Technical Amendments, 77563-77565 [2013-30557]
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Federal Register / Vol. 78, No. 247 / Tuesday, December 24, 2013 / Rules and Regulations
a material error or misstatement in the
information submitted to the Reporting
Entity, it must notify the Reporting
Entity and the Farm Credit
Administration immediately of the error
or misstatement and prepare and submit
corrected information as soon as
practicable.
(3) Respond promptly to any
questions by the Reporting Entity
related to information provided under
this section in connection with the
preparation of a report of accounts and
exposures, including any data required
to establish, implement and maintain
consistent, accurate, and complete
shared asset identification and reporting
of shared asset exposures to the Farm
Credit Administration.
(4) Develop, implement, and maintain
an effective system of internal controls
over the data included in the report of
accounts and exposures, including
controls for maintaining the
confidentiality of borrower information.
The system of internal controls, at a
minimum, must comply with the
requirements of applicable Farm Credit
Administration regulations, including
§ 618.8430 of this chapter.
(b) Responsibilities of the Reporting
Entity for preparing and submitting
reports. The Reporting Entity must:
(1) Collect, store, and manage the
information submitted to it by each
bank and association under the
requirements of this section in a central
data repository in accordance with Farm
Credit Administration regulations and
prescribed instructions.
(2) Prepare and submit an electronic
quarterly report of the accounts and
exposures of all banks and associations
to the Farm Credit Administration in
accordance with the instructions
prescribed by the Farm Credit
Administration or as may be required by
the Farm Credit Administration.
(3) Establish, implement, and
maintain an automated mechanism to
ensure the reliable, timely, accurate and
consistent identification of the banks’
and associations’ shared asset
exposures, and report these exposures
and the shared asset identifiers in the
electronic quarterly report of accounts
and exposures to the Farm Credit
Administration. In connection with
establishing and implementing the
automated shared asset identification
mechanism, the Reporting Entity may
provide the banks and associations
information from the central data
repository to identify and report shared
asset exposures.
(4) Submit to the Farm Credit
Administration a written certification
that the information provided to the
Farm Credit Administration in the
VerDate Mar<15>2010
17:02 Dec 23, 2013
Jkt 232001
report of accounts and exposures of all
banks and associations accurately
represents the information provided to
it by the banks and associations and that
the Reporting Entity has complied with
the requirements of § 621.15(b). The
reports shall be certified by the
president or chief executive officer of
the Reporting Entity. In the event the
Reporting Entity learns of a material
error or misstatement in the information
submitted to the Farm Credit
Administration, it must notify the Farm
Credit Administration immediately of
the error or misstatement and prepare
and submit corrected information as
soon as practicable.
(5) Develop, implement, and maintain
an effective system of internal controls
over the central data repository,
including controls for maintaining the
confidentiality of borrower information.
The system of internal controls, at a
minimum, must comply with the
requirements of applicable Farm Credit
Administration regulations, including
§ 618.8430 of this chapter and require
that the Reporting Entity:
(i) Develop policies and procedures to
ensure that the information submitted in
the report of accounts and exposures to
the Farm Credit Administration is
complete and consistent with the
information submitted to the Reporting
Entity from the banks and associations
under § 621.15(a); and
(ii) Specify procedures for monitoring
any material corrections or adjustments,
in a timely manner, and provide timely
notification and resubmission of the
report of accounts and exposures to the
Farm Credit Administration.
(6) Notify the Farm Credit
Administration if it is unable to prepare
and submit the quarterly report of
accounts and exposures in compliance
with the requirements of § 621.15(b)(1)
through (b)(3). The notification:
(i) Must be signed by the chief
executive officer, or person in an
equivalent position, and submitted to
the Farm Credit Administration as soon
as the Reporting Entity becomes aware
of its inability to comply;
(ii) Must explain the reasons for its
inability to prepare and submit the
report; and
(iii) May include a request that the
Farm Credit Administration extend the
due date for the quarterly report of
accounts and exposures.
(7) In the event there is a breach of
information, immediately provide
written notice of the breach to:
(i) The Farm Credit Administration;
and
(ii) Each bank and association
concerned;
PO 00000
Frm 00007
Fmt 4700
Sfmt 4700
77563
(iii) For the purposes of this section,
‘‘breach of information’’ means any
actual or attempted unauthorized
access, possession, use, disclosure,
disruption, modification, or destruction
of information in the central data
repository, any reports of accounts and
exposures, or any other information
received pursuant to § 621.15(a)(1).
