This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

65197

Vol. 62, No. 238

Thursday, December 11, 1997

NATIONAL CREDIT UNION

ADMINISTRATION

12 CFR Part 790

Description of NCUA; Requests for

Agency Action

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Final rule.

SUMMARY: The NCUA Board amends its

rules to state that the Executive Director

and the General Counsel report to the

NCUA Board. The purpose of the rule is

to enhance the organization and

operations of NCUA.

DATES: Effective on December 11, 1997.

ADDRESSES: National Credit Union

Administration, 1775 Duke Street,

Alexandria, Virginia 22314–3428.

FOR FURTHER INFORMATION CONTACT:

Robert M. Fenner, General Counsel,

Office of the General Counsel, at the

above address or telephone (703)518–

6540. E-mail questions may be sent to

ogcmail@ncua.gov.

SUPPLEMENTARY INFORMATION: Part 790 of

NCUA Rules and Regulations, 12 CFR

Part 790, describes the organization of

NCUA’s central and regional offices,

and sets forth the places and method of

obtaining information from NCUA. Prior

to this amendment, § 790.2(b)(7) and

§ 790.2(b)(8) did not state specifically to

whom the Executive Director and the

General Counsel report. Accordingly,

the above sections are amended to

provide that the Executive Director and

the General Counsel report to the NCUA

Board.

Immediate Effective Date

Because these amendments concern

the organization of NCUA, prior notice

and comment are not required by 5

U.S.C. 553. These amendments are

effective upon publication in the

Federal Register.

Regulatory Procedures

Regulatory Flexibility Act

NCUA certifies that part 790 will not

have a significant impact on a

substantial number of small credit

unions. Accordingly, a regulatory

flexibility analysis is not required. The

rule affects internal NCUA operations

only. Thus, it will not result in any

additional burden for regulated

institutions. The purpose of the rule is

to enhance the organization and

operations of NCUA.

Paperwork Reduction Act

The amendments to the rule do not

contain any collection of information

requirements pursuant to the Paperwork

Reduction Act of 1995 and regulations

of the Office of Management and

Budget.

Executive Order 12612

Part 790 only applies to NCUA and

the NCUA Board. Accordingly, NCUA

has determined that the rule will not

have a substantial impact on the states

or state interests. Further, the rule will

not preempt provisions of state law or

regulations.

List of Subjects in 12 CFR Part 790

Organization and functions

(Government agencies).

By the National Credit Union

Administration Board on December 2, 1997.

Becky Baker,

Secretary to the Board.

Accordingly, NCUA amends 12 CFR

part 790 as follows:

PART 790—DESCRIPTION OF NCUA;

REQUESTS FOR AGENCY ACTION

1. The authority citation for part 790

is revised to read as follows:

Authority: 12 U.S.C. 1766, 1789, 1795f.

2. Section 790.2 is amended by

adding a new sentence before the

existing first sentence of paragraphs

(b)(7) and (b)(8) to read as follows:

§ 790.2 Central and regional office

organization.

* * * * *

(b) * * *

(7) Office of the Executive Director.

The Executive Director reports to the

entire NCUA Board. * * *

(8) Office of the General Counsel. The

General Counsel reports to the entire

NCUA Board. * * *

* * * * *

[FR Doc. 97–32326 Filed 12–10–97; 8:45 am]

BILLING CODE 7535–01–P

FEDERAL HOUSING FINANCE BOARD

12 CFR Part 934

[No. 97–77]

RIN 3069–AA70

Authority To Approve Federal Home

Loan Bank Bylaws

AGENCY: Federal Housing Finance

Board.

ACTION: Interim final rule with request

for comments.

SUMMARY: The Federal Housing Finance

Board (Finance Board) is adding a new

provision to its regulation on Federal

Home Loan Bank (FHLBank) operations

to devolve responsibility for approving

FHLBank bylaws or amendments

thereto, subject to certain conditions,

from the Finance Board to the boards of

directors of the FHLBanks. The rule is

part of the Finance Board’s continuing

effort to devolve management and

governance responsibilities to the

FHLBanks and is consistent with the

goals of the Regulatory Reinvention

Initiative of the National Performance

Review.

DATES: The interim final rule will

become effective on January 12, 1998.

The Finance Board will accept

comments on the interim final rule in

writing on or before January 12, 1998.

ADDRESSES: Mail comments to Elaine L.

Baker, Secretary to the Board, Federal

Housing Finance Board, 1777 F Street,

N.W., Washington, D.C. 20006.

Comments will be available for public

inspection at this address.

FOR FURTHER INFORMATION CONTACT:

Amy R. Maxwell, Compliance

Assistance Division, Office of Policy,

202/408–2882, or Janice A. Kaye,

Attorney-Advisor, Office of General

Counsel, 202/408–2505, Federal

Housing Finance Board, 1777 F Street,

N.W., Washington, D.C. 20006.
65198 Federal Register / Vol. 62, No. 238 / Thursday, December 11, 1997 / Rules and Regulations

SUPPLEMENTARY INFORMATION:

I. Statutory and Regulatory Background

Subject to the approval of the Finance

Board, section 12(a) of the Federal

Home Loan Bank Act (Bank Act)

authorizes the board of directors of each

FHLBank to ‘‘prescribe, amend, and

repeal by-laws, rules, and regulations

governing the manner in which its

affairs may be administered.’’ 12 U.S.C.

1432(a). Currently, no Finance Board

regulation or policy addresses

specifically the process by which the

Finance Board evaluates and approves

FHLBank bylaws or amendments

thereto.

