Conversions of Insured Credit Unions, 80678-80680 [2010-32308]

Download as PDF 80678 Federal Register / Vol. 75, No. 246 / Thursday, December 23, 2010 / Rules and Regulations for purposes of qualifying for the designation to clarify that actual member data must be compared with a like category of statistical data. NCUA received three comment letters: One from a federal credit union and two from credit union trade associations. All three commenters supported the clarification in the interim final rule. The two trade associations, commenting on an issue outside the scope of the interim final rule, urged the NCUA to consider further amendment of the low-income rule to permit credit unions that do not qualify under NCUA’s geo-coding software to use a statistically valid, random sample of member income data to support a designation as a lowincome credit union. Concurrent with issuing this final rule, the Board is separately issuing a proposed rule addressing the use of a statistically valid, random sample to support the low-income designation. Regulatory Procedures Regulatory Flexibility Act The Regulatory Flexibility Act requires NCUA to prepare an analysis to describe any significant economic impact any regulation may have on a substantial number of small entities. 5 U.S.C. 603(a). For purposes of this analysis, NCUA considers credit unions having under $10 million in assets small entities. Interpretive Ruling and Policy Statement 03–2, 68 FR 31949 (May 29, 2003). As of December 31, 2007, out of approximately 8,410 federally insured credit unions, 3,599 had less than $10 million in assets. This interim final rule merely clarifies the existing low-income rule and, therefore, an analysis is not required. NCUA, however, provided an analysis when it issued the final rule in November 2008, concluding that the economic impact on entities affected by the rule would not be significant. 73 FR 71911–12. mstockstill on DSKH9S0YB1PROD with RULES Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act (SBREFA) of 1996, Public Law 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 Procedures Act. 5 U.S.C. 551. The Office of Information and Regulatory Affairs has determined that this final rule is not a major rule for purposes of SBREFA. VerDate Mar<15>2010 15:59 Dec 22, 2010 Jkt 223001 Paperwork Reduction Act This clarifying amendment does not change the collection requirements under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. 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 will not have substantial direct effect 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 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 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). List of Subjects in 12 CFR Part 701 Credit unions, Federal credit unions, Low income, Nonmember deposits, Secondary capital, Shares. By the National Credit Union Administration Board, on December 16, 2010. Mary F. Rupp, Secretary of the Board. For the reasons stated above, NCUA amends 12 CFR part 701 as follows: ■ PART 701—ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS Accordingly, the interim final rule amending 12 CFR part 701 which was published at 75 FR 47171 on August 5, 2010, is adopted as a final rule without change. ■ [FR Doc. 2010–32130 Filed 12–22–10; 8:45 am] PO 00000 Frm 00004 Fmt 4700 Sfmt 4700 12 CFR Parts 708a and 708b RIN 3133–AD84; 3133–AD85 Conversions of Insured Credit Unions Executive Order 13132 BILLING CODE 7535–01–P NATIONAL CREDIT UNION ADMINISTRATION National Credit Union Administration (NCUA). ACTION: Interim final rule with request for comments. AGENCY: NCUA is issuing final amendments to revise the definition of the phrase ‘‘Regional Director’’ in NCUA’s rule on credit union to mutual savings bank conversions and to add the same revised definition of that phrase to NCUA’s rule on conversions to nonfederal deposit insurance. DATES: The rule is effective December 23, 2010. Comments must be received by January 24, 2011. 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/Resources/RegulationsOpinions Laws/FinalRegulations.aspx. Follow the instructions for submitting comments. E-mail: Address to regcomments@ncua.gov. Include ‘‘[Your name] Comments on ‘‘Interim Final Rulemaking for Parts 708a and 708b— Definition of ‘‘Regional Director’’ in the e-mail subject line. Fax: (703) 518–6319. Use the subject line described above for e-mail. Mail: Address to Mary Rupp, Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314– 3428. Hand Delivery/Courier: Same as mail address. Public Inspection: All public comments are available on the agency’s Web site at http://www.ncua.gov/ Resources/RegulationsOpinionsLaws/ FinalRegulations.aspx as submitted, except as may not be possible for technical reasons. Public comments will not be edited to remove any identifying or contact information. Paper copies of comments may be inspected in NCUA’s law library at 1775 Duke Street, Alexandria, Virginia 22314, by appointment weekdays between 9 a.m. and 3 p.m. To make an appointment, call (703) 518–6546 or send an e-mail to OGCMail@ncua.gov. FOR FURTHER INFORMATION CONTACT: Jacqueline Lussier, Staff Attorney, Office of General Counsel, at the address above or telephone (703) 518–6540. SUMMARY: E:\FR\FM\23DER1.SGM 23DER1 Federal Register / Vol. 75, No. 246 / Thursday, December 23, 2010 / Rules and Regulations SUPPLEMENTARY INFORMATION: Background In 2009, the NCUA Board created the NCUA Office of Consumer Protection (OCP) to become operational on January 1, 2010. The OCP is charged with responsibilities in the areas of credit union chartering, insurance and supervision, as well as consumer compliance. NCUA is in the process of moving responsibility for the review and approval of certain types of credit union conversions from the Regional Directors to the Director of the OCP, including credit union conversions to mutual savings banks or mutual savings associations (MSBs) in 12 CFR part 708a and the conversion from National Credit Union Share Insurance Fund (NCUSIF) share insurance to nonfederal share insurance in 12 CFR part 708b. To accommodate this reassignment of staff functions, the NCUA Board is adding the Director of the OCP to the definition of the phrase ‘‘Regional Director’’ in part 708a and adding a new definition of the phrase ‘‘Regional Director’’ to part 708b that mirrors the revised definition in part 708a. 