9574 Federal Register / Vol. 74, No. 42 / Thursday, March 5, 2009 / Proposed Rules 

under the CU SIP and the CU HARP 

from an FCU’s total assets for purposes 

of calculating its operating fee. 

Specifically, the Board is excluding, 

from the calculation of total assets, the 

asset that is created on the books of a 

natural person federal credit union 

when it makes a CU SIP or CU HARP 

related investment in a corporate credit 

union. Under this proposed rule, 

participating FCUs would continue to 

calculate their total assets in the same 

manner, except they would not include 

the dollar amount of any outstanding 

CU SIP or CU HARP investments in the 

calculation. This amendment would 

insure an increase in operating fees 

would not deter FCUs from 

participating in the programs. Because 

the operating fee is based on an FCU’s 

total assets as of the close of the 

previous fiscal year and funding for the 

CU SIP and CU HARP took place after 

January 1, 2009, the amendments made 

in this rule will not affect the 

computation of the operating fee until 

2010. 

Regulatory Procedures 

Regulatory Flexibility Act 

The Regulatory Flexibility Act 

requires NCUA to prepare an analysis to 

describe any significant economic 

impact a proposed rule may have on a 

substantial number of small credit 

unions (those under $10 million in 

assets). This proposed rule revises the 

calculation of total assets for purposes 

of the assessment of the FCU operating 

fee and would exclude investments 

made under the CU SIP and the CU 

HARP from the calculation. The 

operating fee is calculated as a 

percentage of total assets and, as such, 

the calculation already is geared to 

impose a lesser fee on smaller credit 

unions. In addition, the operating fee 

schedule has historically imposed no 

operating fee on FCUs with assets up to 

$500,000 and a flat fee of $100 for FCUs 

of up to $750,000 in assets. The benefit 

of the proposed amendment would 

apply equally to small credit unions, to 

the extent they participate in the CU SIP 

or the CU HARP, and would not have 

a significant effect on their operating 

fees. The proposed rule, therefore, will 

not have a significant economic impact 

on a substantial number of small credit 

unions and a regulatory flexibility 

analysis is not required. 

Paperwork Reduction Act 

NCUA has determined that the 

proposed amendments will not increase 

paperwork requirements and a 

paperwork reduction analysis is not 

required. 

Executive Order 13132 

Executive Order 13132 encourages 

independent regulatory agencies to 

consider the impact of their actions on 

state and local interests. In adherence to 

fundamental federalism principles, 

NCUA, an independent regulatory 

agency as defined in 44 U.S.C. 3502(5), 

voluntarily complies with the executive 

order. The proposed rule would not 

have substantial direct effects on the 

states, on the connection between the 

national government and the states, or 

on the distribution of power and 

responsibilities among the various 

levels of government. NCUA has 

determined that this proposed rule does 

not constitute a policy that has 

federalism implications for purposes of 

the executive order. 

The Treasury and General Government 

Appropriations Act, 1999—Assessment 

of Federal Regulations and Policies on 

Families 

NCUA has determined that this 

proposed rule would not affect family 

well-being within the meaning of 

section 654 of the Treasury and General 

Government Appropriations Act, 1999, 

Public Law 105–277, 112 Stat. 2681 

(1998). 

List of Subjects in 12 CFR Part 701 

Credit unions, Low income, 

Nonmember deposits, Secondary 

capital, Shares. 

By the National Credit Union 

Administration Board on February 26, 2009. 

Mary Rupp, 

Secretary of the Board. 

For the reasons stated in the 

preamble, the National Credit Union 

Administration proposes to amend 12 

CFR part 701 as set forth below: 

PART 701—ORGANIZATION AND 

OPERATIONS OF FEDERAL CREDIT 

UNIONS 

1. The authority citation for part 701 

continues to read as follows: 

Authority: 12 U.S.C. 1752(5), 1755, 1756, 

1757, 1759, 1761a, 1761b, 766, 1767, 1782, 

1784, 1787, 1789. Section 701.6 is also 

authorized by 15 U.S.C. 3717. Section 701.31 

is also authorized by 15 U.S.C. 1601 et seq.; 

42 U.S.C. 1981 and 3601–3610. Section 

701.35 is also authorized by 42 U.S.C. 4311– 

4312. 

2. In § 701.6, add a new sentence to 

the end of paragraph (a) to read as 

follows: 

§ 701.6 Fees paid by Federal credit unions. 

