Operating Fees, 29934-29936 [E9-14756]
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29934
Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Rules and Regulations
modified first mortgage.’’ For interestonly loans, ‘‘[t]he second lien will
amortize over the longer of the
remaining term of the modified first lien
or the originally scheduled amortization
term, with amortization to begin at the
time specified in the original contract.’’
Without an amendment to § 701.21(f),
federal credit unions cannot participate
in the MHA Second Lien Program if the
first mortgage is for a term longer than
20 years.
This interim final rule creates a
limited exception to the 20-year
maturity limit on second mortgage
loans. The new provision, § 701.21(f)(3),
will permit federal credit unions
participating in Treasury’s MHA
Program to modify a second mortgage to
match the term of a modified first
mortgage, beyond 20 years. Credit
unions that are not participating in the
MHA Second Lien Program will still be
subject to the current 20-year maturity
limitation on second liens.
II. Interim Rule and Immediate
Effective Date
NCUA is issuing this rulemaking as
an interim final rule, effective upon
publication. The Administrative
Procedure Act (APA), 5 U.S.C. 553,
requires that, before a rulemaking can be
finalized, it must first be published as
a notice of proposed rulemaking with
the opportunity for public comment,
unless the agency for good cause finds
that notice and public comment are
impracticable, unnecessary, or contrary
to the public interest. Additionally, the
APA requires that, once finalized, a
rulemaking must have a delayed
effective date of 30 days from the date
of publication, except for good cause.
In this regard, NCUA invokes the
good cause exception to the
requirements of the APA. NCUA
believes good cause exists for issuing
these amendments as an interim rule
effective immediately. Due to the deep
contraction in the American economy
and, in particular, the housing market,
millions of homeowners are struggling
with unaffordable housing payments
and are at risk of foreclosure. The
interim rule provides credit unions with
the ability to participate in the MHA
Second Lien Program and, thus, to
better assist struggling homeowners
unable to afford their housing payments.
The interim rule is limited in scope and
does not impose any regulatory burden;
rather, the rule provides greater
flexibility for credit unions to assist
their members in these turbulent
economic times.
For these reasons, NCUA has
determined that the public notice and
participation that the APA ordinarily
VerDate Nov<24>2008
15:46 Jun 23, 2009
Jkt 217001
requires before a regulation may take
effect would, in this case, be contrary to
the public interest and, further, that
good cause exists for waiving the
customary 30-day delayed effective
date. Nevertheless, NCUA would like
the benefit of public comment before
adopting a permanent final rule and,
thus, invites interested parties to submit
comments during a 60-day comment
period. In adopting the final regulation,
NCUA will revise the interim rule in
light of the comments received on the
interim rule, if appropriate.
III. Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act
requires NCUA to prepare an analysis to
describe any significant economic
impact a rule may have on a substantial
number of small entities (primarily
those under ten million dollars in
assets). This interim final rule does not
impose any regulatory burden but
provides flexibility to all federal credit
unions to allow for participation in the
MHA Second Lien Program.
Accordingly, it will not have a
significant economic impact on a
substantial number of small credit
unions, and therefore, no regulatory
flexibility analysis is required.
Paperwork Reduction Act
NCUA has determined that this rule
will not increase paperwork
requirements under the Paperwork
Reduction Act of 1995 and regulations
of the Office of Management and
Budget.
The Treasury and General Government
Appropriations Act, 1999—Assessment
of Federal Regulations and Policies on
Families
NCUA has determined that this rule
will not affect family well-being within
the meaning of section 654 of the
Treasury and General Government
Appropriations Act, 1999, Public Law
105–277, 112 Stat. 2681 (1998).
Small Business Regulatory Enforcement
Fairness Act
The Small Business Regulatory
Enforcement Fairness Act of 1996 (Pub.
L. 104–121) (SBREFA) provides
generally for congressional review of
agency rules. A reporting requirement is
triggered in instances where NCUA
issues a final rule as defined by Section
551 of the APA. 5 U.S.C. 551. NCUA
does not believe this interim final rule
is a ‘‘major rule’’ within the meaning of
the relevant sections of SBREFA. NCUA
has submitted the rule to the Office of
Management and Budget for its
determination in that regard.