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. NCUA believes good cause exists for issuing these amendments without notice and public comment. The amendments to these rules are not substantive but merely update the regulations to provide NCUA with additional administrative flexibility. Additionally, the APA requires that a final rule must have a delayed effective date of 30 days from the date of publication, except for good cause. 5 U.S.C. 553(d). NCUA also finds good cause to waive the customary 30-day delayed effective date requirement under the APA. These revisions will, therefore, be effective immediately upon publication. NCUA does not anticipate comments on these changes and so is allowing only a 30-day comment period. Regulatory Procedures 80679 voluntarily complies with the executive order. The interim final rule will 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 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 the interim final 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, Public Law 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. While NCUA views these revisions as minor, the formal determination by the Office of Information and Regulatory Affairs of the Office of Management and Budget is pending. mstockstill on DSKH9S0YB1PROD with RULES Part 708a Part 708a governs conversions of federally-insured credit unions to MSBs. The definitions under part 708a are set forth in § 708a.1. 12 CFR 708a.1. Section 708a.1 currently defines the phrase ‘‘Regional Director’’ as the director of the NCUA regional office where a natural person credit union’s main office is located, and for corporate credit unions, ‘‘Regional Director’’ means the director of NCUA’s Office of Corporate Credit Unions. This final rule amends the definition of ‘‘Regional Director’’ for natural person credit unions to include the Director of OCP. Regulatory Flexibility Act Paperwork Reduction Act 12 CFR Part 708b Part 708b Part 708b governs credit union-tocredit union mergers and terminations of NCUSIF share insurance and conversions from NCUSIF share insurance to nonfederal share insurance. The definitions under part 708b are set forth in § 708b.2. 12 CFR 708b.2. Unlike part 708a, part 708b does not currently contain a definition of ‘‘Regional Director.’’ This final rule amends part 708b to add a definition of that phrase to § 708b.2 identical to the parallel definition in part 708a. The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in which an agency by rule creates a new paperwork burden on regulated entities or modifies an existing burden. 44 U.S.C. 3507(d). For purposes of the PRA, a paperwork burden may take the form of either a reporting or a recordkeeping requirement, both referred to as information collections. The revised definition does not impose any new paperwork burden. Credit unions, Mergers of credit unions, Reporting and recordkeeping requirements. Interim Final Rule NCUA is issuing this rulemaking as an interim final rule effective upon publication in the Federal Register. The Administrative Procedure Act (APA), 5 U.S.C. 553, generally requires that VerDate Mar<15>2010 15:59 Dec 22, 2010 Jkt 223001 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). Only a few credit unions convert in a given year. Accordingly, the NCUA Board certifies that the interim final rule will not have a significant economic impact on a substantial number of small credit unions, and, therefore, a regulatory flexibility analysis is not required. 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), PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 List of Subjects 12 CFR Part 708a Charter conversions, Credit unions. By the National Credit Union Administration Board on December 20, 2010. Mary F. Rupp, Secretary of the Board. For the reasons stated in the preamble, the National Credit Union Administration amends 12 CFR parts 708a and 708b as follows: ■ PART 708a—CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS BANKS 1. The authority citation for part 708a continues to read as follows: ■ Authority: 12 U.S.C. 1766, 12 U.S.C. 1785(b). E:\FR\FM\23DER1.SGM 23DER1 80680 Federal Register / Vol. 75, No. 246 / Thursday, December 23, 2010 / Rules and Regulations 2. Amend § 708a.1 to add a definition of regional director in alphabetical order to read as follows: ■ § 708a.1 Definitions. * * * * * Regional director means either the director of the NCUA regional office for the region where a natural person credit union’s main office is located or the director of the NCUA’s Office of Consumer Protection. For corporate credit unions, regional director means the director of NCUA’s Office of Corporate Credit Unions. * * * * * PART 708b—MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS 3. The authority citation for part 708b continues to read as follows: ■ Authority: 12 U.S.C. 1752(7), 1766, 1785, 1786, 1789. 