Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, 32191-32195 [2014-12739]
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Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules
Dated: May 26, 2014.
Thomas J. Curry,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, May 22, 2014.
Robert DeV. Frierson,
Secretary of the Board.
Dated: May 23, 2014.
By order of the Board of Directors.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014–12741 Filed 6–3–14; 8:45 am]
BILLING CODE 4810–33–C; 6210–01–C; 6714–01–C
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Chapter VII
Regulatory Publication and Review
Under the Economic Growth and
Regulatory Paperwork Reduction Act
of 1996
National Credit Union
Administration.
ACTION: Notice of regulatory review;
request for comments.
AGENCY:
The NCUA Board (Board) is
beginning its second, comprehensive
review of its regulations to identify
outdated, unnecessary, or burdensome
regulatory requirements imposed on
federally insured credit unions, as
contemplated by section 2222 of the
Economic Growth and Regulatory
Paperwork Reduction Act of 1996
(EGRPRA). In accordance with EGRPRA,
the Board has categorized its regulations
for the purpose of the review and
proposes to publish categories of
regulations for public comment at
regular intervals over the next two
years. The categories, and the
regulations that the Board considers to
be part of those categories, are detailed
below. This review presents a
significant opportunity to consider the
possibilities for burden reduction in
groups of similar regulations. The Board
welcomes comment on the categories,
the order of review, and all other
aspects of this initiative in order to
maximize the review’s effectiveness. In
2003, the Board commenced an initial
review of all its regulations pursuant to
EGRPRA, a process that ended in 2006.
Today, the Board initiates its second
EGRPRA review by issuing the first in
a series of four requests for public
comment, comprising two of the
categories—‘‘Applications and
Reporting’’ and ‘‘Powers and
Activities.’’ We will address the
remaining eight categories in the next
three requests for comment.
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SUMMARY:
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Comment must be received on or
before September 2, 2014.
ADDRESSES: You may submit comments
by any of the following methods (Please
send comments by one method only):
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• NCUA Web site: https://
www.ncua.gov/
RegulationsOpinionsLaws/proposed_
regs/proposed_regs.html. Follow the
instructions for submitting comments.
• Email: Address to regcomments@
ncua.gov. Include ‘‘[Your name]
Comments on Regulatory Review
pursuant to EGRPRA’’ in the email
subject line.
• Fax: (703) 518–6319. Use the
subject line described above for email.
• Mail: Address to Gerard Poliquin,
Secretary of the Board, National Credit
Union Administration, 1775 Duke Street
Alexandria, Virginia 22314–3428.
• Hand Delivery/Courier: Same as
mail address.
Public Inspection: All public
comments are available on the agency’s
Web site at https://www.ncua.gov/Legal/
Regs/Pages/PropRegs.aspx as submitted,
except as may not be possible for
technical reasons. Public comments will
not be edited to remove any identifying
or contact information. Paper copies of
comments may be inspected in NCUA’s
law library at 1775 Duke Street,
Alexandria, Virginia 22314, by
appointment weekdays between 9:00
a.m. and 3:00 p.m. To make an
appointment, call (703) 518–6546 or
send an email to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT: Ross
P. Kendall, Special Counsel to the
General Counsel, at the above address,
or telephone: (703) 518–6562.
SUPPLEMENTARY INFORMATION:
DATES:
I. Introduction
Congress enacted EGRPRA 1 as part of
an effort to minimize unnecessary
government regulation of financial
institutions consistent with safety and
soundness, consumer protection, and
other public policy goals. Under
EGRPRA, the appropriate federal
banking agencies (Office of the
Comptroller of the Currency, Board of
Governors of the Federal Reserve
System, and Federal Deposit Insurance
Corporation; herein Agencies 2) and the
Federal Financial Institutions
1 Public Law 104–208, Div. A, Title II, section
2222, 110 Stat. 3009 (1996); codified at 12 U.S.C.
3311.
2 The Office of Thrift Supervision was still in
existence at the time EGRPRA was enacted and was
included in the listing of Agencies. Since that time,
the OTS has been eliminated and its responsibilities
have passed to the Agencies and the Consumer
Financial Protection Bureau.
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32191
Examination Council (FFIEC) must
review their regulations to identify
outdated, unnecessary, or unduly
burdensome requirements imposed on
insured depository institutions. The
Agencies are required, jointly or
individually, to categorize regulations
by type, such as ‘‘consumer regulations’’
or ‘‘safety and soundness’’ regulations.
Once the categories have been
established, the Agencies must provide
notice and ask for public comment on
one or more of these regulatory
categories.
NCUA is not technically required to
participate in the EGRPRA review
process, since NCUA is not an
‘‘appropriate Federal banking agency’’
as specified in EGRPRA. In keeping
with the spirit of the law, however, the
Board has once again elected to
participate in the review process. Thus,
NCUA has participated along with the
Agencies in the planning process, but
has developed its own regulatory
categories that are comparable with
those developed by the Agencies.
Because of the unique circumstances of
federally insured credit unions and their
members, the Board is issuing a separate
notice from the Agencies. NCUA’s
notice is consistent and comparable
with the Agencies’ notice, except on
issues that are unique to credit unions.
In accordance with the objectives of
EGRPRA, the Board asks the public to
identify areas of its regulations that are
outdated, unnecessary, or unduly
burdensome. In addition to this initial
notice, the Board will issue three more
notices for comment over the course of
the next two years, at regular intervals.
The EGRPRA review supplements and
complements the reviews of regulations
that NCUA conducts under other laws
and its internal policies.3
In addition to the elimination of the
Office of Thrift Supervision, another
significant development since the first
EGRPRA review is the creation of the
Consumer Financial Protection Bureau
(CFPB). Created with the enactment of
the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010,4 the
CFPB has assumed responsibility for the
administration of several consumer
protection regulations that had
previously been the responsibility of the
Agencies and/or NCUA, such as
Regulation Z and rules governing
consumer privacy. Because the CFPB is
3 Interpretive Ruling and Policy Statement (IRPS)
87–2, 52 FR 35231 (Sept. 8, 1987) as amended by
IRPS 03–2, 68 FR 32127 (May 29, 2003.) (Reflecting
NCUA’s commitment to ‘‘periodically update,
clarify and simplify existing regulations and
eliminate redundant and unnecessary provisions.’’)
