5948 Federal Register / Vol. 70, No. 23 / Friday, February 4, 2005 / Proposed Rules 

especially helpful in exposing 

redundant or potentially inconsistent 

regulatory requirements. We recognize 

that commenters using a product line 

approach may want to make 

recommendations about rules that are 

not in our current request for comment. 

They should do so since the EGRPRA 

categories are designed to stimulate 

creative approaches rather than limiting 

them. We note, in this respect, that 

NCUA included both its lending and 

investment rules in its first EGRPRA 

notice (68 FR 39863, July 3, 2003), and 

that the same rules are included with 

this notice as well. The first notice 

solicited comment on the category of 

Powers and Activities, while in this 

notice we are focused on Safety and 

Soundness issues. Because aspects of 

both rules fall into each category, we are 

including them for this second time. 

There are several other rules, which we 

have placed in other categories, that also 

involve safety and soundness. Finally, 

we note that, as related to state 

chartered, federally insured credit 

unions, the inclusion of subpart B of 12 

CFR part 748 in this category is a 

shorthand reference to a number of rules 

codified elsewhere in our regulations 

that have a significant safety and 

soundness impact. Comment is invited 

on all of these rules.

Specific issues to consider. While all 

comments are welcome, NCUA 

specifically invites comment on the 

following issues: 

• Need for statutory change. Do any 

of the statutory requirements underlying 

these regulations impose redundant, 

conflicting or otherwise unduly 

burdensome requirements? Are there 

less burdensome alternatives? 

• Need and purpose of the 

regulations. Are the regulations 

consistent with the purposes of the 

statutes that they implement? Have 

circumstances changed so that the 

regulation is no longer necessary? Do 

changes in the financial products and 

services offered to consumers suggest a 

need to revise certain regulations or 

statutes? Do any of the regulations 

impose compliance burdens not 

required by the statutes they 

implement? 

• General approach/flexibility.

Generally, is there a different approach 

to regulating that NCUA could use that 

would achieve statutory goals while 

imposing less burden? Do any of the 

regulations in this category or the 

statutes underlying them impose 

unnecessarily inflexible requirements? 

• Effect of the regulations on 

competition. Do any of the regulations 

in this category or the statutes 

underlying them create competitive 

disadvantages for credit unions 

compared to another part of the 

financial services industry? 

• Reporting, recordkeeping and 

disclosure requirements. Do any of the 

regulations in this category or the 

statutes underlying them impose 

particularly burdensome reporting, 

recordkeeping or disclosure 

requirements? Are any of these 

requirements similar enough in purpose 

and use so that they could be 

consolidated? What, if any, of these 

requirements could be fulfilled 

electronically to reduce their burden? 

Are any of the reporting or 

recordkeeping requirements 

unnecessary to demonstrate compliance 

with the law? 

• Consistency and redundancy. Do 

any of the regulations in this category 

impose inconsistent or redundant 

regulatory requirements that are not 

warranted by the purposes of the 

regulation? 

• Clarity. Are the regulations in this 

category drafted in clear and easily 

understood language? 

• Burden on small insured 

institutions. NCUA has a particular 

interest in minimizing burden on small 

insured credit unions (those with less 

than $10 million in assets). More than 

half of federally-insured credit unions 

are small—having $10 million in assets 

or less—as defined by NCUA in 

Interpretative Ruling and Policy 

Statement 03–2, Developing and 

Reviewing Government Regulations. 

NCUA solicits comment on how any 

regulations in this category could be 

changed to minimize any significant 

economic impact on a substantial 

number of small credit unions. 

NCUA appreciates the efforts of all 

interested parties to help us eliminate 

outdated, unnecessary or unduly 

burdensome regulatory requirements. 

IV. Regulations About Which Burden 

Reduction Recommendations Are 

Requested Currently

SAFETY AND SOUNDNESS AND ANTIMONEY LAUNDERING RULES

Subject 

Code of Federal

Regulations

(CFR) Citation 

Lending ............................ 12 CFR 701.21. 

Investments ...................... 12 CFR part 703. 

Supervisory Committee 

Audits and Verifications.

12 CFR part 715. 

Security Programs ........... 12 CFR 748.0. 

Guidelines for Safeguarding Member Information.12 CFR 748, appendix A. 

Records Preservation 

Program and Record 

Retention Index.