4. In § 708b.2, redesignate paragraphs (h) through (k) as paragraphs (i) through (l) and add new paragraph (h) to read as follows: ■ § 708b.2 Definitions. * * * * * (h) Regional director means either the director of the NCUA regional office for the region where a natural person credit union’s main office is located or the director of the NCUA’s Office of Consumer Protection. For corporate credit unions, regional director means the director of NCUA’s Office of Corporate Credit Unions. * * * * * [FR Doc. 2010–32308 Filed 12–22–10; 8:45 am] BILLING CODE 7535–01–P DEPARTMENT OF TRANSPORTATION 14 CFR Part 97 [Docket No. 30759; Amdt. No. 3405] Standard Instrument Approach Procedures, and Takeoff Minimums and Obstacle Departure Procedures; Miscellaneous Amendments Federal Aviation Administration (FAA), DOT. ACTION: Final rule. mstockstill on DSKH9S0YB1PROD with RULES AGENCY: This rule establishes, amends, suspends, or revokes Standard Instrument Approach Procedures (SIAPs) and associated Takeoff Minimums and Obstacle Departure Procedures for operations at certain airports. These regulatory actions are SUMMARY: VerDate Mar<15>2010 15:59 Dec 22, 2010 Jkt 223001 needed because of the adoption of new or revised criteria, or because of changes occurring in the National Airspace System, such as the commissioning of new navigational facilities, adding new obstacles, or changing air traffic requirements. These changes are designed to provide safe and efficient use of the navigable airspace and to promote safe flight operations under instrument flight rules at the affected airports. DATES: This rule is effective December 23, 2010. The compliance date for each SIAP, associated Takeoff Minimums, and ODP is specified in the amendatory provisions. The incorporation by reference of certain publications listed in the regulations is approved by the Director of the Federal Register as of December 23, 2010. ADDRESSES: Availability of matter incorporated by reference in the amendment is as follows: For Examination— 1. FAA Rules Docket, FAA Headquarters Building, 800 Independence Avenue, SW., Washington, DC 20591; 2. The FAA Regional Office of the region in which the affected airport is located; 3. The National Flight Procedures Office, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 or, 4. The National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http://www.archives.gov/ federal_register/code_of_federal_ regulations/ibr_locations.html. Availability—All SIAPs are available online free of charge. Visit nfdc.faa.gov to register. Additionally, individual SIAP and Takeoff Minimums and ODP copies may be obtained from: 1. FAA Public Inquiry Center (APA– 200), FAA Headquarters Building, 800 Independence Avenue, SW., Washington, DC 20591; or 2. The FAA Regional Office of the region in which the affected airport is located. FOR FURTHER INFORMATION CONTACT: Harry J. Hodges, Flight Procedure Standards Branch (AFS–420) Flight Technologies and Programs Division, Flight Standards Service, Federal Aviation Administration, Mike Monroney Aeronautical Center, 6500 South MacArthur Blvd., Oklahoma City, OK 73169 (Mail Address: P.O. Box 25082, Oklahoma City, OK 73125) telephone: (405) 954–4164. SUPPLEMENTARY INFORMATION: This rule amends Title 14, Code of Federal PO 00000 Frm 00006 Fmt 4700 Sfmt 4700 Regulations, Part 97 (14 CFR part 97) by amending the referenced SIAPs. The complete regulatory description of each SIAP is listed on the appropriate FAA Form 8260, as modified by the National Flight Data Center (FDC)/Permanent Notice to Airmen (P–NOTAM), and is incorporated by reference in the amendment under 5 U.S.C. 552(a), 1 CFR part 51, and § 97.20 of Title 14 of the Code of Federal Regulations. The large number of SIAPs, their complex nature, and the need for a special format make their verbatim publication in the Federal Register expensive and impractical. Further, airmen do not use the regulatory text of the SIAPs, but refer to their graphic depiction on charts printed by publishers of aeronautical materials. Thus, the advantages of incorporation by reference are realized and publication of the complete description of each SIAP contained in FAA form documents is unnecessary. This amendment provides the affected CFR sections and specifies the types of SIAP and the corresponding effective dates. This amendment also identifies the airport and its location, the procedure and the amendment number. The Rule This amendment to 14 CFR part 97 is effective upon publication of each separate SIAP as amended in the transmittal. For safety and timeliness of change considerations, this amendment incorporates only specific changes contained for each SIAP as modified by FDC/P–NOTAMs. The SIAPs, as modified by FDC P– NOTAM, and contained in this amendment are based on the criteria contained in the U.S. Standard for Terminal Instrument Procedures (TERPS). In developing these changes to SIAPs, the TERPS criteria were applied only to specific conditions existing at the affected airports. All SIAP amendments in this rule have been previously issued by the FAA in a FDC NOTAM as an emergency action of immediate flight safety relating directly to published aeronautical charts. The circumstances which created the need for all these SIAP amendments requires making them effective in less than 30 days. Because of the close and immediate relationship between these SIAPs and safety in air commerce, I find that notice and public procedure before adopting these SIAPs are impracticable and contrary to the public interest and, where applicable, that good cause exists for making these SIAPs effective in less than 30 days. E:\FR\FM\23DER1.SGM 23DER1

