National Credit Union Administration 2006 – Federal Register Recent Federal Regulation Documents

Privacy Act Systems of Records Notice
Document Number: E6-22101
Type: Notice
Date: 2006-12-27
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) is revising its Privacy Act Systems of Records (SOR) Notice. As part of the periodic review of agency regulations, staff determined the need to update and revise its SOR Notice. The review identified several changes requiring revision to the SOR Notice including changes in recordkeeping practices, agency organizational changes, and new systems of records not previously identified. In some systems, NCUA staff identified minor changes to routine uses. No new exemptions from provisions of the Privacy Act of 1974 were required. The revisions reflect the changes, clarify, and update the SOR Notice.
Conversion of Insured Credit Unions to Mutual Savings Banks
Document Number: E6-21661
Type: Rule
Date: 2006-12-22
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) is issuing final revisions to its rules regarding the conversion of insured credit unions to mutual savings banks or mutual savings associations. The final rule improves the information available to members and the board of directors as they consider a possible conversion. The final rule includes revised disclosures, revised voting procedures, procedures to facilitate communications among members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan.
Community Development Revolving Loan Fund for Credit Unions
Document Number: E6-21664
Type: Notice
Date: 2006-12-20
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 2007, subject to availability of funds. Application procedures for qualified low-income credit unions are in NCUA Rules and Regulations.
Permissible Investments for Federal Credit Unions
Document Number: E6-21662
Type: Rule
Date: 2006-12-20
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its investments rule to allow federal credit unions (FCUs) to enter into investment repurchase transactions in which the instrument consists of first-lien mortgage notes subject to certain limitations. The final rule expands FCU authority to invest in mortgage-related securities while addressing safety and soundness concerns associated with this new investment activity.
Sunshine Act Meeting Notice
Document Number: 06-9647
Type: Notice
Date: 2006-12-11
Agency: National Credit Union Administration, Agencies and Commissions
Share Insurance Appeals; Clarification of Enforcement Authority of the NCUA Board
Document Number: E6-19703
Type: Rule
Date: 2006-11-22
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). This interim final rule clarifies: that an appeal from a final NCUA Board decision regarding share insurance coverage shall be to the appropriate Federal District Court; that the NCUA Board may terminate the insured status of any insured credit union for violation of any condition imposed by the Board in connection with any action on any application, notice, or other request by the credit union or an institution-affiliated party; and that Orders of Suspension, Prohibition and Removal issued by the NCUA Board remain effective against institution-affiliated parties regardless of whether they remain institution-affiliated parties at the time the Order is considered or issued.
Revisions to the Official Sign Indicating Insured Status
Document Number: E6-19682
Type: Rule
Date: 2006-11-22
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is revising the official sign indicating a credit union's share accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the full faith and credit of the United States Government. This rule is required to comply with the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Conforming Amendments Act).
No FEAR Act Notice
Document Number: E6-19291
Type: Notice
Date: 2006-11-16
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA is providing to its employees this notice of employee rights and protections under the Notification and Federal Employees Antidiscrimination and Retaliation Act of 2002 (the No FEAR Act).
Notice of Meeting
Document Number: 06-9208
Type: Notice
Date: 2006-11-14
Agency: National Credit Union Administration, Agencies and Commissions
Filing Requirements for Suspicious Activity Reports
Document Number: E6-17838
Type: Rule
Date: 2006-10-27
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing a final rule to describe in greater detail the requirements for reporting and filing a Suspicious Activity Report (SAR) and to address prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection. NCUA also is changing the heading for this part so it more accurately describes its scope. NCUA seeks to enhance credit union compliance with SAR reporting requirements by providing greater detail in its rule on the thresholds and procedures for filing a SAR.