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
List of Subjects in 12 CFR Part 701
Credit, Credit unions, Mortgages.
By the National Credit Union
Administration Board, this 18th day of June
2009.
Mary F. Rupp,
Secretary of the Board.
For the reasons discussed above,
NCUA amends 12 CFR Part 701 as
follows:
■
PART 701—ORGANIZATION AND
OPERATION OF FEDERAL CREDIT
UNIONS
1. The authority citation for Part 701
continues to read as follows:
■
Authority: 12 U.S.C. 1752(5), 1755, 1756,
1757, 1759, 1761a, 1761b, 1766, 1767, 1782,
1784, 1787, and 1789.
Section 701.6 is also authorized by 15
U.S.C. 3717.
Section 701.31 is also authorized by 15
U.S.C. 1601 et seq.; 42 U.S.C. 1981 and 3601–
3610.
Section 701.35 is also authorized by 42
U.S.C. 4311–4312.
2. Section 701.21 is amended by
adding new paragraph (f)(3) to read as
follows:
■
§ 701.21 Loans to members and lines of
credit to members.
*
*
*
*
*
(f) * * *
(3) Notwithstanding the general 20year maturity limit on second mortgage
loans, a federal credit union
participating in the Department of the
Treasury’s Making Home Affordable
Program may extend the term of a
modified second mortgage to match the
term of a modified first mortgage, in
accordance with applicable program
guidelines.
*
*
*
*
*
[FR Doc. E9–14759 Filed 6–23–09; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 701
RIN 3133–AD60
Operating Fees
AGENCY: National Credit Union
Administration (NCUA).
ACTION: Final rule.
SUMMARY: NCUA is amending its rule on
the assessment of the Federal credit
union (FCU) operating fee by permitting
FCUs to subtract investments made
under the Credit Union System
Investment Program (CU SIP) and the
E:\FR\FM\24JNR1.SGM
24JNR1
Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Rules and Regulations
Credit Union Homeowners Affordability
Relief Program (CU HARP) from their
total assets; total assets is the basis on
which the operating fee is currently
calculated. The Board believes this
amendment will remove a disincentive
for some FCUs from participating in the
CU SIP or the CU HARP.
DATES: This rule is effective January 1,
2010.
FOR FURTHER INFORMATION CONTACT:
Justin M. Anderson, Staff Attorney,
Office of General Counsel, at (703) 518–
6540.
SUPPLEMENTARY INFORMATION:
A. Background
In February 2009, the NCUA Board
issued a proposed rule to amend § 701.6
of NCUA’s regulations. 74 FR 9573
(Mar. 5, 2009). The proposed rule
recommended allowing FCUs to deduct
investments under the CU SIP and CU
HARP from the calculation of total
assets for purposes of assessing the
operating fee.
Currently, § 701.6 sets out the basis on
which NCUA assesses the operating fee.
Briefly summarized, this section
provides that FCUs must pay NCUA an
annual operating fee based on the credit
union’s total assets. 12 CFR 701.6(a).
NCUA calculates an FCU’s operating fee
by multiplying the dollar amount of the
total assets by a percentage set by the
Board after considering the expenses of
NCUA and the ability of FCUs to pay
the fee. The term ‘‘total assets’’ generally
includes all assets created on an FCU’s
books related to investments made by an
FCU that are currently outstanding as of
the close of the previous fiscal year.
Based on this calculation, an increase in
the dollar amount of investments will
increase total assets and, thereby, may
increase an FCU’s operating fee.
The Board recognized an increase in
an FCUs operating fee might be a
disincentive for FCUs to participate in
the CU SIP and CU HARP. The Board,
therefore, issued a proposed rule
permitting FCUs to calculate their total
assets less any asset created by an
investment in the CU SIP or CU HARP.
Because the operating fee is based on an
FCU’s total assets as of the close of the
previous fiscal year and funding for the
CU SIP and CU HARP took place after
January 1, 2009, the proposed
amendments would not affect the
computation of the operating fee until
2010.