4 Public Law 111–203, 124 Stat. 1376 (2010).
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Federal Register / Vol. 79, No. 107 / Wednesday, June 4, 2014 / Proposed Rules
opportunity for the public and the
Board to consider groups of related
regulations and identify possibilities for
streamlining. The EGRPRA review’s
overall focus on the totality of
regulations will offer a new perspective
in identifying opportunities to reduce
regulatory burden. For example, the
EGRPRA review may facilitate the
identification of regulatory requirements
that are no longer consistent with the
way business is conducted and that
therefore might be eliminated. Of
course, reducing regulatory burden must
be consistent with ensuring the
continued safety and soundness of
federally insured credit unions and
appropriate consumer protections.
EGRPRA also recognizes that burden
reduction must be consistent with
NCUA’s statutory mandates, many of
which currently require certain
regulations. One of the significant
aspects of the EGRPRA review program
is the recognition that effective burden
reduction in certain areas may require
legislative change. The Board will be
soliciting comment on, and reviewing
the comments and regulations carefully
for, the relationship among burden
reduction, regulatory requirements, and
statutory mandates. This will be a key
aspect of the report to Congress.6
The Board views the approach of
considering the relationship of
regulatory and statutory change on
regulatory burden, in concert with
EGRPRA’s provisions calling for
grouping regulations by type, to provide
the potential for particularly effective
burden reduction. The Board believes
the EGRPRA review can also
significantly contribute to its on-going
efforts to reduce regulatory burden.
Since 1987, a formally adopted NCUA
policy has required the Board to review
each of its regulations at least once
every three years with a view toward
eliminating, simplifying, or otherwise
easing the burden of each regulation.7
Further, the Board addresses the issue of
regulatory burden every time it proposes
and adopts a rule. Under the Paperwork
Reduction Act of 1995,8 the Regulatory
Flexibility Act,9 and internal agency
II. The EGRPRA Review’s Special
Focus
The regulatory review contemplated
by EGRPRA provides a significant
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not covered by EGRPRA or required to
participate in this regulatory review
process, the Agencies and NCUA have
excluded certain consumer protection
regulations from the scope of the current
review.5 In the case of rules
implementing specific aspects of the
Fair Credit Reporting Act, the Truth in
Savings Act, rules pertaining to fair
lending in the housing area, and flood
insurance, NCUA has retained rulewriting authority, and these rules have
been retained for purposes of the
EGRPRA review. Regulations that were
included in the initial review under this
category pertaining to share insurance
and advertising also remain the
province of NCUA and are included as
well.
EGRPRA contemplates a two-part
regulatory response. First, NCUA will
publish in the Federal Register a
summary of the comments received,
identifying and discussing the
significant issues raised. Second, the
law directs the Agencies to ‘‘eliminate
unnecessary regulations to the extent
that such action is appropriate.’’ As was
done during the initial EGRPRA
regulatory review process, the Board
anticipates that it will prepare its
response separately from the Agencies,
but at around the same time.
EGRPRA further requires the FFIEC to
submit a report to the Congress within
30 days after NCUA and the Agencies
publish the comment summary and
analysis in the Federal Register.
This report must summarize any
significant issues raised by the public
comments and the relative merits of
those issues. The report also must
analyze whether the appropriate federal
financial regulator involved is able to
address the regulatory burdens
associated with the issues by regulation,
or whether the burdens must be
addressed by legislation. The FFIEC
report submitted to Congress following
the initial EGRPRA review included an
Agency section discussing banking
sector issues and a separate section
devoted to NCUA and credit union
issues. It is likely that the FFIEC will
follow a similar approach in this second
EGRPRA review and report process.
6 Indeed, one direct result of the initial EGRPRA
review and ensuing report to Congress was the
enactment of the Financial Services Regulatory
Relief Act of 2006, which, among other things,
extended from twelve to fifteen years the general
maturity limit on loans for Federal credit unions
and expanded their ability to offer check cashing
and money transfer services to individuals within
their field of membership. Public Law 109–351, 120
Stat. 1966 (2006).
7 IRPS 87–2, 52 FR 35231 (Sept. 8, 1987) as
amended by IRPS 03–2, 68 FR 32127 (May 29,
2003).
8 44 U.S.C. 3501 et seq.
9 5 U.S.C. 601 et seq.
5 In
addition to rules that have been transferred
to the CFPB, insured credit unions are also subject
to certain other regulations that are not required to
be reviewed under the EGRPRA process, such as
regulations issued by the Department of the
Treasury’s Financial Crimes Enforcement Network.
Any comment received during the EGRPRA process
that pertains to such a rule will be forwarded to the
appropriate agency.
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policies, NCUA examines each
rulemaking to minimize the burdens it
might impose on the industry and
considers various alternatives.
The Board is particularly sensitive to
the impact of agency rules on small
institutions. In 2013, the Board formally
increased the threshold for meeting the
‘‘small’’ classification to having assets of
$50 million or less. The Board is
cognizant that each new or amended
regulation has the potential for requiring
significant expenditures of time, effort,
and money to achieve compliance, and
also that this burden can be particularly
difficult for institutions of smaller asset
size, with fewer resources available.
III. The Board’s Proposed Plan
EGRPRA contemplates the
categorization of regulations by ‘‘type.’’
During the initial EGRPRA review, the
Board developed and published for
comment ten categories for NCUA’s
rules, including some that had been
issued jointly with the Agencies. The
Board believes these initial categories
worked well for the purpose of
presenting a framework for the review
and so is proposing to keep and use the
same categories in this second review.10
The categories, in alphabetical order,
are: Agency Programs; Applications and
Reporting; Capital; Consumer
Protection; Corporate Credit Unions;
Directors, Officers and Employees;
Money Laundering; Powers and
Activities; Rules of Procedure; and
Safety and Soundness. As noted above,
some of the rules in the consumer
protection category are now under
CFPB’s jurisdiction and administration,
and those affected rules have been
eliminated. Any rules adopted for the
first time since 2006 have been included
in the appropriate category.11
As the Board noted during the initial
EGRPRA review, although there are
other possible ways of categorizing its
rules, these ten categories ‘‘are logical
groupings that are not so broad such
that the number of regulations presented
in any one category would overwhelm
potential commenters. The categories
also reflect recognized areas of industry
interest and specialization or are
particularly critical to the health of the
credit union system.’’ As was also noted
during the initial review, some
regulations, such as lending, pertain to
10 Consistent with EGRPRA’s focus on reducing
burden on insured credit unions, the Board has not
included internal, organizational or operational
regulations in this review. These regulations impose
minimal, if any, burden on insured credit unions.
