Filing Financial and Other Reports, 64883-64885 [2013-25716]
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Federal Register / Vol. 78, No. 210 / Wednesday, October 30, 2013 / Rules and Regulations
burden of the requirement is: 1,790
FICUs × 24 hours = 42,960 hours.
NCUA has also determined the
requirement to either become a member
of the CLF or establish borrowing access
through the Discount Window creates a
new information collection requirement.
There are 771 FICUs with assets of at
least $250 million, 374 of which are not
currently regular members of CLF and/
or do not report having established
Discount Window access. NCUA
estimates that it should take a FICU
approximately 4 hours to complete the
necessary paperwork to establish either
CLF or Discount Window access. The
expected burden of the requirement is:
374 FICUs × 4 hours = 1,496 hours.
While the regulation provides the
option of establishing CLF membership
through an agent, NCUA estimates that
no corporates will opt to be agent
members at this time and, therefore, no
FICUs will establish membership in this
manner.
As required by the PRA, NCUA
submitted a copy of this final rule to
OMB for its review and approval.
c. Executive Order 13132
Executive Order 13132 encourages
independent regulatory agencies to
consider the impact of their actions on
state and local interests. NCUA, an
independent regulatory agency as
defined in 44 U.S.C. 3502(5), voluntarily
complies with the executive order to
adhere to fundamental federalism
principles. This final rule does not have
substantial direct effects on the states,
on the relationship 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.
emcdonald on DSK67QTVN1PROD with RULES
d. The Treasury and General
Government Appropriations Act, 1999—
Assessment of Federal Regulations and
Policies on Families
The NCUA has determined that this
final rule will not affect family wellbeing within the meaning of section 654
of the Treasury and General
Government Appropriations Act, 1999,
Public Law 105–277, 112 Stat. 2681
(1998).
e. 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
VerDate Mar<15>2010
15:50 Oct 29, 2013
Jkt 232001
instances where NCUA issues a final
rule as defined by section 551 of the
Administrative Procedure Act.11 NCUA
does not believe this final rule is a
‘‘major rule’’ within the meaning of the
relevant sections of SBREFA and has
submitted the rule to the Office of
Management and Budget for its
determination in that regard.
List of Subjects in 12 CFR Part 741
Credit, Credit unions, Reporting and
recordkeeping requirements.
By the National Credit Union
Administration Board on October 24, 2013.
Gerard Poliquin,
Secretary of the Board.
For the reasons stated above, the
National Credit Union Administration
amends 12 CFR part 741 as follows:
PART 741—REQUIREMENTS FOR
INSURANCE
1. The authority citation for part 741
continues to read as follows:
■
Authority: 12 U.S.C. 1757, 1766(a), 1781–
1790, and 1790d; 31 U.S.C. 3717.
2. Add § 741.12 to subpart A to read
as follows:
■
§ 741.12 Liquidity and Contingency
Funding Plans.
(a) Any credit union insured pursuant
to Title II of the Act that has assets of
less than $50 million must maintain a
basic written policy that provides a
credit union board-approved framework
for managing liquidity and a list of
contingent liquidity sources that can be
employed under adverse circumstances.
(b) Any credit union insured pursuant
to Title II of the Act that has assets of
$50 million or more must establish and
document a contingency funding plan
(CFP) that meets the requirements of
paragraph (d) of this section.
(c) In addition to the requirement
specified in paragraph (b) of this section
to establish and maintain a CFP, any
credit union insured pursuant to Title II
of the Act that has assets of $250 million
or more must establish and document
access to at least one contingent federal
liquidity source for use in times of
financial emergency and distressed
economic circumstances. These credit
unions must conduct advance planning
and periodic testing to ensure that
contingent funding sources are readily
available when needed. A credit union
subject to this paragraph may
demonstrate access to a contingent
federal liquidity source by:
(1) Maintaining regular membership
in the Central Liquidity Facility
(Facility), as described in part 725 of
this chapter;
(2) Maintaining membership in the
Facility through an Agent, as described
in part 725 of this chapter; or
(3) Establishing borrowing access at
the Federal Reserve Discount Window
by filing the necessary lending
agreements and corporate resolutions to
obtain credit from a Federal Reserve
Bank pursuant to 12 CFR part 201.
