Requirements for Issuance, 55308-55310 [05-18748]

Download as PDF 55308 Proposed Rules Federal Register Vol. 70, No. 182 Wednesday, September 21, 2005 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. DEPARTMENT OF AGRICULTURE Animal and Plant Health Inspection Service 9 CFR Part 3 [Docket No. 04–088–2] RIN 0579–ZA01 Animal and Plant Health Inspection Service, USDA. ACTION: Petition and request for comments; extension of comment period. AGENCY: Jkt 205001 On August 5, 2005, we published in the Federal Register (70 FR 45322–45323, Docket No. 04–088–1) a notice in which we announced the receipt of, and requested comments on, a petition from the International Ferret Congress. The petition requested that APHIS develop and promulgate specific standards for the care and handling of domestic ferrets (Mustela furo). Currently, the standards that apply to domestic ferrets are set forth in 9 CFR part 3, Subpart F, under the generic standards for warmblooded animals other than dogs, cats, rabbits, hamsters, guinea pigs, nonhuman primates, and marine mammals. Comments on the petition were required to be received on or before October 4, 2005. We are extending the comment period on Docket No. 04–088– 1 until November 18, 2005, an additional 45 days from the original close of the comment period. This action will allow interested persons additional time to prepare and submit comments. SUPPLEMENTARY INFORMATION: SUMMARY: We are extending the comment period for our notice announcing the receipt of a petition requesting that specific standards be promulgated for the humane handling, care, treatment, and transportation of domestic ferrets. This action will allow interested persons additional time to prepare and submit comments. DATES: We will consider all comments that we receive on Docket No. 04–088– 1 on or before November 18, 2005. ADDRESSES: You may submit comments by either of the following methods: • EDOCKET: Go to http:// www.epa.gov/feddocket to submit or view public comments, access the index listing of the contents of the official public docket, and to access those documents in the public docket that are available electronically. Once you have entered EDOCKET, click on the ‘‘View Open APHIS Dockets’’ link to locate Docket 04–088–1. • Postal Mail/Commercial Delivery: Please send four copies of your comment (an original and three copies) to Docket No. 04–088–1, Regulatory Analysis and Development, PPD, APHIS, Station 3C71, 4700 River Road Unit 118, Riverdale, MD 20737–1238. Please state that your comment refers to Docket No. 04–088–1. Reading Room: You may read any comments that we receive on Docket 04–088–1 in our reading room. The 14:37 Sep 20, 2005 Dr. Jerry DePoyster, Senior Veterinary Medical Officer, Animal Care, APHIS, 4700 River Road Unit 84, Riverdale, MD 20737–1234; (301) 734–7586. FOR FURTHER INFORMATION CONTACT: Animal Welfare; Standards for Ferrets: Extension of Comment Period VerDate Aug<31>2005 reading room is located in room 1141 of the USDA South Building, 14th Street and Independence Avenue SW., Washington, DC. Normal reading room hours are 8 a.m. to 4:30 p.m., Monday through Friday, except holidays. To be sure someone is there to help you, please call (202) 690–2817 before coming. Other Information: You may view APHIS documents published in the Federal Register and related information on the Internet at http:// www.aphis.usda.gov/ppd/rad/ webrepor.html. Done in Washington, DC, this 9th day of September, 2005. W. Ron DeHaven, Administrator, Animal and Plant Health Inspection Service. [FR Doc. 05–18742 Filed 9–20–05; 8:45 am] BILLING CODE 3410–34–P PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 741 Requirements for Issuance National Credit Union Administration (NCUA). ACTION: Notice of proposed rulemaking and request for comment. AGENCY: SUMMARY: NCUA proposes to amend its rule concerning financial and statistical reports to require all federally insured credit unions to file the same quarterly Financial and Statistical Report with NCUA. Under the amendment, all federally insured credits unions will file Form NCUA 5300 quarterly and the alternate Form NCUA 5300SF for credit unions with assets of less than ten million dollars will be eliminated. DATES: Comments must be received on or before November 21, 2005. ADDRESSES: You may submit comments by any of the following methods (Please send comments by one method only): • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments. • NCUA Web Site: http:// 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 Proposed Rule Section 741.6,’’ in the e-mail subject line. • Fax: (703) 518–6319. Use the subject line described above for e-mail. • Mail: Address to Mary F. 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 http://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 E:\FR\FM\21SEP1.SGM 21SEP1 Federal Register / Vol. 70, No. 182 / Wednesday, September 21, 2005 / Proposed Rules 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: Matt Nixon, Risk Management Officer, or Larry Fazio, Director, Division of Risk Management, Office of Examination and Insurance, at the above address or telephone number: (703) 518–6360; or Regina M. Metz, Staff Attorney, Office of General Counsel, at the above address or telephone (703) 518–6540. SUPPLEMENTARY INFORMATION: Proposed Change The NCUA Board proposes revising § 741.6(a), the provision governing the filing of quarterly Financial and Statistical Reports, also known as Call Reports or 5300 reports. 12 CFR 741.6(a). The NCUA Board last revised § 741.6(a) in 2002. 