Request for Burden Reduction Recommendation; Directors, Officers and Employees and Rules of Procedure; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review, 39202-39204 [05-13310]
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39202
Federal Register / Vol. 70, No. 129 / Thursday, July 7, 2005 / Proposed Rules
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Chapter VII
Request for Burden Reduction
Recommendation; Directors, Officers
and Employees and Rules of
Procedure; Economic Growth and
Regulatory Paperwork Reduction Act
of 1996 Review
National Credit Union
Administration (NCUA).
ACTION: Notice of regulatory review;
request for comments.
AGENCY:
SUMMARY: The NCUA Board is
continuing its review of its regulations
to identify outdated, unnecessary, or
unduly burdensome regulatory
requirements imposed on federallyinsured credit unions pursuant to the
Economic Growth and Regulatory
Paperwork Reduction Act of 1996
(EGRPRA). Today, NCUA requests
comments and suggestions on ways to
reduce burden in regulations that
govern directors, officers, and
employees and that establish rules of
procedure, consistent with our statutory
obligations. All comments are welcome.
We will analyze the comments
received and propose burden reducing
changes to our regulations where
appropriate. Some suggestions for
burden reduction might require
legislative changes. Where legislative
changes would be required, we will
consider the suggestions in
recommending appropriate changes to
Congress.
Comment must be received on or
before October 5, 2005.
ADDRESSES: You may submit comments
by any of the following methods (Please
send comments by one method only):
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• NCUA Web site: https://
www.ncua.gov/
RegulationsOpinionsLaws/
proposed_regs/proposed_regs.html.
Follow the instructions for submitting
comments.
• E-mail: Address to
regcomments@ncua.gov. Include ‘‘[Your
name] Comments on Fifth EGRPRA
Notice’’ in the e-mail subject line.
• Fax: (703) 518–6319. Use the
subject line described above for e-mail.
• Mail: Address to Mary Rupp,
Secretary of the Board, National Credit
Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314–
3428.
• Hand Delivery/Courier: Same as
mail address.
DATES:
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16:01 Jul 06, 2005
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Public Inspection: All public
comments are available on the agency’s
Web site at https://www.ncua.gov/
RegulationsOpinionsLaws/comments as
submitted, except as may not be
possible for technical reasons. Public
comments will not be edited to remove
any identifying or contact information.
Paper copies of comments may be
inspected in NCUA’s law library, at
1775 Duke Street, Alexandria, Virginia
22314, by appointment weekdays
between 9 a.m. and 3 p.m. To make an
appointment, call (703) 518–6546 or
send an e-mail to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT: Ross
P. Kendall, Staff Attorney, Office of
General Counsel, at the above address or
telephone (703) 518–6562.
SUPPLEMENTARY INFORMATION:
I. Introduction
NCUA seeks public comment and
suggestions on ways it can reduce
regulatory burdens consistent with our
statutory obligations. Today, we request
input to help identify which
requirements in two regulatory
categories—Directors, Officers and
Employees and Rules of Procedure—are
outdated, unnecessary, or unduly
burdensome. The rules in these
categories are listed in a chart at the end
of this notice. The EGRPRA review
supplements and complements the
reviews of regulations that NCUA
conducts under other laws and its
internal policies.
We specifically invite comment on
the following issues: Whether statutory
changes are needed; whether the
regulations contain requirements that
are not needed to serve the purposes of
the statutes they implement; the extent
to which the regulations may adversely
affect competition; the cost of
compliance associated with reporting,
recordkeeping, and disclosure
requirements, particularly on small
credit unions; whether any regulatory
requirements are inconsistent or
redundant; and whether any regulations
are unclear.
In drafting this notice, the NCUA
participated as part of the EGRPRA
planning process with the Office of the
Comptroller of the Currency, Board of
Governors of the Federal Reserve
System, Federal Deposit Insurance
Corporation, and Office of Thrift
Supervision (Agencies). Because of the
unique circumstances of federallyinsured credit unions and their
members, NCUA is issuing a separate
notice from the four bank regulatory
agencies, which are issuing a joint
notice. NCUA’s notice is consistent and
comparable with the joint notice,
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Fmt 4702
Sfmt 4702
although there are differences. For
example, unlike the bank regulators,
NCUA included Powers and Activities
of Credit Unions in an earlier notice,
and so this notice makes no reference to
that subject.