11 Commenters should note, in this respect, that
for new regulations that have only recently gone
into effect, some passage of time may be necessary
before the burden associated with the regulatory
requirements can be fully and properly understood.
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more than one category and are
included in all applicable categories.
As with the initial EGRPRA review,
the Board remains convinced that
publishing its rules for public comment
separately from the Agencies is the most
effective method for achieving
EGRPRA’s burden reduction goals for
federally insured credit unions. Owing
to differences in the credit union system
as compared to the banking system,
there is not a direct, category by
category, correlation between NCUA’s
rules and those of the Agencies. For
example, credit unions deal with issues
such as membership, credit union
service organizations, and corporate
credit unions, all of which are unique to
credit union operations. Similarly,
certain categories identified by the
Agencies during the initial review
process have limited or no applicability
in the credit union sector, such as
community reinvestment, international
operations, and securities. The
categories developed by the Board and
the Agencies reflect these differences.
The Board intends to maintain
comparability with the Agencies’
notices to the extent there is overlap or
similarity in the issues and the
categories.
As with the initial review process,
with this first notice the Board is
publishing two categories of rules for
comment on burden reduction. The
Board anticipates publishing the
remaining eight categories for similar
comment periods at regular intervals
over the next two years. The Board
welcomes recommendations on
grouping the remaining categories and
the order in which to publish them.
After the conclusion of the comment
period for each EGRPRA notice
published in the Federal Register, the
Board will review the comments it has
received and decide whether further
action is appropriate with respect to the
categories of regulations included in
that notice.
The Board has prepared two charts to
assist public understanding of the
organization of its review. The first
chart, set forth at Section V.A. below,
presents the two categories of
regulations on which NCUA is
requesting burden reduction
recommendations in this notice. The
two categories are shown in the left
column. In the middle column are the
subject matters that fall within the
categories and in the far right column
are the regulatory citations. The second
chart, set forth at Section V.B. below,
presents the remaining eight categories
in alphabetical order in a similar format.
IV. Request for Burden Reduction
Recommendations About the First Two
Categories of Regulations:
‘‘Applications and Reporting’’ and
‘‘Powers and Activities’’
The Board seeks public comment on
regulations within the first two
categories—‘‘Applications and
Reporting’’ and ‘‘Powers and
Activities’’—that may impose outdated,
unnecessary, or unduly burdensome
regulatory requirements on federally
insured credit unions. Comments that
cite particular provisions or language,
and provide reasons why such
provisions should be changed, would be
most helpful to NCUA’s review efforts.
Suggested alternative provisions or
language, where appropriate, would also
be helpful. If the implementation of a
comment would require modifying a
statute that underlies the regulation, the
comment should, if possible, identify
the needed statutory change.
Specific issues for commenters to
consider. While all comments related to
any aspect of the EGRPRA review are
welcome, the Board reiterates the
posture adopted during the initial
review process and specifically invites
comment on the following issues:
• Need and purpose of the
regulations. Do the regulations in these
categories fulfill current needs? Has
industry or other circumstances
changed since a regulation was written
such that the regulation is no longer
necessary? Have there been shifts within
the industry or consumer actions that
suggest a re-focus of the underlying
regulations? Do any of the regulations in
these categories impose burdens not
required by their authorizing statutes?
• Need for statutory change. Do the
statutes impose unnecessary
requirements? Are any of the statutory
requirements underlying these
categories redundant, conflicting or
otherwise unduly burdensome?
• Overarching approaches/flexibility
of the regulatory standards. Generally, is
32193
there a different approach to regulating
that the Board could use that would
achieve statutory goals while imposing
less burden? Do any of the regulations
in these categories or the statutes
underlying them impose unnecessarily
inflexible requirements?
• Effect of the regulations on
competition. Do any of the regulations
in these categories or the statutes
underlying them create competitive
disadvantages for credit unions
compared to another part of the
financial services industry?
• Reporting, recordkeeping and
disclosure requirements. Do any of the
regulations in these categories or the
statutes underlying them impose
particularly burdensome reporting,
recordkeeping or disclosure
requirements? Are any of these
requirements similar enough in purpose
and use so that they could be
consolidated? What, if any, of these
requirements could be fulfilled
electronically to reduce their burden?
• Consistency and redundancy. Do
any of the regulations in these categories
impose inconsistent or redundant
regulatory requirements that are not
warranted by the circumstances?
• Clarity. Are the regulations in these
categories and the underlying statutes
drafted in clear and easily understood
language? Are there specific regulations
or underlying statutes that need
clarification?
• Scope of rules. Is the scope of each
rule in these categories consistent with
the intent of the underlying statute(s)?
Could we amend the scope of a rule to
clarify its applicability or to reduce the
burden, while remaining faithful to
statutory intent? If so, specify which
regulation(s) should be clarified.
• Burden on small insured
institutions. The Board has a particular
interest in minimizing burden on small
insured credit unions (those with less
than $50 million in assets). NCUA
solicits comment on whether any
regulations within these categories
should be continued without change,
amended or rescinded in order to
minimize any significant economic
impact the regulations may have on a
substantial number of small federally
insured credit unions.
V. A. REGULATIONS ABOUT WHICH BURDEN REDUCTION RECOMMENDATIONS ARE REQUESTED CURRENTLY
Category
Subject
Regulation cite
1. Applications and Reporting ................
Change in official or senior executive officer in credit
unions that are newly chartered or in troubled condition.
Field of membership/chartering .............................................
12 CFR 701.14.
Federal Credit Union Bylaws .................................................
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12 CFR 701.1; IRPS 03–1, as amended.
12 CFR 701.2; Appendix A to Part 701.
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V. A. REGULATIONS ABOUT WHICH BURDEN REDUCTION RECOMMENDATIONS ARE REQUESTED CURRENTLY—Continued
Category
Subject
Regulation cite
Fees paid by federal credit unions ........................................
Conversion of insured credit unions to mutual savings
banks.
Mergers of federally insured credit unions; voluntary termination or conversion of insured status.
Applications for insurance .....................................................
Financial, statistical and other reports ..................................
Conversion to a state-chartered credit union ........................
Purchase of assets and assumption of liabilities ..................
2. Powers and Activities:
a. Lending, Leasing and Borrowing
b. Investment and Deposits .............
c. Miscellaneous Activities ...............