General Lending Maturity Limit and Other Financial Services
Document Number: E6-17835
Type: Rule
Date: 2006-10-27
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its rules to implement amendments to the Federal Credit Union Act (FCU Act) made by the Financial Services Regulatory Relief Act of 2006 (Reg Relief Act). The interim final rule revises the maturity limit in the general lending rule and permits Federal credit unions to provide certain, limited financial services to nonmembers within their fields of membership.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Information Collections; Comment Request
Document Number: E6-17602
Type: Notice
Date: 2006-10-20
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-17600
Type: Notice
Date: 2006-10-20
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Information Collection; Comment Request
Document Number: E6-17592
Type: Notice
Date: 2006-10-20
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Notice of Meeting
Document Number: 06-8739
Type: Notice
Date: 2006-10-17
Agency: National Credit Union Administration, Agencies and Commissions
Interagency Guidance on Nontraditional Mortgage Product Risks
Document Number: 06-8480
Type: Notice
Date: 2006-10-04
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Board of Governors of the Federal Reserve System, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (the Agencies), are issuing final Interagency Guidance on Nontraditional Mortgage Product Risks (guidance). This guidance has been developed to clarify how institutions can offer nontraditional mortgage products in a safe and sound manner, and in a way that clearly discloses the risks that borrowers may assume.
Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products
Document Number: 06-8479
Type: Notice
Date: 2006-10-04
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Board of Governors of the Federal Reserve System, Comptroller of the Currency
The OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comment on these Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products. The illustrations are intended to assist institutions in implementing the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks (Interagency Guidance), which is being published simultaneously with this notice. The illustrations are not intended as model forms, and institutions will not be required to use them. Rather, they are provided at the request of commenters to the Interagency Guidance to illustrate the type of information that the Interagency Guidance contemplates.
Share Insurance and Appendix
Document Number: 06-8258
Type: Rule
Date: 2006-09-26
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its share insurance rules to implement amendments to the Federal Credit Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Conforming Amendments Act). In this regard, the final rule: Defines the ``standard maximum share insurance amount'' as $100,000 and provides that beginning in 2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts from $100,000 to $250,000, subject to the above inflation adjustments; and provides pass-through coverage to each participant of an employee benefit plan, but limits the acceptance of shares in employee benefit plans to insured credit unions that are well capitalized or adequately capitalized. Additionally, NCUA is amending its share insurance rules to clarify insurance coverage for qualified tuition savings programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request.
Document Number: E6-15614
Type: Notice
Date: 2006-09-20
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-15610
Type: Notice
Date: 2006-09-20
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Information Collection Notice Related To Rule for Identity Theft Red Flags and Address Discrepancies Under Fair and Accurate Transactions Act of 2003
Document Number: E6-15403
Type: Notice
Date: 2006-09-18
Agency: National Credit Union Administration, Agencies and Commissions
As directed by the Office of Management and Budget (OMB), the NCUA is publishing this supplementary notice and request for comments on a new, rule-related information collection that is part of an inter- agency regulation issued July 18, 2006 to implement provisions in the Fair and Accurate Credit Transactions Act of 2003 (FACTA). NCUA expects this collection to be under review at OMB shortly.
Sunshine Act Meeting
Document Number: 06-7764
Type: Notice
Date: 2006-09-18
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-15030
Type: Notice
Date: 2006-09-12
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Information Collection; Comment Request
Document Number: E6-15029
Type: Notice
Date: 2006-09-12
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Information Collections; Comment Request
Document Number: E6-15028
Type: Notice
Date: 2006-09-12
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Proposed Collection; Comment Request
Document Number: 06-7271
Type: Notice
Date: 2006-08-31
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Federal Trade Commission, 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
In accordance with the requirements of the Paperwork Reduction Act of 1995, the OCC, the Board, the FDIC, the OTS, the NCUA, and the FTC (Agencies) may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. Pursuant to section 214(e) of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or Act), the Agencies are requesting public comment on a proposed information collection concerning the ``Survey of Information Sharing Practices with Affiliates'' (Survey).