12 CFR part 749. 

SAFETY AND SOUNDNESS AND ANTIMONEY LAUNDERING RULES—Continued

Subject 

Code of Federal

Regulations

(CFR) Citation 

Appraisals ........................ 12 CFR part 722. 

Examination ..................... 12 CFR 741.1. 

Rules that Apply to Federally insured state-chartered credit unions.12 CFR part 741, 

subpart B. 

Report of Crimes or Suspected Crimes.12 CFR 748.1(c). 

Bank Secrecy Act ............ 12 CFR 748.2. 

By the National Credit Union 

Administration Board on January 25, 2005. 

Mary Rupp, 

Secretary of the Board.

[FR Doc. 05–2205 Filed 2–3–05; 8:45 am] 

BILLING CODE 7535–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service 

26 CFR Part 1 

[REG–129709–03] 

RIN 1545–BC34 

Prohibited Allocations of Securities in 

an S Corporation

AGENCY: Internal Revenue Service (IRS), 

Treasury.

ACTION: Correction to notice of proposed 

rulemaking by cross-reference to 

temporary regulations and notice of 

public hearing. 

SUMMARY: This document contains 

corrections to a notice of proposed 

rulemaking that was published in the 

Federal Register on December 17, 2004 

(69 FR 75492), relating to prohibited 

allocations of securities in an S 

Corporation.

FOR FURTHER INFORMATION CONTACT: John 

Ricotta at (202) 622–6060 (not a toll-free 

number).

SUPPLEMENTARY INFORMATION: 

Background 

The notice of proposed rulemaking 

(REG–129709–03) that is the subject of 

this correction is under section 409 of 

the Internal Revenue Code. 

Need for Correction 

As published the notice of proposed 

rulemaking (REG–129709–03), contains 

errors that may prove to be misleading 

and are in need of clarification. 

Federal Register / Vol. 70, No. 23 / Friday, February 4, 2005 / Proposed Rules 5949

Correction of Publication 

Accordingly, the publication of the 

notice of proposed rulemaking by crossreference to temporary regulations and 

notice of public hearing (REG–129709–

03), which was the subject of FR Doc. 

04–27295, is corrected as follows: 

1. On page 75492, column 2, in the 

preamble under the caption DATES, the 

second sentence from the bottom of the 

paragraph, the language ‘‘10 a.m. must 

be received by March 14,’’ is corrected 

to read ‘‘10 a.m. must be received by 

March 30,’’. 

2. On page 75492, column 2, in the 

preamble under the caption ADDRESSES, 

the last sentence, the language ‘‘REG–

129703–03).’’ is corrected to read ‘‘REG–

129709–03).’’. 

3. On page 75492, column 3, in the 

preamble under the caption Comments 

and Requests for a Public Hearing, 

paragraph 3, line 8, the language 

‘‘March 14, 2005. A period of 10 

minutes’’ is corrected to read ‘‘March 

30, 2005. A period of 10 minutes’’.

PART 1—[AMENDED]

§ 1.409(p)–1 [Corrected] 

4. On page 75493, column 1, the 

section title for § 1.409(p)-1, the 

language ‘‘Prohibited allocation of 

securities in an S Corporation.’’ is 

corrected to read ‘‘Prohibited allocations 

of securities in an S Corporation.’’.

Guy R. Traynor, 

Federal Register Liaison, Publication and 

Regulations Branch, Legal Processing 

Division, Associate Chief Counsel, Procedures 

and Administration.

[FR Doc. 05–2200 Filed 2–3–05; 8:45 am] 

BILLING CODE 4830–01–P

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 300 

[FRL–7868–5] 

National Oil and Hazardous Substance 

Pollution Contingency Plan; National 

Priorities List

AGENCY: Environmental Protection 

Agency.

ACTION: Proposed rule; notice of intent 

to delete the Southern Maryland Wood 

Treating Superfund Site from the 

National Priorities List. 

SUMMARY: The Environmental Protection 

Agency (EPA) Region III is issuing a 

notice of intent to delete the Southern 

Maryland Wood Treating Superfund 

Site (Site) located in Hollywood, 

Maryland from the National Priorities 

List (NPL) and requests public 

comments on this notice of intent. The 

NPL, promulgated pursuant to section 

105 of the Comprehensive 

Environmental Response, 

Compensation, and Liability Act of 

1980, as amended (CERCLA), is found at 

Appendix B of 40 CFR part 300, which 

is the National Oil and Hazardous 

Substances Pollution Contingency Plan 

(NCP). EPA and the State of Maryland, 

through the Maryland Department of the 

Environment (MDE), have determined 

that all appropriate response actions 

under CERCLA have been completed. 