Loans to members and lines of credit to members ..............
Participation loans .................................................................
Borrowed funds from natural persons ...................................
Statutory lien ..........................................................................
Leasing ..................................................................................
Member business loans ........................................................
Maximum borrowing ..............................................................
Investment and deposit activities ..........................................
Fixed assets ..........................................................................
Credit union service organizations (CUSOs) ........................
Payment on shares by public units and nonmembers ..........
Designation of low-income status; receipt of secondary
capital accounts by low-income designated credit unions.
Share, share draft, and share certificate accounts ...............
Treasury tax and loan depositories; depositories and financial agents of the government.
Refund of interest ..................................................................
Trustee or custodian, tax-advantaged plans .........................
Incidental powers ...................................................................
Charitable contributions and donations, including charitable
donation accounts.
Credit union service contracts ...............................................
Purchase, sale, and pledge of eligible obligations ................
Services for nonmembers within the field of membership ....
Suretyship and guaranty .......................................................
Foreign branching ..................................................................
12 CFR 701.6.
12 CFR 708a.
12 CFR 708b.
12
12
12
12
CFR
CFR
CFR
CFR
741.0; 741.3; 741.4.
741.6.
741.7.
741.8.
12
12
12
12
12
12
12
12
12
12
12
12
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
701.21.
701.22.
701.38.
701.39.
714.
723.
741.2.
703.
701.36.
712.
701.32.
701.34.
12 CFR 701.35.
12 CFR 701.37.
12
12
12
12
CFR
CFR
CFR
CFR
701.24.
724.
721.
721.3(b).
12
12
12
12
12
CFR
CFR
CFR
CFR
CFR
701.26.
701.23.
701.30.
701.20.
741.11.
V. B. CATEGORIES AND REGULATIONS ABOUT WHICH NCUA WILL SEEK COMMENT LATER
Category
Subject
3. Agency Programs ...............................
Community Development Revolving Loan Program .............
Central liquidity facility ...........................................................
Designation of low-income status; receipt of secondary
capital accounts by low-income designated credit unions.
Prompt corrective action ........................................................
Adequacy of reserves ............................................................
Nondiscrimination requirement (Fair Housing) ......................
Truth in Savings (TIS) ...........................................................
Loans in areas having special flood hazards ........................
Fair Credit Reporting—identity theft red flags .......................
Fair Credit Reporting—disposal of consumer information ....
Fair Credit Reporting—duties regarding address discrepancies.
Share insurance ....................................................................
Advertising .............................................................................
Disclosure of share insurance ...............................................
Notice of termination of excess insurance coverage ............
Uninsured membership shares .............................................
Member inspection of credit union books, records, and minutes.
Corporate credit unions .........................................................
Loans and lines of credit to officials ......................................
Reimbursement, insurance, and indemnification of officials
and employees.
Retirement benefits for employees .......................................
Management officials interlock ..............................................
Fidelity bond and insurance coverage ..................................
General authorities and duties of federal credit union directors.
Golden parachutes and indemnification payments ...............
4. Capital .................................................
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5. Consumer Protection ..........................
6. Corporate Credit Unions .....................
7. Directors, Officers, and Employees ....
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Regulation cite
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12 CFR 705.
12 CFR 725.
12 CFR 701.34.
12
12
12
12
12
12
12
12
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
702.
741.3(a).
701.31.
707.
760.
717, Subpart J.
717.83.
717.82.
12
12
12
12
12
12
CFR
CFR
CFR
CFR
CFR
CFR
745.
740.
741.10.
741.5.
741.9.
701.3.
12 CFR 704.
12 CFR 701.21(d).
12 CFR 701.33.
12
12
12
12
CFR
CFR
CFR
CFR
701.19.
711.
713.
701.4.
12 CFR 750.
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V. B. CATEGORIES AND REGULATIONS ABOUT WHICH NCUA WILL SEEK COMMENT LATER—Continued
Category
Subject
8. Money Laundering ..............................
Report of crimes or suspected crimes ..................................
Bank Secrecy Act ..................................................................
Liquidation (involuntary and voluntary) .................................
Uniform rules of practice and procedure ...............................
Local rules of practice and procedure ...................................
Lending ..................................................................................
Investments ...........................................................................
Supervisory committee audit .................................................
Security programs .................................................................
Guidelines for safeguarding member information and responding to unauthorized access to member information.
Records preservation program and record retention appendix.
Appraisals ..............................................................................
Examination ...........................................................................
Liquidity and contingency funding plans ...............................
Regulations codified elsewhere in NCUA’s regulations as
applying to federal credit unions that also apply to federally insured state-chartered credit unions.
9. Rules of Procedure .............................
10. Safety and Soundness .....................
By the National Credit Union
Administration Board on May 22, 2014.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014–12739 Filed 6–3–14; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2014–0164; Directorate
Identifier 2014–NE–02–AD]
RIN 2120–AA64
Airworthiness Directives; Turbomeca
S.A. Turboshaft Engines
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of proposed rulemaking
(NPRM).
AGENCY:
We propose to adopt a new
airworthiness directive (AD) for all
Turbomeca S.A. Arriel 1A1, 1A2, 1B,
1C, 1C1, 1C2, 1D, 1D1, 1E2, 1K1, 1S,
1S1, 2B, 2B1, 2C, 2C1, 2C2, 2S1, and
2S2 turboshaft engines. This proposed
AD was prompted by reports of
uncommanded in-flight shutdowns on
Turbomeca S.A. Arriel 1 and Arriel 2
engines following rupture of the 41tooth gear forming part of the 41/23tooth bevel gear located in the engine
accessory gearbox (AGB). This proposed
AD would require an initial one-time
vibration check of the engine AGB on
certain higher risk Arriel 1 and Arriel 2
model engines. This proposed AD
would also require repetitive vibration
checks of the engine AGB for all Arriel
1 and Arriel 2 engines at every engine
ehiers on DSK2VPTVN1PROD with PROPOSALS
SUMMARY:
VerDate Mar<15>2010
14:53 Jun 03, 2014
Jkt 232001
Regulation cite
shop visit. We are proposing this AD to
prevent failure of the engine AGB,
which could lead to in-flight shutdown
and damage to the engine, which may
result in damage to the aircraft.
DATES: We must receive comments on
this proposed AD by August 4, 2014.
ADDRESSES: You may send comments by
any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov and follow
the instructions for sending your
comments electronically.