(a) * * * The term total assets does 

not include the assets created on the 

books of a natural person federal credit 

union by investments made in a 

corporate credit union under the Credit 

Union System Investment Program or 

the Credit Union Homeowners 

Affordability Relief Program. 

* * * * * 

[FR Doc. E9–4575 Filed 3–4–09; 8:45 am] 

BILLING CODE 7535–01–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

15 CFR Part 922 

RIN 0648–AX34 

Changes to the Florida Keys National 

Marine Sanctuary Regulations; 

Technical Corrections and Minor 

Substantive Changes 

AGENCY: Office of National Marine 

Sanctuaries (ONMS), National Oceanic 

and Atmospheric Administration 

(NOAA), Department of Commerce 

(DOC). 

ACTION: Correction; Extend public 

comment period. 

SUMMARY: On December 19, 2008, 

NOAA published a proposed rule in the 

Federal Register that makes technical 

corrections and minor modifications to 

the Florida Keys National Marine 

Sanctuary (FKNMS) regulations. The 

preamble of that document contained an 

inaccurate reference to U.S. Coast Guard 

regulations, which was a basis for one 

of the proposed modifications. This 

document eliminates that reference and 

clarifies the rationale for making this 

regulation change. The ONMS is 

preparing an environmental assessment 

pursuant to the National Environmental 

Policy Act. 

DATES: The public comment period on 

the proposed rule published at 73 FR 

77557, December 19, 2008, is reopened. 

Comments will be accepted through 

March 26, 2009. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal e-Rulemaking Portal: 

http://www.regulations.gov. Submit 

electronic comments via the Federal 

e-Rulemaking Portal; 

• Mail: David A. Score, 

Superintendent, Florida Keys National 

Marine Sanctuary, 33 East Quay Road, 

Key West, FL 33040. 

• Instructions: All comments received 

are a part of the public record and will 

be generally posted to http:// 

www.regulations.gov without change. 

All Personal Identifying Information (for 


dwashington3 on PROD1PC60 with PROPOSALS
Federal Register / Vol. 74, No. 42 / Thursday, March 5, 2009 / Proposed Rules 9575 

example, name, address, etc.) 

voluntarily submitted by the commenter 

may be publicly accessible. Do not 

submit confidential business 

information or otherwise sensitive or 

protected information. NOAA will 

accept anonymous comments (enter 

N/A in the required fields if you wish 

to remain anonymous). Attachments to 

electronic comments will be accepted in 

Microsoft Word, Excel, Wordperfect, or 

Adobe PDF file formats only. 

FOR FURTHER INFORMATION CONTACT: 

David A. Score, Superintendent, Florida 

Keys National Marine Sanctuary, 33 

East Quay Road, Key West, FL 33040. 

SUPPLEMENTARY INFORMATION: 

Need for Correction 

In the preamble of the proposed rule, 

NOAA incorrectly stated that the U.S. 

Coast Guard regulation Rule 27e 

specified a minimum distance of 100 

yards between vessels and ‘‘divers 

down’’ flags. In fact, only the applicable 

Florida Statute specifies the 100-yard 

minimum distance requirement (Section 

327.331 FS). In order to be consistent 

with the regulations issued by the State 

of Florida and consistent in both state 

and federal waters of the sanctuary, 

NOAA proposes to change our 

regulations from ‘‘100 feet’’ in 922.163 

(a)(5)(iii)(C) to ‘‘100 yards.’’ Requiring a 

uniform minimum distance in both state 

and federal waters simplifies the 

sanctuary regulations, and therefore 

improves compliance for sanctuary 

users and enforcement of a single 

regulation. The regulation allows both 

diving and vessel operations to occur in 

relatively the same area without 

conflict. A consistent regulation also 

allows for better public education 

programs. NOAA is preparing an 

environmental assessment pursuant to 

the National Environmental Policy Act 

to analyze the impacts associated with 

this modification to the Florida Keys 

National Marine Sanctuary regulations. 

Request for Comments 

NOAA reopens the public comment 

period on the proposed rule to make 

technical corrections and amendments 

to the FKNMS regulations. 

Daniel J. Basta, 

Director, Office of National Marine 

Sanctuaries. 

[FR Doc. E9–4569 Filed 3–4–09; 8:45 am] 

BILLING CODE 3510–22–M 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[REG–143686–07] 

RIN 1545–BH35 

The Allocation of Consideration and 

Allocation and Recovery of Basis in 

Transactions Involving Corporate 

Stock or Securities; Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correction to notice of proposed 

rulemaking. 

