Office Name Change, 76495-76496 [2016-26495]

Download as PDF 76495 Rules and Regulations Federal Register Vol. 81, No. 213 Thursday, November 3, 2016 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Parts 708a, 708b, and 790 RIN 3133–AE65 Office Name Change II. Regulatory Procedures National Credit Union Administration (NCUA). ACTION: Final rule. AGENCY: The NCUA Board (‘‘Board’’) is issuing a final rule to rename its Office of Consumer Protection to provide additional clarity about the function and role of the office. The new name will be the Office of Consumer Financial Protection and Access. DATES: This rule is effective November 3, 2016. FOR FURTHER INFORMATION CONTACT: Gail W. Laster, Director, Office of Consumer Financial Protection and Access or Elizabeth Wirick, Senior Staff Attorney, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314 or telephone (703) 518–6540. SUPPLEMENTARY INFORMATION: SUMMARY: mstockstill on DSK3G9T082PROD with RULES I. Background In 2009, the Board established the Office of Consumer Protection (OCP) to ensure that NCUA applies all relevant consumer protections, promotes helpful tools for consumers such as financial education and encourages credit unions to serve all eligible consumers. In creating OCP, the Board recognized the need for greater focus on both providing consumer financial protection and increasing access to credit union services. The new name for the office will better encapsulate its scope and duties. Adding the word ‘‘financial’’ to the title of the office clarifies that its focus is on consumer financial protection, rather than other types of consumer protection issues. Adding the word ‘‘access’’ to the VerDate Sep<11>2014 16:18 Nov 02, 2016 Jkt 241001 title of the office emphasizes the office’s role in increasing member access to responsible financial services and products, addressing the financial needs of the unbanked and under-banked, and improving the financial conditions of distressed communities. The office’s role of handling new charter applications, field of membership expansions and low income designation requests is unique among federal financial regulators and also enhances NCUA’s consumer financial protection efforts. Providing additional clarity about the office’s mission, namely consumer financial protection and access to financial services, will benefit consumers, their communities and credit unions. 1. Final Rule Under the Administrative Procedure Act (APA) Generally, the APA requires a federal agency to provide the public with notice and an opportunity to comment on agency rulemakings.1 This rule is exempt from the APA’s notice and comment requirement because it addresses NCUA’s organization and structure.2 2. Effective Date The APA also generally requires publication in the Federal Register at least 30 days before the effective date of a rule. Agencies can dispense with the 30-day requirement for good cause.3 NCUA finds good cause to dispense with the 30-day effective date requirement, as this rule is technical rather than substantive. The rule will, therefore, be effective immediately upon publication. 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 APA.5 As required by SBREFA, NCUA has submitted this rule to the Office of Management and Budget for it to 15 U.S.C. 553(b). (b)(A). 3 Id. 553(d)(3). 4 Public Law 104–121. 5 5 U.S.C. 551. 2 Id. PO 00000 Frm 00001 Fmt 4700 determine if the final rule is a ‘‘major rule’’ for purposes of SBREFA. NCUA does not believe the rule is major. 4. Regulatory Flexibility Act The Regulatory Flexibility Act requires NCUA to prepare an analysis of any significant economic impact a regulation may have on a substantial number of small entities (primarily those under $100 million in assets).6 This final rule will have no economic impact on small credit unions as it addresses only the name of one NCUA office. Accordingly, NCUA certifies the rule will not have a significant economic impact on a substantial number of small credit unions. 5. 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 increases an existing burden.7 For purposes of the PRA, a paperwork burden may take the form of a reporting or recordkeeping requirement, both referred to as information collections. As the final rule is simply a name change for one of NCUA’s offices, NCUA has determined it does not increase paperwork requirements under the PRA. 6. 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. The final rule does not have substantial direct effects on the states, on the relationship between the national government and the states, or on the distribution of power and responsibilities among the various levels of government. NCUA has therefore determined that this final rule does not constitute a policy that has federalism implications for purposes of the executive order. 7. Assessment of Federal Regulations and Policies on Families NCUA has determined that this rule will not affect family well-being within 65 U.S.C. 603(a). U.S.C. 3507(d); 5 CFR part 1320. 