(8) Notify the Farm Credit
Administration in writing of any request
for data contained in the reports of
accounts and exposures that are not
explicitly allowed for in § 618.8320(b) of
this chapter.
Dated: December 18, 2013.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2013–30717 Filed 12–23–13; 8:45 am]
BILLING CODE 6705–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Parts 700, 701, and 704
RIN 3133–AE33
Technical Amendments
National Credit Union
Administration (NCUA).
ACTION: Final rule.
AGENCY:
The NCUA Board (Board) is
making technical amendments to
NCUA’s regulations regarding the rating
system for corporate credit unions. The
technical amendments conform the
regulations to a recent policy change
adopted by the Board. Specifically, the
policy change eliminates the use of the
Corporate Risk Information System
(CRIS) for corporate credit unions and
replaces it with the CAMEL rating
system. The technical amendments
merely update the regulations to reflect
the conversion from the CRIS to the
CAMEL rating system for corporate
credit unions.
DATES: The final rule is effective on
January 1, 2014.
FOR FURTHER INFORMATION CONTACT: Lisa
Henderson, Staff Attorney, Office of
General Counsel, at 1775 Duke Street,
Alexandria, VA 22314 or telephone:
(703) 518–6540.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background and Purpose of the Final Rule
II. Regulatory Procedures
I. Background and Purpose of the Final
Rule
Why is the NCUA Board issuing this
rule?
In September 2013, the Board adopted
a policy change which converted the
E:\FR\FM\24DER1.SGM
24DER1
77564
Federal Register / Vol. 78, No. 247 / Tuesday, December 24, 2013 / Rules and Regulations
rating system for corporate credit unions
from CRIS to CAMEL. The Board made
this change to: (1) Improve rating
comparability, as CAMEL is the
standard rating system for natural
person credit unions and banks; (2)
reduce complexity in managing two
different rating systems; (3) provide a
uniform rating system to promote
greater consistency in rating
assignments; and (4) facilitate
governance, as corporate credit union
directors are familiar with CAMEL at
their own natural person credit unions.
The Board is now amending §§ 700.2,
701.14, and 704.4,1 which still reference
the former CRIS rating system, to update
them to reflect the current CAMEL
rating system.
III. Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act
requires NCUA to prepare an analysis to
describe any significant economic
impact a rule may have on a substantial
number of small entities (primarily
those under $50 million in assets).
NCUA certifies that these technical
amendments will not have a significant
economic impact on a substantial
number of small credit unions.
sroberts on DSK5SPTVN1PROD with RULES
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.2 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. NCUA has
determined that the technical
amendments in this final rule do not
increase the paperwork requirements
under PRA or regulations of the Office
of Management and Budget.
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 will not have
a substantial direct effect 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
1 12
2 44
CFR 700.2, 701.14, and 704.4.
U.S.C. 3507(d); 5 CFR part 1320.
VerDate Mar<15>2010
15:58 Dec 23, 2013
Jkt 232001
determined that this final rule does not
constitute a policy that has federalism
implications for purposes of the
executive order.
12 CFR Part 704
Corporate credit unions, Credit
unions, Investments, Reporting and
recordkeeping requirements.
Assessment of Federal Regulations and
Policies on Families
By the National Credit Union
Administration Board on December 12, 2013.
Gerard Poliquin,
Secretary of the Board.
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, 1999.3
Small Business Regulatory Enforcement
Fairness Act
The Small Business Regulatory
Enforcement Fairness Act of 1996 4
(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.5 NCUA
has submitted this rule to the Office of
Management and Budget for it to
determine if the final rule is a ‘‘major
rule’’ for purposes of SBREFA. NCUA
does not believe the rule is major.
Final Rule
Generally, the Administrative
Procedure Act (APA) requires a federal
agency to provide the public with notice
and the opportunity to comment on
agency rulemakings. The amendments
in this rule are non-substantive and
technical. They make minor revisions to
reflect the conversion to the CAMEL
rating system for corporate credit
unions. The APA permits an agency to
forego the notice and comment period
under certain circumstances, such as
when a rulemaking is technical and
non-substantive. NCUA finds that, in
this instance, notice and public
comment are unnecessary under section
553(b)(3)(B) of the APA.6 NCUA also
finds good cause to dispense with the
30-day delayed effective date
requirement under section 553(d)(3) of
the APA.7 The rule, therefore, will be
effective January 1, 2014.