(d) Contingency Funding Plan: A
credit union must have a written CFP
commensurate with its complexity, risk
profile, and scope of operations that sets
out strategies for addressing liquidity
shortfalls in emergency situations. The
CFP may be a separate policy or may be
incorporated into an existing policy
such as an asset/liability policy, a funds
management policy, or a business
continuity policy. The CFP must
address, at a minimum, the following:
(1) The sufficiency of the institution’s
liquidity sources to meet normal
operating requirements as well as
contingent events;
(2) The identification of contingent
liquidity sources;
(3) Policies to manage a range of stress
environments, identification of some
possible stress events, and identification
of likely liquidity responses to such
events;
(4) Lines of responsibility within the
institution to respond to liquidity
events;
(5) Management processes that
include clear implementation and
escalation procedures for liquidity
events; and
(6) The frequency that the institution
will test and update the plan.
(e) A credit union is subject to the
requirements of paragraphs (b) or (c) of
this section when two consecutive Call
Reports show its assets to be at least $50
million or $250 million, respectively. A
FICU then has 120 days from the
effective date of that second Call Report
to meet the greater requirements.
[FR Doc. 2013–25714 Filed 10–29–13; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Parts 741 and 748
RIN 3313–AE25
Filing Financial and Other Reports
National Credit Union
Administration (NCUA).
ACTION: Final rule.
AGENCY:
The NCUA Board (Board) is
issuing a final rule to amend its
SUMMARY:
11 5
PO 00000
U.S.C. 551.
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64884
Federal Register / Vol. 78, No. 210 / Wednesday, October 30, 2013 / Rules and Regulations
regulations regarding filing financial,
statistical, and other reports and credit
union profiles by requiring all federally
insured credit unions (FICUs) to file this
information electronically using
NCUA’s information management
system or other electronic means
specified by NCUA. Under the current
rule, FICUs are required to file this
information online only if they have the
capacity to do so.
DATES: This rule is effective January 1,
2014.
FOR FURTHER INFORMATION CONTACT:
Sarah Chung, Staff Attorney, Office of
General Counsel, at 1775 Duke Street,
Alexandria, Virginia 22314–3428,
telephone (703) 518–1178, or Mark
Vaughan, Director, Division of Analytics
and Surveillance, Office of Examination
and Insurance, at 1775 Duke Street,
Alexandria, Virginia 22314–3428,
telephone (703) 518–6622.
SUPPLEMENTARY INFORMATION:
I. Background and Proposal
II. Summary of Public Comments and Final
Rule
III. Regulatory Procedures
I. Background and Proposal
emcdonald on DSK67QTVN1PROD with RULES
A. Background
The Federal Credit Union Act (Act)
provides NCUA with broad authority to
require FICUs, including corporate
credit unions, to submit financial data
and other information as required by the
Board.1 The Act directs each FICU to
make reports of condition to the Board
on dates selected by the Board.2 The
Board has broad discretion to set the
conditions and information
requirements for such reports.3 More
specifically, NCUA requires FICUs to
submit financial reports, reports of
officials, credit union profiles, and other
reports.4
Section 741.6(a) of NCUA’s
regulations requires FICUs to file
financial, statistical, and other reports,
including call reports. Section 748.1 of
NCUA’s regulations requires the
president or managing official of each
FICU to certify compliance with a
variety of requirements in its credit
union profile.
Under NCUA’s current regulations, a
FICU must use NCUA’s information
management system, or other electronic
means specified by NCUA, to submit its
reportable data online, unless it is
unable to do so.5 In this case, a FICU
1 12
U.S.C. 1756, 1766, 1781, and 1782.
2 Id.
must file written reports in accordance
with NCUA instructions.