7 44 Sfmt 4700 E:\FR\FM\03NOR1.SGM 03NOR1 76496 Federal Register / Vol. 81, No. 213 / Thursday, November 3, 2016 / Rules and Regulations the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999, Public Law 105–277, 112 Stat. 2681 (1998). Consumer Financial Protection and Access. * * * * * * * * List of Subjects PART 790—DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION 12 CFR Part 708a Credit unions, Charter conversions. ■ 5. The authority citation for part 790 continues to read as follows: 12 CFR Part 708b Credit unions, Mergers of credit unions. Authority: 12 U.S.C. 1766, 1789, 1795f. PART 708a—BANK CONVERSIONS AND MERGERS 1. The authority citation for part 708a continues to read as follows: ■ Authority: 12 U.S.C. 1766, 1785(b), and 1785(c). 2. Revise the first sentence of the definition of ‘‘Regional Director’’ in § 708a.101 to read as follows: ■ As published, the final regulations (TD 9786) contain errors that may prove to be misleading and are in need of clarification. * * * * * (b) * * * (15) Office of Consumer Financial Protection and Access. (i) The Office of Consumer Financial Protection and Access contains four divisions: * * * * * (ii) The Office provides consumer services, including consumer education and complaint resolution; establishes, consolidates, and coordinates consumer financial protections within the agency; acts as the central liaison on consumer financial protection with other federal agencies; and nationalizes field of membership processing and chartering activities. * * * * * [FR Doc. 2016–26495 Filed 11–2–16; 8:45 am] BILLING CODE 7535–01–P Definitions. * * * * * Regional Director means either the director for the NCUA Regional Office for the region where a natural person credit union’s main office is located or the director of the NCUA’s Office of Consumer Financial Protection and Access. * * * * * * * * PART 708b—MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS 3. The authority citation for part 708b continues to read as follows: DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 Authority: 12 U.S.C. 1752(7), 1766, 1785, 1786, and 1789. 4. Revise the first sentence of the definition of ‘‘Regional Director’’ in § 708b.2 to read as follows: mstockstill on DSK3G9T082PROD with RULES ■ Definitions. * * * * Regional Director means either the director for the NCUA Regional Office for the region where a natural person credit union’s main office is located or the director of the NCUA’s Office of 16:18 Nov 02, 2016 Jkt 241001 List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Authority: 26 U.S.C. 7805 * * * Par. 2. Section 1.41–4(c)(6)(viii) is amended by: ■ a. Revising the fifth sentence of Example 14 paragraph (ii). ■ b. Revising the fifth sentence of Example 17 paragraph (i). The revisions read as follows: ■ [TD 9786] § 1.41–4 Qualified research for expenditures paid or incurred in taxable years ending on or after December 31, 2003. RIN 1545–BC70 * Credit for Increasing Research Activities; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: ■ VerDate Sep<11>2014 The final regulations (TD 9786) that are the subject of this correction are under section 41 of the Internal Revenue Code. § 790.2 Central and field office organization. For the reasons discussed above, the National Credit Union Administration amends 12 CFR parts 708a, 708b, and 790 as follows: * Background Need for Correction 6. Revise paragraphs (b)(15)(i) introductory text and (b)(15)(ii) of § 790.2 to read as follows: By the National Credit Union Administration Board, on October 27, 2016. Gerard Poliquin, Secretary of the Board. § 708b.2 SUPPLEMENTARY INFORMATION: ■ 12 CFR Part 790 Organization and functions (Government agencies). § 708a.101 (Passthroughs and Special Industries) at (202) 317–6853 (not a toll-free number). This document contains corrections to final regulations (TD 9786) that were published in the Federal Register on Tuesday, October 4, 2016 (81 FR 68299). The final regulations provided guidance regarding the application of the credit for increasing research activities. DATES: This correction is effective November 3, 2016 and is applicable on or after October 4, 2016. FOR FURTHER INFORMATION CONTACT: Martha Garcia or Jennifer Records of the Office of Associate Chief Counsel SUMMARY: PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 * (c) * * (6) * * (viii) * * * * * * * * Example 14. * * * (ii) * * * If X’s research activities related to the development or improvement of Subset B constitute qualified research under section 41(d), without regard to section 41(d)(4)(E), and the allocable expenditures are qualified research expenditures under section 41(b), X may include $6,250 (25% × $25,000) of the software research expenditures of Subset B in computing the amount of X’s credit, pursuant to paragraph (c)(6)(vi)(C) of this section. * * * * * Example 17. * * * (i) * * * The ability to use the idle employees’ computers would save X significant costs because X would not have E:\FR\FM\03NOR1.SGM 03NOR1