List of Subjects
12 CFR Part 700
Credit unions.
3 Public
Law 105–277, 112 Stat. 2681 (1998).
Law 104–121, 110 Stat. 857 (1996).
5 5 U.S.C. 551.
6 5 U.S.C. 553(b)(3)(B).
7 5 U.S.C. 553(d)(3).
4 Public
Fmt 4700
1. The authority citation for part 700
continues to read as follows:
■
Authority: 12 U.S.C. 1752, 1757(6), 1766.
2. Amend § 700.2 by revising
paragraph (2) of the definition of
‘‘Troubled Condition’’ to read as
follows:
■
§ 700.2
Definitions.
*
*
*
*
*
Troubled condition means:
*
*
*
*
*
(2) In the case of an insured corporate
credit union:
(i) A Federal credit union that has
been assigned a 4 or 5 CAMEL rating by
NCUA; or
(ii) A federally insured, statechartered credit union that has been
assigned a 4 or 5 CAMEL rating by
either NCUA, after an on-site contact, or
its state supervisor; or
(iii) A Federal credit union or a
federally insured, state-chartered credit
union that has been granted assistance
under section 208 of the Federal Credit
Union Act, 12 U.S.C 1788, that remains
outstanding and unextinguished.
*
*
*
*
*
PART 701—ORGANIZATION AND
OPERATION OF FEDERAL CREDIT
UNIONS
3. The authority citation for part 701
continues to read as follows:
■
Authority: 12 U.S.C. 1752(5), 1755, 1756,
1757, 1758, 1759, 1761a, 1761b, 1766, 1767,
1782, 1784, 1786, 1787, 1789. Section 701.6
is also authorized by 15 U.S.C. 3717. Section
701.31 is also authorized by 15 U.S.C. 1601
et seq.; 42 U.S.C. 1981 and 3601–3610.
Section 701.35 is also authorized by 42
U.S.C. 4311–4312.
4. Revise § 701.14(b)(4) to read as
follows:
Credit unions, Reporting and
recordkeeping requirements.
Frm 00008
PART 700—DEFINITIONS
■
12 CFR Part 701
PO 00000
For the reasons discussed above, the
NCUA Board amends 12 CFR parts 700,
701, and 704 as follows:
Sfmt 4700
§ 701.14 Change in official or senior
executive officer in credit unions that are
newly chartered or are in troubled
condition.
*
*
*
*
*
(b) * * *
(4) In the case of an insured corporate
credit union, Troubled condition means:
E:\FR\FM\24DER1.SGM
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Federal Register / Vol. 78, No. 247 / Tuesday, December 24, 2013 / Rules and Regulations
(i) A Federal credit union that has
been assigned a 4 or 5 CAMEL rating by
NCUA; or
(ii) A federally insured, statechartered credit union that has been
assigned a 4 or 5 CAMEL rating by
either NCUA, after an on-site contact, or
its state supervisor; or
(iii) A Federal credit union or a
federally insured, state-chartered credit
union that has been granted assistance
under section 208 of the Federal Credit
Union Act, 12 U.S.C. 1788, that remains
outstanding and unextinguished.
*
*
*
*
*
PART 704—CORPORATE CREDIT
UNIONS
5. The authority citation for part 704
continues to read as follows:
■
Authority: 12 U.S.C. 1766(a), 1781, 1789.
6. Revise § 704.4(d)(3)(ii) to read as
follows:
■
§ 704.4
Prompt corrective action.
*
*
*
*
*
(ii) Unsafe or unsound practice.
NCUA has determined, after notice and
an opportunity for hearing pursuant to
paragraph (h)(1) of this section, that the
corporate credit union received a lessthan-satisfactory CAMEL rating (i.e.,
three or lower) for any rating category
(other than in a rating category
specifically addressing capital
adequacy) and has not corrected the
conditions that served as the basis for
the less than satisfactory rating. Ratings
under this paragraph (d)(3)(ii) refer to
the most recent ratings (as determined
either on-site or off-site by the most
recent examination) of which the
corporate credit union has been notified
in writing.