B. July 2013 Proposal
Executive Order 13579 provides that
independent agencies, including NCUA,
should consider if they can modify,
streamline, expand, or repeal existing
rules to make their programs more
effective and less burdensome. NCUA
seeks to reduce operating costs and
promote environmentally responsible
practices. NCUA estimates it costs the
agency $125 per filer per quarter to
process manual filings of call reports
alone. In July 2013, NCUA proposed to
require all FICUs to submit call reports
and other data electronically, and to
update their credit union profiles online
to reduce the expense of printing and
mailing paper forms and other
processing costs.6 Under the proposed
rule, filing manually would no longer be
an option.
Additionally, NCUA would increase
efficiency, enhance accuracy of data,
and provide a secure access portal that
is the sole means for FICUs to submit,
edit, and view data that NCUA collects.
This permits FICUs to submit data
securely to NCUA from any computer
with Internet access. To assist FICUs
making this transition, NCUA already
provides instructions on how to report
online and has posted a ‘‘frequently
asked questions’’ section on NCUA’s
Web site.
II. Summary of Public Comments and
Final Rule
NCUA received 12 comments on the
proposed rule. The comments were from
3 trade associations representing credit
unions, 6 state credit union leagues
(some of these leagues represent more
than one state), a state-chartered,
federally insured credit union, a federal
credit union, and a state regulators
association.
Six commenters generally supported
the proposed rule. Some commenters
believed the proposal would lead to
increased efficiencies and enhance the
accuracy and availability of data. Others
maintained that NCUA appropriately
considered the burden on filers and
made hardware and training available to
help small credit unions.
Six commenters generally did not
support the proposed rule. Some
commenters expressed concerns about
the hardships that electronic filing may
have on the smallest credit unions who
have limited staffing and electronic
resources. Others did not believe the
3 Id.
III. Regulatory Procedures
A. Regulatory Flexibility Act
The Regulatory Flexibility Act
requires NCUA to prepare an analysis to
describe any significant economic
impact a regulation may have on a
substantial number of small entities.7
For purposes of this analysis, NCUA
considers small credit unions to be
those having under $50 million in
assets.8 This final rule requires a very
small number of manual filers to
transition to electronic filing. This final
rule would affect relatively few FICUs
and the associated cost is minimal.
Accordingly, NCUA certifies this final
rule will not have a significant
economic impact on small entities.
75
U.S.C. 603(a).
Ruling and Policy Statement 03–2,
68 FR 31949 (May 29, 2003), as amended by
Interpretative Ruling and Policy Statement 13–1, 78
FR 4032 (Jan. 18, 2013).
8 Interpretive
4 12
CFR 741.6 and 748.1.
Currently, corporate credit unions use an
electronic system for submitting data online
5 Id.
VerDate Mar<15>2010
proposed rule would sufficiently reduce
costs and increase efficiency for NCUA,
and found that manual filings were not
a significant burden on NCUA’s
resources.
Commenters also made other
recommendations. Some of these
recommendations include having
NCUA: 1) Change the required filing
date for call reports to be 30 days after
the end of the quarter; 2) encourage
manual filers to move toward electronic
filing within a reasonable amount of
time, the duration of which should
depend on the particular credit union;
and 3) continue to work with small
credit unions, through its Office of
Small Credit Union Initiatives (OSCUI),
to help move them toward electronic
filing.
The Board has considered all public
comments carefully. While NCUA
appreciates the commenters’ concerns
for small credit unions, NCUA believes
that electronic filing will save time and
resources, as well as increase the
efficiency in processing all reports.
NCUA believes that once manual filers
embrace online filing, they will find it
is quicker and easier than manual filing,
and it will reduce their administrative
burden. NCUA will continue to help
small credit unions transition to
electronic filing and anticipates that
OSCUI will continue to participate in
this effort.
Accordingly, the Board is adopting
the July 2013 proposed rule as final
without any changes. The final rule will
be effective on January 1, 2014, which
means it is applicable to the fourth
quarter 2013 call report data, which are
due to NCUA later in January 2014.
