National Credit Union Administration December 2005 – Federal Register Recent Federal Regulation Documents

Interagency Guidance on Nontraditional Mortgage Products
Document Number: 05-24562
Type: Notice
Date: 2005-12-29
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comment on this proposed Interagency Guidance on Nontraditional Mortgage Products (Guidance). The Agencies expect institutions to effectively assess and manage the risks associated with their credit activities, including those associated with nontraditional mortgage loan products. Institutions should use this guidance in their efforts to ensure that their risk management and consumer protection practices adequately address these risks.
Community Development Revolving Loan Fund for Credit Unions
Document Number: E5-7722
Type: Notice
Date: 2005-12-23
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) will accept applications for participation in the Community Development Revolving Loan Fund's Loan Program throughout calendar year 2006, subject to availability of funds. Application procedures for qualified low-income credit unions are in NCUA Rules and Regulations.
Fair Credit Reporting Medical Information Regulations; Correction
Document Number: 05-24370
Type: Rule
Date: 2005-12-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (Agencies) published a final rule to implement section 411 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The intent of that final rule was to finalize, with changes, the interim regulations published on June 10, 2005 and to republish the remaining requirements. However, due to technical errors in the formatting of the November 22, 2005 document, duplicate provisions were added. To correct this error, this document revises the amendatory instructions which added duplicative text.
Request for Burden Reduction Recommendation; Rules Relating to Agency Programs, Capital, and Corporate Credit Unions; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review
Document Number: 05-24368
Type: Proposed Rule
Date: 2005-12-22
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board is continuing its review of its regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements imposed on federally-insured credit unions pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). NCUA requests comments and suggestions on ways to reduce burden in regulations that govern agency programs, capital and corporate credit unions, consistent with our statutory obligations. All comments are welcome. This is the final notice in the ten-year regulatory review required by EGRPRA. NCUA will analyze the comments received and propose burden reducing changes to its regulations where appropriate. Some suggestions for burden reduction might require legislative changes. Where legislative changes would be required, NCUA will consider the suggestions in recommending appropriate changes to Congress.
Third-Party Servicing of Indirect Vehicle Loans
Document Number: E5-7584
Type: Proposed Rule
Date: 2005-12-21
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA is issuing a proposed rule to regulate purchases by federally insured credit unions of indirect vehicle loans serviced by third-parties. NCUA proposes to limit the aggregate amount of these loans serviced by any single third-party to a percentage of the credit union's net worth. The effect of the proposed rule would be to ensure that federally insured credit unions do not undertake undue risk with these purchases.
Member Business Loans
Document Number: 05-24285
Type: Rule
Date: 2005-12-21
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is revising its member business loans (MBL) rule to clarify the minimum capital requirements a federally insured corporate credit union (corporate) must meet to make unsecured MBLs to members that are not credit unions or corporate credit union service organizations (corporate CUSOs). NCUA is also revising the definition of a construction or development loan (C&D loan) to include certain loans to borrowers who already own or have rights to property and the definition of net worth to be more consistent with its definition in the Federal Credit Union Act (Act) and NCUA's prompt corrective action regulation (PCA). Finally, the rule clarifies that a state may rescind a state MBL rule without NCUA's approval.
Requirements for Insurance
Document Number: 05-24284
Type: Rule
Date: 2005-12-21
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing its rule on the purchase of assets and assumption of liabilities by federally-insured credit unions to clarify which transfers of assets or accounts require approval by the NCUA Board.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Collection; Comment Request
Document Number: E5-7480
Type: Notice
Date: 2005-12-19
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA is submitting the following information collection to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). This information collection is published to obtain comments from the public.
Sunshine Act Meeting
Document Number: 05-24005
Type: Notice
Date: 2005-12-13
Agency: National Credit Union Administration, Agencies and Commissions
Truth in Savings
Document Number: 05-23711
Type: Rule
Date: 2005-12-08
Agency: National Credit Union Administration, Agencies and Commissions
As required by the Truth in Savings Act, the NCUA is amending its rule and official staff interpretation to address the uniformity and adequacy of information provided to members when they overdraw their share accounts. The amendments address services referred to as ``bounced-check protection'' or ``courtesy overdraft protection'' that pay members' checks and allow other overdrafts when there are insufficient funds in the account. The interim final rule creates a new section in the regulation and requires credit unions that promote the payment of overdrafts in advertisements to disclose fees and other information in advertisements of overdraft services.
Post-Employment Restrictions for Certain NCUA Examiners
Document Number: 05-23710
Type: Rule
Date: 2005-12-07
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is adding a new part to NCUA's regulations to implement new, post-employment restrictions that will apply to certain senior NCUA examiners starting December 17, 2005. The final rule prohibits senior NCUA examiners, for a year after leaving NCUA employment, from accepting employment with a credit union if they had continuing, broad responsibility for examination of that credit union for a total of two or more months during their last 12 months of NCUA employment.