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