National Credit Union Administration 2010 – Federal Register Recent Federal Regulation Documents

Accuracy of Advertising and Notice of Insured Status
Document Number: 2010-32127
Type: Proposed Rule
Date: 2010-12-30
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board proposes to revise certain provisions of NCUA's official advertising statement rule. Specifically, insured credit unions will be required to include the statement in all radio and television advertisements, annual reports, and statements of condition required to be published by law. The NCUA Board also proposes to define the term ``advertisement'' and clarify size requirements for the official advertising statement in print materials.
Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions
Document Number: 2010-32115
Type: Rule
Date: 2010-12-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing final amendments to its regulations covering several related subjects. The final rule documents and clarifies the fiduciary duties and responsibilities of Federal credit union (FCU) directors. The final rule amends NCUA's indemnification regulation limiting indemnification of FCU officials and employees for liability arising from improper decisions that affect the fundamental rights of credit union members, and makes conforming changes to the standard FCU and corporate credit union bylaws. In addition, the final rule adds new provisions establishing the procedures for insured credit unions merging into banks. The final rule also amends some of NCUA's existing regulatory procedures applicable to insured credit union mergers with other credit unions, conversions to mutual savings banks (MSBs), and termination of share insurance.
Conversions of Insured Credit Unions
Document Number: 2010-32308
Type: Rule
Date: 2010-12-23
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing final amendments to revise the definition of the phrase ``Regional Director'' in NCUA's rule on credit union to mutual savings bank conversions and to add the same revised definition of that phrase to NCUA's rule on conversions to nonfederal deposit insurance.
The Low-Income Definition
Document Number: 2010-32130
Type: Rule
Date: 2010-12-23
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.
Sample Income Data To Meet the Low-Income Definition
Document Number: 2010-32131
Type: Proposed Rule
Date: 2010-12-22
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA is proposing to permit federal credit unions (FCUs) that do not qualify for a low-income designation using the geo-coding software the NCUA has developed for that purpose to submit an analysis of a statistically valid sample of their member income data as evidence they qualify. The current rule requires, as an alternative to NCUA's geo-coding software, that member data drawn from loan applications or member surveys be used to show a majority of the members are low- income. Permitting FCUs to use a statistically valid sample of member incomes drawn from loan files or a survey will ease the burden on FCUs attempting to qualify for a low-income designation.
Share Insurance and Appendix
Document Number: 2010-32129
Type: Proposed Rule
Date: 2010-12-22
Agency: National Credit Union Administration, Agencies and Commissions
Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) \1\ provides that, on a temporary basis, the NCUA Board shall fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest- bearing transaction account. Although this insurance coverage is self- implementing, and therefore already in place, this proposed rule: clarifies the definition of the term ``noninterest-bearing transaction account;'' provides that this new insurance coverage is separate from, and in addition to, other coverage provided in NCUA's share insurance rules; and imposes certain notice and disclosure requirements.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-31495
Type: Notice
Date: 2010-12-14
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act Meeting Notice
Document Number: 2010-31391
Type: Notice
Date: 2010-12-13
Agency: National Credit Union Administration, Agencies and Commissions
Interagency Appraisal and Evaluation Guidelines
Document Number: 2010-30913
Type: Notice
Date: 2010-12-10
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 Agencies are issuing final Interagency Appraisal and Evaluation Guidelines (Guidelines) to provide further clarification of the Agencies' appraisal regulations and supervisory guidance to institutions and examiners about prudent appraisal and evaluation programs. The Guidelines, including their appendices, update and replace existing supervisory guidance documents to reflect developments concerning appraisals and evaluations, as well as changes in appraisal standards and advancements in regulated institutions' collateral valuation methods. The Guidelines clarify the Agencies' longstanding expectations for an institution's appraisal and evaluation program to conduct real estate lending in a safe and sound manner. Further, the Guidelines promote consistency in the application and enforcement of the Agencies' appraisal regulations and safe and sound banking practices. The Agencies recognize that revisions to the Guidelines may be necessary to address future regulations implementing the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Corporate Credit Unions
Document Number: 2010-30426
Type: Proposed Rule
Date: 2010-12-06
Agency: National Credit Union Administration, Agencies and Commissions
On November 18, 2010, the NCUA Board issued a proposed rule amending its corporate credit union rule. 75 FR 73000 (November 29, 2010). NCUA has received a request to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 30 days.
