National Credit Union Administration 2014 – Federal Register Recent Federal Regulation Documents

Appraisals-Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
Document Number: 2014-29635
Type: Rule
Date: 2014-12-19
Agency: National Credit Union Administration, Agencies and Commissions
As part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is revising two of NCUA's regulations regarding appraisals. In response to a recent amendment to the Consumer Financial Protection Bureau's (CFPB) Regulation B, the Board is eliminating from NCUA's regulations the now duplicative requirement that federal credit unions (FCUs) make available, to any requesting member, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. Also, the Board is amending NCUA's appraisal regulations by expanding the current exemption for certain transactions involving an existing extension of credit. More specifically, under the expanded exemption, a federally insured credit union (FICU) will be permitted to refinance or modify a real estate- related loan held by the FICU, without having to obtain another appraisal, if there is no advancement of new monies or if there is adequate collateral protection even with the advancement of new monies. Lastly, the Board is making a minor technical amendment to the definition of the term ``application.''
Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996
Document Number: 2014-29629
Type: Proposed Rule
Date: 2014-12-19
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is continuing its comprehensive review of its regulations to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions, as contemplated by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). This second decennial review of regulations began when the Board issued its first EGRPRA notice on May 22, 2014, covering the two categories of ``Applications and Reporting'' and ``Powers and Activities.'' \1\ Today, the Board continues the review process with the publication of this second notice, covering the next three categories of rules: ``Agency Programs,'' ``Capital,'' and ``Consumer Protection.'' This review presents a significant opportunity to consider the possibilities for burden reduction in groups of similar regulations. The Board welcomes comment on the categories, the order of review, and all other aspects of this initiative in order to maximize the review's effectiveness.
Sunshine Act; Notice of Agency Meeting
Document Number: 2014-28826
Type: Proposed Rule
Date: 2014-12-08
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-27510
Type: Notice
Date: 2014-11-19
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Request for comments for Extension of a Currently Approved Collection; Request for Comment
Document Number: 2014-26220
Type: Notice
Date: 2014-11-05
Agency: National Credit Union Administration, Agencies and Commissions
NCUA intends to submit the following information collection to the Office of Management and Budget (OMB) for renewal under the Paperwork Reduction Act of 1995 (Public Law 104-13, 44 U.S.C. Chapter 35). This information collection notice is published to obtain comments from the public. Federally insured credit unions with more than $50 million in assets are required to have a written interest rate risk (IRR) policy and an effective IRR management program as a condition for insurance of accounts. The information collection is currently authorized under OMB Control Number 3133-0184, which expires on February 28, 2015. The information collection allows NCUA to determine whether a credit union's financial condition and policies regarding interest rate risk are both safe and sound and meet the requirements for insurance of accounts.
Agency Information Collection Activities: Request for Comments for Extension of a Previously Approved Collection; Comment Request
Document Number: 2014-26219
Type: Notice
Date: 2014-11-05
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 notice is published to obtain comments from the public. This is related to NCUA's regulation that prohibits, in certain circumstances, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party (IAP).
Corporate Credit Unions
Document Number: 2014-25743
Type: Proposed Rule
Date: 2014-11-04
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is issuing proposed amendments to its regulations governing corporate credit unions (Corporates) and the scope of their activities. The proposed amendments clarify the mechanics of a number of substantive regulatory provisions and also make several non-substantive, technical corrections to various provisions.
Loans in Areas Having Special Flood Hazards
Document Number: 2014-25722
Type: Proposed Rule
Date: 2014-10-30
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) (collectively, the Agencies) are proposing to amend their regulations regarding loans in areas having special flood hazards to implement certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which amends some of the changes to the Flood Disaster Protection Act of 1973 mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). Specifically, the proposal would establish requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in HFIAA. The proposal also would incorporate an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement. The Agencies plan to address in a separate rulemaking other provisions of Biggert-Waters over which the Agencies have jurisdiction that have not been affected by HFIAA.
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-24961
Type: Notice
Date: 2014-10-20
Agency: National Credit Union Administration, Agencies and Commissions
Unfair or Deceptive Acts or Practices; Technical Amendments
Document Number: 2014-22715
Type: Rule
Date: 2014-10-03
Agency: National Credit Union Administration, Agencies and Commissions
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) repealed NCUA's rulemaking authority under the Federal Trade Commission Act (FTC Act). As a result, the NCUA Board (Board) is now repealing NCUA's regulations governing unfair or deceptive acts or practices. The Board is also making a number of technical amendments to other NCUA regulations to conform them to the agency's current central and field office structures. Additionally, the Board is amending NCUA's payday alternative loans regulation to replace all references to ``short-term, small amount loans'' and ``STS loans'' with corresponding references to ``payday alternative loans'' and ``PAL loans.'' The latter terms more accurately reflect the nature and purpose of this loan product.