II. A. The EGRPRA Review
Requirements and NCUA’s Proposed
Plan
This notice is part of the regulatory
review required by section 2222 of
EGRPRA.1 The NCUA described the
review requirements in our initial
Federal Register notice, published on
July 3, 2003 (68 FR 39863). As we noted
at that time, we anticipate that the
EGRPRA review’s overall focus on the
‘‘forest’’ of regulations will offer a new
perspective in identifying opportunities
to reduce regulatory burden. We must,
of course, assure that the effort to reduce
regulatory burden is consistent with
applicable statutory mandates and
provides for the continued safety and
soundness of federally-insured credit
unions and appropriate consumer
protections.
The EGRPRA review required that
NCUA categorize our regulations by
type. Our July 3, 2003, Federal Register
publication identified ten broad
categories for our regulations.
The categories are:
1. Applications and Reporting.
2. Powers and Activities.
3. Agency Programs.
4. Capital.
5. Consumer Protection.
6. Corporate Credit Unions.
7. Directors, Officers and Employees.
8. Money Laundering.
9. Rules of Procedure.
10. Safety and Soundness.
To spread the work of commenting on
and reviewing the categories of rules
over a reasonable period of time, we
proposed to publish one or more
categories of rules approximately every
six months between 2003 and 2006 and
provide a 90-day comment period for
each publication. We asked for
comment on all aspects of our plan,
including: The categories, the rules in
each category, and the order in which
we should review the categories.
Because the NCUA was eager to begin
reducing unnecessary burden where
appropriate, our initial notice also
published the first two categories of
rules for comment (Applications and
Reporting and Powers and Activities).
NCUA published its second notice,
soliciting comment on consumer
protection rules in the lending area, on
1 Pub. L. No. 104–208, div. A, title II, section
2222, 110 Stat. 3009–414; codified at 12 U.S.C.
3311.
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Federal Register / Vol. 70, No. 129 / Thursday, July 7, 2005 / Proposed Rules
February 4, 2004 (69 FR 5300); its third
notice, relating to other consumer
protection rules, on July 8, 2004 (69 FR
41202); and its fourth notice, relating to
safety and soundness and anti-money
laundering, on February 4, 2005 (70 FR
5946). All our covered categories of
rules must be published for comment
and reviewed by the end of September
2006.
The EGRPRA review then requires the
Agencies to: (1) Publish a summary of
the comments we received, identifying
and discussing the significant issues
raised in them; and (2) eliminate
unnecessary regulatory requirements.
Within 30 days after the Agencies
publish the comment summary and
discussion, the Federal Financial
Institutions Examination Council
(FFIEC), which is an interagency body
to which all of the Agencies belong,
must submit a report to Congress. This
report will summarize significant issues
raised by the public comments and the
relative merits of those issues. It will
also analyze whether the appropriate
Federal financial institution regulatory
agency can address the burdens by
regulation, or whether the burdens must
be addressed by legislation.
B. Public Response and NCUA’s Current
Plan
NCUA received eight comments in
response to its first notice, four
comments in response to its second
notice, six in response to the third
notice and eleven in response to the
fourth notice. The comments have been
posted on the interagency EGRPRA Web
site, https://www.EGRPRA.gov, and can
be viewed by clicking on ‘‘Comments.’’
We are actively reviewing the feedback
received about specific ways to reduce
regulatory burden, as well as conducting
our own analyses. Because the main
purpose of this notice is to request
comment on the next category of
regulations, we will not discuss specific
recommendations that we have received
in response to our earlier notices here.
However, as we develop initiatives to
reduce burden on specific subjects in
the future—whether through regulatory,
legislative, or other channels—we will
discuss the public’s recommendations
that relate to our proposed actions.
III. Request for Comment on Directors,
Officers and Employees and Rules of
Procedure Categories
NCUA is asking the public to identify
the ways in which the rules in the
category of Directors, Officers, and
Employees and Rules of Procedure may
be outdated, unnecessary, or unduly
burdensome. If the implementation of a
comment would require modifying a
statute that underlies the regulation, the
comment should, if possible, identify
the needed statutory change. We
encourage comments that not only deal
with individual rules or requirements
but also pertain to certain product lines.
