Privacy Act of 1974; System of Records
NCUA-5, Unofficial Personnel and Employee Development/ Correspondence Records is a system of records that covers unofficial personnel and related records maintained by NCUA staff to facilitate day-to-day administrative activities. The records are covered by OPM/ GOVT-1 and OPM/GOVT-2 and therefore, the NCUA is proposing that NCUA-5 be rescinded. The rescission will not affect business and will likewise not create any additional privacy risks for the individuals whose information is covered by NCUA-5 (NCUA employees). Rather, the rescission will increase the NCUA's compliance with OMB Circular A-108, Section 6, i. (December 23, 2016).
Privacy Act of 1974: Systems of Records
Pursuant to the Privacy Act of 1974, the National Credit Union Administration (NCUA) proposes the following changes to: Reflect changes in information access and retrieval, and change the name of the office system owner for an existing system of records, Consumer Complaints Against Federal Credit Unions, NCUA-12; revise the authorities to reflect specific programmatic authority for collecting, maintaining, using, and disseminating the information; and add a routine use to all NCUA Systems of Records as part of our Standard Routine Uses. These actions are necessary to meet the requirements of the Privacy Act that federal agencies publish in the Federal Register a notice of the existence and character of records it maintains that are retrieved by an individual identifier. This is a republication after full review by OMB.
Loans to Members and Lines of Credit to Members
The NCUA Board (Board) proposes to amend its regulations regarding loans to members and lines of credit to members. The proposal would reduce regulatory burden by making amendments to improve clarity and to make compliance easier. Specifically, the Board proposes to make the NCUA's loan maturity requirements more user friendly by identifying in one section all of the various maturity limits applicable to federal credit union (FCU) loans. The Board also proposes to make explicit in its regulations that the maturity date for a ``new loan'' under generally accepted accounting principles (GAAP) is calculated from the new date of origination. Additionally, the Board seeks comment on whether the agency should provide longer maturity limits for 1-4 family real estate loans and other loans permitted by the Federal Credit Union Act (FCU Act) such as home improvement, mobile home, and second mortgage loans. Finally, the Board proposes to more clearly express the limits for loans to a single borrower or group of associated borrowers.
NCUA Suspension and Debarment Procedures
On March 15, 2018, the NCUA Board (Board) proposed new suspension and debarment procedures to protect the Federal Government's interest in only doing business with presently responsible contractors. After consideration of public comments, this notice sets forth the NCUA's final procedures for suspension and debarment and establishes administrative processes for contractors subject to the procedures. The final procedures will appear on the NCUA's public website.
Risk-Based Capital-Supplemental Rule
The NCUA Board (Board) is seeking comment on a proposed rule that would amend the NCUA's previously revised regulations regarding prompt corrective action (PCA). The proposal would delay the effective date of the NCUA's October 29, 2015 final rule regarding risk-based capital (2015 Final Rule) for one year, moving the effective date from January 1, 2019 to January 1, 2020. During the extended delay period, the NCUA's current PCA requirements would remain in effect. The proposal would also amend the definition of a ``complex'' credit union adopted in the 2015 Final Rule for risk-based capital purposes by increasing the threshold level for coverage from $100 million to $500 million. These proposed changes would provide covered credit unions and the NCUA with additional time to prepare for the rule's implementation, and would exempt an additional 1,026 credit unions from the rule without subjecting the National Credit Union Share Insurance Fund (NCUSIF) to undue risk.