However, this deletion does not 

preclude future actions under CERCLA. 

In the ‘‘Rules and Regulations’’

section of today’s Federal Register, EPA 

is publishing a direct final rule of 

deletion of the Southern Maryland 

Wood Treating Site without prior notice 

of intent to delete because EPA views 

this as a noncontroversial deletion and 

anticipates no adverse comment. EPA 

has explained its reasons for this 

deletion in the direct final rule of 

deletion. If EPA receives no adverse 

comment(s) on this notice of intent to 

delete or the direct final rule of deletion, 

EPA will not take further action. If EPA 

receives adverse comment(s), EPA will 

withdraw the direct final rule of 

deletion and it will not take effect. EPA 

will, as appropriate, address all public 

comments in a subsequent final deletion 

notice based on this notice of intent to 

delete. EPA will not institute a second 

comment period on this notice of intent 

to delete. Any parties interested in 

commenting must do so at this time. For 

additional information, see the Direct 

Final Rule of Deletion which is located 

in the ‘‘Rules and Regulations’’ section 

of this Federal Register.

DATES: Comments concerning this Site 

must be received by March 7, 2005.

ADDRESSES: Written comments should 

be addressed to: Robert Sanchez, 

Remedial Project Manager, U.S. EPA 

Region III (3HS23), 1650 Arch Street, 

Philadelphia, PA 19103–2029, (215) 

814–3451.

FOR FURTHER INFORMATION CONTACT:

Robert Sanchez, Remedial Project 

Manager, U.S. EPA Region III (3HS23), 

1650 Arch Street, Philadelphia, PA 

19103–2029, (215) 814–3451 or 1–800–

553–2509.

SUPPLEMENTARY INFORMATION: For 

additional information, see the Direct 

Final Notice of Deletion which is 

located in the ‘‘Rules and Regulations’’

section of this Federal Register. 

Information Repositories: Repositories 

have been established to provide 

detailed information concerning this 

decision at the following addresses: U.S. 

EPA Region III, Regional Center for 

Environmental Information (RCEI), 1650 

Arch Street (2nd Floor), Philadelphia, 

PA 19103–2029, (215) 814–5254, 

Monday through Friday, 8 a.m. to 5 

p.m.; and in Maryland at the St. Mary’s 

County Library, 23250 Hollywood Road, 

Leonardtown, MD 20650 (301) 475–

2846, Monday through Friday, 8 a.m. to 

4 p.m.

List of Subjects in 40 CFR Part 300 

Environmental protection, Air 

pollution control, Chemicals, Hazardous 

waste, Hazardous substances, 

Intergovernmental relations, Penalties, 

Reporting and recordkeeping 

requirements, Superfund, Water 

pollution control, Water supply.

Authority: 33 U.S.C. 1321(c)(2); 42 U.S.C. 

9601–9657; E.O. 12777, 56 FR 54757, 3 CFR, 

1991 Comp., p. 351; E.O. 12580, 52 FR 2923, 

3 CFR, 1987 Comp., p. 193.

Dated: January 26, 2005. 

Richard J. Kampf, 

Acting Regional Administrator, Region III.

[FR Doc. 05–2059 Filed 2–3–05; 8:45 am] 

BILLING CODE 6560–50–P

DEPARTMENT OF HOMELAND 

SECURITY 

Federal Emergency Management 

Agency 

44 CFR Part 67 

[Docket No. FEMA–P–7669] 

Proposed Flood Elevation 

Determinations

AGENCY: Federal Emergency 

Management Agency, Emergency 

Preparedness and Response Directorate, 

Department of Homeland Security.

ACTION: Proposed rule.

SUMMARY: Technical information or 

comments are requested on the 

proposed Base (1% annual-chance) 

Flood Elevations (BFEs) and proposed 

BFE modifications for the communities 

listed below. The BFEs and modified 

BFEs are the basis for the floodplain 

management measures that the 

community is required either to adopt 

or to show evidence of being already in 

effect in order to qualify or remain 

qualified for participation in the 

National Flood Insurance Program 

(NFIP).

DATES: The comment period is ninety 

(90) days following the second 

publication of this proposed rule in a 

newspaper of local circulation in each 

community.