*
*
*
*
*
[FR Doc. 2013–30557 Filed 12–23–13; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2013–0604; Directorate
Identifier 2012–SW–110–AD; Amendment
39–17705; AD 2013–25–09]
sroberts on DSK5SPTVN1PROD with RULES
RIN 2120–AA64
Airworthiness Directives;
AgustaWestland S.p.A. (Type
Certificate Previously Held by Agusta
S.p.A.) Helicopters
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
VerDate Mar<15>2010
15:58 Dec 23, 2013
Jkt 232001
We are adopting a new
airworthiness directive (AD) for certain
AgustaWestland S.p.A. (Agusta) Model
AB139 and AW139 helicopters. This AD
requires inspecting the nose landing
gear (NLG) pin installations for incorrect
assembly. This AD is prompted by
reports of incorrectly installed pins
discovered on in-service aircraft. These
actions are intended to detect
incorrectly installed pins, which could
result in collapse of the NLG during taxi
or landing.
DATES: This AD is effective January 28,
2014.
The Director of the Federal Register
approved the incorporation by reference
of a certain document listed in this AD
as of January 28, 2014.
ADDRESSES: For service information
identified in this AD, contact Agusta
Westland, Customer Support & Services,
Via Per Tornavento 15, 21019 Somma
Lombardo (VA) Italy, ATTN: Giovanni
Cecchelli; telephone 39–0331–711133;
fax 39 0331 711180; or at https://
www.agustawestland.com/technicalbullettins. You may review the
referenced service information at the
FAA, Office of the Regional Counsel,
Southwest Region, 2601 Meacham
Blvd., Room 663, Fort Worth, Texas
76137.
SUMMARY:
Examining the AD Docket
You may examine the AD docket on
the Internet at https://
www.regulations.gov or in person at the
Docket Operations Office between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays. The AD
docket contains this AD, the foreign
authority’s AD, any incorporated-byreference service information, the
economic evaluation, any comments
received, and other information. The
street address for the Docket Operations
Office (phone: 800–647–5527) is U.S.
Department of Transportation, Docket
Operations Office, M–30, West Building
Ground Floor, Room W12–140, 1200
New Jersey Avenue SE., Washington,
DC 20590.
FOR FURTHER INFORMATION CONTACT:
Robert Grant, Aviation Safety Engineer,
Safety Management Group, FAA, 2601
Meacham Blvd., Fort Worth, Texas
76137; telephone 817–222–5328; email
robert.grant@faa.gov.
SUPPLEMENTARY INFORMATION:
Discussion
On July 12, 2013, at 78 FR 41888, the
Federal Register published our notice of
proposed rulemaking (NPRM), which
proposed to amend 14 CFR part 39 to
add an AD that would apply to certain
serial-numbered AgustaWestland S.p.A.
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
77565
(Agusta) Model AB139 and AW139
helicopters with an NLG pin part
number 1661–0001 installed. The
NPRM proposed to require, within 50
hours time in service (TIS), inspecting
the pin installations in the left and right
arms for correct installation of the pin,
bolts, washers, and nuts.
• If the installation is not correct, the
NPRM proposed to require:
Æ Inspecting the bolt and nut for
corrosion and removing the bolt and nut
from service if there is corrosion.
Æ Inspecting the pin for corrosion, a
crack, and damage, removing the
corrosion and measuring the pin
diameter if there is any corrosion, and
removing the pin from service if the pin
diameter is less than 25.36 mm (.998 in)
or if there is a crack in the pin.
Æ Dye penetrant inspecting the pin
flange for surface cracks and removing
the pin from service if there is a surface
crack.
• If the installation is correct, the
NPRM proposed to require inspecting
the bolt head and nut for corrosion and
removing the bolt or nut from service if
there is any corrosion.
The proposed requirements were
intended to detect incorrectly installed
pins, which could result in collapse of
the NLG during taxi or landing.
The NPRM was prompted by AD No.
2012–0262, dated December 14, 2012,
issued by the European Aviation Safety
Agency (EASA), which is the Technical
Agent for the Member States of the
European Union, to correct an unsafe
condition for the Agusta Model AB139
and AW139 helicopters. EASA advises
that incorrectly installed NLG pins, part
number 1661–0001, were discovered on
several aircraft. Incorrectly installed
pins create a pre-stress condition on the
pin flange. According to EASA, a
subsequent technical investigation by
Agusta concluded that the incorrect
installation could be present on a
number of other helicopters. EASA
states that this condition could lead to
NLG structural failure and consequent
collapse during landing or taxi,
resulting in damage to the helicopter
and injury to the occupants. EASA AD
2012–0262 requires inspecting the NLG
pin installation on both the left and
right arms to determine if the pin,
washers, and nuts are correctly installed
and, depending on findings, inspecting
the bolts, nuts, and pins for corrosion,
and also inspecting the pins for surface
cracks, and correctly installing the pins.