15:50 Oct 29, 2013
Jkt 232001
different from the system used by natural person
FICUs.
6 78 FR 46850 (Aug. 2, 2013).
PO 00000
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Fmt 4700
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E:\FR\FM\30OCR1.SGM
30OCR1
Federal Register / Vol. 78, No. 210 / Wednesday, October 30, 2013 / Rules and Regulations
B. 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.9 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. This final rule
requires the same information
previously required in a different
format, which NCUA believes will
require the same or a lesser amount of
time to produce. This final rule will not
create new paperwork burdens or
modify any existing paperwork
burdens.10
C. 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. This final rule will not have a
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.
D. 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).
emcdonald on DSK67QTVN1PROD with RULES
E. Small Business Regulatory
Enforcement Fairness Act
The Small Business Regulatory
Enforcement Fairness Act of 1996 11
(SBREFA) provides generally for
congressional review of agency rules. A
reporting requirement is triggered in
instances where NCUA issues a final
9 44
U.S.C. 3507(d); 5 CFR part 1320.
information collection in Call Reports and
Credit Union Profiles for natural person credit
unions (NCUA Form 5300) is currently approved
under OMB Control Number 3133–0004. For
corporate credit unions (NCUA Form 5310), the
information collection in Call Reports is pending
under OMB Control Number 3133–0067.
11 Public Law 104–121, 110 Stat. 857 (1996).
10 The
VerDate Mar<15>2010
15:50 Oct 29, 2013
Jkt 232001
64885
rule as defined by Section 551 of the
Administrative Procedure Act.12 NCUA
does not believe this final rule is a
‘‘major rule’’ within the meaning of the
relevant sections of SBREFA. This final
rule requires a very small number of
manual filers to file financial, statistical,
and other reports electronically, which
is minimally intrusive and economically
negligible. NCUA has submitted the rule
to the Office of Management and Budget
for its determination in that regard.
Authority: 12 U.S.C. 1766(a), 1786(q); 15
U.S.C. 6801–6809; 31 U.S.C. 5311 and 5318.
List of Subjects
[FR Doc. 2013–25716 Filed 10–29–13; 8:45 am]
4. In § 748.1, revise paragraph (a) to
read as follows:
■
§ 748.1
Filing of reports.
(a) The president or managing official
of each federally insured credit union
must certify compliance with the
requirements of this part in its Credit
Union Profile annually through NCUA’s
online information management system.
*
*
*
*
*
12 CFR Part 741
Credit, Credit unions, Reporting and
recordkeeping requirements, Share
insurance.
BILLING CODE 7535–01–P
12 CFR Part 748
Credit unions, Reporting and
recordkeeping requirements, Security
measures.
16 CFR Part 4
By the National Credit Union
Administration Board on October 24, 2013.
Gerard Poliquin,
Secretary of the Board.
For the reasons stated above, NCUA
amends 12 CFR parts 741 and 748 as
follows:
PART 741—REQUIREMENTS FOR
INSURANCE
1. The authority for part 741
continues to read as follows:
■
Authority: 12 U.S.C. 1757, 1766(a), 1781–
1790, and 1790d; 31 U.S.C. 3717.
2. In § 741.6, revise paragraph (a)
introductory text to read as follows:
■
§ 741.6 Financial and statistical and other
reports.
(a) Upon written notice from the
NCUA Board, Regional Director,
Director of the Office of Examination
and Insurance, or Director of the Office
of National Examinations and
Supervision, insured credit unions must
file financial and other reports in
accordance with the instructions in the
notice. Insured credit unions must use
NCUA’s information management
system, or other electronic means
specified by NCUA, to submit their data
online.
*
*
*
*
*
PART 748—SECURITY PROGRAM,
REPORT OF SUSPECTED CRIMES,
SUSPICIOUS TRANSACTIONS,
CATASTROPHIC ACTS AND BANK
SECRECY ACT COMPLIANCE
3. The authority for part 748
continues to read as follows:
■
12 5
PO 00000
U.S.C. 551.