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-13266
Type: Notice
Date: 2006-08-14
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit the following information collection to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995 (Public Law 104-13, 44 U.S.C. Chapter 35). This information collection is published to obtain comments from the public.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-13265
Type: Notice
Date: 2006-08-14
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-13264
Type: Notice
Date: 2006-08-14
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Permissible Investments for Federal Credit Unions
Document Number: E6-11908
Type: Proposed Rule
Date: 2006-07-26
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is proposing to amend its investment rules to allow federal credit unions to enter into investment repurchase transactions in which the instrument consists of first-lien mortgage notes. The proposed amendment establishes a credit concentration limit, minimum credit rating, requirement for an independent assessment of market value, a maximum term, and custodial requirements for the transactions.
Loan Interest Rates
Document Number: E6-11907
Type: Rule
Date: 2006-07-26
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its lending rule to include the criteria the NCUA Board considers in setting a permissible interest rate for federal credit unions exceeding 15 percent and to establish procedures regarding publication of its determination. The amendment will allow NCUA to notify federal credit unions of any increase in the interest rate ceiling through a Letter to Federal Credit Unions, other NCUA publications, and a press release, instead of issuing an amendment to the regulation every 18 months as it has previously done. The amendment will eliminate unnecessary, periodic regulatory amendments and provides a more efficient and effective means of informing federal credit unions of the permissible interest rate.
Notice of Meeting
Document Number: 06-6504
Type: Notice
Date: 2006-07-26
Agency: National Credit Union Administration, Agencies and Commissions
Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Credit Transactions Act of 2003
Document Number: 06-6187
Type: Proposed Rule
Date: 2006-07-18
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Federal Trade Commission, 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, NCUA and FTC (the Agencies) request comment on a proposal that would implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). As required by section 114, the Agencies are jointly proposing guidelines for financial institutions and creditors identifying patterns, practices, and specific forms of activity, that indicate the possible existence of identity theft. The Agencies also are proposing joint regulations requiring each financial institution and creditor to establish reasonable policies and procedures for implementing the guidelines, including a provision requiring credit and debit card issuers to assess the validity of a request for a change of address under certain circumstances. In addition, the Agencies are proposing joint regulations under section 315 that provide guidance regarding reasonable policies and procedures that a user of consumer reports must employ when such a user receives a notice of address discrepancy from a consumer reporting agency.
Notice of Meeting
Document Number: 06-6301
Type: Notice
Date: 2006-07-17
Agency: National Credit Union Administration, Agencies and Commissions
Third-Party Servicing of Indirect Vehicle Loans
Document Number: E6-10137
Type: Rule
Date: 2006-06-28
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) is issuing a final rule to regulate purchases by federally insured credit unions of indirect vehicle loans serviced by third-parties. The rule limits the aggregate amount of these loans serviced by any single third-party to a percentage of the credit union's net worth. The rule ensures that federally insured credit unions do not undertake undue risk with these purchases.
Filing Requirements for Suspicious Activity Reports
Document Number: E6-10136
Type: Proposed Rule
Date: 2006-06-28
Agency: National Credit Union Administration, Agencies and Commissions
The proposed rule describes in greater detail the requirements for reporting and filing a Suspicious Activity Report (SAR) and addresses prompt notification of the board of directors of SAR filings, the confidentiality of reports, and liability protection. NCUA also proposes to change the heading for this part so it more accurately describes its scope. While retaining cross-references in the rule to the SAR form and instructions, these changes will enhance credit union compliance by providing greater detail in the rule on the thresholds and procedures for filing a SAR.
Organization and Operations of Federal Credit Unions
Document Number: E6-10134
Type: Rule
Date: 2006-06-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its field of membership rules regarding service to underserved areas to limit underserved area additions to multiple common-bond credit unions and revise facility requirements for underserved areas. These amendments are being made after a comprehensive review of chartering policy based upon NCUA's experience addressing field of membership issues and the uncertainty resulting from recent litigation challenging service to underserved areas in Utah and the current ambiguity in the Federal Credit Union Act on this issue. This final rule will ensure continued reliable and efficient service to federal credit union members located in approved underserved areas and continue to allow multiple common-bond credit unions to add underserved areas to their charters. The final rule generally adopts the amendments as proposed. In addition, the final rule retains the definition of service facility as a credit union owned facility where shares are accepted for members' accounts, loan applications are accepted, and loans are disbursed.
