[Federal Register Volume 70, Number 183 (Thursday, September 22, 2005)]
[Rules and Regulations]
[Pages 55516-55517]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-18747]


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NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Parts 703, 790, 791


Technical Corrections

AGENCY: National Credit Union Administration.

ACTION: Final rule.

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SUMMARY: The National Credit Union Administration (NCUA) Board is 
issuing a rule to make certain technical corrections. The rule corrects 
titles of some NCUA offices and reorganizes the section describing the 
central and regional office organization. The NCUA Board is also making 
a minor revision to its own rules of procedure to clarify when notation 
voting is appropriate.

DATES: This rule is effective September 22, 2005.

FOR FURTHER INFORMATION CONTACT: Moisette Green, Staff Attorney, 
Division of Operations, Office of General Counsel, at the National 
Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 
22314-3428 or telephone: (703) 518-6540.

SUPPLEMENTARY INFORMATION:

A. Background

    The NCUA Board reorganized a few offices within the central office 
of the agency as a result of the fiscal year 2005 (FY05) budget review. 
The Board's goals included improving the efficiency of NCUA operations, 
clarifying central office functions and extending assistance to small 
credit unions.
    As part of the reorganization, the Board reassigned some existing 
NCUA positions and resources to the Office of Credit Union Development 
and renamed it as the Office of Small Credit Union Initiatives. This 
change recognizes the important role small credit unions, which 
represent about one-half of all credit unions, play in the credit union 
movement and provides additional focus within NCUA on the problems 
small credit unions face.
    The Board also restructured the Office of Strategic Program Support 
and Planning when it approved the FY05 budget. The Board reorganized 
this staff to achieve more effective operations and better respond to 
NCUA's emerging needs and renamed the office as the Office of Capital 
Markets and Planning to reflect its purpose and function more 
accurately.
    Part 790 describes NCUA's organization. Due to the renaming of 
these offices, the Board revises Sec. Sec.  790.2(b)(12) and (13) to 
delete the references to the ``Office of Credit Union Development'' and 
``Office of Strategic Program Support and Planning.'' These references 
are replaced with ``Office of Small Credit Union Initiatives'' and 
``Office of Capital Markets and Planning'' respectively. The Board also 
makes a conforming change to Sec.  703.19. Accordingly, the Board 
revises Sec. Sec.  703.19(c), 790.2(b)(12) and (13) to make this 
correction.
    The Board also revises Sec.  790.2(b)(4) to describe graphics as an 
example of the administrative services provided by the Office of the 
Chief Financial Officer instead of a responsibility of the Office of 
Public and Congressional Affairs.
    Additionally, the Board has a policy of continually reviewing NCUA 
regulations to ``update, clarify and simplify existing regulations and 
eliminate redundant and unnecessary provisions.'' NCUA Interpretive 
Rulings and Policy Statement (IRPS) 87-2, Developing and Reviewing 
Government Regulations. The NCUA staff's most recent review of NCUA's 
regulations revealed the need for a few minor updates and corrections.
    The description of the NCUA Central Liquidity Facility (CLF) is 
currently placed within the description of the Office of Examination 
and Insurance. The CLF is an instrumentality of the United States 
established under Title III of the Federal Credit Union Act, 12 U.S.C. 
1795-1795k, and should be described in a separate paragraph in Sec.  
790.2. Accordingly, the Board redesignates Sec.  790.2(b)(5)(ii) as a 
new paragraph Sec.  790.2(b)(15) to make this correction.
    The NCUA Board has reviewed the rules governing its procedures in 
Part 791. Specifically, Board is revising Sec.  791.4 to reflect when 
it may consider matters by notation voting. When the rule was approved 
in 1980, the Board described matters it would consider by notation 
voting with the word ``routine,'' intending to restrict the use of this 
method of acting. The Board continues to believe notation voting should 
not be used for substantive decisions of significant, broad impact on 
credit unions. To clarify the rule and provide the Board with 
additional flexibility, while complying the Government in the Sunshine 
Act, 5 U.S.C. 552b, the Board revises Sec.  791.4(b)(1) by replacing 
the word ``routine'' with the words ``administrative or time 
sensitive.''