67 FR 12464, March 19, 2002. Before those 2002 revisions, this section required all federally insured credit unions with assets in excess of $50 million to file a quarterly call report with NCUA. All other federally insured credit unions filed semiannually. Since the 2002 amendments, all federally insured credit unions are required to file quarterly Call Reports, but credit unions with less than ten million dollars in assets have the option of filing a short form for the first and third quarters. The current proposed amendment would require all federally insured credit unions to file the same quarterly call report form, a revised Form NCUA 5300. The revised Form NCUA 5300 consolidates information, reduces ancillary schedules, and is easier to read and use. Based on the revisions, the short form is no longer needed. NCUA’s regional offices have reviewed the proposed consolidated format and have concurred with this recommendation to improve efficiency. The new design provides many benefits for credit unions. The Call Report form will have a consistent appearance each cycle, which will eliminate confusion for smaller credit unions, and it is shorter: 16 pages compared to 19 pages in the current version. In addition, the revised form is designed so small credit unions generally will not have to complete supporting schedules. Only the first ten pages require input by all credit unions. For comparison, the current short form is only eight pages but the new, easier format will reduce the burden. NCUA currently reports to the Office of Management and Budget an average completion time of 6.6 hours for the regular Form NCUA 5300 and 6.0 hours VerDate Aug<31>2005 14:37 Sep 20, 2005 Jkt 205001 for the Form NCUA 5300SF. The consolidated form should not materially impact the time spent by smaller credit unions, meaning those under ten million dollars in assets. The new design also provides efficiencies and benefits to NCUA. By eliminating the short form NCUA only has to maintain one 5300 form, one set of edits and warnings, and one set of Financial Performance Report specifications. This will improve efficiency and reduce the likelihood of introducing errors in the reporting system. In addition, the burden on the Office of the Chief Financial Officer and the cost of printing and mailing will be reduced with the distribution of a single form. Both internal and external quarterly financial trend analysis will be improved, since comprehensive quantitative data will be reported by all credit unions. Further, the shift to one Call Report will simplify maintenance of the Financial Performance Report and provide additional data needed for small credit unions to utilize fully the expanded Financial Performance Report. Additionally, trend reports from NCUA’s Automated Integrated Regulatory Examination System (AIRES) will be more consistent and detailed for smaller credit unions. For example, quarterly detail that is currently not provided for real estate loans and investments will be available when applicable. In summary, the consolidation of the Call Report and elimination of the Form NCUA 5300SF will improve the agency’s efficiency, increase the accuracy of the information collected, and simplify the reporting process for credit unions, large and small. NCUA plans to implement the revised form in September 2006. Accordingly, NCUA is proposing the corresponding changes in NCUA’s regulation on financial and statistical and other reports, section 741.6, to reflect the revision to the single Call Report system. Regulatory Procedures Paperwork Reduction Act The Paperwork Reduction Act of 1995 and Office of Management and Budget (OMB) regulations require that the public be provided an opportunity to comment on the paperwork requirements, including an agency’s estimate of the burden of the paperwork requirements. The NCUA Board previously determined that the rule to require all federally insured credit unions to file a Call Report form on a quarterly basis is covered under the Paperwork Reduction Act. PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 55309 Currently, credit unions with assets less than ten million dollars have the option in the first and third quarters of filing the NCUA 5300SF with NCUA. We now report to OMB an average completion time of 6.6 hours for the regular Form NCUA 5300 and 6.0 hours for the Form NCUA 5300SF. NCUA estimated annually 38,050 forms are submitted to NCUA, with an average annual completion time of 251,130 hours, at an annual cost of $5,497,542. OMB approved the information collections under both Forms NCUA 5300 and NCUA 5300SF as OMB number 3133–0004. NCUA is submitting a copy of this proposed rule and revised Form NCUA 5300 to OMB for its review. The revised consolidated form should not materially impact the time spent by credit unions. The NCUA Board invites comment on: (1) Whether the paperwork requirements are necessary; (2) the accuracy of NCUA’s estimate on the burden of the paperwork requirements; (3) ways to enhance the quality, utility, and clarity of the paperwork requirements; and (4) ways to minimize the burden of the paperwork requirements. The time required by a federally insured credit union to complete the call report will depend on the complexity of its operations. The NCUA Board is especially interested in receiving comments on the actual hours it takes a credit union to complete its call report based on its asset size and complexity of operations. The actual hours should exclude the time associated with the month-end closing and the preparation of the monthly financial statements. Comments should be sent to: OMB Reports Management Branch, New Executive Office Building, Room 10202, Washington, DC 20503; Attention: Mark Menchik, Desk Officer for NCUA. Please send NCUA a copy of any comments you submit to OMB. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) requires NCUA to prepare an analysis to describe any significant economic impact any proposed regulation may have on a substantial number of small entities. 