B. Discussion
The NCUA Board received seven
comment letters regarding the proposal:
two from credit union trade
associations; two from State credit
VerDate Nov<24>2008
15:46 Jun 23, 2009
Jkt 217001
union leagues; and three from FCUs. All
of the comment letters generally
supported the amendment in the
proposed rule and six of the
commenters offered no additional
comments or suggestions. One
commenter suggested NCUA also amend
the definition of total assets for
purposes of prompt corrective action, 12
CFR Part 702, to exclude guaranteed or
no/low risk assets from net worth ratio
calculations. This comment is outside
the scope of this rulemaking; NCUA
may consider this suggestion when it
reviews the prompt corrective action
rule as part of its rolling regulation
review under Interpretive Ruling and
Policy Statement (IRPS) 87–2,
Developing and Reviewing Government
Regulations.
In the final rule, the Board is adopting
a recommendation from agency staff to
revise the regulatory language to
describe the calculation more clearly.
The proposed rule stated the term ‘‘total
assets’’ does not include investments
made under the CU SIP and CU HARP.
The final rule has been revised to state
the operating fee is determined based on
total assets less the assets created on the
books of a natural person FCU by
investments under CU SIP and CU
HARP. This revision does not change
the substance of the proposed
amendment or its intended effect, which
is to ensure that FCUs will not pay an
increased operating fee because of their
participation in the CU SIP or CU
HARP.
Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act
requires NCUA to prepare an analysis to
describe any significant economic
impact a proposed rule may have on a
substantial number of small credit
unions (those under $10 million in
assets). This final rule revises the
calculation of total assets for purposes
of the assessment of the FCU operating
fee and permits FCUs to subtract
investments made under the CU SIP and
the CU HARP from the calculation. The
operating fee is calculated as a
percentage of total assets and, as such,
the calculation already is geared to
impose a smaller fee on smaller credit
unions. In addition, the operating fee
schedule has historically imposed no
operating fee on FCUs with assets up to
$500,000 and a flat fee of $100 for FCUs
of up to $750,000 in assets. The benefit
of the amendment would apply equally
to small credit unions, to the extent they
participate in the CU SIP or the CU
HARP, and would not have a significant
effect on their operating fees. The final
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
29935
rule, therefore, will not have a
significant economic impact on a
substantial number of small credit
unions and a regulatory flexibility
analysis is not required.
Paperwork Reduction Act
NCUA has determined that the
amendment will not increase paperwork
requirements and a paperwork
reduction analysis is not required.
Small Business Regulatory Enforcement
Fairness Act
The Small Business Regulatory
Enforcement Fairness Act of 1996 (Pub.
L. 104–121) provides generally for
congressional review of agency rules. A
reporting requirement is triggered in
instances where NCUA issues a final
rule as defined by Section 551 of the
Administrative Procedure Act. 5 U.S.C.
551. NCUA does not believe this final
rule is a ‘‘major rule’’ within the
meaning of the relevant sections of
SBREFA. NCUA has submitted the rule
to the Office of Management and Budget
for its determination in that regard.
Executive Order 13132
Executive Order 13132 encourages
independent regulatory agencies to
consider the impact of their 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. The final rule does not have
substantial direct effects on the States,
on the connection between the national
government and the States, or on the
distribution of power and
responsibilities among the various
levels of government. NCUA has
determined that this final rule does not
constitute a policy that has federalism
implications for purposes of the
executive order.
The Treasury and General Government
Appropriations Act, 1999—Assessment
of Federal Regulations and Policies on
Families
NCUA has determined that this final
rule would not affect family well-being
within the meaning of section 654 of the
Treasury and General Government
Appropriations Act, 1999, Public Law
105–277, 112 Stat. 2681 (1998).
List of Subjects in 12 CFR Part 701
Credit unions, Operating fee.
By the National Credit Union
Administration Board on June 18, 2009.
Mary Rupp,
Secretary of the Board.
For the reasons stated in the preamble,
the National Credit Union
■
E:\FR\FM\24JNR1.SGM
24JNR1
29936
Federal Register / Vol. 74, No. 120 / Wednesday, June 24, 2009 / Rules and Regulations
Administration is amending 12 CFR part
701 as set forth below:
PART 701—ORGANIZATION AND
OPERATIONS OF FEDERAL CREDIT
UNIONS
1. The authority citation for part 701
continues to read as follows:
■
Authority: 12 U.S.C. 1752(5), 1755, 1756,
1757, 1759, 1761a, 1761b, 1766, 1767, 1782,
1784, 1787, 1789. Section 701.6 is also
authorized by 15 U.S.C. 3717. Section 701.31
is also authorized by 15 U.S.C. 1601 et seq.;
42 U.S.C. 1981 and 3601–3610. Section
701.35 is also authorized by 42 U.S.C. 4311–
4312.
