Request for Burden Reduction Recommendation; Rules Relating to Agency Programs, Capital, and Corporate Credit Unions; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review, 75986-75988 [05-24368]

Download as PDF rwilkins on PROD1PC63 with PROPOSALS 75986 Federal Register / Vol. 70, No. 245 / Thursday, December 22, 2005 / Proposed Rules season as a result of the suspension of regulations and assessment obligations. The Committee met on September 7, 2005, to evaluate the industry situation since the regulations were suspended. As previously discussed, planted acreage continued to decline and the number of melon growers and handlers also continued to decline during the 2004–05 season. In addition, no new varieties were introduced to improve the quality and make South Texas melons more competitive with other producing areas. The Committee believes that there is no longer a need for the order, and therefore unanimously recommended its termination. Suspension of regulations, reporting requirements, and assessment collections was continued for an indefinite period, and the one remaining reporting requirement regarding planted acreage was also suspended indefinitely pursuant to publication in the Federal Register on October 5, 2005 (70 FR 57995). No comments were received as a result of that publication and a final rule was published in the Federal Register on December 7, 2005 (70 FR 72699). The rule continued to relieve handlers of regulatory requirements while USDA evaluated the Committee’s recommendation for terminating the order. This proposal would reduce the regulatory burden on handlers under the marketing order. There are no other viable alternatives to this proposal. This proposed termination of the order is intended to solicit input and any additional information available from interested parties on whether the order should be terminated. USDA will evaluate all available information prior to making a final determination on this matter. In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35), the information collection requirements being suspended by this rule were approved previously by the Office of Management and Budget (OMB) and assigned OMB No. 0581– 0178, Vegetable and Specialty Crops. Suspension of all the reporting requirements under the order is expected to reduce the reporting burden on small or large South Texas melon handlers by 24.90 hours, and should further reduce industry expenses. Handlers are no longer required to file any forms with the Committee. This proposed rule would thus not impose any additional reporting or recordkeeping requirements on either small or large melon handlers. As with all Federal marketing order programs, reports and forms are periodically VerDate Aug<31>2005 16:34 Dec 21, 2005 Jkt 205001 reviewed to reduce information requirements and duplication by industry and public sector agencies. In addition, USDA has not identified any relevant Federal rules that duplicate, overlap or conflict with this rule. Further, the Committee’s meeting was widely publicized throughout the melon industry and all interested persons were invited to attend the meeting and participate in Committee deliberations. Like all Committee meetings, the September 16, 2004, meeting and the September 7, 2005 meeting were public meetings and all entities, both large and small, were able to express their views on this issue. Finally, interested persons are invited to submit information on the regulatory and informational impacts of this action on small businesses. A small business guide on complying with fruit, vegetable, and specialty crop marketing agreements and orders may be viewed at: http://www.ams.usda.gov/ fv/moab.html. Any questions about the compliance guide should be sent to Jay Guerber at the previously mentioned address in the FOR FURTHER INFORMATION CONTACT section. This rule invites comments on the proposed termination of Marketing Order 979 covering melons grown in South Texas. All written comments timely received will be considered before a final determination is made on this matter. Based on the foregoing, and pursuant to § 608c(16)(A) of the Act and § 979.84 of the Order, USDA is considering termination of the order. If USDA decides to terminate the order, trustees would be appointed to conclude and liquidate the affairs of the Committee, and would continue in that capacity until discharged by USDA. In addition, USDA would notify Congress 60 days in advance of termination pursuant to § 608c(16)(A) of the Act. List of Subjects in 7 CFR Part 979 Marketing agreements, Melons, Reporting and recordkeeping requirements. For the reasons set forth in the preamble, 7 CFR part 979 is proposed to be removed. PART 979—[REMOVED] 1. The authority citation for 7 CFR part 979 continues to read as follows: Authority: 7 U.S.C. 601–674. 