National Credit Union Administration – Federal Register Recent Federal Regulation Documents

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Short-Term, Small Amount Loans
Document Number: 2010-23610
Type: Rule
Date: 2010-09-24
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its general lending rule to enable Federal credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The amendment permits FCUs to charge a higher interest rate for an STS loan than is permitted under the general lending rule, but imposes limitations on the permissible term, amount, and fees associated with an STS loan. This final rule also requires an FCU to set a cap on the total dollar amount of STS loans it will make and to set a length of membership requirement of at least one month. Also, any loan under this rule must be fully amortized. The STS loan alternative will assist FCUs in meeting their mission to promote thrift and meet their members' credit needs, particularly the provident needs of members of modest means. Permitting a higher interest rate for STS loans will allow FCUs to make loans cost effective while the limitations will appropriately constrain the product to meeting its purpose as an alternative to predatory credit products. This final rule also includes guidance in the form of ``best practices'' FCUs should consider incorporating into their individual STS programs.
Secondary Capital Accounts
Document Number: 2010-23652
Type: Rule
Date: 2010-09-23
Agency: National Credit Union Administration, Agencies and Commissions
On February 19, 2010, NCUA published an interim final rule amending its regulation governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments also allowed early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments changed the loss-distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Initiative is senior to any required matching secondary capital accepted from an alternative source. This rule confirms those amendments as final with some technical changes and clarifications.
National Credit Union Administration Restoration Plan
Document Number: 2010-23661
Type: Notice
Date: 2010-09-22
Agency: National Credit Union Administration, Agencies and Commissions
SUNSHINE ACT; NOTICE OF AGENCY MEETING
Document Number: 2010-23706
Type: Notice
Date: 2010-09-21
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-22886
Type: Notice
Date: 2010-09-13
Agency: National Credit Union Administration, Agencies and Commissions
Display of Official Sign; Permanent Increase in Standard Maximum Share Insurance Amount
Document Number: 2010-21864
Type: Rule
Date: 2010-09-02
Agency: National Credit Union Administration, Agencies and Commissions
President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) on July 21, 2010. Section 335 of the Dodd-Frank Act amended the Federal Credit Union Act (FCU Act) to make permanent the standard maximum share insurance amount (SMSIA) of $250,000. NCUA is amending its share insurance and official sign regulations to conform to this statutory change.
Sunshine Act; Meeting Notice
Document Number: 2010-21858
Type: Notice
Date: 2010-08-31
Agency: National Credit Union Administration, Agencies and Commissions
Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks
Document Number: 2010-20286
Type: Notice
Date: 2010-08-17
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, 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, FRB, FDIC, OTS, and NCUA (the Agencies) are issuing this final guidance entitled, ``Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks'' (guidance). The Agencies developed this guidance, in conjunction with the State Liaison Committee of the Federal Financial Institutions Examination Council
The Low-Income Definition
Document Number: 2010-19099
Type: Rule
Date: 2010-08-05
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending the definition of ``low-income members'' to clarify that, in determining if a credit union qualifies for a low- income designation, the comparison of credit union data, whether individual or family income data, must be with statistical data for the same category. The amendment will clarify the intention of the original regulatory text so it is consistent with the geo-coding software the agency uses to make the low-income credit union (LICU) designation.
Golden Parachute and Indemnification Payments
Document Number: 2010-19095
Type: Proposed Rule
Date: 2010-08-05
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to adopt a rule to prohibit, with some exceptions, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party (IAP). The proposed rule is intended to help safeguard the National Credit Union Share Insurance Fund (NCUSIF) by preventing the wrongful or improper disposition of FICU assets and to inhibit unwarranted rewards to IAPs who may have contributed to an FICU's troubled condition. The proposed rule would also provide FICUs with greater clarity on the distinction between legitimate employee severance payments and improper golden parachute payments.
