Privacy Act Systems of Records Notice
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
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
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
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.