2. Accordingly, 7 CFR part 979 is removed. PO 00000 Frm 00020 Fmt 4702 Sfmt 4702 Dated: December 16, 2005. Lloyd C. Day, Administrator, Agricultural Marketing Service. [FR Doc. 05–24339 Filed 12–21–05; 8:45 am] BILLING CODE 3410–02–M NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Chap. VII Request for Burden Reduction Recommendation; Rules Relating to Agency Programs, Capital, and Corporate Credit Unions; 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). NCUA requests comments and suggestions on ways to reduce burden in regulations that govern agency programs, capital and corporate credit unions, consistent with our statutory obligations. All comments are welcome. This is the final notice in the ten-year regulatory review required by EGRPRA. NCUA will analyze the comments received and propose burden reducing changes to its regulations where appropriate. Some suggestions for burden reduction might require legislative changes. Where legislative changes would be required, NCUA will consider the suggestions in recommending appropriate changes to Congress. Comments must be received on or before March 22, 2006. 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 DATES: E:\FR\FM\22DEP1.SGM 22DEP1 Federal Register / Vol. 70, No. 245 / Thursday, December 22, 2005 / Proposed Rules name] Comments on Sixth 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 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 website 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 between 9 a.m. and 3 p.m. To make an appointment, call (703) 518–6546 or send an e-mail to OGC_Mail @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: rwilkins on PROD1PC63 with PROPOSALS I. Introduction NCUA seeks public comment and suggestions on ways it can reduce regulatory burdens consistent with our statutory obligations. This notice requests comments to help identify which requirements in three regulatory categories—Agency Programs, Capital, and Corporate Credit Unions—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. NCUA specifically invites 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. Commenters should note that NCUA has recommended that Congress consider amending provisions of the Federal Credit Union Act governing VerDate Aug<31>2005 16:34 Dec 21, 2005 Jkt 205001 capital requirements for federally insured credit unions. Congress last amended the law in 1998 to impose certain ‘‘prompt corrective action’’ requirements for credit unions, based on their capital ratios. The proposed amendments would make credit union capital standards more comparable with other federally insured financial institutions and would provide greater enforcement flexibility to NCUA. More information about the proposed legislation is available at the NCUA Web site, http://www.ncua.gov, under the heading of ‘‘Legislation’’ in the left hand menu on the home page. In drafting this notice, the NCUA participated in 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 Agencies, which are issuing a joint notice. NCUA’s notice is consistent and comparable with the joint notice, although there are differences. For example, credit unions are not covered under the Community Reinvestment Act, and so this notice makes no reference to that subject. Similarly, the Agencies have no category similar to NCUA’s corporate credit union category, so their notice does not include that subject. II. A. The EGRPRA review requirements and NCUA’s proposed plan This is the sixth and final notice in the multi-year regulatory review required by section 2222 of EGRPRA.1 NCUA described the review requirements in its initial Federal Register notice, published on July 3, 2003 (68 FR 39863). As noted at that time, NCUA anticipates that the EGRPRA review’s overall focus on the ‘‘forest’’ of regulations will offer a new perspective in identifying opportunities to reduce regulatory burden. Nevertheless, NCUA’s