SUMMARY: This document contains a 

correction to a notice of proposed 

rulemaking (REG–143686–07) that was 

published in the Federal Register on 

Wednesday, January 21, 2009 (74 FR 

3509) providing guidance regarding the 

recovery of stock basis in distributions 

under section 301 and transactions that 

are treated as dividends to which 

section 301 applies, as well as guidance 

regarding the determination of gain and 

the basis of stock or securities received 

in exchange for, or with respect to, stock 

or securities in certain transactions. The 

proposed regulations affect shareholders 

and security holders of corporations. 

These proposed regulations are 

necessary to provide such shareholders 

and security holders with guidance 

regarding the allocation and recovery of 

basis on distributions of property. 

FOR FURTHER INFORMATION CONTACT: 

Concerning the proposed regulations 

under sections 301, 302, and 304, 

Theresa Kolish, (202) 622–7530; 

concerning the proposed regulations 

under sections 351, 354, 355, 356, 358, 

368, 1001, and 1016, Rebecca O. Burch, 

(202) 622–7550; concerning the 

proposed regulations under section 861, 

Jeffrey L. Parry, (202) 622–4476 (not 

toll-free numbers). 

SUPPLEMENTARY INFORMATION: 

Background 

The correction notice that is the 

subject of this document is under 

sections 301, 302, 304, 351, 354, 355, 

356, 358, 368, 861, 1001, 1016, and 1374 

of the Internal Revenue Code. 

Need for Correction 

As published, the notice of proposed 

rulemaking (REG–143686–07) contains 

errors that may prove to be misleading 

and are in need of clarification. 

Correction of Publication 

Accordingly, the publication of the 

notice of proposed rulemaking (REG– 

143686–07), which was the subject of 

FR Doc. E9–1100, is corrected as 

follows: 

1. On page 3509, column 2, in the 

preamble, under the caption SUMMARY, 

line 3, the language ‘‘301, 302, 304, 351, 

354, 356, 358, 368,’’ is corrected to read 

‘‘301, 302, 304, 351, 354, 355, 356, 358, 

368,’’. 

2. On page 3509, column 3, in the 

preamble, under the caption FOR

FURTHER INFORMATION CONTACT, line 5, 

the language ‘‘under sections 351, 354, 

356, 358, 368,’’ is corrected to read 

‘‘under sections 351, 354, 355, 356, 358, 

368,’’. 

3. On page 3510, column 1, in the 

preamble, under the paragraph heading 

‘‘Explanation of Provisions’’, second 

paragraph, line 6, the language ‘‘lead to 

the possibility of variant’’ is corrected to 

read ‘‘led to the possibility of variant’’. 

4. On page 3510, column 1, in the 

preamble, under the paragraph heading 

‘‘Explanation of Provisions’’, second 

paragraph, line 5 from the bottom of the 

paragraph, the language ‘‘was needed 

reconsidered. See REG–’’ is corrected to 

read ‘‘needed reconsideration. See 

REG–’’. 

5. On page 3510, column 2, in the 

preamble, under the paragraph heading 

‘‘Explanation of Provisions’’, second 

paragraph of the column, line 2, the 

language ‘‘that a share of stock is the 

basic unit of’’ is corrected to read ‘‘that 

a share of stock is a basic unit of’’. 

6. On page 3511, column 2, in the 

preamble, under the paragraph heading 

‘‘C. Dividend Equivalent Reorganization 

Exchanges’’, first paragraph of the 

column, line 7 from the bottom of the 

paragraph, the language ‘‘of stock solely 

for nonqualifying’’ is corrected to read 

‘‘of stock solely for qualifying’’. 

§ 1.301–2 [Corrected] 

7. On page 3513, column 3, § 1.301– 

2(a) Example.(i), last line of the column, 

the language ‘‘$25 (Block 1) and 75 were 

acquired on Date’’ is corrected to read 

‘‘$25 (block 1) and 75 were acquired on 

Date’’. 

8. On page 3514, column 1, § 1.301– 

2(a) Example.(i), first line of the column, 

the language ‘‘2 for $175 (Block 2). On 

December 31, when’’ is corrected to read 

‘‘2 for $175 (block 2). On December 31, 

when’’. 

§ 1.302–5 [Corrected] 

9. On page 3514, column 1, § 1.302– 

5(a)(3)(i), line 4 from the bottom of the 

column, the language ‘‘treated as loss. If 

all the shares of the’’ is corrected to read 

‘‘treated as a loss. If all the shares of 

the’’. 

10. On page 3515, column 1, § 1.302– 

5(e) Example 2.(ii), last line, the 


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