2. In § 701.6, add a new sentence to
the end of paragraph (a) to read as
follows:
■
§ 701.6
Fees paid by Federal credit unions.
(a) * * * The operating fee is
determined based on total assets less the
assets created on the books of a natural
person Federal credit union by
investments made in a corporate credit
union under the Credit Union System
Investment Program or the Credit Union
Homeowners Affordability Relief
Program.
*
*
*
*
*
[FR Doc. E9–14756 Filed 6–23–09; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2009–0570; Directorate
Identifier 2009–CE–033–AD; Amendment
39–15949; AD 2009–13–10]
RIN 2120–AA64
Airworthiness Directives; British
Aerospace Regional Aircraft Model
HP.137 Jetstream Mk.1, Jetstream
Series 200 and 3101, and Jetstream
Model 3201 Airplanes
AGENCY: Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; request for
comments.
SUMMARY: We are adopting a new
airworthiness directive (AD) for the
products listed above. This AD results
from mandatory continuing
airworthiness information (MCAI)
issued by the aviation authority of
another country to identify and correct
an unsafe condition on an aviation
product. The MCAI describes the unsafe
condition as:
BAE systems have been notified by the
MLG radius rod manufacturer, APPH Ltd,
VerDate Nov<24>2008
15:46 Jun 23, 2009
Jkt 217001
that a batch of incorrectly manufactured
Buffer Springs (part number 184818) had
been supplied to their parts distributor and
MRO facilities in North America.
There is a risk that any radius rod fitted
with one of these incorrectly manufactured
Buffer Springs could jam in an unlocked
position.
This condition, if not corrected, could
result in MLG collapse.
This AD requires actions that are
intended to address the unsafe
condition described in the MCAI.
DATES: This AD becomes effective June
26, 2009.
On June 26, 2009, the Director of the
Federal Register approved the
incorporation by reference of certain
publications listed in this AD.
We must receive comments on this
AD by July 24, 2009.
ADDRESSES: You may send comments by
any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Fax: (202) 493–2251.
• Mail: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590.
• Hand Delivery: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue, SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
Examining the AD Docket
You may examine the AD docket on
the Internet at https://
www.regulations.gov; or in person at the
Docket Management Facility between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays. The AD
docket contains this AD, the regulatory
evaluation, any comments received, and
other information. The street address for
the Docket Office (telephone (800) 647–
5527) is in the ADDRESSES section.
Comments will be available in the AD
docket shortly after receipt.
FOR FURTHER INFORMATION CONTACT:
Taylor Martin, Aerospace Engineer,
FAA, Small Airplane Directorate, 901
Locust, Room 301, Kansas City,
Missouri 64106; telephone: (816) 329–
4138; fax: (816) 329–4090.
SUPPLEMENTARY INFORMATION:
Discussion
The European Aviation Safety Agency
(EASA), which is the Technical Agent
for the Member States of the European
Community, has issued EASA
Emergency AD No. 2009–0121–E, dated
June 9, 2009 (referred to after this as
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
‘‘the MCAI’’), to correct an unsafe
condition for the specified products.
The MCAI states:
BAE systems have been notified by the
MLG radius rod manufacturer, APPH Ltd,
that a batch of incorrectly manufactured
Buffer Springs (part number 184818) had
been supplied to their parts distributor and
MRO facilities in North America.
There is a risk that any radius rod fitted
with one of these incorrectly manufactured
Buffer Springs could jam in an unlocked
position.
This condition, if not corrected, could
result in MLG collapse.
For the reasons described above, this
Emergency AD requires the replacement of
each affected radius rod with a serviceable
unit and allows the installation of the
affected radius rods only after the
accomplishment of APPH Service Bulletins
1847–32–14 and 1862–32–14.
You may obtain further information
by examining the MCAI in the AD
docket.