• Mail: Docket Management Facility,
U.S. Department of Transportation, 1200
New Jersey Avenue SE., West Building
Ground Floor, Room W12–140,
Washington, DC 20590–0001.
• Hand Delivery: Deliver to Mail
address above between 9 a.m. and 5
p.m., Monday through Friday, except
Federal holidays.
• Fax: 202–493–2251.
For service information identified in
this AD, contact Turbomeca, S.A., 40220
Tarnos, France; phone: 33 (0)5 59 74 40
00; telex: 570 042; fax: 33 (0)5 59 74 45
15. You may view this service
information at the FAA, Engine &
Propeller Directorate, 12 New England
Executive Park, Burlington, MA. For
information on the availability of this
material at the FAA, call 781–238–7125.
Examining the AD Docket
You may examine the AD docket on
the Internet at https://
www.regulations.gov by searching for
and locating Docket No. FAA–2014–
0164; 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 proposed AD, the
mandatory continuing airworthiness
PO 00000
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CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
CFR
748.1.
748.2.
709 and 710.
747, subpart A.
747, subpart B.
701.21.
703.
715.
748.0.
748, Appendices A and B.
12 CFR 749.
12
12
12
12
CFR
CFR
CFR
CFR
722.
741.1.
741.12.
741, subpart B.
information (MCAI), the regulatory
evaluation, any comments received, and
other information. The street address for
the Docket Operations office (phone:
800–647–5527) is in the ADDRESSES
section. Comments will be available in
the AD docket shortly after receipt.
FOR FURTHER INFORMATION CONTACT:
Mark Riley, Aerospace Engineer, Engine
Certification Office, FAA, Engine &
Propeller Directorate, 12 New England
Executive Park, Burlington, MA 01803;
phone: (781) 238–7758; fax: (781) 238–
7199; email: mark.riley@faa.gov.
SUPPLEMENTARY INFORMATION:
Comments Invited
We invite you to send any written
relevant data, views, or arguments about
this proposed AD. Send your comments
to an address listed under the
ADDRESSES section. Include ‘‘Docket No.
FAA–2014–0164; Directorate Identifier
2014–NE–02–AD’’ at the beginning of
your comments. We specifically invite
comments on the overall regulatory,
economic, environmental, and energy
aspects of this proposed AD. We will
consider all comments received by the
closing date and may amend this
proposed AD based on those comments.
We will post all comments we
receive, without change, to https://
www.regulations.gov, including any
personal information you provide. We
will also post a report summarizing each
substantive verbal contact with FAA
personnel concerning this proposed AD.
Discussion
The European Aviation Safety Agency
(EASA), which is the Technical Agent
for the Member States of the European
Community, has issued EASA AD 2014–
0036, dated February 11, 2014 (referred
E:\FR\FM\04JNP1.SGM
04JNP1
]]>Agencies
[Federal Register Volume 79, Number 107 (Wednesday, June 4, 2014)]
[Proposed Rules]
[Pages 32191-32195]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-12739]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Chapter VII
Regulatory Publication and Review Under the Economic Growth and
Regulatory Paperwork Reduction Act of 1996
AGENCY: National Credit Union Administration.
ACTION: Notice of regulatory review; request for comments.
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SUMMARY: The NCUA Board (Board) is beginning its second, comprehensive
review of its regulations to identify outdated, unnecessary, or
burdensome regulatory requirements imposed on federally insured credit
unions, as contemplated by section 2222 of the Economic Growth and
Regulatory Paperwork Reduction Act of 1996 (EGRPRA). In accordance with
EGRPRA, the Board has categorized its regulations for the purpose of
the review and proposes to publish categories of regulations for public
comment at regular intervals over the next two years. The categories,
and the regulations that the Board considers to be part of those
categories, are detailed below. This review presents a significant
opportunity to consider the possibilities for burden reduction in
groups of similar regulations. The Board welcomes comment on the
categories, the order of review, and all other aspects of this
initiative in order to maximize the review's effectiveness. In 2003,
the Board commenced an initial review of all its regulations pursuant
to EGRPRA, a process that ended in 2006. Today, the Board initiates its
second EGRPRA review by issuing the first in a series of four requests
for public comment, comprising two of the categories--``Applications
and Reporting'' and ``Powers and Activities.'' We will address the
remaining eight categories in the next three requests for comment.
DATES: Comment must be received on or before September 2, 2014.
ADDRESSES: You may submit comments by any of the following methods
(Please send comments by one method only):
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
NCUA Web site: https://www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html. Follow the
instructions for submitting comments.
Email: Address to regcomments@ncua.gov. Include ``[Your
name] Comments on Regulatory Review pursuant to EGRPRA'' in the email
subject line.
Fax: (703) 518-6319. Use the subject line described above
for email.
Mail: Address to Gerard Poliquin, Secretary of the Board,
National Credit Union Administration, 1775 Duke Street Alexandria,
Virginia 22314-3428.
Hand Delivery/Courier: Same as mail address.
Public Inspection: All public comments are available on the
agency's Web site at https://www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx
as submitted, except as may not be possible for technical reasons.
Public comments will not be edited to remove any identifying or contact
information. Paper copies of comments may be inspected in NCUA's law
library at 1775 Duke Street, Alexandria, Virginia 22314, by appointment
weekdays between 9:00 a.m. and 3:00 p.m. To make an appointment, call
(703) 518-6546 or send an email to OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT: Ross P. Kendall, Special Counsel to
the General Counsel, at the above address, or telephone: (703) 518-
6562.
SUPPLEMENTARY INFORMATION:
I. Introduction
Congress enacted EGRPRA \1\ as part of an effort to minimize
unnecessary government regulation of financial institutions consistent
with safety and soundness, consumer protection, and other public policy
goals. Under EGRPRA, the appropriate federal banking agencies (Office
of the Comptroller of the Currency, Board of Governors of the Federal
Reserve System, and Federal Deposit Insurance Corporation; herein
Agencies \2\) and the Federal Financial Institutions Examination
Council (FFIEC) must review their regulations to identify outdated,
unnecessary, or unduly burdensome requirements imposed on insured
depository institutions. The Agencies are required, jointly or
individually, to categorize regulations by type, such as ``consumer
regulations'' or ``safety and soundness'' regulations. Once the
categories have been established, the Agencies must provide notice and
ask for public comment on one or more of these regulatory categories.
