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

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.

The NCUA has submitted 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). NCUA has requested emergency processing by February 28, 2006. This information collection is published to obtain comments from the public.

The Financial Crimes Enforcement Network and the Banking Supervisory Agencies \1\, as part of their continuing effort to reduce paperwork and respondent burden, invite the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). The Financial Crimes Enforcement Network and the Banking Supervisory Agencies are soliciting comments concerning the Suspicious Activity Report by Depository Institutions, which is being revised and reformatted to standardize this report with suspicious activity reports being filed by other financial institutions. The report also is being revised to support joint filing, providing the necessary data blocks and instructions for completing a jointly filed suspicious activity report. The instructions limit joint filing to those suspicious activities that do not involve insider abuse.

The OTS, Board, FDIC, NCUA, and OCC (collectively, the ``Agencies''), have finalized the Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters (``Advisory''). The Advisory informs financial institutions'' boards of directors, audit committees, and management that they should not enter into agreements that incorporate unsafe and unsound external auditor limitation of liability provisions with respect to engagements for financial statement audits, audits of internal control over financial reporting, and attestations on management's assessment of internal control over financial reporting.

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.

The NCUA is resubmitting 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.

The NCUA intends to submit the following information collections 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.

The National Credit Union Administration (NCUA) is adopting modifications to its rules on uninsured secondary capital accounts to allow low-income designated credit unions to begin redeeming the funds in those accounts when they are within five years of maturity, and to require prior approval of a plan for the use of uninsured secondary capital before a credit union can begin accepting the funds.

NCUA is amending its rule concerning financial and statistical reports to require all federally insured credit unions to file the same quarterly Financial and Statistical Report with NCUA. The amendment requires all federally insured credit unions to file Form NCUA 5300 quarterly and, beginning with the third quarter 2006 cycle, eliminates the alternate Form NCUA 5300SF for credit unions with assets of less than ten million dollars. In conjunction with the change in the reporting requirement for small credit unions, NCUA is issuing a number of revisions to Form 5300. All credit unions must use the revised form beginning with the second quarter 2006 reports, due July 20, 2006.