Revisions to the Official Sign Indicating Insured Status
Document Number: 06-5742
Type: Proposed Rule
Date: 2006-06-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to revise the official sign indicating a credit union's share accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the full faith and credit of the United States Government. This proposal is required to comply with the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Conforming Amendments Act).
Conversion of Insured Credit Unions to Mutual Savings Banks
Document Number: 06-5728
Type: Proposed Rule
Date: 2006-06-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to amend its rules regarding the conversion of insured credit unions to mutual savings banks or mutual savings associations. The proposed revisions are primarily intended to improve the information available to members and the board of directors as they consider a possible conversion. The revisions include revised disclosures, revised voting procedures, procedures to facilitate communications among members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan.
Sunshine Act; Notice of Meeting
Document Number: 06-5540
Type: Notice
Date: 2006-06-19
Agency: National Credit Union Administration, Agencies and Commissions
Office of Thrift Supervision
Document Number: 06-5492
Type: Notice
Date: 2006-06-19
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), FinCEN, OCC, OTS, FDIC, and NCUA (collectively, the ``agencies'') hereby give notice that they have submitted to the Office of Management and Budget (OMB) requests for review of the information collections described below. OCC, OTS, FDIC, NCUA, and FinCEN are submitting the Suspicious Activity Report (SAR) information collection to OMB for extension with revision. The Board of Governors of the Federal Reserve System (the Board) also participated in this review. However, the Board, under its Paperwork Reduction Act (PRA) delegated authority, will publish a separate final notice and submit its SAR information collection to OMB. On February 17, 2006, the agencies and the Board, requested public comment on a major revision of the SAR form. OCC also requested comments on all information collections contained in 12 CFR part 21 (``Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program''). The agencies have made the proposed changes, as well as additional changes suggested by the commenters.
Notice of Change in the Meeting; Sunshine Act
Document Number: 06-4906
Type: Notice
Date: 2006-05-26
Agency: National Credit Union Administration, Agencies and Commissions
Notice of Meeting; Sunshine Act
Document Number: 06-4793
Type: Notice
Date: 2006-05-22
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-7064
Type: Notice
Date: 2006-05-10
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: E6-7063
Type: Notice
Date: 2006-05-10
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request
Document Number: E6-7062
Type: Notice
Date: 2006-05-10
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA intends to submit 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.
Federal Credit Union Bylaws
Document Number: 06-3917
Type: Rule
Date: 2006-04-26
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is adopting changes to update, clarify and simplify the Federal Credit Union (FCU) Bylaws. The changes eliminate unnecessary provisions and increase the readability of the Bylaws by adding staff commentary on frequently-asked questions, new section headings and increased use of plain English. FCUs who have previously adopted Bylaws may adopt these Bylaws in whole or in part, or they may retain their current Bylaws.
Truth in Savings
Document Number: 06-3916
Type: Rule
Date: 2006-04-26
Agency: National Credit Union Administration, Agencies and Commissions
As required by the Truth in Savings Act, NCUA is finalizing 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 credit unions may use to pay members'' checks and allow other overdrafts when there are insufficient funds in the account.
Notice of Meeting
Document Number: 06-3680
Type: Notice
Date: 2006-04-17
Agency: National Credit Union Administration, Agencies and Commissions
Share Insurance and Appendix
Document Number: 06-2754
Type: Rule
Date: 2006-03-23
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its share insurance rules to implement amendments to the Federal Credit Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Conforming Amendments Act). In this regard, the interim final rule: Defines the ``standard maximum share insurance amount'' as $100,000 and provides that beginning in 2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts from $100,000 to $250,000, subject to the above inflation adjustments; and provides pass-through coverage to each participant of an employee benefit plan, but limits the acceptance of shares in employee benefit plans to insured credit unions that are well capitalized or adequately capitalized. Additionally, NCUA is amending its share insurance rules to clarify insurance coverage for qualified tuition programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.