Sunshine Act; Meeting Notice, 23383 [2014-09781]
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Federal Register / Vol. 79, No. 81 / Monday, April 28, 2014 / Notices
2. Substantive Review: After an
Applicant is determined eligible and its
Application is determined complete,
NCUA will conduct a substantive
review in accordance with the criteria
and procedures described in the
Regulations and this NOFO. NCUA
reserves the right to contact the
Applicant during its review for the
purpose of clarifying or confirming
information contained in the
Application. If so contacted, the
Applicant must respond within the time
specified by NCUA or NCUA, in its sole
discretion, may decline the application
without further consideration.
3. Evaluation and Scoring: The
evaluation criteria are more fully
described in § 705.6 of NCUA’s
regulations. NCUA will evaluate each
Application that receives a substantive
review on the four criteria categories
described in the regulation: Financial
Performance, Compatibility, Feasibility,
and Examination Information and
Concurrence from Regional Director of
Qualifying Credit Unions.
(a) Assessment of Impact: The
Compatibility criteria will take into
consideration the extent of community
need and projected impact of the
funding on the Applicant’s members
and community.
(b) Effective Strategy: The Feasibility
criteria will take into consideration the
quality of the Applicant’s strategy and
its capacity to execute the strategy as
demonstrated by its past performance,
partnering relationships, and other
relevant factors.
(c) Evaluating Prior Award
Performance: For prior participants of
the OSCUI Grant and Loan Program,
loans may not be awarded if the
participant: (i) Is noncompliant with
any active award; (ii) failed to make
timely loan payments to NCUA during
fiscal years prior to the date of
Application; and (iii) had an award
deobligated (i.e. removal of unused
awarded funds) during fiscal years prior
to the date of Application.
4. Input from Examiners: NCUA will
not approve an award to a credit union
for which its NCUA regional examining
office or State Supervisory Agency
(SSA), if applicable, indicates it has
safety and soundness concerns. If the
NCUA regional office or SSA identifies
a safety and soundness concern, OSCUI,
in conjunction with the regional office
or SSA, will assess whether the
condition of the Applicant is adequate
to undertake the activities for which
funding is requested, and the
obligations of the loan and its
conditions. NCUA, in its sole discretion,
may defer decision on funding an
Application until the credit union’s
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safety and soundness conditions
improve.
V. Funding Process
A. Funding Selection: NCUA will
make its funding selections based on a
consistent scoring tier where each
applicant will receive an individual
score. NCUA will consider the impact of
the funding. In addition, NCUA may
consider the geographic diversity of the
Applicants in its funding decisions.
When loan demand is high applications
will be ranked based on the
aforementioned.
B. Notice of Funding: NCUA will
notify each Applicant of its funding
decision. Notification will generally be
by email. Applicants that are approved
for funding will also receive
instructions on how to proceed with
disbursement of the loan.
VI. Disbursement of Funds
A. Loan Agreement: Each Applicant
selected to receive a loan under this
NOFO must sign a Loan Agreement and
a Promissory Note in order to receive a
disbursement of funds. The Loan
Agreement will include the terms and
conditions of funding, including but not
limited to the: (i) Loan amount; (ii)
interest rate; (iii) repayment
requirements; (iv) accounting treatment;
(v) impact measures; and (vi) reporting
requirements.
1. Failure to Sign Agreement: NCUA,
in its sole discretion, may rescind a loan
offer if the Applicant fails to return the
signed loan documents and/or any other
requested documentation, within the
time specified by NCUA.
2. Multiple Disbursements: NCUA
may determine, in its sole discretion, to
fund a loan in multiple disbursements.
In such cases, the process for
disbursement will be specified by
NCUA in the Loan Agreement.