A product line approach is consistent
with EGRPRA’s focus on how rules
interact, and may be especially helpful
in exposing redundant or potentially
inconsistent regulatory requirements.
We recognize that commenters using a
product line approach may want to
make recommendations about rules that
are not in our current request for
comment. They should do so since the
EGRPRA categories are designed to
stimulate creative approaches rather
than limiting them.
Specific issues to consider. While all
comments are welcome, NCUA
specifically invites comment on the
following issues:
• Need for statutory change. Do any
of the statutory requirements underlying
these regulations impose redundant,
conflicting or otherwise unduly
burdensome requirements? Are there
less burdensome alternatives?
• Need and purpose of the
regulations. Are the regulations
consistent with the purposes of the
statutes that they implement? Have
circumstances changed so that the
regulation is no longer necessary? Do
changes in the financial products and
services offered to consumers suggest a
need to revise certain regulations or
statutes? Do any of the regulations
impose compliance burdens not
required by the statutes they
implement?
• General approach/flexibility.
Generally, is there a different approach
to regulating that NCUA could use that
would achieve statutory goals while
imposing less burden? Do any of the
regulations in this category or the
statutes underlying them impose
unnecessarily inflexible requirements?
• Effect of the regulations on
competition. Do any of the regulations
in this category or the statutes
underlying them create competitive
disadvantages for credit unions
compared to another part of the
financial services industry?
• Reporting, recordkeeping and
disclosure requirements. Do any of the
regulations in this category or the
statutes underlying them impose
particularly burdensome reporting,
recordkeeping or disclosure
requirements? Are any of these
requirements similar enough in purpose
and use so that they could be
consolidated? What, if any, of these
requirements could be fulfilled
electronically to reduce their burden?
Are any of the reporting or
recordkeeping requirements
unnecessary to demonstrate compliance
with the law?
• Consistency and redundancy. Do
any of the regulations in this category
impose inconsistent or redundant
regulatory requirements that are not
warranted by the purposes of the
regulation?
• Clarity. Are the regulations in this
category drafted in clear and easily
understood language?
• Burden on small insured
institutions. NCUA has a particular
interest in minimizing burden on small
insured credit unions (those with less
than $10 million in assets). More than
half of federally-insured credit unions
are small—having $10 million in assets
or less—as defined by NCUA in
Interpretative Ruling and Policy
Statement 03–2, Developing and
Reviewing Government Regulations.
NCUA solicits comment on how any
regulations in this category could be
changed to minimize any significant
economic impact on a substantial
number of small credit unions.
NCUA appreciates the efforts of all
interested parties to help us eliminate
outdated, unnecessary or unduly
burdensome regulatory requirements.
IV. Regulations About Which Burden
Reduction Recommendations Are
Requested Currently
Directors, Officers, and Employees
and Rules of Procedure.
Code of Federal Regulations
(CFR) citation
Subject
Retirement Benefits for Employees .........................................................................................................................
Loans and Lines of Credit to Officials .....................................................................................................................
Reimbursement, Insurance and Indemnification of Officials and Employees .........................................................
Management Official Interlocks ...............................................................................................................................
Fidelity Bond and Insurance Coverage ...................................................................................................................
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16:01 Jul 06, 2005
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E:\FR\FM\07JYP1.SGM
07JYP1
12
12
12
12
12
CFR
CFR
CFR
CFR
CFR
701.19.
701.21(d).
701.33.
part 711.
part 713.
39204
Federal Register / Vol. 70, No. 129 / Thursday, July 7, 2005 / Proposed Rules
Code of Federal Regulations
(CFR) citation
Subject
Liquidation (Involuntary and Voluntary) ...................................................................................................................
Uniform Rules of Practice and Procedure ...............................................................................................................
Local Rules of Practice and Procedure ...................................................................................................................
By the National Credit Union
Administration Board on June 30, 2005.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 05–13310 Filed 7–6–05; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2005–21464; Directorate
Identifier 2005–CE–32–AD]
RIN 2120–AA64
Airworthiness Directives; SOCATA—
Groupe AEROSPATIALE Model TBM
700 Airplanes
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of proposed rulemaking
(NPRM).