Comments
We gave the public the opportunity to
participate in developing this AD, but
we did not receive any comments on the
NPRM (78 FR 41888, July 12, 2013).
E:\FR\FM\24DER1.SGM
24DER1
]]>Agencies
[Federal Register Volume 78, Number 247 (Tuesday, December 24, 2013)]
[Rules and Regulations]
[Pages 77563-77565]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-30557]
=======================================================================
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 700, 701, and 704
RIN 3133-AE33
Technical Amendments
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The NCUA Board (Board) is making technical amendments to
NCUA's regulations regarding the rating system for corporate credit
unions. The technical amendments conform the regulations to a recent
policy change adopted by the Board. Specifically, the policy change
eliminates the use of the Corporate Risk Information System (CRIS) for
corporate credit unions and replaces it with the CAMEL rating system.
The technical amendments merely update the regulations to reflect the
conversion from the CRIS to the CAMEL rating system for corporate
credit unions.
DATES: The final rule is effective on January 1, 2014.
FOR FURTHER INFORMATION CONTACT: Lisa Henderson, Staff Attorney, Office
of General Counsel, at 1775 Duke Street, Alexandria, VA 22314 or
telephone: (703) 518-6540.
SUPPLEMENTARY INFORMATION:
I. Background and Purpose of the Final Rule
II. Regulatory Procedures
I. Background and Purpose of the Final Rule
Why is the NCUA Board issuing this rule?
In September 2013, the Board adopted a policy change which
converted the
[[Page 77564]]
rating system for corporate credit unions from CRIS to CAMEL. The Board
made this change to: (1) Improve rating comparability, as CAMEL is the
standard rating system for natural person credit unions and banks; (2)
reduce complexity in managing two different rating systems; (3) provide
a uniform rating system to promote greater consistency in rating
assignments; and (4) facilitate governance, as corporate credit union
directors are familiar with CAMEL at their own natural person credit
unions. The Board is now amending Sec. Sec. 700.2, 701.14, and
704.4,\1\ which still reference the former CRIS rating system, to
update them to reflect the current CAMEL rating system.
---------------------------------------------------------------------------
\1\ 12 CFR 700.2, 701.14, and 704.4.
---------------------------------------------------------------------------
III. Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act requires NCUA to prepare an analysis
to describe any significant economic impact a rule may have on a
substantial number of small entities (primarily those under $50 million
in assets). NCUA certifies that these technical amendments will not
have a significant economic impact on a substantial number of small
credit unions.
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.\2\ 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.
NCUA has determined that the technical amendments in this final rule do
not increase the paperwork requirements under PRA or regulations of the
Office of Management and Budget.
---------------------------------------------------------------------------
\2\ 44 U.S.C. 3507(d); 5 CFR part 1320.
---------------------------------------------------------------------------
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 will not have a substantial
direct effect 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 final rule does not constitute a policy that has
federalism implications for purposes of the executive order.
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.\3\
---------------------------------------------------------------------------
\3\ Public Law 105-277, 112 Stat. 2681 (1998).
---------------------------------------------------------------------------
Small Business Regulatory Enforcement Fairness Act
The Small Business Regulatory Enforcement Fairness Act of 1996 \4\
(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.\5\ NCUA has submitted this rule to the Office of Management and
Budget for it to determine if the final rule is a ``major rule'' for
purposes of SBREFA. NCUA does not believe the rule is major.
---------------------------------------------------------------------------
\4\ Public Law 104-121, 110 Stat. 857 (1996).
\5\ 5 U.S.C. 551.