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\1\ Public Law 104-208, Div. A, Title II, section 2222, 110
Stat. 3009 (1996); codified at 12 U.S.C. 3311.
\2\ The Office of Thrift Supervision was still in existence at
the time EGRPRA was enacted and was included in the listing of
Agencies. Since that time, the OTS has been eliminated and its
responsibilities have passed to the Agencies and the Consumer
Financial Protection Bureau.
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NCUA is not technically required to participate in the EGRPRA
review process, since NCUA is not an ``appropriate Federal banking
agency'' as specified in EGRPRA. In keeping with the spirit of the law,
however, the Board has once again elected to participate in the review
process. Thus, NCUA has participated along with the Agencies in the
planning process, but has developed its own regulatory categories that
are comparable with those developed by the Agencies. Because of the
unique circumstances of federally insured credit unions and their
members, the Board is issuing a separate notice from the Agencies.
NCUA's notice is consistent and comparable with the Agencies' notice,
except on issues that are unique to credit unions.
In accordance with the objectives of EGRPRA, the Board asks the
public to identify areas of its regulations that are outdated,
unnecessary, or unduly burdensome. In addition to this initial notice,
the Board will issue three more notices for comment over the course of
the next two years, at regular intervals. The EGRPRA review supplements
and complements the reviews of regulations that NCUA conducts under
other laws and its internal policies.\3\
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\3\ Interpretive Ruling and Policy Statement (IRPS) 87-2, 52 FR
35231 (Sept. 8, 1987) as amended by IRPS 03-2, 68 FR 32127 (May 29,
2003.) (Reflecting NCUA's commitment to ``periodically update,
clarify and simplify existing regulations and eliminate redundant
and unnecessary provisions.'')
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In addition to the elimination of the Office of Thrift Supervision,
another significant development since the first EGRPRA review is the
creation of the Consumer Financial Protection Bureau (CFPB). Created
with the enactment of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010,\4\ the CFPB has assumed responsibility for the
administration of several consumer protection regulations that had
previously been the responsibility of the Agencies and/or NCUA, such as
Regulation Z and rules governing consumer privacy. Because the CFPB is
[[Page 32192]]
not covered by EGRPRA or required to participate in this regulatory
review process, the Agencies and NCUA have excluded certain consumer
protection regulations from the scope of the current review.\5\ In the
case of rules implementing specific aspects of the Fair Credit
Reporting Act, the Truth in Savings Act, rules pertaining to fair
lending in the housing area, and flood insurance, NCUA has retained
rule-writing authority, and these rules have been retained for purposes
of the EGRPRA review. Regulations that were included in the initial
review under this category pertaining to share insurance and
advertising also remain the province of NCUA and are included as well.
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\4\ Public Law 111-203, 124 Stat. 1376 (2010).
\5\ In addition to rules that have been transferred to the CFPB,
insured credit unions are also subject to certain other regulations
that are not required to be reviewed under the EGRPRA process, such
as regulations issued by the Department of the Treasury's Financial
Crimes Enforcement Network. Any comment received during the EGRPRA
process that pertains to such a rule will be forwarded to the
appropriate agency.
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EGRPRA contemplates a two-part regulatory response. First, NCUA
will publish in the Federal Register a summary of the comments
received, identifying and discussing the significant issues raised.
Second, the law directs the Agencies to ``eliminate unnecessary
regulations to the extent that such action is appropriate.'' As was
done during the initial EGRPRA regulatory review process, the Board
anticipates that it will prepare its response separately from the
Agencies, but at around the same time.
EGRPRA further requires the FFIEC to submit a report to the
Congress within 30 days after NCUA and the Agencies publish the comment
summary and analysis in the Federal Register.
This report must summarize any significant issues raised by the
public comments and the relative merits of those issues. The report
also must analyze whether the appropriate federal financial regulator
involved is able to address the regulatory burdens associated with the
issues by regulation, or whether the burdens must be addressed by
legislation. The FFIEC report submitted to Congress following the
initial EGRPRA review included an Agency section discussing banking
sector issues and a separate section devoted to NCUA and credit union
issues. It is likely that the FFIEC will follow a similar approach in
this second EGRPRA review and report process.
II. The EGRPRA Review's Special Focus
The regulatory review contemplated by EGRPRA provides a significant
opportunity for the public and the Board to consider groups of related
regulations and identify possibilities for streamlining. The EGRPRA
review's overall focus on the totality of regulations will offer a new
perspective in identifying opportunities to reduce regulatory burden.
For example, the EGRPRA review may facilitate the identification of
regulatory requirements that are no longer consistent with the way
business is conducted and that therefore might be eliminated. Of
course, reducing regulatory burden must be consistent with ensuring the
continued safety and soundness of federally insured credit unions and
appropriate consumer protections.
EGRPRA also recognizes that burden reduction must be consistent
with NCUA's statutory mandates, many of which currently require certain
regulations. One of the significant aspects of the EGRPRA review
program is the recognition that effective burden reduction in certain
areas may require legislative change. The Board will be soliciting
comment on, and reviewing the comments and regulations carefully for,
the relationship among burden reduction, regulatory requirements, and
statutory mandates. This will be a key aspect of the report to
Congress.\6\
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\6\ Indeed, one direct result of the initial EGRPRA review and
ensuing report to Congress was the enactment of the Financial
Services Regulatory Relief Act of 2006, which, among other things,
extended from twelve to fifteen years the general maturity limit on
loans for Federal credit unions and expanded their ability to offer
check cashing and money transfer services to individuals within
their field of membership. Public Law 109-351, 120 Stat. 1966
(2006).
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The Board views the approach of considering the relationship of
regulatory and statutory change on regulatory burden, in concert with
EGRPRA's provisions calling for grouping regulations by type, to
provide the potential for particularly effective burden reduction. The
Board believes the EGRPRA review can also significantly contribute to
its on-going efforts to reduce regulatory burden. Since 1987, a
formally adopted NCUA policy has required the Board to review each of
its regulations at least once every three years with a view toward
eliminating, simplifying, or otherwise easing the burden of each
regulation.\7\ Further, the Board addresses the issue of regulatory
burden every time it proposes and adopts a rule. Under the Paperwork
Reduction Act of 1995,\8\ the Regulatory Flexibility Act,\9\ and
internal agency policies, NCUA examines each rulemaking to minimize the
burdens it might impose on the industry and considers various
alternatives.