Relevant Service Information
British Aerospace Regional Aircraft
has issued British Aerospace Jetstream
Series 3100 and 3200 Alert Service
Bulletin 32–A–JA090640, dated June
2009 (includes an attached
Accomplishment Report), and APPH
BBA Aviation has issued APPH Ltd.
Service Bulletins 1847–32–14 and
1862–32–14, both dated June 2009. The
actions described in this service
information are intended to correct the
unsafe condition identified in the
MCAI.
FAA’s Determination and Requirements
of the AD
This product has been approved by
the aviation authority of another
country, and is approved for operation
in the United States. Pursuant to our
bilateral agreement with this State of
Design Authority, they have notified us
of the unsafe condition described in the
MCAI and service information
referenced above. We are issuing this
AD because we evaluated all
information provided by the State of
Design Authority and determined the
unsafe condition exists and is likely to
exist or develop on other products of the
same type design.
Differences Between This AD and the
MCAI or Service Information
We have reviewed the MCAI and
related service information and, in
general, agree with their substance. But
we might have found it necessary to use
different words from those in the MCAI
to ensure the AD is clear for U.S.
operators and is enforceable. In making
these changes, we do not intend to differ
substantively from the information
E:\FR\FM\24JNR1.SGM
24JNR1
]]>Agencies
[Federal Register Volume 74, Number 120 (Wednesday, June 24, 2009)]
[Rules and Regulations]
[Pages 29934-29936]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-14756]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 701
RIN 3133-AD60
Operating Fees
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: NCUA is amending its rule on the assessment of the Federal
credit union (FCU) operating fee by permitting FCUs to subtract
investments made under the Credit Union System Investment Program (CU
SIP) and the
[[Page 29935]]
Credit Union Homeowners Affordability Relief Program (CU HARP) from
their total assets; total assets is the basis on which the operating
fee is currently calculated. The Board believes this amendment will
remove a disincentive for some FCUs from participating in the CU SIP or
the CU HARP.
DATES: This rule is effective January 1, 2010.
FOR FURTHER INFORMATION CONTACT: Justin M. Anderson, Staff Attorney,
Office of General Counsel, at (703) 518-6540.
SUPPLEMENTARY INFORMATION:
A. Background
In February 2009, the NCUA Board issued a proposed rule to amend
Sec. 701.6 of NCUA's regulations. 74 FR 9573 (Mar. 5, 2009). The
proposed rule recommended allowing FCUs to deduct investments under the
CU SIP and CU HARP from the calculation of total assets for purposes of
assessing the operating fee.
Currently, Sec. 701.6 sets out the basis on which NCUA assesses
the operating fee. Briefly summarized, this section provides that FCUs
must pay NCUA an annual operating fee based on the credit union's total
assets. 12 CFR 701.6(a). NCUA calculates an FCU's operating fee by
multiplying the dollar amount of the total assets by a percentage set
by the Board after considering the expenses of NCUA and the ability of
FCUs to pay the fee. The term ``total assets'' generally includes all
assets created on an FCU's books related to investments made by an FCU
that are currently outstanding as of the close of the previous fiscal
year. Based on this calculation, an increase in the dollar amount of
investments will increase total assets and, thereby, may increase an
FCU's operating fee.
The Board recognized an increase in an FCUs operating fee might be
a disincentive for FCUs to participate in the CU SIP and CU HARP. The
Board, therefore, issued a proposed rule permitting FCUs to calculate
their total assets less any asset created by an investment in the CU
SIP or CU HARP. Because the operating fee is based on an FCU's total
assets as of the close of the previous fiscal year and funding for the
CU SIP and CU HARP took place after January 1, 2009, the proposed
amendments would not affect the computation of the operating fee until
2010.
B. Discussion
The NCUA Board received seven comment letters regarding the
proposal: two from credit union trade associations; two from State
credit union leagues; and three from FCUs. All of the comment letters
generally supported the amendment in the proposed rule and six of the
commenters offered no additional comments or suggestions. One commenter
suggested NCUA also amend the definition of total assets for purposes
of prompt corrective action, 12 CFR Part 702, to exclude guaranteed or
no/low risk assets from net worth ratio calculations. This comment is
outside the scope of this rulemaking; NCUA may consider this suggestion
when it reviews the prompt corrective action rule as part of its
rolling regulation review under Interpretive Ruling and Policy
Statement (IRPS) 87-2, Developing and Reviewing Government Regulations.