efforts to reduce regulatory burden must be consistent with applicable statutory mandates and provide for the continued safety and soundness of federally-insured credit unions and appropriate consumer protections. The EGRPRA review required that NCUA categorize its regulations by type. Our July 3, 2003, Federal Register 1 Public Law 104–208, div. A, title II, § 2222, 110 Stat. 3009–414; codified at 12 U.S.C. 3311. PO 00000 Frm 00021 Fmt 4702 Sfmt 4702 75987 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, NCUA 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. NCUA 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 NCUA was eager to begin reducing unnecessary burden where appropriate, the 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 February 4, 2004 (69 FR 5300); its third notice, relating to other consumer protection rules, on July 8, 2004 (69 FR 41202); its fourth notice, relating to safety and soundness and anti-money laundering, on February 4, 2005 (70 FR 5946); and its fifth notice, relating to directors, officers and employees and rules of procedure, on July 7, 2005 (70 FR 39202). All 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, 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. E:\FR\FM\22DEP1.SGM 22DEP1 75988 Federal Register / Vol. 70, No. 245 / Thursday, December 22, 2005 / Proposed Rules 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, eleven in response to the fourth notice, and five in response to the fifth notice. The comments have been posted on the interagency EGRPRA Web site, http://www.EGRPRA.gov, and can be viewed by clicking on ‘‘Comments.’’ NCUA is actively reviewing the coments received about specific ways to reduce regulatory burden, as well as conducting its own analyses. Because the main purpose of this notice is to request comment on the next category of regulations, NCUA will not discuss specific recommendations received in response to earlier notices here. As NCUA develops initiatives to reduce burden on specific subjects in the future—whether through regulatory, legislative, or other channels—it will discuss the public’s recommendations that relate to its proposed actions. rwilkins on PROD1PC63 with PROPOSALS III. Request for Comment on Agency Programs, Capital and Corporate Credit Union Categories NCUA is asking the public to identify the ways in which the rules in the category of Agency Programs, Capital and Corporate Credit Unions 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. NCUA encourages 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. NCUA recognizes that commenters using a product line approach may want to make recommendations about rules that are not in the 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? VerDate Aug<31>2005 16:34 Dec 21, 2005 Jkt 205001 • 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. PO 00000 Frm 00022 Fmt 4702 Sfmt 4702 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 AGENCY PROGRAMS, CAPITAL, AND CORPORATE CREDIT UNIONS Subject Community Development Revolving Loan Program. Central Liquidity Facility Designation of low-income status; receipt of secondary capital accounts by low-income designated credit unions. Prompt Corrective Action. Adequacy of Reserves Corporate Credit Unions Code of Federal Regulations (CFR) Citation 12 CFR Part 705. 12 CFR Part 725. 12 CFR 701.34. 12 CFR Part 702. 12 CFR 741.3(a). 12 CFR Part 704. By the National Credit Union Administration Board on December 15, 2005. Mary F. Rupp, Secretary of the Board. [FR Doc. 05–24368 Filed 12–21–05; 8:45 am] BILLING CODE 7535–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Parts 310, 341, and 357 [Docket Nos. 1976N–0052N (formerly 1976N–052N) and 1981N–0022 (formerly 81N–0022)] RIN 0910–AF34, 0910–AF45 Phenylpropanolamine-Containing Drug Products for Over-the-Counter Human Use; Tentative Final Monographs AGENCY: Food and Drug Administration, HHS. ACTION: Notice of proposed rule. SUMMARY: The Food and Drug Administration (FDA) is issuing a notice of proposed rulemaking (notice) for over-the-counter (OTC) nasal decongestant and weight control drug products containing phenylpropanolamine preparations. This proposed rule reclassifies phenylpropanolamine preparations from their previously proposed monograph status (Category I) for these uses to nonmonograph (Category II) E:\FR\FM\22DEP1.SGM 22DEP1