Truth in Savings
Document Number: 2010-19090
Type: Rule
Date: 2010-08-05
Agency: National Credit Union Administration, Agencies and Commissions
On July 22, 2009, NCUA published a final rule amending part 707, which implements the Truth in Savings Act, and the official staff
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-19208
Type: Notice
Date: 2010-08-04
Agency: National Credit Union Administration, Agencies and Commissions
Registration of Mortgage Loan Originators
Document Number: 2010-18148
Type: Rule
Date: 2010-07-28
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, Office of Thrift Supervision
The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are adopting final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). The S.A.F.E. Act requires an employee of a bank, savings association, credit union or Farm Credit System (FCS) institution and certain of their subsidiaries that are regulated by a Federal banking agency or the FCA (collectively, Agency-regulated institutions) who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. The final rule further provides that Agency- regulated institutions must: require their employees who act as residential mortgage loan originators to comply with the S.A.F.E. Act's requirements to register and obtain a unique identifier, and adopt and follow written policies and procedures designed to assure compliance with these requirements.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-18506
Type: Notice
Date: 2010-07-27
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-18504
Type: Notice
Date: 2010-07-27
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-17578
Type: Notice
Date: 2010-07-16
Agency: National Credit Union Administration, Agencies and Commissions
Privacy Act Systems of Records Notice
Document Number: 2010-17330
Type: Notice
Date: 2010-07-16
Agency: National Credit Union Administration, Agencies and Commissions
Pursuant to the Privacy Act of 1974, notice is given that the National Credit Union Administration (NCUA) is revising its Privacy Act Systems of Records (SOR) Notice. As part of its periodic review of agency systems of records, NCUA proposes 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, a system name change, and 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.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-15957
Type: Notice
Date: 2010-06-29
Agency: National Credit Union Administration, Agencies and Commissions
Chartering and Field of Membership for Federal Credit Unions
Document Number: 2010-15130
Type: Rule
Date: 2010-06-25
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term ``rural district.'' The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term ``in danger of insolvency'' for emergency merger purposes.
Sunshine Act Meeting Notice
Document Number: 2010-15260
Type: Notice
Date: 2010-06-22
Agency: National Credit Union Administration, Agencies and Commissions
Technical Amendments
Document Number: 2010-14201
Type: Rule
Date: 2010-06-18
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending a number of its regulations to make minor technical corrections. The amendments update the regulations and make other grammatically necessary corrections. The amendments are intended to provide helpful changes to NCUA's regulations.
Community Development Revolving Loan Fund for Credit Unions
Document Number: 2010-14652
Type: Notice
Date: 2010-06-17
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 [Fund's] Loan Program beginning in June 2010, subject to availability of funds. The Fund's total appropriation for loans is $13.4 million.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-14402
Type: Notice
Date: 2010-06-14
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Matter To Be Deleted From the Agenda of a Previously Announced Agency Meeting
Document Number: 2010-12071
Type: Notice
Date: 2010-05-19
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-11879
Type: Notice
Date: 2010-05-17
Agency: National Credit Union Administration, Agencies and Commissions
Short-Term, Small Amount Loans
Document Number: 2010-10480
Type: Proposed Rule
Date: 2010-05-05
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to amend its general lending rule to enable federal credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The proposed amendment would permit FCUs to charge a higher interest rate for an STS loan than is permitted under the general lending rule, but the proposal will impose limitations on the permissible term, amount, and fees associated with an STS loan. The STS loan alternative will assist FCUs in meeting their mission to promote thrift and meet their members' credit needs, particularly the provident needs of members of modest means. Permitting a higher interest rate for STS loans will permit FCUs to make loans cost effective while the limitations on the term, amount, and fees will appropriately limit the product to meeting its purpose as an alternative to predatory credit products. This rule also identifies ``best practices'' FCUs should incorporate into their individual STS programs.
Sunshine Act; Notice of a Matter To Be Added to the Agenda for Consideration at an Agency Meeting
Document Number: 2010-10095
Type: Notice
Date: 2010-04-29
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-9808
Type: Notice
Date: 2010-04-27
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-9806
Type: Notice
Date: 2010-04-27
Agency: National Credit Union Administration, Agencies and Commissions
2010-8979
Document Number: 2010-8979
Type: Unknown
Date: 2010-04-26
Agency: National Credit Union Administration, Agencies and Commissions
Pursuant to its ongoing policy of reviewing regulations, NCUA is publishing a list of current and projected rulemakings, reviews of existing regulations, and completed actions as of February 24, 2010, to be included in the Unified Agenda of Federal Regulatory and Deregulatory Actions.
Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions; Correction
Document Number: 2010-7655
Type: Proposed Rule
Date: 2010-04-05
Agency: National Credit Union Administration, Agencies and Commissions
This document corrects the preamble to a proposed rule published in the Federal Register of March 29, 2010, regarding fiduciary duties at Federal credit unions and mergers and conversions of insured credit unions. The proposed rule as published included an
Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions
Document Number: 2010-6439
Type: Proposed Rule
Date: 2010-03-29
Agency: National Credit Union Administration, Agencies and Commissions
The National Credit Union Administration (NCUA) is issuing a proposed rulemaking covering several related subjects. The proposal documents and clarifies the fiduciary duties and responsibilities of Federal credit union directors. The proposal adds new provisions establishing the procedures for insured credit unions merging into banks. The proposal also amends some of the existing regulatory procedures applicable to insured credit union mergers with other credit unions and conversions to banks.
Fixed Assets, Member Business Loans, and Regulatory Flexibility Program
Document Number: 2010-6391
Type: Proposed Rule
Date: 2010-03-25
Agency: National Credit Union Administration, Agencies and Commissions
NCUA proposes to revise certain provisions of its Regulatory Flexibility Program (RegFlex) to enhance safety and soundness for credit unions. Those provisions pertain to fixed assets, member business loans (MBL), stress testing of investments, and discretionary control of investments. Some of these revisions will require conforming amendments to NCUA's fixed assets and MBL rules.
Interagency Policy Statement on Funding and Liquidity Risk Management
Document Number: 2010-6137
Type: Notice
Date: 2010-03-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, 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, FRB, FDIC, OTS, and NCUA (the agencies) in conjunction with the Conference of State Bank Supervisors (CSBS), are adopting this policy statement. The policy statement summarizes the principles of sound liquidity risk management that the agencies have issued in the past and, when appropriate, supplements them with the ``Principles for Sound Liquidity Risk Management and Supervision'' issued by the Basel Committee on Banking Supervision (BCBS) in September 2008.\1\ This policy statement emphasizes supervisory expectations for all depository institutions including banks, thrifts, and credit unions.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-5709
Type: Notice
Date: 2010-03-15
Agency: National Credit Union Administration, Agencies and Commissions
Secondary Capital Accounts
Document Number: 2010-3160
Type: Rule
Date: 2010-02-19
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its rules governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments will also allow early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments change the loss distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Program is senior to any required matching secondary capital accepted from an alternative source. Early redemption will continue to require approval of the appropriate Regional Director. The amended rule will accomplish the following: bring NCUA regulations into compliance with the Community Development Capital Program; and allow qualifying low-income designated credit unions that accept secondary capital pursuant to the Troubled Asset Relief Program through the Community Development Capital Program to avoid an accelerated interest rate on the secondary capital over the last five years to maturation.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-3131
Type: Notice
Date: 2010-02-18
Agency: National Credit Union Administration, Agencies and Commissions
Unfair or Deceptive Acts or Practices
Document Number: 2010-2311
Type: Rule
Date: 2010-02-10
Agency: National Credit Union Administration, Agencies and Commissions
On January 29, 2009, jointly with the Federal Reserve System Board of Governors (FRB) and the Office of Thrift Supervision (OTS), the NCUA Board (Board) published a final rule and staff commentary amending its credit practices regulations (UDAP Rule). The UDAP Rule also included technical clarifications and was scheduled to become effective on July 1, 2010. The Board is now revising the UDAP Rule because its stipulations became unnecessary due to the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) on May 22, 2009, and amendments to Regulation Z implementing the Credit CARD Act that will become effective on February 22, 2010. For procedural reasons, the substantive requirements of the UDAP Rule will be removed effective July 1, 2010, but it is the Board's intent that only the technical clarifications become effective and that the substantive requirements will not take effect. This final rule applies only to the NCUA Board's regulations and does not affect the rules issued by the OTS and FRB.