5 U.S.C. 601–612. NCUA considers credit unions having less than ten million dollars in assets to be small for purposes of RFA. Interpretive Ruling and Policy Statement (IRPS) 87–2 as amended by IRPS 03–2. The proposal requires all federally insured credit unions to complete the same, revised, Form NCUA 5300. The NCUA has determined and certifies that this proposed rule, if adopted, will not have a significant E:\FR\FM\21SEP1.SGM 21SEP1 55310 Federal Register / Vol. 70, No. 182 / Wednesday, September 21, 2005 / Proposed Rules economic impact on a substantial number of small credit unions. Accordingly, the NCUA has determined that an RFA analysis is not required. NCUA solicits comment on this analysis and welcomes any information that would suggest a different conclusion. Executive Order 13132 Executive Order 13132 encourages independent regulatory agencies to consider the impact of their regulatory 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 order. This proposed rule, if adopted, will not have substantial direct effects on the states, on the relationship between the national government and states, or on the distribution of power and responsibilities among the various levels of government. NCUA has determined the proposed rule does not constitute a policy that has federalism implications for purposes of the executive order. Treasury and General Government Appropriations Act, 1999 NCUA has determined that the proposed rule will not affect family well-being within the meaning of section 654 of the Treasury and General Appropriations Act, 1999, Public Law 105–277, 112 Stat. 2681 (1998). Agency Regulatory Goal NCUA’s goal is clear. The proposed regulatory change is understandable and imposes minimal regulatory burden. NCUA requests comments on whether the proposed rule change is understandable and minimally intrusive if implemented as proposed. List of Subjects in 12 CFR Part 741 Credit Unions, Requirements for Insurance By the National Credit Union Administration Board on September 15, 2005. Mary Rupp, Secretary of the Board. Accordingly, NCUA proposes to amend 12 CFR part 741 as follows: PART 741—REQUIREMENTS FOR INSURANCE 1. The authority citation for part 741 continues to read as follows: Authority: 12 U.S.C. 1757, 1766(a), and 1781–1790; Pub. L. 101–73. 2. Amend § 741.6 by revising paragraph (a) to read as follows: VerDate Aug<31>2005 14:37 Sep 20, 2005 Jkt 205001 § 741.6 Financial and statistical and other reports. This action is intended to address the identified unsafe condition. (a) Each operating insured credit union must file with the NCUA a quarterly Financial and Statistical Report on Form NCUA 5300 according to the deadlines published on the Form NCUA 5300, which occur in January (for quarter-end December 31), April (for quarter-end March 31), July (for quarterend June 30), and October (for quarterend September 30) of each year. * * * * * DATES: [FR Doc. 05–18748 Filed 9–20–05; 8:45 am] BILLING CODE 7535–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. 2002–NM–89–AD] RIN 2120–AA64 Airworthiness Directives; Empresa Brasileira de Aeronautica S.A. (EMBRAER) Model EMB–135 and –145 Series Airplanes Federal Aviation Administration, Department of Transportation (DOT). ACTION: Supplemental notice of proposed rulemaking; reopening of comment period. AGENCY: SUMMARY: This document revises an earlier proposed airworthiness directive (AD), applicable to certain EMBRAER Model EMB–135 and –145 series airplanes. The proposed AD would have required performing repetitive inspections for cracks, ruptures, or bends in certain components of the elevator control system; replacing discrepant components; and, for certain airplanes, installing a new spring cartridge and implementing new logic for the electromechanical gust lock system. The proposed AD also would have required eventual modification of the elevator gust lock system to replace the mechanical system with an electromechanical system, which would terminate the repetitive inspections. This new action revises the proposed rule by requiring installing a new spring cartridge and implementing new logic for the electromechanical gust lock system on additional airplanes. The actions specified by this new proposed AD are intended to prevent discrepancies in the elevator control system, which could result in reduced control of the elevator and consequent reduced controllability of the airplane. PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 Comments must be received by October 11, 2005. Submit comments in triplicate to the Federal Aviation Administration (FAA), Transport Airplane Directorate, ANM–114, Attention: Rules Docket No. 2002–NM– 89–AD, 1601 Lind Avenue, SW., Renton, Washington 98055–4056. Comments may be inspected at this location between 9 a.m. and 3 p.m., Monday through Friday, except Federal holidays. Comments may be submitted via fax to (425) 227–1232. Comments may also be sent via the Internet using the following address: 9-anmnprmcomment@faa.gov. Comments sent via fax or the Internet must contain ‘‘Docket No. 2002–NM–89–AD’’ in the subject line and need not be submitted in triplicate. Comments sent via the Internet as attached electronic files must be formatted in Microsoft Word 97 or 2000 or ASCII text. The service information referenced in the proposed rule may be obtained from Empresa Brasileira de Aeronautica S.A. (EMBRAER), P.O. Box 343—CEP 12.225, Sao Jose dos Campos—SP, Brazil. This information may be examined at the FAA, Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton, Washington. ADDRESSES: Dan Rodina, Aerospace Engineer, International Branch, ANM–116, FAA, Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton, Washington 98055–4056; telephone (425) 227–2125; fax (425) 227–1149. FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: Comments Invited Interested persons are invited to participate in the making of the proposed rule by submitting such written data, views, or arguments as they may desire. Communications shall identify the Rules Docket number and be submitted in triplicate to the address specified above. All communications received on or before the closing date for comments, specified above, will be considered before taking action on the proposed rule. The proposals contained in this action may be changed in light of the comments received. Submit comments using the following format: • Organize comments issue-by-issue. For example, discuss a request to change the compliance time and a request to change the service bulletin reference as two separate issues. E:\FR\FM\21SEP1.SGM 21SEP1