Corporate Credit Unions
Document Number: 2010-29546
Type: Proposed Rule
Date: 2010-11-29
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing proposed amendments to its rule governing corporate credit unions (corporates). The amendments include internal control and reporting requirements for corporates similar to those required for banks under the Federal Deposit Insurance Act and the Sarbanes-Oxley Act. The amendments require each corporate to establish an enterprise-wide risk management committee staffed with at least one risk management expert. The amendments provide for the equitable sharing of Temporary Corporate Credit Union Stabilization Fund (TCCUSF) expenses among all members of corporates, including both credit union and noncredit union members. The amendments increase the transparency of decision-making by requiring that corporates conduct all board of director votes as recorded votes and include the votes of individual directors in the meeting minutes. The amendments permit corporates to charge their members reasonable one-time or periodic membership fees as necessary to facilitate retained earnings growth. For senior corporate executives who are dual employees of corporate credit union service organizations (CUSOs), the amendments require disclosure of certain compensation received from the corporate CUSO. In addition, this proposal would amend our regulations to limit natural person credit unions (NPCUs) to membership in one corporate credit union at any particular time and provide that a natural person credit union may not make any investment in a corporate credit union of which the natural person credit union is not also a member. These proposed amendments will further strengthen individual corporates and the corporate system as a whole.
Corporate Credit Unions, Technical Corrections
Document Number: 2010-29547
Type: Rule
Date: 2010-11-24
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing technical corrections to its corporate credit union rule, published in the Federal Register of October 20, 2010. The amendments: Correct the definition of collateralized debt obligation (CDO) in Sec. 704.2; correct the list of investments exempt from the single obligor limits and credit rating requirements in Sec. 704.6; and correct a date contained in Model Form H of Appendix A to part 704.
Sunshine Act; Notice of Agency Meeting
Document Number: 2010-28808
Type: Notice
Date: 2010-11-15
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act Notice
Document Number: 2010-28795
Type: Notice
Date: 2010-11-15
Agency: National Credit Union Administration, Agencies and Commissions
Prompt Corrective Action; Amended Definition of Low-Risk Assets
Document Number: 2010-27150
Type: Rule
Date: 2010-10-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing this Interim Final Rule to amend the definition of ``low-risk assets'' for regulatory capital purposes. Assets in this category receive a risk-weighting of zero, reflecting the absence of credit risk. The amendment will expand the definition of ``low-risk assets'' to include debt instruments on which the payment of principal and interest is unconditionally guaranteed by NCUA as an agency of the Executive Branch of the United States.
Fixed Assets, Member Business Loans, and Regulatory Flexibility Program
Document Number: 2010-27149
Type: Rule
Date: 2010-10-28
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is revising 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.
Sunshine Act; Notice of a Matter To Be Added to the Agenda for Consideration at an Agency Meeting
Document Number: 2010-26713
Type: Notice
Date: 2010-10-21
Agency: National Credit Union Administration, Agencies and Commissions
Sunshine Act Meeting
Document Number: 2010-26549
Type: Notice
Date: 2010-10-20
Agency: National Credit Union Administration, Agencies and Commissions
Corporate Credit Unions
Document Number: 2010-24616
Type: Rule
Date: 2010-10-20
Agency: National Credit Union Administration, Agencies and Commissions
NCUA is issuing final amendments to its rule governing corporate credit unions. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments 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 rulemaking contains conforming amendments to rules governing Prompt Corrective Action (for natural person credit unions); Investments and Deposit Activities (for federal credit unions); Administrative Actions, Adjudicative Hearings, Rules of Practice and Procedure, and Investigations; and 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.
Sunshine Act Meeting
Document Number: 2010-26289
Type: Notice
Date: 2010-10-18
Agency: National Credit Union Administration, Agencies and Commissions
Agency Information Collection Activities: Submission to OMB for Review; Comment Request
Document Number: 2010-26058
Type: Notice
Date: 2010-10-15
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA 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) (PRA). The original submission was made in connection with proposed amendments to the agency's rule governing corporate credit unions (12 CFR part 704), as approved by the NCUA Board in November, 2009 and published in the Federal Register on December 9, 2009 (74 FR 65210). In view of changes made in the final rule that affect (by reducing) the original burden estimates, as described below, OMB has requested that the agency provide another opportunity for public comment.
Corporate Credit Unions
Document Number: 2010-24659
Type: Proposed Rule
Date: 2010-10-01
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board is proposing to adopt an Interpretive Ruling and Policy Statement (IRPS) setting forth the requirements and process for chartering corporate federal credit unions.
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