Chartering and Field of Membership for Federal Credit Unions
Document Number: 2010-2605
Type: Proposed Rule
Date: 2010-02-08
Agency: National Credit Union Administration, Agencies and Commissions
On December 17, 2009, the NCUA Board issued a proposed rule amending its chartering and field of membership manual to update its community chartering policies and define the terms ``rural district'' and ``in danger of insolvency'' for emergency merger purposes. 74 FR 68722 (December 29, 2009). NCUA has received several requests to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 45 days.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-1652
Type: Notice
Date: 2010-01-26
Agency: National Credit Union Administration, Agencies and Commissions
Chartering and Field of Membership for Federal Credit Unions
Document Number: E9-30557
Type: Proposed Rule
Date: 2009-12-29
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board proposes to amend its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term ``rural district.'' The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term ``in danger of insolvency'' for emergency merger purposes.
Exception to the Maturity Limit on Second Mortgages
Document Number: E9-30435
Type: Rule
Date: 2009-12-24
Agency: National Credit Union Administration, Agencies and Commissions
On June 24, 2009, the NCUA published an interim final rule amending its lending rules to create a limited exception to the 20-year maturity limit on second mortgage loans. The amendment will permit Federal credit unions participating in the Department of the Treasury's Making Home Affordable Program to modify a second mortgage loan, beyond 20 years, to match the term of a modified first mortgage loan. This rule confirms those amendments as final without change.
Sunshine Act; Notice of Agency Meeting
Document Number: E9-29832
Type: Notice
Date: 2009-12-14
Agency: National Credit Union Administration, Agencies and Commissions
Corporate Credit Unions
Document Number: E9-28219
Type: Proposed Rule
Date: 2009-12-09
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing proposed amendments to its rule governing corporate credit unions contained in part 704. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments would establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and limit a corporate CUSO to categories of services preapproved by NCUA. In addition, this proposal contains conforming amendments to part 702, Prompt Corrective Action (for natural person credit unions); part 703, Investments and Deposit Activities (for federal credit unions); part 747, Administrative Actions, Adjudicative Hearings, Rules of Practice and Procedure, and Investigations; and part 709, Involuntary Liquidation of Federal Credit Unions and Adjudication of Creditor Claims Involving Federally Insured Credit Unions. These amendments will strengthen individual corporates and the corporate credit union system as a whole.
E9-28582
Document Number: E9-28582
Type: Rule
Date: 2009-12-07
Agency: National Credit Union Administration, Agencies and Commissions
Pursuant to its ongoing policy of reviewing regulations, NCUA is publishing a list of current and projected rulemakings, reviews of existing regulations, and completed actions as of July 31, 2009, to be included in the Unified Agenda of Federal Regulatory and Deregulatory Actions.
National Credit Union Share Insurance Fund Premium and One Percent Deposit
Document Number: E9-28218
Type: Rule
Date: 2009-12-03
Agency: National Credit Union Administration, Agencies and Commissions
Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance
Final Model Privacy Form Under the Gramm-Leach-Bliley Act
Document Number: E9-27882
Type: Rule
Date: 2009-12-01
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Federal Trade Commission, National Credit Union Administration, Securities and Exchange Commission, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Commodity Futures Trading Commission
The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the ``Agencies'') are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm- Leach-Bliley Act (``GLB Act''). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 (``Regulatory Relief Act'' or ``Act''), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010.
Sunshine Act; Notice of Agency Meeting
Document Number: E9-27591
Type: Notice
Date: 2009-11-16
Agency: National Credit Union Administration, Agencies and Commissions
Display of Official Sign; Temporary Increase in Standard Maximum Share Insurance Amount; Coverage for Mortgage Servicing Accounts; Share Insurance for Revocable Trust Accounts
Document Number: E9-25921
Type: Rule
Date: 2009-10-29
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is amending its share insurance rules to: reflect Congress's extension, until December 31, 2013, of the temporary increase in the standard maximum share insurance amount (``SMSIA'') from $100,000 to $250,000; and finalize the interim final rules on revocable trust accounts, mortgage servicing accounts, and NCUA's official sign issued in October 2008.