Agencies

[Federal Register Volume 70, Number 182 (Wednesday, September 21, 2005)]
[Proposed Rules]
[Pages 55308-55310]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-18748]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 741


Requirements for Issuance

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice of proposed rulemaking and request for comment.

-----------------------------------------------------------------------

SUMMARY: NCUA proposes to amend its rule concerning financial and 
statistical reports to require all federally insured credit unions to 
file the same quarterly Financial and Statistical Report with NCUA. 
Under the amendment, all federally insured credits unions will file 
Form NCUA 5300 quarterly and the alternate Form NCUA 5300SF for credit 
unions with assets of less than ten million dollars will be eliminated.

DATES: Comments must be received on or before November 21, 2005.

ADDRESSES: You may submit comments by any of the following methods 
(Please send comments by one method only):
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     NCUA Web Site: http://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 Proposed Rule Section 741.6,'' in the e-mail subject 
line.
     Fax: (703) 518-6319. Use the subject line described above 
for e-mail.
     Mail: Address to Mary F. 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 http://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

[[Page 55309]]

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: Matt Nixon, Risk Management Officer, 
or Larry Fazio, Director, Division of Risk Management, Office of 
Examination and Insurance, at the above address or telephone number: 
(703) 518-6360; or Regina M. Metz, Staff Attorney, Office of General 
Counsel, at the above address or telephone (703) 518-6540.