Frm 00013
Fmt 4700
Sfmt 4700
FEDERAL TRADE COMMISSION
Freedom of Information Act (FOIA);
Miscellaneous Rules Redelegation of
Authority To Determine Appeals Under
the FOIA
AGENCY:
Federal Trade Commission
(FTC).
ACTION:
Final rule amendments.
The Commission is revising
its rules to authorize the General
Counsel to redelegate his or her
authority to determine appeals related
to the Freedom of Information Act
(‘‘FOIA’’). The Commission is adopting
these changes in order to improve and
expedite the process for responding to
such appeals. The changes will affect
internal procedures only and are not
intended to influence the outcomes of
appeals made under the rules. The
Commission is also adding a new
provision that explicitly provides the
right to appeal fee waiver
determinations under the FOIA.
DATES: These amendments are effective
October 30, 2013.
FOR FURTHER INFORMATION CONTACT: W.
Ashley Gum, Attorney, Office of the
General Counsel, FTC, 600
Pennsylvania Avenue NW., Washington,
DC 20580, 202–326–3006.
SUPPLEMENTARY INFORMATION: Under the
Commission’s current rule governing
FOIA appeals (16 CFR 4.11(a)), appeals
from initial denials of requests for
extensions, and initial denials of
requests for information under the
FOIA, are addressed to the General
Counsel. 16 CFR 4.11(a)(3)(i)(A)(4).
Reorganization Plan No. 4 of 1961, 75
Stat. 837, authorizes the Commission to
delegate any of its functions. It imposes
no restrictions on the Commission’s
capacity to authorize a Commission
official to designate others to carry out
delegated functions (i.e., to redelegate).
The Commission notes that generally
SUMMARY:
E:\FR\FM\30OCR1.SGM
30OCR1
]]>Agencies
[Federal Register Volume 78, Number 210 (Wednesday, October 30, 2013)]
[Rules and Regulations]
[Pages 64883-64885]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25716]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 741 and 748
RIN 3313-AE25
Filing Financial and Other Reports
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The NCUA Board (Board) is issuing a final rule to amend its
[[Page 64884]]
regulations regarding filing financial, statistical, and other reports
and credit union profiles by requiring all federally insured credit
unions (FICUs) to file this information electronically using NCUA's
information management system or other electronic means specified by
NCUA. Under the current rule, FICUs are required to file this
information online only if they have the capacity to do so.
DATES: This rule is effective January 1, 2014.
FOR FURTHER INFORMATION CONTACT: Sarah Chung, Staff Attorney, Office of
General Counsel, at 1775 Duke Street, Alexandria, Virginia 22314-3428,
telephone (703) 518-1178, or Mark Vaughan, Director, Division of
Analytics and Surveillance, Office of Examination and Insurance, at
1775 Duke Street, Alexandria, Virginia 22314-3428, telephone (703) 518-
6622.
SUPPLEMENTARY INFORMATION:
I. Background and Proposal
II. Summary of Public Comments and Final Rule
III. Regulatory Procedures
I. Background and Proposal
A. Background
The Federal Credit Union Act (Act) provides NCUA with broad
authority to require FICUs, including corporate credit unions, to
submit financial data and other information as required by the
Board.\1\ The Act directs each FICU to make reports of condition to the
Board on dates selected by the Board.\2\ The Board has broad discretion
to set the conditions and information requirements for such reports.\3\
More specifically, NCUA requires FICUs to submit financial reports,
reports of officials, credit union profiles, and other reports.\4\
---------------------------------------------------------------------------
\1\ 12 U.S.C. 1756, 1766, 1781, and 1782.
\2\ Id.
\3\ Id.
\4\ 12 CFR 741.6 and 748.1.
---------------------------------------------------------------------------
Section 741.6(a) of NCUA's regulations requires FICUs to file
financial, statistical, and other reports, including call reports.