AGENCY:
SUMMARY: The FAA proposes to adopt a
new airworthiness directive (AD) for
certain SOCATA—Groupe
AEROSPATIALE (SOCATA) Model
TBM 700 airplanes. This proposed AD
would require you to inspect the
fuselage skin in the VHF1 antenna
mounting area for cracks and loose
rivets. This proposed AD would also
require you to modify the area if you
find cracks or loose rivets. This
proposed AD results from mandatory
continuing airworthiness information
(MCAI) issued by the airworthiness
authority for France. We are issuing this
proposed AD to detect and correct
cracks in the fuselage skin, which could
result in loss of aircraft pressurization.
Loss of aircraft pressurization could
lead to flight crew incapacitation.
DATES: We must receive any comments
on this proposed AD by August 19,
2005.
Use one of the following to
submit comments on this proposed AD:
• DOT Docket Web site: Go to
https://dms.dot.gov and follow the
instructions for sending your comments
electronically.
• Government-wide rulemaking Web
site: Go to https://www.regulations.gov
and follow the instructions for sending
your comments electronically.
ADDRESSES:
VerDate jul<14>2003
16:01 Jul 06, 2005
Jkt 205001
• Mail: Docket Management Facility;
U.S. Department of Transportation, 400
Seventh Street, SW., Nassif Building,
Room PL–401, Washington, DC 20590–
001.
• Fax: 1–202–493–2251.
• Hand Delivery: Room PL–401 on
the plaza level of the Nassif Building,
400 Seventh Street, SW., Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
To get the service information
identified in this proposed AD, contact
EADS SOCATA Tarbes, Direction des
Services, 65921 Tarbes Cedex 9, France;
telephone: 33 (0)5 62.41.73.00;
facsimile: 33 (0)5 62.41.76.54; or
SOCATA AIRCRAFT, North Perry
Airport, 7501 Pembroke Road,
Pembroke Pines, Florida 33023.
To view the comments to this
proposed AD, go to https://dms.dot.gov.
This is docket number FAA–2005–
21464; Directorate Identifier 2005–CE–
32–AD.
FOR FURTHER INFORMATION CONTACT:
Peter L. Rouse, Aerospace Engineer,
FAA, Small Airplane Directorate, 901
Locust, Room 301, Kansas City,
Missouri 64106; telephone: (816) 329–
4135; facsimile: (816) 329–4090.
SUPPLEMENTARY INFORMATION:
Comments Invited
How do I comment on this proposed
AD? We invite you to submit any
written relevant data, views, or
arguments regarding this proposal. Send
your comments to an address listed
under ADDRESSES. Include the docket
number, ‘‘FAA–2005–21464; Directorate
Identifier 2005–CE–32–AD’’ at the
beginning of your comments. We will
post all comments we receive, without
change, to https://dms.dot.gov, including
any personal information you provide.
We will also post a report summarizing
each substantive verbal contact with
FAA personnel concerning this
proposed rulemaking. Using the search
function of our docket Web site, anyone
can find and read the comments
received into any of our dockets,
including the name of the individual
who sent the comment (or signed the
comment on behalf of an association,
business, labor union, etc.). This is
docket number FAA–2005–21464;
Directorate Identifier 2005–CE–32–AD.
You may review the DOT’s complete
Privacy Act Statement in the Federal
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Fmt 4702
Sfmt 4702
12 CFR parts 709 and 710.
12 CFR part 747 subpart A.
12 CFR part 747 subpart B.
Register published on April 11, 2000
(65 FR 19477–78) or you may visit http:/
/dms.dot.gov.
Are there any specific portions of this
proposed AD I should pay attention to?
We specifically invite comments on the
overall regulatory, economic,
environmental, and energy aspects of
this proposed AD. If you contact us
through a nonwritten communication
and that contact relates to a substantive
part of this proposed AD, we will
summarize the contact and place the
summary in the docket. We will
consider all comments received by the
closing date and may amend this
proposed AD in light of those comments
and contacts.
Docket Information
Where can I go to view the docket
information? You may view the AD
docket that contains the proposal, any
comments received, and any final
disposition in person at the DMS Docket
Offices between 9 a.m. and 5 p.m.
(eastern standard time), Monday
through Friday, except Federal holidays.