SUPPLEMENTARY INFORMATION:

Proposed Change

    The NCUA Board proposes revising Sec.  741.6(a), the provision 
governing the filing of quarterly Financial and Statistical Reports, 
also known as Call Reports or 5300 reports. 12 CFR 741.6(a). The NCUA 
Board last revised Sec.  741.6(a) in 2002. 67 FR 12464, March 19, 2002. 
Before those 2002 revisions, this section required all federally 
insured credit unions with assets in excess of $50 million to file a 
quarterly call report with NCUA. All other federally insured credit 
unions filed semiannually.
    Since the 2002 amendments, all federally insured credit unions are 
required to file quarterly Call Reports, but credit unions with less 
than ten million dollars in assets have the option of filing a short 
form for the first and third quarters. The current proposed amendment 
would require all federally insured credit unions to file the same 
quarterly call report form, a revised Form NCUA 5300.
    The revised Form NCUA 5300 consolidates information, reduces 
ancillary schedules, and is easier to read and use. Based on the 
revisions, the short form is no longer needed. NCUA's regional offices 
have reviewed the proposed consolidated format and have concurred with 
this recommendation to improve efficiency.
    The new design provides many benefits for credit unions. The Call 
Report form will have a consistent appearance each cycle, which will 
eliminate confusion for smaller credit unions, and it is shorter: 16 
pages compared to 19 pages in the current version. In addition, the 
revised form is designed so small credit unions generally will not have 
to complete supporting schedules. Only the first ten pages require 
input by all credit unions. For comparison, the current short form is 
only eight pages but the new, easier format will reduce the burden. 
NCUA currently reports to the Office of Management and Budget an 
average completion time of 6.6 hours for the regular Form NCUA 5300 and 
6.0 hours for the Form NCUA 5300SF. The consolidated form should not 
materially impact the time spent by smaller credit unions, meaning 
those under ten million dollars in assets.
    The new design also provides efficiencies and benefits to NCUA. By 
eliminating the short form NCUA only has to maintain one 5300 form, one 
set of edits and warnings, and one set of Financial Performance Report 
specifications. This will improve efficiency and reduce the likelihood 
of introducing errors in the reporting system. In addition, the burden 
on the Office of the Chief Financial Officer and the cost of printing 
and mailing will be reduced with the distribution of a single form. 
Both internal and external quarterly financial trend analysis will be 
improved, since comprehensive quantitative data will be reported by all 
credit unions. Further, the shift to one Call Report will simplify 
maintenance of the Financial Performance Report and provide additional 
data needed for small credit unions to utilize fully the expanded 
Financial Performance Report. Additionally, trend reports from NCUA's 
Automated Integrated Regulatory Examination System (AIRES) will be more 
consistent and detailed for smaller credit unions. For example, 
quarterly detail that is currently not provided for real estate loans 
and investments will be available when applicable.
    In summary, the consolidation of the Call Report and elimination of 
the Form NCUA 5300SF will improve the agency's efficiency, increase the 
accuracy of the information collected, and simplify the reporting 
process for credit unions, large and small. NCUA plans to implement the 
revised form in September 2006. Accordingly, NCUA is proposing the 
corresponding changes in NCUA's regulation on financial and statistical 
and other reports, section 741.6, to reflect the revision to the single 
Call Report system.