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\7\ IRPS 87-2, 52 FR 35231 (Sept. 8, 1987) as amended by IRPS
03-2, 68 FR 32127 (May 29, 2003).
\8\ 44 U.S.C. 3501 et seq.
\9\ 5 U.S.C. 601 et seq.
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The Board is particularly sensitive to the impact of agency rules
on small institutions. In 2013, the Board formally increased the
threshold for meeting the ``small'' classification to having assets of
$50 million or less. The Board is cognizant that each new or amended
regulation has the potential for requiring significant expenditures of
time, effort, and money to achieve compliance, and also that this
burden can be particularly difficult for institutions of smaller asset
size, with fewer resources available.
III. The Board's Proposed Plan
EGRPRA contemplates the categorization of regulations by ``type.''
During the initial EGRPRA review, the Board developed and published for
comment ten categories for NCUA's rules, including some that had been
issued jointly with the Agencies. The Board believes these initial
categories worked well for the purpose of presenting a framework for
the review and so is proposing to keep and use the same categories in
this second review.\10\ The categories, in alphabetical order, are:
Agency Programs; Applications and Reporting; Capital; Consumer
Protection; Corporate Credit Unions; Directors, Officers and Employees;
Money Laundering; Powers and Activities; Rules of Procedure; and Safety
and Soundness. As noted above, some of the rules in the consumer
protection category are now under CFPB's jurisdiction and
administration, and those affected rules have been eliminated. Any
rules adopted for the first time since 2006 have been included in the
appropriate category.\11\
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\10\ Consistent with EGRPRA's focus on reducing burden on
insured credit unions, the Board has not included internal,
organizational or operational regulations in this review. These
regulations impose minimal, if any, burden on insured credit unions.
\11\ Commenters should note, in this respect, that for new
regulations that have only recently gone into effect, some passage
of time may be necessary before the burden associated with the
regulatory requirements can be fully and properly understood.
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As the Board noted during the initial EGRPRA review, although there
are other possible ways of categorizing its rules, these ten categories
``are logical groupings that are not so broad such that the number of
regulations presented in any one category would overwhelm potential
commenters. The categories also reflect recognized areas of industry
interest and specialization or are particularly critical to the health
of the credit union system.'' As was also noted during the initial
review, some regulations, such as lending, pertain to
[[Page 32193]]
more than one category and are included in all applicable categories.
As with the initial EGRPRA review, the Board remains convinced that
publishing its rules for public comment separately from the Agencies is
the most effective method for achieving EGRPRA's burden reduction goals
for federally insured credit unions. Owing to differences in the credit
union system as compared to the banking system, there is not a direct,
category by category, correlation between NCUA's rules and those of the
Agencies. For example, credit unions deal with issues such as
membership, credit union service organizations, and corporate credit
unions, all of which are unique to credit union operations. Similarly,
certain categories identified by the Agencies during the initial review
process have limited or no applicability in the credit union sector,
such as community reinvestment, international operations, and
securities. The categories developed by the Board and the Agencies
reflect these differences. The Board intends to maintain comparability
with the Agencies' notices to the extent there is overlap or similarity
in the issues and the categories.
As with the initial review process, with this first notice the
Board is publishing two categories of rules for comment on burden
reduction. The Board anticipates publishing the remaining eight
categories for similar comment periods at regular intervals over the
next two years. The Board welcomes recommendations on grouping the
remaining categories and the order in which to publish them.
After the conclusion of the comment period for each EGRPRA notice
published in the Federal Register, the Board will review the comments
it has received and decide whether further action is appropriate with
respect to the categories of regulations included in that notice.
The Board has prepared two charts to assist public understanding of
the organization of its review. The first chart, set forth at Section
V.A. below, presents the two categories of regulations on which NCUA is
requesting burden reduction recommendations in this notice. The two
categories are shown in the left column. In the middle column are the
subject matters that fall within the categories and in the far right
column are the regulatory citations. The second chart, set forth at
Section V.B. below, presents the remaining eight categories in
alphabetical order in a similar format.
IV. Request for Burden Reduction Recommendations About the First Two
Categories of Regulations: ``Applications and Reporting'' and ``Powers
and Activities''
The Board seeks public comment on regulations within the first two
categories--``Applications and Reporting'' and ``Powers and
Activities''--that may impose outdated, unnecessary, or unduly
burdensome regulatory requirements on federally insured credit unions.
Comments that cite particular provisions or language, and provide
reasons why such provisions should be changed, would be most helpful to
NCUA's review efforts. Suggested alternative provisions or language,
where appropriate, would also be helpful. If the implementation of a
comment would require modifying a statute that underlies the
regulation, the comment should, if possible, identify the needed
statutory change.
Specific issues for commenters to consider. While all comments
related to any aspect of the EGRPRA review are welcome, the Board
reiterates the posture adopted during the initial review process and
specifically invites comment on the following issues:
Need and purpose of the regulations. Do the regulations in
these categories fulfill current needs? Has industry or other
circumstances changed since a regulation was written such that the
regulation is no longer necessary? Have there been shifts within the
industry or consumer actions that suggest a re-focus of the underlying
regulations? Do any of the regulations in these categories impose
burdens not required by their authorizing statutes?
Need for statutory change. Do the statutes impose
unnecessary requirements? Are any of the statutory requirements
underlying these categories redundant, conflicting or otherwise unduly
burdensome?
Overarching approaches/flexibility of the regulatory
standards. Generally, is there a different approach to regulating that
the Board could use that would achieve statutory goals while imposing
less burden? Do any of the regulations in these categories or the
statutes underlying them impose unnecessarily inflexible requirements?
Effect of the regulations on competition. Do any of the
regulations in these categories or the statutes underlying them create
competitive disadvantages for credit unions compared to another part of
the financial services industry?
Reporting, recordkeeping and disclosure requirements. Do
any of the regulations in these categories or the statutes underlying
them impose particularly burdensome reporting, recordkeeping or
disclosure requirements? Are any of these requirements similar enough
in purpose and use so that they could be consolidated? What, if any, of
these requirements could be fulfilled electronically to reduce their
burden?
Consistency and redundancy. Do any of the regulations in
these categories impose inconsistent or redundant regulatory
requirements that are not warranted by the circumstances?
Clarity. Are the regulations in these categories and the
underlying statutes drafted in clear and easily understood language?
Are there specific regulations or underlying statutes that need
clarification?
Scope of rules. Is the scope of each rule in these
categories consistent with the intent of the underlying statute(s)?
