Federal Register / Vol. 74, No. 102 / Friday, May 29, 2009 / Notices 25777 

gaps in the federal acquisition 

workforce (broadly defined to include 

not only contracting officers but also 

requirements and planning officials, and 

program and project managers, and 

technical representatives responsible for 

managing contract performance on the 

contracting officer’s behalf, etc.)? What 

are Government and industry best 

practices for integrating requirements 

development and acquisition? What is 

the best method for assuring that 

sufficient funding is in place for 

effective acquisition oversight and 

management? 

(4) Managing the multi-sector 

workforce—How might the current 

definition of inherently governmental 

function be clarified to improve 

management of the multi-sector 

workforce? What types of criteria might 

help agencies identify non-inherently 

governmental functions that are critical 

to an agency, with respect to its unique 

missions and structure, and need to be 

performed by federal employees in 

order for the agency to maintain control 

of its mission and operations? What 

criteria should agencies use in selecting 

activities that might be candidates for in 

sourcing? What criteria should agencies 

use in deciding whether a government 

activity should be competed? How do 

federal contracting policies affect 

practices in the private sector labor 

market? If there are laws, regulations, 

policies, or agency practices that a 

commenter believes have involved a 

misclassification of a function as 

inherently governmental or as 

commercial, please identify these and 

outline your concern in as much detail 

as possible, so that this can help to 

inform our review. 

Jeffrey B. Liebman, 

Executive Associate Director, Office of 

Management and Budget. 

[FR Doc. E9–12588 Filed 5–28–09; 8:45 am] 

BILLING CODE P 

NATIONAL CREDIT UNION 

ADMINISTRATION 

Temporary Corporate Credit Union 

Liquidity Guarantee Program 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Notice. 

SUMMARY: This notice contains 

information about revisions to the 

National Credit Union Administration’s 

Temporary Corporate Credit Union 

Liquidity Guarantee Program 

(TCCULGP). 

ADDRESSES: 1775 Duke Street, 

Alexandria, Virginia 22314. 

FOR FURTHER INFORMATION CONTACT: 

David Shetler, Senior Corporate 

Analyst, Office of Corporate Credit 

Unions, at the above address or 

telephone (703) 518–6646. 

SUPPLEMENTARY INFORMATION: On 

October 16, 2008, the National Credit 

Union Administration Board approved 

the TCCULGP. Under the terms of this 

original TCCULGP, the National Credit 

Union Share Insurance Fund (NCUSIF) 

guaranteed certain unsecured debt of 

participating corporate credit unions 

(corporates) issued from October 16, 

2008 through June 30, 2009, and 

maturing on or before June 30, 2012. 

NCUA published notice of the original 

TCCULGP in the Federal Register. 73 

FR 68450 (November 18, 2008). NCUA 

also published a list of corporates that 

agreed to participate in the original 

TCCULGP on NCUA’s Web site at 

http://www.ncua.gov/CorporateCU/ 

index.htm. 

The NCUA Board has determined to 

revise and extend the TCCULGP. The 

revised TCCULGP will give 

participating corporates the option to 

issue TCCULGP-guaranteed debt from 

July 1, 2009, through June 30, 2010 that 

matures on or before June 30, 2017. The 

revised TCCULGP also modifies the 

prices the corporate must pay the 

NCUSIF for the guarantee, without 

regard to whether the debt was issued 

before or after June 30, 2009. Both 

corporates participating in the original 

TCCULGP, and corporates that declined 

to participate in the original TCCULGP, 

will be given the option of participating 

in the revised TCCULGP. 

As with the original TCCULGP, 

qualifying debt obligations under the 

revised TCCULGP generally include 

federal funds purchased, promissory 

notes, commercial paper, and 

unsubordinated unsecured notes, and 

NCUA’s guarantee is subject to terms 

and conditions. In addition, corporate 

credit unions that participate in the 

revised TCCULGP may elect not to offer 

the NCUA guarantee on all qualifying 

debt obligations. 

The TCCULGP guarantee is a 

guarantee of timely payment. The 

NCUSIF’s obligation to pay holders of 

TCCULGP-guaranteed debt will arise 

upon the uncured failure of the 

corporate credit union to make a timely 

payment of principal or interest as 

required under the debt instrument. 

Upon the occurrence of a payment 

default, the NCUSIF will satisfy its 

guarantee obligation by making 

scheduled payments of principal and 

interest pursuant to the terms of the 

debt instrument through maturity 

(without regard to default or penalty 

provisions). 

To ensure that a particular debt 

obligation issued after June 30, 2009, is 

covered by the revised TCCULGP 

guarantee, creditors wishing to take 

advantage of the guarantee must: 

(1) Ensure the corporate credit union 

has elected to participate in the revised 

TCCULGP; 

(2) Ensure the debt obligation 

qualifies for coverage under the terms 

and conditions of the revised TCCULGP, 

and 

(3) Obtain and record a confirmation, 

issued by the participating corporate 

credit union contemporaneous with the 

issuance of the debt obligation, that the 

credit union intends that particular 

obligation to be guaranteed by the 

NCUA. 

Once guaranteed by NCUA under the 

TCCULGP, qualifying debt will remain 

guaranteed until the debt is fully repaid. 

NCUA will publish a list of corporates 

that have elected to participate in the 

revised TCCULGP on NCUA’s Web site 

on or before June 30, 2009. 

The legal authority for the TCCULGP 

is located at 12 U.S.C. 1766(a), 

1766(i)(2), 1783(a), 1788(a)(1), and 

1789(a)(7). The NCUA, which 

administers the NCUSIF, is an 

independent agency in the executive 

branch of the United States 

Government, and the NCUA has 

authorized the NCUSIF to issue the 

guarantees described in the TCCULGP. 

Accordingly, these TCCULGP 

guarantees represent obligations of the 

United States government and are 

backed by its full faith and credit. For 

a legal analysis by the U.S. Department 

of Justice demonstrating this full faith 

and credit, see Debt Obligations of the 

National Credit Union Administration, 6 

Op. Off. Legal Counsel 262 (1982). 

For more information about the 

original and revised TCCULGPs, 

including terms, conditions, and 

participants, interested parties may 

contact Senior Analyst Dave Shetler of 

the NCUA Office of Corporate Credit 

Unions. 

Dated: May 21, 2009. 

Mary Rupp, 

Secretary of the Board. 

[FR Doc. E9–12330 Filed 5–28–09; 8:45 am] 

BILLING CODE 7535–01–P 

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