Section 748.1 of NCUA's regulations requires the president or managing
official of each FICU to certify compliance with a variety of
requirements in its credit union profile.
Under NCUA's current regulations, a FICU must use NCUA's
information management system, or other electronic means specified by
NCUA, to submit its reportable data online, unless it is unable to do
so.\5\ In this case, a FICU must file written reports in accordance
with NCUA instructions.
---------------------------------------------------------------------------
\5\ Id. Currently, corporate credit unions use an electronic
system for submitting data online different from the system used by
natural person FICUs.
---------------------------------------------------------------------------
B. July 2013 Proposal
Executive Order 13579 provides that independent agencies, including
NCUA, should consider if they can modify, streamline, expand, or repeal
existing rules to make their programs more effective and less
burdensome. NCUA seeks to reduce operating costs and promote
environmentally responsible practices. NCUA estimates it costs the
agency $125 per filer per quarter to process manual filings of call
reports alone. In July 2013, NCUA proposed to require all FICUs to
submit call reports and other data electronically, and to update their
credit union profiles online to reduce the expense of printing and
mailing paper forms and other processing costs.\6\ Under the proposed
rule, filing manually would no longer be an option.
---------------------------------------------------------------------------
\6\ 78 FR 46850 (Aug. 2, 2013).
---------------------------------------------------------------------------
Additionally, NCUA would increase efficiency, enhance accuracy of
data, and provide a secure access portal that is the sole means for
FICUs to submit, edit, and view data that NCUA collects. This permits
FICUs to submit data securely to NCUA from any computer with Internet
access. To assist FICUs making this transition, NCUA already provides
instructions on how to report online and has posted a ``frequently
asked questions'' section on NCUA's Web site.
II. Summary of Public Comments and Final Rule
NCUA received 12 comments on the proposed rule. The comments were
from 3 trade associations representing credit unions, 6 state credit
union leagues (some of these leagues represent more than one state), a
state-chartered, federally insured credit union, a federal credit
union, and a state regulators association.
Six commenters generally supported the proposed rule. Some
commenters believed the proposal would lead to increased efficiencies
and enhance the accuracy and availability of data. Others maintained
that NCUA appropriately considered the burden on filers and made
hardware and training available to help small credit unions.
Six commenters generally did not support the proposed rule. Some
commenters expressed concerns about the hardships that electronic
filing may have on the smallest credit unions who have limited staffing
and electronic resources. Others did not believe the proposed rule
would sufficiently reduce costs and increase efficiency for NCUA, and
found that manual filings were not a significant burden on NCUA's
resources.
Commenters also made other recommendations. Some of these
recommendations include having NCUA: 1) Change the required filing date
for call reports to be 30 days after the end of the quarter; 2)
encourage manual filers to move toward electronic filing within a
reasonable amount of time, the duration of which should depend on the
particular credit union; and 3) continue to work with small credit
unions, through its Office of Small Credit Union Initiatives (OSCUI),
to help move them toward electronic filing.
The Board has considered all public comments carefully. While NCUA
appreciates the commenters' concerns for small credit unions, NCUA
believes that electronic filing will save time and resources, as well
as increase the efficiency in processing all reports. NCUA believes
that once manual filers embrace online filing, they will find it is
quicker and easier than manual filing, and it will reduce their
administrative burden. NCUA will continue to help small credit unions
transition to electronic filing and anticipates that OSCUI will
continue to participate in this effort.
Accordingly, the Board is adopting the July 2013 proposed rule as
final without any changes. The final rule will be effective on January
1, 2014, which means it is applicable to the fourth quarter 2013 call
report data, which are due to NCUA later in January 2014.
III. Regulatory Procedures
A. Regulatory Flexibility Act
The Regulatory Flexibility Act requires NCUA to prepare an analysis
to describe any significant economic impact a regulation may have on a
substantial number of small entities.\7\ For purposes of this analysis,
NCUA considers small credit unions to be those having under $50 million
in assets.\8\ This final rule requires a very small number of manual
filers to transition to electronic filing. This final rule would affect
relatively few FICUs and the associated cost is minimal. Accordingly,
NCUA certifies this final rule will not have a significant economic
impact on small entities.