Agencies

[Federal Register Volume 81, Number 213 (Thursday, November 3, 2016)]
[Rules and Regulations]
[Pages 76495-76496]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-26495]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 81, No. 213 / Thursday, November 3, 2016 / 
Rules and Regulations

[[Page 76495]]



NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 708a, 708b, and 790

RIN 3133-AE65


Office Name Change

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The NCUA Board (``Board'') is issuing a final rule to rename 
its Office of Consumer Protection to provide additional clarity about 
the function and role of the office. The new name will be the Office of 
Consumer Financial Protection and Access.

DATES: This rule is effective November 3, 2016.

FOR FURTHER INFORMATION CONTACT: Gail W. Laster, Director, Office of 
Consumer Financial Protection and Access or Elizabeth Wirick, Senior 
Staff Attorney, Office of General Counsel, 1775 Duke Street, 
Alexandria, VA 22314 or telephone (703) 518-6540.

SUPPLEMENTARY INFORMATION:

I. Background

    In 2009, the Board established the Office of Consumer Protection 
(OCP) to ensure that NCUA applies all relevant consumer protections, 
promotes helpful tools for consumers such as financial education and 
encourages credit unions to serve all eligible consumers. In creating 
OCP, the Board recognized the need for greater focus on both providing 
consumer financial protection and increasing access to credit union 
services.
    The new name for the office will better encapsulate its scope and 
duties. Adding the word ``financial'' to the title of the office 
clarifies that its focus is on consumer financial protection, rather 
than other types of consumer protection issues. Adding the word 
``access'' to the title of the office emphasizes the office's role in 
increasing member access to responsible financial services and 
products, addressing the financial needs of the unbanked and under-
banked, and improving the financial conditions of distressed 
communities. The office's role of handling new charter applications, 
field of membership expansions and low income designation requests is 
unique among federal financial regulators and also enhances NCUA's 
consumer financial protection efforts. Providing additional clarity 
about the office's mission, namely consumer financial protection and 
access to financial services, will benefit consumers, their communities 
and credit unions.

II. Regulatory Procedures

1. Final Rule Under the Administrative Procedure Act (APA)

    Generally, the APA requires a federal agency to provide the public 
with notice and an opportunity to comment on agency rulemakings.\1\ 
This rule is exempt from the APA's notice and comment requirement 
because it addresses NCUA's organization and structure.\2\
---------------------------------------------------------------------------

    \1\ 5 U.S.C. 553(b).
    \2\ Id. (b)(A).
---------------------------------------------------------------------------

2. Effective Date

    The APA also generally requires publication in the Federal Register 
at least 30 days before the effective date of a rule. Agencies can 
dispense with the 30-day requirement for good cause.\3\ NCUA finds good 
cause to dispense with the 30-day effective date requirement, as this 
rule is technical rather than substantive. The rule will, therefore, be 
effective immediately upon publication.
---------------------------------------------------------------------------

    \3\ Id. 553(d)(3).
---------------------------------------------------------------------------

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 APA.\5\ As required by 
SBREFA, 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.
    \5\ 5 U.S.C. 551.
---------------------------------------------------------------------------