The Docket Office (telephone 1–800–
647–5227) is located on the plaza level
of the Department of Transportation
NASSIF Building at the street address
stated in ADDRESSES. You may also view
the AD docket on the Internet at
https://dms.dot.gov. The comments will
be available in the AD docket shortly
after the DMS receives them.
Discussion
What events have caused this
´ ´
proposed AD? The Direction Generale
de L’Aviation Civile (DGAC), which is
the airworthiness authority for France,
notified FAA that an unsafe condition
may exist on certain SOCATA Model
TBM 700 airplanes. The DGAC reports
cracks in the fuselage skin by the
passenger door on the affected
airplanes. These airplanes have a VHF1
antenna mounted under the fuselage
between frame C12 and C13 or C13 and
C13bis.
Investigations reveal that antenna
vibrations are causing the cracks.
What is the potential impact if FAA
took no action? If not detected and
corrected, cracks in the fuselage skin
could cause loss of aircraft
pressurization. Loss of pressurization
could lead to flight crew incapacitation.
E:\FR\FM\07JYP1.SGM
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Agencies
[Federal Register Volume 70, Number 129 (Thursday, July 7, 2005)]
[Proposed Rules]
[Pages 39202-39204]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-13310]
[[Page 39202]]
=======================================================================
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Chapter VII
Request for Burden Reduction Recommendation; Directors, Officers
and Employees and Rules of Procedure; Economic Growth and Regulatory
Paperwork Reduction Act of 1996 Review
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice of regulatory review; request for comments.
-----------------------------------------------------------------------
SUMMARY: The NCUA Board is continuing its review of its regulations to
identify outdated, unnecessary, or unduly burdensome regulatory
requirements imposed on federally-insured credit unions pursuant to the
Economic Growth and Regulatory Paperwork Reduction Act of 1996
(EGRPRA). Today, NCUA requests comments and suggestions on ways to
reduce burden in regulations that govern directors, officers, and
employees and that establish rules of procedure, consistent with our
statutory obligations. All comments are welcome.
We will analyze the comments received and propose burden reducing
changes to our regulations where appropriate. Some suggestions for
burden reduction might require legislative changes. Where legislative
changes would be required, we will consider the suggestions in
recommending appropriate changes to Congress.
DATES: Comment must be received on or before October 5, 2005.
ADDRESSES: You may submit comments by any of the following methods
(Please send comments by one method only):
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
NCUA Web site: https://www.ncua.gov/
RegulationsOpinionsLaws/proposed_regs/proposed_regs.html. Follow the
instructions for submitting comments.
E-mail: Address to regcomments@ncua.gov. Include ``[Your
name] Comments on Fifth EGRPRA Notice'' in the e-mail subject line.
Fax: (703) 518-6319. Use the subject line described above
for e-mail.
Mail: Address to Mary Rupp, Secretary of the Board,
National Credit Union Administration, 1775 Duke Street, Alexandria,
Virginia 22314-3428.
Hand Delivery/Courier: Same as mail address.
Public Inspection: All public comments are available on the
agency's Web site at https://www.ncua.gov/RegulationsOpinionsLaws/
comments as submitted, except as may not be possible for technical
reasons. Public comments will not be edited to remove any identifying
or contact information. Paper copies of comments may be inspected in
NCUA's law library, at 1775 Duke Street, Alexandria, Virginia 22314, by
appointment weekdays between 9 a.m. and 3 p.m. To make an appointment,
call (703) 518-6546 or send an e-mail to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT: Ross P. Kendall, Staff Attorney,
Office of General Counsel, at the above address or telephone (703) 518-
6562.
SUPPLEMENTARY INFORMATION:
I. Introduction
NCUA seeks public comment and suggestions on ways it can reduce
regulatory burdens consistent with our statutory obligations. Today, we
request input to help identify which requirements in two regulatory
categories--Directors, Officers and Employees and Rules of Procedure--
are outdated, unnecessary, or unduly burdensome. The rules in these
categories are listed in a chart at the end of this notice. The EGRPRA
review supplements and complements the reviews of regulations that NCUA
conducts under other laws and its internal policies.