Sunshine Act Meetings
Document Number: 2014-22161
Type: Notice
Date: 2014-09-16
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Submission to OMB for Reinstatement of a Previously Approved Collection; Comment Request
Document Number: 2014-20121
Type: Notice
Date: 2014-08-25
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. Part 704 of the NCUA Rules and Regulations direct corporate credit unions to maintain certain records and to comply with various regulatory requirements.
Federal Credit Union Ownership of Fixed Assets
Document Number: 2014-18524
Type: Proposed Rule
Date: 2014-08-11
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend its regulation governing federal credit union (FCU) ownership of fixed assets to provide regulatory relief and to help FCUs better manage their fixed assets. The proposed rule provides greater flexibility to FCUs by removing the waiver requirement for FCUs to exceed the five percent aggregate limit on investments in fixed assets. An FCU that chooses to exceed the five percent aggregate limit may do so without prior NCUA approval, provided it implements a fixed assets management (FAM) program that demonstrates appropriate pre-acquisition analysis to ensure the FCU can afford any impact on earnings and net worth levels. An FCU's FAM program is subject to supervisory scrutiny and must provide for close ongoing oversight of fixed assets levels and their effect on the financial performance of the FCU. It must also include a written policy that sets an FCU board-established limit on the aggregate amount of the FCU's fixed assets. In addition, the proposal simplifies the partial occupancy requirement for premises acquired for future expansion.
Sunshine Act Meeting Notice Matter To Be Added to the Agenda for Consideration at an Agency Meeting
Document Number: 2014-18511
Type: Notice
Date: 2014-08-04
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act Meeting
Document Number: 2014-17808
Type: Notice
Date: 2014-07-28
Agency: National Credit Union Administration, Agencies and Commissions
Asset Securitization
Document Number: 2014-14926
Type: Proposed Rule
Date: 2014-06-26
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend its regulations to clarify that a natural person federal credit union (FCU) is authorized to securitize loans that it has originated, as an activity incidental to the business for which an FCU is chartered, provided the transaction meets certain requirements. The proposed rule would also apply those requirements to federally insured, state-chartered credit unions (FISCUs) that are permitted by state law to securitize their assets.
Safe Harbor
Document Number: 2014-14919
Type: Proposed Rule
Date: 2014-06-26
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (``Board'') proposes to amend its regulations regarding the treatment by the Board, as liquidating agent or conservator (the ``liquidating agent'' or ``conservator,'' respectively) of a federally insured credit union (``FICU'') of financial assets transferred by the credit union in connection with a securitization or a participation. The proposed rule continues the safe harbor for financial assets transferred in connection with securitizations and participations in which the financial assets were transferred in compliance with the existing regulation and defines the conditions for safe harbor protection for securitizations and participations for which transfers of financial assets would be made after the effective date of this proposed rule.
Appraisals-Availability to Applicants and Requirements for Transactions Involving an Existing Extension of Credit
Document Number: 2014-14889
Type: Proposed Rule
Date: 2014-06-26
Agency: National Credit Union Administration, Agencies and Commissions
As part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is proposing to revise two of NCUA's regulations regarding appraisals. Firstly, the Board is proposing to amend NCUA's regulations to eliminate the now duplicative requirement that federal credit unions (FCUs) make available, to any requesting member/ applicant, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling. A recent amendment to the Consumer Financial Protection Bureau's (CFPB) Regulation B requires that all creditors, including FCUs, now automatically provide applicants with free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. Secondly, the proposed rule would amend NCUA's appraisal regulations by expanding the current exemption for certain transactions involving an existing extension of credit. Under the expanded exemption, federally insured credit unions (FICUs) would be able to refinance or modify a real estate-related loan held by the FICU, without having to obtain an appraisal, if there is no advancement of new monies or if there is adequate collateral protection, even with the advancement of new monies. The proposal would also make a minor technical amendment to the definition of the term ``application.'' These changes will modernize NCUA's regulations by better aligning them with the modern marketplace, while also reducing costs for FICUs and their members, and removing outdated regulatory requirements.