B. Regulatory Procedures

Final Rule Under the Administrative Procedure Act

    The amendments in this rule are technical rather than substantive 
or involve only agency rules governing internal procedure. NCUA finds 
good cause that notice and public comment are unnecessary under section 
553(b)(B) of the Administrative Procedure Act (APA). 5 U.S.C. 
553(b)(B). NCUA also finds good cause to dispense with the 30-day 
delayed effective date requirement under section 553(d)(3) of the APA. 
The rule will, therefore, be effective immediately upon publication.

Regulatory Flexibility Act

    The Regulatory Flexibility Act requires NCUA to prepare an analysis 
to describe any significant economic impact a rule may have on a 
substantial number of small entities, those credit unions with less 
than ten million dollars in assets. This rule makes technical 
corrections and revises the Board's internal procedural rules, so it 
will not have a significant economic impact on a substantial number of 
small credit unions, and, therefore, a regulatory flexibility analysis 
is not required.

Paperwork Reduction Act

    NCUA has determined that this rule will not increase paperwork 
requirements under the Paperwork Reduction Act of 1995 and regulations 
of the Office of Management and Budget.

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, the NCUA, an 
independent regulatory agency as defined in 44 U.S.C. 3502(5), 
voluntarily complies with the executive order. This rule will not have 
substantial direct effects on the states, on the relationship between 
the national government and the states, or on the distribution of power 
and responsibilities among the various levels of government. The NCUA 
has determined that this 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 rule will not affect family well-
being within

[[Page 55517]]

the meaning of section 654 of the Treasury and General Government 
Appropriations Act, 1999, Pub. L. 105-277, 112 Stat. 2681 (1998).

    By the National Credit Union Administration Board on September 
15, 2005.
Mary Rupp,
Secretary of the Board.

0
Accordingly, the NCUA amends 12 CFR parts 703, 790, and 791 as follows:

PART 703--INVESTMENT AND DEPOSIT ACTIVITIES

0
1. The authority citation for part 703 continues to read as follows:

    Authority: 12 U.S.C. 1757(7), 1757(8), 1757(15).


Sec.  703.19  [Amended]

0
2. In 12 CFR 703.19(c) remove the words ``Office of Strategic Program 
Support and Planning'' and add, in their place, the words ``Office of 
Capital Markets and Planning''.

PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION

0
3. The authority citation for part 790 continues to read as follows:

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


Sec.  790.2  [Amended]

0
4. Amend Sec.  790.2 as follows:
0
a. In the table below, for 12 CFR 790.2(b), remove the title indicated 
in the left column from wherever it appears in the section, and add the 
title indicated in the right column:

------------------------------------------------------------------------
                 Remove                                Add
------------------------------------------------------------------------
Office of Credit Union Development.....  Office of Small Credit Union
                                          Initiatives.
Office of Strategic Program Support and  Office of Capital Markets and
 Planning.                                Planning.
------------------------------------------------------------------------

0
b. Redesignate paragraph (b)(5)(i) as paragragh (b)(5), and paragraph 
(b)(5)(ii) as new paragraph (b)(15).
0
c. Add the word ``graphics;'' in the last sentence of paragraph (b)(4) 
after the word ``printing;'' and remove the last sentence of paragraph 
(b)(11).

PART 791--RULES OF NCUA BOARD PROCEDURE; PROMULGATION OF NCUA RULES 
AND REGULATIONS; PUBLIC OBSERVATION OF NCUA BOARD MEETINGS

0
5. The authority citation for part 791 continues to read as follows:

    Authority: 12 U.S.C. 1766, 1789 and 5 U.S.C. 552b.


Sec.  791.4  [Amended]

0
6. In 12 CFR 791.4(b)(1), remove the word ``routine'' and add, in its 
place, the words ``administrative or time sensitive, for example, 
enforcement or interagency actions requiring prompt Board action''.

[FR Doc. 05-18747 Filed 9-21-05; 8:45 am]
BILLING CODE 7535-01-P