From the establishment of the Finance

Board in 1989 until the present, Finance

Board staff has reviewed proposed

FHLBank bylaws and bylaws

amendments to ensure that they are

consistent with applicable statutes,

regulations, and Finance Board policies.

Pursuant to delegated authority, the

Associate Director of the former District

Banks Secretariat, and, after that

position and office were eliminated, the

Managing Director of the Finance Board,

approved FHLBank bylaws or bylaws

amendments upon the recommendation

of staff. See Federal Home Loan Bank

Board Resolution No. 21,526 (Apr. 4,

1968) (rescinded by Finance Board

Resolution No. 97–76 (Dec. 1, 1997));

Finance Board Chairperson’s Order No.

95–OR–6 (Oct. 10, 1995).

The Finance Board believes the

FHLBanks should have broad discretion

to manage their affairs, including the

authority to approve bylaws and

amendments thereto. Accordingly, as

part of the Finance Board’s continuing

effort to devolve management and

governance responsibilities to the

FHLBanks, the interim final rule

transfers the authority to approve

FHLBank bylaws and bylaws

amendments, subject to certain

conditions, from the Finance Board to

the boards of directors of the FHLBanks.

II. Analysis of the Interim Final Rule

The Finance Board is proposing to

add a new section, designated as

§ 934.16, to its regulation on FHLBank

operations. Section 934.16 devolves

responsibility for approving FHLBank

bylaws and amendments thereto, subject

to certain conditions, from the Finance

Board to the boards of directors of the

FHLBanks. The rule authorizes the

board of directors of each FHLBank to

prescribe, amend, or repeal bylaws

governing the manner in which the

FHLBank administers its affairs without

the prior approval of the Finance Board

provided that the bylaws or bylaws

amendments are consistent with

applicable statutes, regulations, and

Finance Board policies. The Finance

Board will ensure that FHLBank bylaws

are legally unobjectionable through the

examination process.

III. Notice and Public Participation

The Finance Board finds that the

notice and comment procedure required

by the Administrative Procedure Act is

unnecessary, impracticable, and

contrary to the public interest in this

instance because the change made by

the interim final rule is technical in

nature and applies only to the

FHLBanks. See 5 U.S.C. 553(b)(3)(B).

Nevertheless, because the Finance

Board believes public comments aid in

effective rulemaking, it will accept

written comments on the interim final

rule on or before January 12, 1998.

IV. Regulatory Flexibility Act

The Finance Board is adopting this

amendment to part 934 in the form of

an interim final rule and not as a

proposed rule. Therefore, the provisions

of the Regulatory Flexibility Act do not

apply. See 5 U.S.C. 601(2), 603(a).

V. Paperwork Reduction Act

This interim final rule does not

contain any collections of information

pursuant to the Paperwork Reduction

Act of 1995. See 44 U.S.C. 3501 et seq.

Consequently, the Finance Board has

not submitted any information to the

Office of Management and Budget for

review.

List of Subjects in 12 CFR Part 934

Federal home loan banks, Securities,

Surety bonds.

Accordingly, the Federal Housing

Finance Board hereby amends part 934,

chapter IX, title 12 of the Code of

Federal Regulations as follows:

PART 934—OPERATIONS OF THE

BANKS

1. Revise the authority citation for

part 934 to read as follows:

Authority: 12 U.S.C. 1422a, 1422b, 1431(g),

1432(a), and 1442.

2. Add § 934.16 to read as follows:

§ 934.16 Approval of Bank bylaws.

The board of directors of a Bank may

prescribe, amend, or repeal bylaws

governing the manner in which the

Bank administers its affairs without the

Board’s prior approval provided that the

bylaws or amendments are consistent

with applicable statutes, regulations,

and Board policies.

Dated: December 3, 1997.

By the Board of Directors of the Federal

Housing Finance Board.

Bruce A. Morrison,

Chairperson.

[FR Doc. 97–32207 Filed 12–10–97; 8:45 am]

BILLING CODE 6725–01–U

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. 97–SW–46–AD; Amendment

39–10240; AD 97–20–13]

RIN 2120–AA64

Airworthiness Directives; Eurocopter

Deutschland Model EC135 P1 and T1

Helicopters

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Final rule; request for

comments.

SUMMARY: This document publishes in

the Federal Register an amendment

adopting Airworthiness Directive (AD)

97–20–13 which was sent previously to

all known U.S. owners and operators of

Eurocopter Deutschland Model EC135

P1 and T1 helicopters by individual

letters. This amendment is prompted by

the discovery of cracks on the stator

blades of the fenestron tail rotor (tail

rotor). The actions specified by this AD

are intended to prevent failure of the tail

rotor and subsequent loss of control of

the helicopter.

DATES: Effective December 29, 1997, to

all persons except those persons to

whom it was made immediately

effective by priority letter AD 97–20–13,

issued on September 25, 1997, which

contained the requirements of this

amendment.

Comments for inclusion in the Rules

Docket must be received on or before

February 9, 1998.

ADDRESSES: Submit comments in

triplicate to the Federal Aviation

Administration (FAA), Office of

Regional Counsel, Southwest Region,

Attention: Rules Docket No. 97–SW–46–

AD, 2601 Meacham Blvd., Room 663,

Fort Worth, Texas 76137.

FOR FURTHER INFORMATION CONTACT: Mr.

Richard Monschke, Aerospace Engineer,

FAA, Rotorcraft Directorate, Rotorcraft

Standards Staff, 2601 Meacham Blvd.,

Fort Worth, Texas 76137, telephone

(817) 222–5116, (817) 222–5961.

SUPPLEMENTARY INFORMATION: On

September 25, 1997, the FAA issued

priority letter AD 97–20–13, applicable

to Eurocopter Deutschland Model