Voluntary Liquidation
Document Number: 2014-14885
Type: Rule
Date: 2014-06-26
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is issuing a final rule to amend its voluntary liquidation regulation to reduce administrative burdens on voluntarily liquidating federal credit unions (FCUs) and recognize technological advances by: Permitting liquidating FCUs to publish required creditor notices in either electronic media or newspapers of general circulation; increasing the asset-size threshold for requiring multiple creditor notices; requiring that preliminary partial distributions to members not exceed the National Credit Union Share Insurance Fund (NCUSIF) insurance limit for any member share account; specifying when liquidating FCUs must determine member share balances for the purposes of distributions; and permitting liquidating FCUs to distribute member share payouts either by wire or other electronic means or by mail or personal delivery.
Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request
Document Number: 2014-14080
Type: Notice
Date: 2014-06-17
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. Financial and statistical information is collected on a monthly basis and is used by NCUA to monitor financial and statistical trends in corporate credit unions and to allocate examination and supervision resources.
Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request
Document Number: 2014-14076
Type: Notice
Date: 2014-06-17
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. Contact information is collected from corporate credit unions to allow for supervision and communication.
Agency Information Collection Activities: Submission to OMB for Request for a New Collection; Comment Request
Document Number: 2014-14069
Type: Notice
Date: 2014-06-17
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. NCUA is appointed Liquidating Agent of a credit union when a credit union is placed into liquidation. NCUA is required to notify creditors (of the liquidated credit union) that they need to submit a claim to NCUA's Asset Management & Assistance Center (AMAC). This is a one-time requirement of which creditors will respond via the Proof of Claim form.
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-14094
Type: Notice
Date: 2014-06-16
Agency: National Credit Union Administration, Agencies and Commissions
Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996
Document Number: 2014-12739
Type: Proposed Rule
Date: 2014-06-04
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is beginning its second, comprehensive review of its regulations to identify outdated, unnecessary, or burdensome regulatory requirements imposed on federally insured credit unions, as contemplated by section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). In accordance with EGRPRA, the Board has categorized its regulations for the purpose of the review and proposes to publish categories of regulations for public comment at regular intervals over the next two years. The categories, and the regulations that the Board considers to be part of those categories, are detailed below. This review presents a significant opportunity to consider the possibilities for burden reduction in groups of similar regulations. The Board welcomes comment on the categories, the order of review, and all other aspects of this initiative in order to maximize the review's effectiveness. In 2003, the Board commenced an initial review of all its regulations pursuant to EGRPRA, a process that ended in 2006. Today, the Board initiates its second EGRPRA review by issuing the first in a series of four requests for public comment, comprising two of the categories``Applications and Reporting'' and ``Powers and Activities.'' We will address the remaining eight categories in the next three requests for comment.
Sunshine Act; Notice of Agency Meeting
Document Number: 2014-11605
Type: Notice
Date: 2014-05-19
Agency: National Credit Union Administration, Agencies and Commissions
Chartering and Field of Membership Manual
Document Number: 2014-09812
Type: Proposed Rule
Date: 2014-05-01
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend the associational common bond provisions of NCUA's chartering and field of membership rules. Specifically, the amendments establish a threshold requirement that an association not be formed primarily for the purpose of expanding credit union membership. The amendments also expand the criteria in the totality of the circumstances test, which is used to determine if an association, which satisfies the threshold requirement, also satisfies the associational common bond requirements and qualifies for inclusion in a federal credit union's (FCU) field of membership (FOM). The amendments will help to ensure FCU compliance with membership requirements. Additionally, NCUA proposes to grant automatic qualification under the associational common bond rules to certain categories of groups that NCUA has approved in the past after applying the totality of the circumstances test.
Capital Planning and Stress Testing
Document Number: 2014-09814
Type: Rule
Date: 2014-04-30
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing a rule requiring federally insured credit unions (FICUs) with assets of $10 billion or more to develop and maintain capital plans. The rule also provides for annual stress tests of those credit unions.
Sunshine Act; Meeting Notice
Document Number: 2014-09781
Type: Notice
Date: 2014-04-28
Agency: National Credit Union Administration, Agencies and Commissions
Office of Small Credit Unions (OSCUI) Loan Program Access for Credit Unions
Document Number: 2014-09560
Type: Notice
Date: 2014-04-28
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) is issuing a Notice of Funding Opportunity (NOFO) to invite eligible credit unions to submit applications for participation in the OSCUI Loan Program (a.k.a. Community Development Revolving Loan Fund (CDRLF)), subject to funding availability. The OSCUI Loan Program serves as a source of financial support, in the form of loans, for credit unions serving predominantly low-income members. It also serves as a source of funding to help low-income designated credit unions (LICUs) respond to emergencies arising in their communities.