Regulatory Procedures

Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 and Office of Management and 
Budget (OMB) regulations require that the public be provided an 
opportunity to comment on the paperwork requirements, including an 
agency's estimate of the burden of the paperwork requirements. The NCUA 
Board previously determined that the rule to require all federally 
insured credit unions to file a Call Report form on a quarterly basis 
is covered under the Paperwork Reduction Act.
    Currently, credit unions with assets less than ten million dollars 
have the option in the first and third quarters of filing the NCUA 
5300SF with NCUA. We now report to OMB an average completion time of 
6.6 hours for the regular Form NCUA 5300 and 6.0 hours for the Form 
NCUA 5300SF. NCUA estimated annually 38,050 forms are submitted to 
NCUA, with an average annual completion time of 251,130 hours, at an 
annual cost of $5,497,542. OMB approved the information collections 
under both Forms NCUA 5300 and NCUA 5300SF as OMB number 3133-0004.
    NCUA is submitting a copy of this proposed rule and revised Form 
NCUA 5300 to OMB for its review. The revised consolidated form should 
not materially impact the time spent by credit unions. The NCUA Board 
invites comment on: (1) Whether the paperwork requirements are 
necessary; (2) the accuracy of NCUA's estimate on the burden of the 
paperwork requirements; (3) ways to enhance the quality, utility, and 
clarity of the paperwork requirements; and (4) ways to minimize the 
burden of the paperwork requirements. The time required by a federally 
insured credit union to complete the call report will depend on the 
complexity of its operations. The NCUA Board is especially interested 
in receiving comments on the actual hours it takes a credit union to 
complete its call report based on its asset size and complexity of 
operations. The actual hours should exclude the time associated with 
the month-end closing and the preparation of the monthly financial 
statements.
    Comments should be sent to: OMB Reports Management Branch, New 
Executive Office Building, Room 10202, Washington, DC 20503; Attention: 
Mark Menchik, Desk Officer for NCUA. Please send NCUA a copy of any 
comments you submit to OMB.

Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) requires NCUA to prepare an 
analysis to describe any significant economic impact any proposed 
regulation may have on a substantial number of small entities. 5 U.S.C. 
601-612. NCUA considers credit unions having less than ten million 
dollars in assets to be small for purposes of RFA. Interpretive Ruling 
and Policy Statement (IRPS) 87-2 as amended by IRPS 03-2. The proposal 
requires all federally insured credit unions to complete the same, 
revised, Form NCUA 5300.
    The NCUA has determined and certifies that this proposed rule, if 
adopted, will not have a significant

[[Page 55310]]

economic impact on a substantial number of small credit unions. 
Accordingly, the NCUA has determined that an RFA analysis is not 
required. NCUA solicits comment on this analysis and welcomes any 
information that would suggest a different conclusion.

Executive Order 13132

    Executive Order 13132 encourages independent regulatory agencies to 
consider the impact of their regulatory 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 order. This proposed rule, if 
adopted, will not have substantial direct effects on the states, on the 
relationship between the national government and states, or on the 
distribution of power and responsibilities among the various levels of 
government. NCUA has determined the proposed rule does not constitute a 
policy that has federalism implications for purposes of the executive 
order.

Treasury and General Government Appropriations Act, 1999

    NCUA has determined that the proposed rule will not affect family 
well-being within the meaning of section 654 of the Treasury and 
General Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 
(1998).

Agency Regulatory Goal

    NCUA's goal is clear. The proposed regulatory change is 
understandable and imposes minimal regulatory burden. NCUA requests 
comments on whether the proposed rule change is understandable and 
minimally intrusive if implemented as proposed.

List of Subjects in 12 CFR Part 741

    Credit Unions, Requirements for Insurance

    By the National Credit Union Administration Board on September 
15, 2005.
Mary Rupp,
Secretary of the Board.

    Accordingly, NCUA proposes to amend 12 CFR part 741 as follows:

PART 741--REQUIREMENTS FOR INSURANCE

    1. The authority citation for part 741 continues to read as 
follows:

    Authority: 12 U.S.C. 1757, 1766(a), and 1781-1790; Pub. L. 101-
73.

    2. Amend Sec.  741.6 by revising paragraph (a) to read as follows:


Sec.  741.6  Financial and statistical and other reports.

    (a) Each operating insured credit union must file with the NCUA a 
quarterly Financial and Statistical Report on Form NCUA 5300 according 
to the deadlines published on the Form NCUA 5300, which occur in 
January (for quarter-end December 31), April (for quarter-end March 
31), July (for quarter-end June 30), and October (for quarter-end 
September 30) of each year.
* * * * *
[FR Doc. 05-18748 Filed 9-20-05; 8:45 am]
BILLING CODE 7535-01-P