Agencies

[Federal Register Volume 70, Number 245 (Thursday, December 22, 2005)]
[Proposed Rules]
[Pages 75986-75988]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-24368]


=======================================================================
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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Chap. VII


Request for Burden Reduction Recommendation; Rules Relating to 
Agency Programs, Capital, and Corporate Credit Unions; 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). NCUA requests comments and suggestions on ways to reduce 
burden in regulations that govern agency programs, capital and 
corporate credit unions, consistent with our statutory obligations. All 
comments are welcome. This is the final notice in the ten-year 
regulatory review required by EGRPRA.
    NCUA will analyze the comments received and propose burden reducing 
changes to its regulations where appropriate. Some suggestions for 
burden reduction might require legislative changes. Where legislative 
changes would be required, NCUA will consider the suggestions in 
recommending appropriate changes to Congress.

DATES: Comments must be received on or before March 22, 2006.

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

[[Page 75987]]

name] Comments on Sixth 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 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 website 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 between 9 a.m. and 3 p.m. To make an appointment, 
call (703) 518-6546 or send an e-mail to OGC--Mail @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. This 
notice requests comments to help identify which requirements in three 
regulatory categories--Agency Programs, Capital, and Corporate Credit 
Unions--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.
    NCUA specifically invites 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.
    Commenters should note that NCUA has recommended that Congress 
consider amending provisions of the Federal Credit Union Act governing 
capital requirements for federally insured credit unions. Congress last 
amended the law in 1998 to impose certain ``prompt corrective action'' 
requirements for credit unions, based on their capital ratios. The 
proposed amendments would make credit union capital standards more 
comparable with other federally insured financial institutions and 
would provide greater enforcement flexibility to NCUA. More information 
about the proposed legislation is available at the NCUA Web site, 
http://www.ncua.gov, under the heading of ``Legislation'' in the left 
hand menu on the home page.
    In drafting this notice, the NCUA participated in 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 Agencies, 
which are issuing a joint notice. NCUA's notice is consistent and 
comparable with the joint notice, although there are differences. For 
example, credit unions are not covered under the Community Reinvestment 
Act, and so this notice makes no reference to that subject. Similarly, 
the Agencies have no category similar to NCUA's corporate credit union 
category, so their notice does not include that subject.

II. A. The EGRPRA review requirements and NCUA's proposed plan

    This is the sixth and final notice in the multi-year regulatory 
review required by section 2222 of EGRPRA.\1\ NCUA described the review 
requirements in its initial Federal Register notice, published on July 
3, 2003 (68 FR 39863). As noted at that time, NCUA anticipates that the 
EGRPRA review's overall focus on the ``forest'' of regulations will 
offer a new perspective in identifying opportunities to reduce 
regulatory burden. Nevertheless, NCUA's efforts to reduce regulatory 
burden must be consistent with applicable statutory mandates and 
provide for the continued safety and soundness of federally-insured 
credit unions and appropriate consumer protections.
---------------------------------------------------------------------------

    \1\ Public Law 104-208, div. A, title II, Sec.  2222, 110 Stat. 
3009-414; codified at 12 U.S.C. 3311.
---------------------------------------------------------------------------

    The EGRPRA review required that NCUA categorize its 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, NCUA 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. NCUA 
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 NCUA was eager to begin reducing 
unnecessary burden where appropriate, the 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 
February 4, 2004 (69 FR 5300); its third notice, relating to other 
consumer protection rules, on July 8, 2004 (69 FR 41202); its fourth 
notice, relating to safety and soundness and anti-money laundering, on 
February 4, 2005 (70 FR 5946); and its fifth notice, relating to 
directors, officers and employees and rules of procedure, on July 7, 
2005 (70 FR 39202). All 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, 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.

[[Page 75988]]

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, eleven in response to the fourth notice, and five in response 
to the fifth notice. The comments have been posted on the interagency 
EGRPRA Web site, http://www.EGRPRA.gov, and can be viewed by clicking 
on ``Comments.'' NCUA is actively reviewing the coments received about 
specific ways to reduce regulatory burden, as well as conducting its 
own analyses. Because the main purpose of this notice is to request 
comment on the next category of regulations, NCUA will not discuss 
specific recommendations received in response to earlier notices here. 
As NCUA develops initiatives to reduce burden on specific subjects in 
the future--whether through regulatory, legislative, or other 
channels--it will discuss the public's recommendations that relate to 
its proposed actions.

III. Request for Comment on Agency Programs, Capital and Corporate 
Credit Union Categories

    NCUA is asking the public to identify the ways in which the rules 
in the category of Agency Programs, Capital and Corporate Credit Unions 
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. NCUA encourages 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. NCUA 
recognizes that commenters using a product line approach may want to 
make recommendations about rules that are not in the 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

          Agency Programs, Capital, and Corporate Credit Unions
------------------------------------------------------------------------
                                           Code of Federal Regulations
                Subject                          (CFR) Citation
------------------------------------------------------------------------
Community Development Revolving Loan    12 CFR Part 705.
 Program.
Central Liquidity Facility............  12 CFR Part 725.
Designation of low-income status;       12 CFR 701.34.
 receipt of secondary capital accounts
 by low-income designated credit
 unions.
Prompt Corrective Action..............  12 CFR Part 702.
Adequacy of Reserves                    12 CFR 741.3(a).
Corporate Credit Unions...............  12 CFR Part 704.
------------------------------------------------------------------------


    By the National Credit Union Administration Board on December 
15, 2005.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. 05-24368 Filed 12-21-05; 8:45 am]
BILLING CODE 7535-01-P