We specifically invite comment on the following issues: Whether
statutory changes are needed; whether the regulations contain
requirements that are not needed to serve the purposes of the statutes
they implement; the extent to which the regulations may adversely
affect competition; the cost of compliance associated with reporting,
recordkeeping, and disclosure requirements, particularly on small
credit unions; whether any regulatory requirements are inconsistent or
redundant; and whether any regulations are unclear.
In drafting this notice, the NCUA participated as part of the
EGRPRA planning process with the Office of the Comptroller of the
Currency, Board of Governors of the Federal Reserve System, Federal
Deposit Insurance Corporation, and Office of Thrift Supervision
(Agencies). Because of the unique circumstances of federally-insured
credit unions and their members, NCUA is issuing a separate notice from
the four bank regulatory agencies, which are issuing a joint notice.
NCUA's notice is consistent and comparable with the joint notice,
although there are differences. For example, unlike the bank
regulators, NCUA included Powers and Activities of Credit Unions in an
earlier notice, and so this notice makes no reference to that subject.
II. A. The EGRPRA Review Requirements and NCUA's Proposed Plan
This notice is part of the regulatory review required by section
2222 of EGRPRA.\1\ The NCUA described the review requirements in our
initial Federal Register notice, published on July 3, 2003 (68 FR
39863). As we noted at that time, we anticipate that the EGRPRA
review's overall focus on the ``forest'' of regulations will offer a
new perspective in identifying opportunities to reduce regulatory
burden. We must, of course, assure that the effort to reduce regulatory
burden is consistent with applicable statutory mandates and provides
for the continued safety and soundness of federally-insured credit
unions and appropriate consumer protections.
---------------------------------------------------------------------------
\1\ Pub. L. No. 104-208, div. A, title II, section 2222, 110
Stat. 3009-414; codified at 12 U.S.C. 3311.
---------------------------------------------------------------------------
The EGRPRA review required that NCUA categorize our regulations by
type. Our July 3, 2003, Federal Register publication identified ten
broad categories for our regulations.
The categories are:
1. Applications and Reporting.
2. Powers and Activities.
3. Agency Programs.
4. Capital.
5. Consumer Protection.
6. Corporate Credit Unions.
7. Directors, Officers and Employees.
8. Money Laundering.
9. Rules of Procedure.
10. Safety and Soundness.
To spread the work of commenting on and reviewing the categories of
rules over a reasonable period of time, we proposed to publish one or
more categories of rules approximately every six months between 2003
and 2006 and provide a 90-day comment period for each publication. We
asked for comment on all aspects of our plan, including: The
categories, the rules in each category, and the order in which we
should review the categories. Because the NCUA was eager to begin
reducing unnecessary burden where appropriate, our initial notice also
published the first two categories of rules for comment (Applications
and Reporting and Powers and Activities). NCUA published its second
notice, soliciting comment on consumer protection rules in the lending
area, on
[[Page 39203]]
February 4, 2004 (69 FR 5300); its third notice, relating to other
consumer protection rules, on July 8, 2004 (69 FR 41202); and its
fourth notice, relating to safety and soundness and anti-money
laundering, on February 4, 2005 (70 FR 5946). All our covered
categories of rules must be published for comment and reviewed by the
end of September 2006.
The EGRPRA review then requires the Agencies to: (1) Publish a
summary of the comments we received, identifying and discussing the
significant issues raised in them; and (2) eliminate unnecessary
regulatory requirements. Within 30 days after the Agencies publish the
comment summary and discussion, the Federal Financial Institutions
Examination Council (FFIEC), which is an interagency body to which all
of the Agencies belong, must submit a report to Congress. This report
will summarize significant issues raised by the public comments and the
relative merits of those issues. It will also analyze whether the
appropriate Federal financial institution regulatory agency can address
the burdens by regulation, or whether the burdens must be addressed by
legislation.
B. Public Response and NCUA's Current Plan
NCUA received eight comments in response to its first notice, four
comments in response to its second notice, six in response to the third
notice and eleven in response to the fourth notice. The comments have
been posted on the interagency EGRPRA Web site, https://www.EGRPRA.gov,
and can be viewed by clicking on ``Comments.'' We are actively
reviewing the feedback received about specific ways to reduce
regulatory burden, as well as conducting our own analyses. Because the
main purpose of this notice is to request comment on the next category
of regulations, we will not discuss specific recommendations that we
have received in response to our earlier notices here. However, as we
develop initiatives to reduce burden on specific subjects in the
future--whether through regulatory, legislative, or other channels--we
will discuss the public's recommendations that relate to our proposed
actions.