VII. Post-Award Requirements
A. Reporting Requirements: Annually,
each Participating Credit Union will
submit an annual report to NCUA. The
report will address the Participating
Credit Union’s use of the loan funds; the
impact of funding; and explanation of
any failure to meet objectives for use of
proceeds, outcome, or impact. NCUA, in
its sole discretion, may modify these
requirements. However, such reporting
requirements will be modified only after
notice to affected credit unions.
1. Report Form: Applicable credit
unions will be notified regarding the
submission of the report form. A
Participating Credit Union is
responsible for timely and complete
submission of the report. NCUA will use
such information to monitor each
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23383
Participating Credit Union’s compliance
with the requirements of its loan
agreement and to assess the impact of
the OSCUI Loan Program.
VIII. Agency Contacts
A. Methods of Contact: For further
information, contact NCUA by email at
OSCUIAPPS@ncua.gov.
B. Information Technology Support:
People who have visual or mobility
impairments that prevent them from
using NCUA’s Web site should call
(703) 518–6610 for guidance (this is not
a toll free number).
Authority: 12 U.S.C. 1756, 1757(5)(D), and
(7)(I), 1766, 1782, 1784, 1785 and 1786; 12
CFR part 705.
By the National Credit Union
Administration Board on April 22, 2014.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014–09560 Filed 4–25–14; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
Sunshine Act; Meeting Notice
Federal Register Citation of Previous
Announcement—April 21, 2014 (79 FR
22166)
Notice of a Matter To Be Added to the
Agenda for Consideration at an Agency
Meeting
11:15 a.m., Thursday,
April 24, 2014.
PLACE: Board Room, 7th Floor, Room
7047, 1775 Duke Street, Alexandria, VA
22314–3428.
STATUS: Closed.
Pursuant to the provisions of the
‘‘Government in Sunshine Act’’ notice is
hereby given that the NCUA Board gave
notice on April 21, 2014 (79 FR 22166)
of the regular meeting of the NCUA
Board scheduled for April 24, 2014.
Prior to the meeting, on April 23, 2014,
with less than seven days’ notice to the
public, the NCUA Board unanimously
determined that agency business
required changing the previously
announced closed meeting time from
11:15 a.m. to 9:00 a.m. No earlier notice
of the change was possible.
REVISED TIME: 9:00 a.m., Thursday, April
24, 2014.
FOR FURTHER INFORMATION CONTACT:
Gerard Poliquin, Secretary of the Board,
Telephone: 703–518–6304.
TIME AND DATE:
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014–09781 Filed 4–24–14; 4:15 pm]
BILLING CODE 7535–01–P
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[Federal Register Volume 79, Number 81 (Monday, April 28, 2014)]
[Notices]
[Page 23383]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09781]
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NATIONAL CREDIT UNION ADMINISTRATION
Sunshine Act; Meeting Notice
Federal Register Citation of Previous Announcement--April 21, 2014 (79
FR 22166)
Notice of a Matter To Be Added to the Agenda for Consideration at an
Agency Meeting
TIME AND DATE: 11:15 a.m., Thursday, April 24, 2014.
PLACE: Board Room, 7th Floor, Room 7047, 1775 Duke Street, Alexandria,
VA 22314-3428.
STATUS: Closed.
Pursuant to the provisions of the ``Government in Sunshine Act''
notice is hereby given that the NCUA Board gave notice on April 21,
2014 (79 FR 22166) of the regular meeting of the NCUA Board scheduled
for April 24, 2014. Prior to the meeting, on April 23, 2014, with less
than seven days' notice to the public, the NCUA Board unanimously
determined that agency business required changing the previously
announced closed meeting time from 11:15 a.m. to 9:00 a.m. No earlier
notice of the change was possible.
REVISED TIME: 9:00 a.m., Thursday, April 24, 2014.
FOR FURTHER INFORMATION CONTACT: Gerard Poliquin, Secretary of the
Board, Telephone: 703-518-6304.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014-09781 Filed 4-24-14; 4:15 pm]
BILLING CODE 7535-01-P
