Filing Financial and Other Reports, 64883-64885 [2013-25716]

Download as PDF 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. Frm 00011 Fmt 4700 64883 Sfmt 4700 E:\FR\FM\30OCR1.SGM 30OCR1 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 Frm 00012 Fmt 4700 Sfmt 4700 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.
---------------------------------------------------------------------------

    \11\ Public Law 104-121, 110 Stat. 857 (1996).
    \12\ 5 U.S.C. 551.
---------------------------------------------------------------------------

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