. [bull] CORPORATE CREDIT UNIONS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1766(a); 12 USC 1789 CFR Citation: 12 CFR 704 Legal Deadline: None [[Page 23586]] Abstract: This is an amendment to make several changes to the current rule, including a de minimis exception to certain requirements relating to credit unions service organizations and some new definitions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/00/07 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-AD31 _______________________________________________________________________ 3656. [bull] FEDERAL CREDIT UNION BYLAWS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1758; 12 USC 1766(b)(1); 12 USC 1786 CFR Citation: 12 CFR 701.2 Legal Deadline: None Abstract: Incorporating Federal Credit Union Bylaws into NCUA regulations. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/07 NPRM Comment Period End 06/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Elizabeth Wirick, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Fax: 703 518-6569 Email: ewirick@ncua.gov RIN: 3133-AD32 _______________________________________________________________________ 3657. [bull] MEMBER ACCESS TO BOOKS, RECORDS, AND MINUTES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1761b; 12 USC 1766 CFR Citation: 12 CFR 701.3 Legal Deadline: None Abstract: Amend NCUA rules to clarify and standardize the right of the FCU members to inspect the FCU's books, records, and minutes. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 04/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: Organizations 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-AD33 _______________________________________________________________________ 3658. [bull] TECHNICAL CORRECTIONS Priority: Info./Admin./Other Legal Authority: Not Yet Determined CFR Citation: 12 CFR 701 Legal Deadline: None Abstract: Minor technical corrections changing cross-references and providing clarification to part 701. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/00/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.regulations.gov URL For Public Comments: www.ncua.gov Agency Contact: Frank Kressman, Staff Attorney, National Credit Union Administration, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AD35 _______________________________________________________________________ National Credit Union Administration (NCUA) Final Rule Stage _______________________________________________________________________ 3659. 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. Notice for the last three categories was published on December 22, 2005. NCUA has prepared its own chapter for the final congressional report, which the FFIEC intends to submit to congress before June 2007. 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 Notice 12/22/05 70 FR 75986 Final Action 06/00/07 Regulatory Flexibility Analysis Required: No [[Page 23587]] 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 _______________________________________________________________________ 3660. 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 07/18/06 71 FR 40785 NPRM Comment Period End 09/18/06 Final Action 06/00/07 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 _______________________________________________________________________ 3661. 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. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/15/04 69 FR 42502 NPRM Comment Period End 08/16/04 Final Action 06/00/07 Regulatory Flexibility Analysis Required: Yes Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Email: ldent@ncua.gov RIN: 3133-AD00 _______________________________________________________________________ 3662. SALES OF NONDEPOSIT INVESTMENTS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. Legal Authority: Not Yet Determined CFR Citation: None Legal Deadline: None Abstract: Interpretive Ruling and Policy Statement to address the sale of non-deposit investment products. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 05/26/05 70 FR 30489 NPRM Comment Period End 07/25/05 Final Action 12/00/07 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-AD25 _______________________________________________________________________ National Credit Union Administration (NCUA) Completed Actions _______________________________________________________________________ 3663. PRIVACY ACT SYSTEMS OF RECORDS NOTICE 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. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Final Action 12/20/06 71 FR 77807 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None URL For More Information: www.ncua.gov/foia/systems records notice 2006.pdf Agency Contact: Linda K. Dent, Staff Attorney, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314 Phone: 703 518-6540 Email: ldent@ncua.gov RIN: 3133-AC79 [[Page 23588]] _______________________________________________________________________ 3664. 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: Rulemaking to modify part 715 to require credit unions to obtain an ``attestation on internal controls'' in connection with their annual audits; to identify and impose assessment and attestation standards for such engagements; to enhance the composition of Supervisory Committees; and to identify and impose a standard for the independence required of State-licensed, compensated auditors. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ ANPRM 02/23/06 71 FR 9278 ANPRM Comment Period End 04/24/06 Withdrawn 02/01/07 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 _______________________________________________________________________ 3665. TRUTH IN SAVINGS--ELECTRONIC DISCLOSURE 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 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 01/29/05 70 FR 72895 Interim Final Rule Effective 12/08/05 Interim Final Rule Comment Period End 02/06/06 Withdrawn 02/01/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Frank Kressman, Staff Attorney, National Credit Union Administration, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AD11 _______________________________________________________________________ 3666. CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1766; 12 USC 1785(b) CFR Citation: 12 USC 708a Legal Deadline: None Abstract: Amended 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 ________________________________________________________________________ NPRM 06/28/06 71 FR 36946 NPRM Comment Period End 08/28/06 Final Action 12/22/06 71 FR 77150 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-AD16 _______________________________________________________________________ 3667. PERMISSIBLE INVESTMENTS FOR FEDERAL CREDIT UNION Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1757(15) CFR Citation: 12 CFR 703 Legal Deadline: None Abstract: NCUA proposed to amend its investment rules to allow federal credit unions to invest in repurchase transactions in which the underlying collateral consists of first-lien mortgage loans. The final amendment establishes a credit concentration limit, minimum credit rating, requirement for an independent assessment of market value, and a maximum term for these repurchase transactions. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 07/26/06 71 FR 42326 NPRM Comment Period End 09/25/06 Final Action 12/14/06 71 FR 76122 Regulatory Flexibility Analysis Required: No Small Entities Affected: Businesses Government Levels Affected: None Agency Contact: Moisette I. Green, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6553 Fax: 703 518-6319 Email: mgreen@ncua.gov RIN: 3133-AD27 _______________________________________________________________________ 3668. ACCURACY OF ADVERTISING AND NOTICE OF INSURED STATUS Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1766; 12 USC 1781; 12 USC 1789 CFR Citation: 12 CFR 740 Legal Deadline: None Abstract: NCUA amended part 740 of NCUA's regulations to revise the official sign indicating a credit union's share accounts are insured by NCUA, to reflect recent share insurance increases, and by including a statement that NCUA insured accounts are backed by the full faith and credit of the United States Government. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 06/28/06 71 FR 36719 [[Page 23589]] NPRM Comment Period End 08/11/06 Final Action 11/22/06 71 FR 67436 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: State Agency Contact: Frank Kressman, Staff Attorney, National Credit Union Administration, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314-3428 Phone: 703 518-6558 Fax: 703 518-6569 Email: fkressman@ncua.gov RIN: 3133-AD29 _______________________________________________________________________ 3669. GENERAL LENDING MATURITY LIMIT AND OTHER FINANCIAL SERVICES Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1757 CFR Citation: 12 CFR 701 Legal Deadline: None Abstract: NCUA is amending its general lending and Federal credit union operating rules to implement amendments to the Federal Credit Union Act made by the Financial Regulatory Relief Act of 2006. The final rule revises the general lending maturity limit and permits Federal credit unions to provide check cashing and money transfer services to nonmembers within their fields of membership. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 10/27/06 71 FR 62875 Interim Final Rule Comment Period End 12/27/06 Final Action 02/22/07 72 FR 7927 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 22314-3428 Phone: 703 518-6553 Fax: 703 518-6319 Email: mgreen@ncua.gov RIN: 3133-AD30 [FR Doc. 07-01258 Filed 04-27-07; 8:45 am] BILLING CODE 7535-01-S