---------------------------------------------------------------------------
\7\ 5 U.S.C. 603(a).
\8\ Interpretive Ruling and Policy Statement 03-2, 68 FR 31949
(May 29, 2003), as amended by Interpretative Ruling and Policy
Statement 13-1, 78 FR 4032 (Jan. 18, 2013).
---------------------------------------------------------------------------
[[Page 64885]]
B. 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.\9\ 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.
This final rule requires the same information previously required in a
different format, which NCUA believes will require the same or a lesser
amount of time to produce. This final rule will not create new
paperwork burdens or modify any existing paperwork burdens.\10\
---------------------------------------------------------------------------
\9\ 44 U.S.C. 3507(d); 5 CFR part 1320.
\10\ The information collection in Call Reports and Credit Union
Profiles for natural person credit unions (NCUA Form 5300) is
currently approved under OMB Control Number 3133-0004. For corporate
credit unions (NCUA Form 5310), the information collection in Call
Reports is pending under OMB Control Number 3133-0067.
---------------------------------------------------------------------------
C. 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. This final rule will not have a 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.
D. 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).
E. Small Business Regulatory Enforcement Fairness Act
The Small Business Regulatory Enforcement Fairness Act of 1996 \11\
(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 Administrative Procedure
Act.\12\ NCUA does not believe this final rule is a ``major rule''
within the meaning of the relevant sections of SBREFA. This final rule
requires a very small number of manual filers to file financial,
statistical, and other reports electronically, which is minimally
intrusive and economically negligible. NCUA has submitted the rule to
the Office of Management and Budget for its determination in that
regard.
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\11\ Public Law 104-121, 110 Stat. 857 (1996).
\12\ 5 U.S.C. 551.
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List of Subjects
12 CFR Part 741
Credit, Credit unions, Reporting and recordkeeping requirements,
Share insurance.
12 CFR Part 748
Credit unions, Reporting and recordkeeping requirements, Security
measures.
By the National Credit Union Administration Board on October 24,
2013.
Gerard Poliquin,
Secretary of the Board.
For the reasons stated above, NCUA amends 12 CFR parts 741 and 748
as follows:
PART 741--REQUIREMENTS FOR INSURANCE
0
1. The authority for part 741 continues to read as follows:
Authority: 12 U.S.C. 1757, 1766(a), 1781-1790, and 1790d; 31
U.S.C. 3717.
0
2. In Sec. 741.6, revise paragraph (a) introductory text to read as
follows:
Sec. 741.6 Financial and statistical and other reports.
(a) Upon written notice from the NCUA Board, Regional Director,
Director of the Office of Examination and Insurance, or Director of the
Office of National Examinations and Supervision, insured credit unions
must file financial and other reports in accordance with the
instructions in the notice. Insured credit unions must use NCUA's
information management system, or other electronic means specified by
NCUA, to submit their data online.
* * * * *
PART 748--SECURITY PROGRAM, REPORT OF SUSPECTED CRIMES, SUSPICIOUS
TRANSACTIONS, CATASTROPHIC ACTS AND BANK SECRECY ACT COMPLIANCE
0
3. The authority for part 748 continues to read as follows:
Authority: 12 U.S.C. 1766(a), 1786(q); 15 U.S.C. 6801-6809; 31
U.S.C. 5311 and 5318.
0
4. In Sec. 748.1, revise paragraph (a) to read as follows:
Sec. 748.1 Filing of reports.
(a) The president or managing official of each federally insured
credit union must certify compliance with the requirements of this part
in its Credit Union Profile annually through NCUA's online information
management system.
* * * * *
[FR Doc. 2013-25716 Filed 10-29-13; 8:45 am]
BILLING CODE 7535-01-P