III. Request for Comment on Directors, Officers and Employees and Rules
of Procedure Categories
NCUA is asking the public to identify the ways in which the rules
in the category of Directors, Officers, and Employees and Rules of
Procedure may be outdated, unnecessary, or unduly burdensome. If the
implementation of a comment would require modifying a statute that
underlies the regulation, the comment should, if possible, identify the
needed statutory change. We encourage comments that not only deal with
individual rules or requirements but also pertain to certain product
lines. A product line approach is consistent with EGRPRA's focus on how
rules interact, and may be especially helpful in exposing redundant or
potentially inconsistent regulatory requirements. We recognize that
commenters using a product line approach may want to make
recommendations about rules that are not in our current request for
comment. They should do so since the EGRPRA categories are designed to
stimulate creative approaches rather than limiting them.
Specific issues to consider. While all comments are welcome, NCUA
specifically invites comment on the following issues:
Need for statutory change. Do any of the statutory
requirements underlying these regulations impose redundant, conflicting
or otherwise unduly burdensome requirements? Are there less burdensome
alternatives?
Need and purpose of the regulations. Are the regulations
consistent with the purposes of the statutes that they implement? Have
circumstances changed so that the regulation is no longer necessary? Do
changes in the financial products and services offered to consumers
suggest a need to revise certain regulations or statutes? Do any of the
regulations impose compliance burdens not required by the statutes they
implement?
General approach/flexibility. Generally, is there a
different approach to regulating that NCUA could use that would achieve
statutory goals while imposing less burden? Do any of the regulations
in this category or the statutes underlying them impose unnecessarily
inflexible requirements?
Effect of the regulations on competition. Do any of the
regulations in this category or the statutes underlying them create
competitive disadvantages for credit unions compared to another part of
the financial services industry?
Reporting, recordkeeping and disclosure requirements. Do
any of the regulations in this category or the statutes underlying them
impose particularly burdensome reporting, recordkeeping or disclosure
requirements? Are any of these requirements similar enough in purpose
and use so that they could be consolidated? What, if any, of these
requirements could be fulfilled electronically to reduce their burden?
Are any of the reporting or recordkeeping requirements unnecessary to
demonstrate compliance with the law?
Consistency and redundancy. Do any of the regulations in
this category impose inconsistent or redundant regulatory requirements
that are not warranted by the purposes of the regulation?
Clarity. Are the regulations in this category drafted in
clear and easily understood language?
Burden on small insured institutions. NCUA has a
particular interest in minimizing burden on small insured credit unions
(those with less than $10 million in assets). More than half of
federally-insured credit unions are small--having $10 million in assets
or less--as defined by NCUA in Interpretative Ruling and Policy
Statement 03-2, Developing and Reviewing Government Regulations. NCUA
solicits comment on how any regulations in this category could be
changed to minimize any significant economic impact on a substantial
number of small credit unions.
NCUA appreciates the efforts of all interested parties to help us
eliminate outdated, unnecessary or unduly burdensome regulatory
requirements.
IV. Regulations About Which Burden Reduction Recommendations Are
Requested Currently
Directors, Officers, and Employees and Rules of Procedure.
------------------------------------------------------------------------
Code of Federal Regulations (CFR)
Subject citation
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Retirement Benefits for 12 CFR 701.19.
Employees.
Loans and Lines of Credit to 12 CFR 701.21(d).
Officials.
Reimbursement, Insurance and 12 CFR 701.33.
Indemnification of Officials
and Employees.
Management Official Interlocks. 12 CFR part 711.
Fidelity Bond and Insurance 12 CFR part 713.
Coverage.
[[Page 39204]]
Liquidation (Involuntary and 12 CFR parts 709 and 710.
Voluntary).
Uniform Rules of Practice and 12 CFR part 747 subpart A.
Procedure.
Local Rules of Practice and 12 CFR part 747 subpart B.
Procedure.
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By the National Credit Union Administration Board on June 30,
2005.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 05-13310 Filed 7-6-05; 8:45 am]
BILLING CODE 7535-01-P