In the final rule, the Board is adopting a recommendation from
agency staff to revise the regulatory language to describe the
calculation more clearly. The proposed rule stated the term ``total
assets'' does not include investments made under the CU SIP and CU
HARP. The final rule has been revised to state the operating fee is
determined based on total assets less the assets created on the books
of a natural person FCU by investments under CU SIP and CU HARP. This
revision does not change the substance of the proposed amendment or its
intended effect, which is to ensure that FCUs will not pay an increased
operating fee because of their participation in the CU SIP or CU HARP.
Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act requires NCUA to prepare an analysis
to describe any significant economic impact a proposed rule may have on
a substantial number of small credit unions (those under $10 million in
assets). This final rule revises the calculation of total assets for
purposes of the assessment of the FCU operating fee and permits FCUs to
subtract investments made under the CU SIP and the CU HARP from the
calculation. The operating fee is calculated as a percentage of total
assets and, as such, the calculation already is geared to impose a
smaller fee on smaller credit unions. In addition, the operating fee
schedule has historically imposed no operating fee on FCUs with assets
up to $500,000 and a flat fee of $100 for FCUs of up to $750,000 in
assets. The benefit of the amendment would apply equally to small
credit unions, to the extent they participate in the CU SIP or the CU
HARP, and would not have a significant effect on their operating fees.
The final rule, therefore, will not have a significant economic impact
on a substantial number of small credit unions and a regulatory
flexibility analysis is not required.
Paperwork Reduction Act
NCUA has determined that the amendment will not increase paperwork
requirements and a paperwork reduction analysis is not required.
Small Business Regulatory Enforcement Fairness Act
The Small Business Regulatory Enforcement Fairness Act of 1996
(Pub. L. 104-121) provides generally for congressional review of agency
rules. A reporting requirement is triggered in instances where NCUA
issues a final rule as defined by Section 551 of the Administrative
Procedure Act. 5 U.S.C. 551. NCUA does not believe this final rule is a
``major rule'' within the meaning of the relevant sections of SBREFA.
NCUA has submitted the rule to the Office of Management and Budget for
its determination in that regard.
Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to
consider the impact of their 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. The final rule does not have substantial
direct effects on the States, on the connection between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government. NCUA has
determined that this final rule does not constitute a policy that has
federalism implications for purposes of the executive order.
The Treasury and General Government Appropriations Act, 1999--
Assessment of Federal Regulations and Policies on Families
NCUA has determined that this final rule would not affect family
well-being within the meaning of section 654 of the Treasury and
General Government Appropriations Act, 1999, Public Law 105-277, 112
Stat. 2681 (1998).
List of Subjects in 12 CFR Part 701
Credit unions, Operating fee.
By the National Credit Union Administration Board on June 18,
2009.
Mary Rupp,
Secretary of the Board.
0
For the reasons stated in the preamble, the National Credit Union
[[Page 29936]]
Administration is amending 12 CFR part 701 as set forth below:
PART 701--ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS
0
1. The authority citation for part 701 continues to read as follows:
Authority: 12 U.S.C. 1752(5), 1755, 1756, 1757, 1759, 1761a,
1761b, 1766, 1767, 1782, 1784, 1787, 1789. Section 701.6 is also
authorized by 15 U.S.C. 3717. Section 701.31 is also authorized by
15 U.S.C. 1601 et seq.; 42 U.S.C. 1981 and 3601-3610. Section 701.35
is also authorized by 42 U.S.C. 4311-4312.
0
2. In Sec. 701.6, add a new sentence to the end of paragraph (a) to
read as follows:
Sec. 701.6 Fees paid by Federal credit unions.
(a) * * * The operating fee is determined based on total assets
less the assets created on the books of a natural person Federal credit
union by investments made in a corporate credit union under the Credit
Union System Investment Program or the Credit Union Homeowners
Affordability Relief Program.
* * * * *
[FR Doc. E9-14756 Filed 6-23-09; 8:45 am]
BILLING CODE 7535-01-P