---------------------------------------------------------------------------
Final Rule
Generally, the Administrative Procedure Act (APA) requires a
federal agency to provide the public with notice and the opportunity to
comment on agency rulemakings. The amendments in this rule are non-
substantive and technical. They make minor revisions to reflect the
conversion to the CAMEL rating system for corporate credit unions. The
APA permits an agency to forego the notice and comment period under
certain circumstances, such as when a rulemaking is technical and non-
substantive. NCUA finds that, in this instance, notice and public
comment are unnecessary under section 553(b)(3)(B) of the APA.\6\ NCUA
also finds good cause to dispense with the 30-day delayed effective
date requirement under section 553(d)(3) of the APA.\7\ The rule,
therefore, will be effective January 1, 2014.
---------------------------------------------------------------------------
\6\ 5 U.S.C. 553(b)(3)(B).
\7\ 5 U.S.C. 553(d)(3).
---------------------------------------------------------------------------
List of Subjects
12 CFR Part 700
Credit unions.
12 CFR Part 701
Credit unions, Reporting and recordkeeping requirements.
12 CFR Part 704
Corporate credit unions, Credit unions, Investments, Reporting and
recordkeeping requirements.
By the National Credit Union Administration Board on December
12, 2013.
Gerard Poliquin,
Secretary of the Board.
For the reasons discussed above, the NCUA Board amends 12 CFR parts
700, 701, and 704 as follows:
PART 700--DEFINITIONS
0
1. The authority citation for part 700 continues to read as follows:
Authority: 12 U.S.C. 1752, 1757(6), 1766.
0
2. Amend Sec. 700.2 by revising paragraph (2) of the definition of
``Troubled Condition'' to read as follows:
Sec. 700.2 Definitions.
* * * * *
Troubled condition means:
* * * * *
(2) In the case of an insured corporate credit union:
(i) A Federal credit union that has been assigned a 4 or 5 CAMEL
rating by NCUA; or
(ii) A federally insured, state-chartered credit union that has
been assigned a 4 or 5 CAMEL rating by either NCUA, after an on-site
contact, or its state supervisor; or
(iii) A Federal credit union or a federally insured, state-
chartered credit union that has been granted assistance under section
208 of the Federal Credit Union Act, 12 U.S.C 1788, that remains
outstanding and unextinguished.
* * * * *
PART 701--ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS
0
3. The authority citation for part 701 continues to read as follows:
Authority: 12 U.S.C. 1752(5), 1755, 1756, 1757, 1758, 1759,
1761a, 1761b, 1766, 1767, 1782, 1784, 1786, 1787, 1789. Section
701.6 is also authorized by 15 U.S.C. 3717. Section 701.31 is also
authorized by 15 U.S.C. 1601 et seq.; 42 U.S.C. 1981 and 3601-3610.
Section 701.35 is also authorized by 42 U.S.C. 4311-4312.
0
4. Revise Sec. 701.14(b)(4) to read as follows:
Sec. 701.14 Change in official or senior executive officer in credit
unions that are newly chartered or are in troubled condition.
* * * * *
(b) * * *
(4) In the case of an insured corporate credit union, Troubled
condition means:
[[Page 77565]]
(i) A Federal credit union that has been assigned a 4 or 5 CAMEL
rating by NCUA; or
(ii) A federally insured, state-chartered credit union that has
been assigned a 4 or 5 CAMEL rating by either NCUA, after an on-site
contact, or its state supervisor; or
(iii) A Federal credit union or a federally insured, state-
chartered credit union that has been granted assistance under section
208 of the Federal Credit Union Act, 12 U.S.C. 1788, that remains
outstanding and unextinguished.
* * * * *
PART 704--CORPORATE CREDIT UNIONS
0
5. The authority citation for part 704 continues to read as follows:
Authority: 12 U.S.C. 1766(a), 1781, 1789.
0
6. Revise Sec. 704.4(d)(3)(ii) to read as follows:
Sec. 704.4 Prompt corrective action.
* * * * *
(ii) Unsafe or unsound practice. NCUA has determined, after notice
and an opportunity for hearing pursuant to paragraph (h)(1) of this
section, that the corporate credit union received a less-than-
satisfactory CAMEL rating (i.e., three or lower) for any rating
category (other than in a rating category specifically addressing
capital adequacy) and has not corrected the conditions that served as
the basis for the less than satisfactory rating. Ratings under this
paragraph (d)(3)(ii) refer to the most recent ratings (as determined
either on-site or off-site by the most recent examination) of which the
corporate credit union has been notified in writing.
* * * * *
[FR Doc. 2013-30557 Filed 12-23-13; 8:45 am]
BILLING CODE 7535-01-P