Could we amend the scope of a rule to clarify its applicability or to
reduce the burden, while remaining faithful to statutory intent? If so,
specify which regulation(s) should be clarified.
Burden on small insured institutions. The Board has a
particular interest in minimizing burden on small insured credit unions
(those with less than $50 million in assets). NCUA solicits comment on
whether any regulations within these categories should be continued
without change, amended or rescinded in order to minimize any
significant economic impact the regulations may have on a substantial
number of small federally insured credit unions.
V. A. Regulations About Which Burden Reduction Recommendations Are Requested Currently
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Category Subject Regulation cite
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1. Applications and Reporting.............................. Change in official or senior 12 CFR 701.14.
executive officer in credit
unions that are newly
chartered or in troubled
condition.
Field of membership/chartering. 12 CFR 701.1; IRPS 03-1, as amended.
Federal Credit Union Bylaws.... 12 CFR 701.2; Appendix A to Part 701.
[[Page 32194]]
Fees paid by federal credit 12 CFR 701.6.
unions.
Conversion of insured credit 12 CFR 708a.
unions to mutual savings banks.
Mergers of federally insured 12 CFR 708b.
credit unions; voluntary
termination or conversion of
insured status.
Applications for insurance..... 12 CFR 741.0; 741.3; 741.4.
Financial, statistical and 12 CFR 741.6.
other reports.
Conversion to a state-chartered 12 CFR 741.7.
credit union.
Purchase of assets and 12 CFR 741.8.
assumption of liabilities.
2. Powers and Activities:
a. Lending, Leasing and Borrowing...................... Loans to members and lines of 12 CFR 701.21.
credit to members.
Participation loans............ 12 CFR 701.22.
Borrowed funds from natural 12 CFR 701.38.
persons.
Statutory lien................. 12 CFR 701.39.
Leasing........................ 12 CFR 714.
Member business loans.......... 12 CFR 723.
Maximum borrowing.............. 12 CFR 741.2.
b. Investment and Deposits............................. Investment and deposit 12 CFR 703.
activities.
Fixed assets................... 12 CFR 701.36.
Credit union service 12 CFR 712.
organizations (CUSOs).
Payment on shares by public 12 CFR 701.32.
units and nonmembers.
Designation of low-income 12 CFR 701.34.
status; receipt of secondary
capital accounts by low-income
designated credit unions.
Share, share draft, and share 12 CFR 701.35.
certificate accounts.
Treasury tax and loan 12 CFR 701.37.
depositories; depositories and
financial agents of the
government.
Refund of interest............. 12 CFR 701.24.
Trustee or custodian, tax- 12 CFR 724.
advantaged plans.
c. Miscellaneous Activities............................ Incidental powers.............. 12 CFR 721.
Charitable contributions and 12 CFR 721.3(b).
donations, including
charitable donation accounts.
Credit union service contracts. 12 CFR 701.26.
Purchase, sale, and pledge of 12 CFR 701.23.
eligible obligations.
Services for nonmembers within 12 CFR 701.30.
the field of membership.
Suretyship and guaranty........ 12 CFR 701.20.
Foreign branching.............. 12 CFR 741.11.
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V. B. Categories and Regulations About Which NCUA Will Seek Comment Later
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Category Subject Regulation cite
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3. Agency Programs......................................... Community Development Revolving 12 CFR 705.
Loan Program.
Central liquidity facility..... 12 CFR 725.
Designation of low-income 12 CFR 701.34.
status; receipt of secondary
capital accounts by low-income
designated credit unions.
4. Capital................................................. Prompt corrective action....... 12 CFR 702.
Adequacy of reserves........... 12 CFR 741.3(a).
5. Consumer Protection..................................... Nondiscrimination requirement 12 CFR 701.31.
(Fair Housing).
Truth in Savings (TIS)......... 12 CFR 707.
Loans in areas having special 12 CFR 760.
flood hazards.
Fair Credit Reporting--identity 12 CFR 717, Subpart J.
theft red flags.
Fair Credit Reporting--disposal 12 CFR 717.83.
of consumer information.
Fair Credit Reporting--duties 12 CFR 717.82.
regarding address
discrepancies.
Share insurance................ 12 CFR 745.
Advertising.................... 12 CFR 740.
Disclosure of share insurance.. 12 CFR 741.10.
Notice of termination of excess 12 CFR 741.5.
insurance coverage.
Uninsured membership shares.... 12 CFR 741.9.
Member inspection of credit 12 CFR 701.3.
union books, records, and
minutes.
6. Corporate Credit Unions................................. Corporate credit unions........ 12 CFR 704.
7. Directors, Officers, and Employees...................... Loans and lines of credit to 12 CFR 701.21(d).
officials.
Reimbursement, insurance, and 12 CFR 701.33.
indemnification of officials
and employees.
Retirement benefits for 12 CFR 701.19.
employees.
Management officials interlock. 12 CFR 711.
Fidelity bond and insurance 12 CFR 713.
coverage.
General authorities and duties 12 CFR 701.4.
of federal credit union
directors.
Golden parachutes and 12 CFR 750.
indemnification payments.
[[Page 32195]]
8. Money Laundering........................................ Report of crimes or suspected 12 CFR 748.1.
crimes.
Bank Secrecy Act............... 12 CFR 748.2.
9. Rules of Procedure...................................... Liquidation (involuntary and 12 CFR 709 and 710.
voluntary).
Uniform rules of practice and 12 CFR 747, subpart A.
procedure.
Local rules of practice and 12 CFR 747, subpart B.
procedure.
10. Safety and Soundness................................... Lending........................ 12 CFR 701.21.
Investments.................... 12 CFR 703.
Supervisory committee audit.... 12 CFR 715.
Security programs.............. 12 CFR 748.0.
Guidelines for safeguarding 12 CFR 748, Appendices A and B.
member information and
responding to unauthorized
access to member information.
Records preservation program 12 CFR 749.
and record retention appendix.
Appraisals..................... 12 CFR 722.
Examination.................... 12 CFR 741.1.
Liquidity and contingency 12 CFR 741.12.
funding plans.
Regulations codified elsewhere 12 CFR 741, subpart B.
in NCUA's regulations as
applying to federal credit
unions that also apply to
federally insured state-
chartered credit unions.
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By the National Credit Union Administration Board on May 22,
2014.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2014-12739 Filed 6-3-14; 8:45 am]
BILLING CODE 7535-01-P