4. Regulatory Flexibility Act

    The Regulatory Flexibility Act requires NCUA to prepare an analysis 
of any significant economic impact a regulation may have on a 
substantial number of small entities (primarily those under $100 
million in assets).\6\ This final rule will have no economic impact on 
small credit unions as it addresses only the name of one NCUA office. 
Accordingly, NCUA certifies the rule will not have a significant 
economic impact on a substantial number of small credit unions.
---------------------------------------------------------------------------

    \6\ 5 U.S.C. 603(a).
---------------------------------------------------------------------------

5. 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 increases an existing burden.\7\ For purposes of the PRA, a 
paperwork burden may take the form of a reporting or recordkeeping 
requirement, both referred to as information collections. As the final 
rule is simply a name change for one of NCUA's offices, NCUA has 
determined it does not increase paperwork requirements under the PRA.
---------------------------------------------------------------------------

    \7\ 44 U.S.C. 3507(d); 5 CFR part 1320.
---------------------------------------------------------------------------

6. 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. The final rule does not have substantial direct 
effects on the states, on the relationship between the national 
government and the states, or on the distribution of power and 
responsibilities among the various levels of government. NCUA has 
therefore determined that this final rule does not constitute a policy 
that has federalism implications for purposes of the executive order.

7. Assessment of Federal Regulations and Policies on Families

    NCUA has determined that this rule will not affect family well-
being within

[[Page 76496]]

the meaning of section 654 of the Treasury and General Government 
Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 (1998).

List of Subjects

12 CFR Part 708a

    Credit unions, Charter conversions.

12 CFR Part 708b

    Credit unions, Mergers of credit unions.

12 CFR Part 790

    Organization and functions (Government agencies).

    By the National Credit Union Administration Board, on October 
27, 2016.
Gerard Poliquin,
Secretary of the Board.

    For the reasons discussed above, the National Credit Union 
Administration amends 12 CFR parts 708a, 708b, and 790 as follows:

PART 708a--BANK CONVERSIONS AND MERGERS

0
1. The authority citation for part 708a continues to read as follows:

    Authority: 12 U.S.C. 1766, 1785(b), and 1785(c).


0
2. Revise the first sentence of the definition of ``Regional Director'' 
in Sec.  708a.101 to read as follows:


Sec.  708a.101  Definitions.

* * * * *
    Regional Director means either the director for the NCUA Regional 
Office for the region where a natural person credit union's main office 
is located or the director of the NCUA's Office of Consumer Financial 
Protection and Access. * * *
* * * * *

PART 708b--MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY 
TERMINATION OR CONVERSION OF INSURED STATUS

0
3. The authority citation for part 708b continues to read as follows:

    Authority: 12 U.S.C. 1752(7), 1766, 1785, 1786, and 1789.


0
4. Revise the first sentence of the definition of ``Regional Director'' 
in Sec.  708b.2 to read as follows:


Sec.  708b.2   Definitions.

* * * * *
    Regional Director means either the director for the NCUA Regional 
Office for the region where a natural person credit union's main office 
is located or the director of the NCUA's Office of Consumer Financial 
Protection and Access. * * *
* * * * *

PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION

0
5. The authority citation for part 790 continues to read as follows:

    Authority: 12 U.S.C. 1766, 1789, 1795f.


0
6. Revise paragraphs (b)(15)(i) introductory text and (b)(15)(ii) of 
Sec.  790.2 to read as follows:


Sec.  790.2   Central and field office organization.

* * * * *
    (b) * * *
    (15) Office of Consumer Financial Protection and Access. (i) The 
Office of Consumer Financial Protection and Access contains four 
divisions:
* * * * *
    (ii) The Office provides consumer services, including consumer 
education and complaint resolution; establishes, consolidates, and 
coordinates consumer financial protections within the agency; acts as 
the central liaison on consumer financial protection with other federal 
agencies; and nationalizes field of membership processing and 
chartering activities.
* * * * *
[FR Doc. 2016-26495 Filed 11-2-16; 8:45 am]
BILLING CODE 7535-01-P