Agencies

[Federal Register Volume 75, Number 246 (Thursday, December 23, 2010)]
[Rules and Regulations]
[Pages 80678-80680]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32308]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 708a and 708b

RIN 3133-AD84; 3133-AD85


Conversions of Insured Credit Unions

AGENCY: National Credit Union Administration (NCUA).

ACTION: Interim final rule with request for comments.

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

SUMMARY: NCUA is issuing final amendments to revise the definition of 
the phrase ``Regional Director'' in NCUA's rule on credit union to 
mutual savings bank conversions and to add the same revised definition 
of that phrase to NCUA's rule on conversions to nonfederal deposit 
insurance.

DATES: The rule is effective December 23, 2010. Comments must be 
received by January 24, 2011.

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/Resources/RegulationsOpinionsLaws/FinalRegulations.aspx. Follow the instructions 
for submitting comments.
    E-mail: Address to regcomments@ncua.gov. Include ``[Your name] 
Comments on ``Interim Final Rulemaking for Parts 708a and 708b--
Definition of ``Regional Director'' in the e-mail subject line.
    Fax: (703) 518-6319. Use the subject line described above for e-
mail.
    Mail: Address to Mary Rupp, Secretary of the Board, National Credit 
Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-
3428.
    Hand Delivery/Courier: Same as mail address.
    Public Inspection: All public comments are available on the 
agency's Web site at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/FinalRegulations.aspx as submitted, except as 
may not be possible for technical reasons. Public comments will not be 
edited to remove any identifying or contact information. Paper copies 
of comments may be inspected in NCUA's law library at 1775 Duke Street, 
Alexandria, Virginia 22314, by appointment weekdays between 9 a.m. and 
3 p.m. To make an appointment, call (703) 518-6546 or send an e-mail to 
OGCMail@ncua.gov.

FOR FURTHER INFORMATION CONTACT: Jacqueline Lussier, Staff Attorney, 
Office of General Counsel, at the address above or telephone (703) 518-
6540.

[[Page 80679]]


SUPPLEMENTARY INFORMATION:

Background

    In 2009, the NCUA Board created the NCUA Office of Consumer 
Protection (OCP) to become operational on January 1, 2010. The OCP is 
charged with responsibilities in the areas of credit union chartering, 
insurance and supervision, as well as consumer compliance. NCUA is in 
the process of moving responsibility for the review and approval of 
certain types of credit union conversions from the Regional Directors 
to the Director of the OCP, including credit union conversions to 
mutual savings banks or mutual savings associations (MSBs) in 12 CFR 
part 708a and the conversion from National Credit Union Share Insurance 
Fund (NCUSIF) share insurance to nonfederal share insurance in 12 CFR 
part 708b. To accommodate this reassignment of staff functions, the 
NCUA Board is adding the Director of the OCP to the definition of the 
phrase ``Regional Director'' in part 708a and adding a new definition 
of the phrase ``Regional Director'' to part 708b that mirrors the 
revised definition in part 708a.