Sunshine Act; Notice of a Matter To Be Added to the Agenda for Consideration at an Agency Meeting
Document Number: 2014-09558
Type: Notice
Date: 2014-04-25
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2014-09111
Type: Notice
Date: 2014-04-21
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-05909
Type: Notice
Date: 2014-03-17
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Notice of Submission to OMB for Revision to a Currently Approved Information Collection; Comment Request
Document Number: 2014-05640
Type: Notice
Date: 2014-03-14
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. Prior notice of the proposed changes and a request for comments was published on January 28, 2014 (79 FR 4509). No comments were received. NCUA is proposing to add fields to the 5300 Call Report to collect Bank Secrecy Act/Anti-Money Laundering, charitable donations, derivatives and investments to fund employee benefits.
Technical corrections
Document Number: 2014-04918
Type: Rule
Date: 2014-03-06
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is making minor technical corrections to its supplementary ethics regulation to correct certain statutory references and to its regulation governing golden parachute and indemnification payments to conform certain internal cross citations affected by two recently revised final regulations.
Voluntary Liquidation
Document Number: 2014-04231
Type: Proposed Rule
Date: 2014-03-03
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend its voluntary liquidation regulation to reduce administrative burdens on voluntarily liquidating federal credit unions (FCUs) and recognize technological advances by: Permitting liquidating FCUs to publish required creditor notices in either electronic media or newspapers of general circulation; increasing the asset-size threshold for requiring multiple creditor notices; requiring that preliminary partial distributions to members not exceed the insured limit for any member share account; specifying when liquidating FCUs must determine member share balances for the purposes of distributions; and permitting liquidating FCUs to distribute member share payouts either by wire or other electronic means or by mail or personal delivery.
Prompt Corrective Action-Risk-Based Capital
Document Number: 2014-01702
Type: Proposed Rule
Date: 2014-02-27
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) is proposing to amend NCUA's regulations regarding prompt corrective action (PCA) to restructure the part, and make various revisions, including replacing the agency's current risk-based net worth requirements with new risk-based capital requirements for federally insured ``natural person'' credit unions. The proposed risk-based capital requirements would be more consistent with NCUA's risk-based capital measure for corporate credit unions and the regulatory risk-based capital measures used by the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve, and Office of the Comptroller of Currency (Other Federal Banking Regulatory Agencies). In addition, the proposed revisions would revise the risk- weights for many of NCUA's current asset classifications; require higher minimum levels of capital for federally insured natural person credit unions with concentrations of assets in real estate loans, member business loans (MBLs) or higher levels of delinquent loans; and set forth the process for NCUA to require an individual federally insured natural person credit union to hold higher levels of risk-based capital to address unique supervisory concerns raised by NCUA. The proposed revisions would also eliminate several of NCUA's provisions, including provisions relating to regular reserve accounts, risk- mitigation credits, and alternative risk-weights.
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-03423
Type: Notice
Date: 2014-02-14
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Submission to OMB for Reinstatement, with Change, of a Previously Approved Collection; Comment Request
Document Number: 2014-01909
Type: Notice
Date: 2014-01-31
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. Financial and statistical information is collected on a monthly basis and is used by NCUA to monitor financial and statistical trends in corporate credit unions and to allocate examination and supervision resources.
Derivatives
Document Number: 2014-01703
Type: Rule
Date: 2014-01-31
Agency: National Credit Union Administration, Agencies and Commissions
This final rule permits credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. This rule applies only to Federal credit unions. The final rule addresses permissible derivatives and characteristics, limits on derivatives, operational requirements, counterparty and margining requirements, and the procedures a credit union must follow to apply for derivatives authority.
Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request
Document Number: 2014-01904
Type: Notice
Date: 2014-01-30
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. Contact information is collected from corporate credit unions to allow for supervision and communication.
Agency Information Collection Activities: Submission to OMB for Revision to a Currently Approved Information Collection; Comment Request
Document Number: 2014-01514
Type: Notice
Date: 2014-01-28
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. NCUA is proposing to add fields to the 5300 Call Report to collect Bank Secrecy Act/Anti-Money Laundering, charitable donations, derivatives and investments to fund employee benefits.
Sunshine Act: Notice of Agency Meeting
Document Number: 2014-01168
Type: Notice
Date: 2014-01-21
Agency: National Credit Union Administration, Agencies and Commissions