Part 708a

    Part 708a governs conversions of federally-insured credit unions to 
MSBs. The definitions under part 708a are set forth in Sec.  708a.1. 12 
CFR 708a.1. Section 708a.1 currently defines the phrase ``Regional 
Director'' as the director of the NCUA regional office where a natural 
person credit union's main office is located, and for corporate credit 
unions, ``Regional Director'' means the director of NCUA's Office of 
Corporate Credit Unions. This final rule amends the definition of 
``Regional Director'' for natural person credit unions to include the 
Director of OCP.

Part 708b

    Part 708b governs credit union-to-credit union mergers and 
terminations of NCUSIF share insurance and conversions from NCUSIF 
share insurance to nonfederal share insurance. The definitions under 
part 708b are set forth in Sec.  708b.2. 12 CFR 708b.2. Unlike part 
708a, part 708b does not currently contain a definition of ``Regional 
Director.'' This final rule amends part 708b to add a definition of 
that phrase to Sec.  708b.2 identical to the parallel definition in 
part 708a.

 Interim Final Rule

    NCUA is issuing this rulemaking as an interim final rule effective 
upon publication in the Federal Register. The Administrative Procedure 
Act (APA), 5 U.S.C. 553, generally 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. NCUA believes good 
cause exists for issuing these amendments without notice and public 
comment. The amendments to these rules are not substantive but merely 
update the regulations to provide NCUA with additional administrative 
flexibility.
    Additionally, the APA requires that a final rule must have a 
delayed effective date of 30 days from the date of publication, except 
for good cause. 5 U.S.C. 553(d). NCUA also finds good cause to waive 
the customary 30-day delayed effective date requirement under the APA. 
These revisions will, therefore, be effective immediately upon 
publication.
    NCUA does not anticipate comments on these changes and so is 
allowing only a 30-day comment period.

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). Only a few credit unions convert in a given year. Accordingly, 
the NCUA Board certifies that the interim final rule will not have a 
significant economic impact on a substantial number of small credit 
unions, and, therefore, a regulatory flexibility analysis is not 
required.

Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in 
which an agency by rule creates a new paperwork burden on regulated 
entities or modifies an existing burden. 44 U.S.C. 3507(d). For 
purposes of the PRA, a paperwork burden may take the form of either a 
reporting or a recordkeeping requirement, both referred to as 
information collections. The revised definition does not impose any new 
paperwork burden.

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 interim final rule will 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 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 the interim final 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, 
Public Law 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. While NCUA views these 
revisions as minor, the formal determination by the Office of 
Information and Regulatory Affairs of the Office of Management and 
Budget is pending.

List of Subjects

12 CFR Part 708a

    Charter conversions, Credit unions.

12 CFR Part 708b

    Credit unions, Mergers of credit unions, Reporting and 
recordkeeping requirements.

    By the National Credit Union Administration Board on December 
20, 2010.
Mary F. Rupp,
Secretary of the Board.

0
For the reasons stated in the preamble, the National Credit Union 
Administration amends 12 CFR parts 708a and 708b as follows:

PART 708a--CONVERSION OF INSURED CREDIT UNIONS TO MUTUAL SAVINGS 
BANKS

0
1. The authority citation for part 708a continues to read as follows:

    Authority:  12 U.S.C. 1766, 12 U.S.C. 1785(b).


[[Page 80680]]



0
2. Amend Sec.  708a.1 to add a definition of regional director in 
alphabetical order to read as follows:


Sec.  708a.1  Definitions.

* * * * *
    Regional director means either the director of the NCUA regional 
office for the region where a natural person credit union's main office 
is located or the director of the NCUA's Office of Consumer Protection. 
For corporate credit unions, regional director means the director of 
NCUA's Office of Corporate Credit Unions.
* * * * *

PART 708b--MERGERS OF FEDERALLY INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

0
3. The authority citation for part 708b continues to read as follows:

    Authority:  12 U.S.C. 1752(7), 1766, 1785, 1786, 1789.

0
4. In Sec.  708b.2, redesignate paragraphs (h) through (k) as 
paragraphs (i) through (l) and add new paragraph (h) to read as 
follows:


Sec.  708b.2  Definitions.

* * * * *
    (h) Regional director means either the director of the NCUA 
regional office for the region where a natural person credit union's 
main office is located or the director of the NCUA's Office of Consumer 
Protection. For corporate credit unions, regional director means the 
director of NCUA's Office of Corporate Credit Unions.
* * * * *
[FR Doc. 2010-32308 Filed 12-22-10; 8:45 am]
BILLING CODE 7535-01-P