NCUA is amending the section of its regulations addressing the low-income designation to make minor, nonsubstantive technical corrections. The technical amendments update the regulation to reflect current agency practice and will not cause any substantive changes.
Table of Contents Back to Top
- FOR FURTHER INFORMATION CONTACT:
- SUPPLEMENTARY INFORMATION:
- I. Background 1
- A. Why is NCUA adopting this rule?
- B. What changes does the final rule make?
- II. Regulatory Changes
- III. Regulatory Procedures
- Final Rule Under the Administrative Procedure Act
- Regulatory Flexibility Act
- Paperwork Reduction Act
- Executive Order 13132
- The Treasury and General Government Appropriations Act, 1999—Assessment of Federal Regulations and Policies on Families
- Small Business Regulatory Enforcement Fairness Act
- List of Subjects in 12 CFR Part 701
- PART 701—ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS
DATES: Back to Top
This rule is effective December 23, 2011.
FOR FURTHER INFORMATION CONTACT: Back to Top
Pamela Yu, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428 or telephone: (703) 518-6540.
SUPPLEMENTARY INFORMATION: Back to Top
II. Regulatory Changes
III. Regulatory Procedures
I. Background 1 Back to Top
A. Why is NCUA adopting this rule?
NCUA continually reviews its regulations to “update, clarify and simplify existing regulations and eliminate redundant and unnecessary provisions.” NCUA Interpretive Ruling and Policy Statement (IRPS) 87-2, as amended by IRPS 03-2, Developing and Reviewing Government Regulations. Recently, NCUA internally reviewed its regulations and determined minor revisions to section 701.34 are necessary to reflect current agency practice.
B. What changes does the final rule make?
The final rule amends section 701.34 of NCUA's regulations to make minor technical corrections. The corrections are necessary to update and conform the regulation to current agency practice. Specifically, the NCUA Board has delegated its authority for designations of low-income status to the Office of Consumer Protection. This authority previously sat with the regional directors. The final rule amends section 701.34 to remove references to “regional directors,” and to replace those references with “NCUA”.
II. Regulatory Changes Back to Top
This rule provides minor technical corrections and will not cause any substantive changes.
III. Regulatory Procedures Back to Top
Final Rule Under the Administrative Procedure Act
NCUA is issuing this rulemaking as a final rule, effective upon publication. Generally, the Administrative Procedure Act (APA) requires a rulemaking to be published as a notice of proposed rulemaking with the opportunity for public comment, unless the agency for good cause finds that notice and public comment are impracticable, unnecessary, or contrary to the public interest. 5 U.S.C. 553. NCUA believes good cause exists for issuing these amendments without notice and public comment. The amendments in this rule are not substantive but merely technical in that they make minor corrections to update the regulations and conform them to current agency practice.
Additionally, the APA requires that a final rule must have a delayed effective date of 30 days from the date of publication, except for good cause. 5 U.S.C. 553(d). NCUA also finds good cause to waive the customary 30-day delayed effective date requirement under the APA. 5 U.S.C. 553(d)(3). Again the technical change conforms the rule to current agency practice. 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 (primarily those credit unions under ten million dollars in assets). This rule does not impose any regulatory burden. It merely makes non-substantive technical changes to section 701.34 of NCUA's regulations. This rule will not have a significant economic impact on a substantial number of small credit unions. 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 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. 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. 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 the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 (1998).
Small Business Regulatory Enforcement Fairness Act
The Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121) (SBREFA) provides generally for congressional review of agency rules. A reporting requirement is triggered in instances where NCUA issues a final rule as defined by Section 551 of the APA. 5 U.S.C. 551. Based on similar technical changes to the NCUA regulations, we believe the Office of Management and Budget will determine that this rule is not a major rule for purposes of SBREFA. As required by SBREFA, NCUA will file the appropriate reports with Congress and the General Accounting Office so this rule may be reviewed.
By the National Credit Union Administration Board on December 8, 2011.
Secretary of the Board.
For the reasons discussed above, NCUA amends 12 CFR part 701 of title 12, chapter VII, of the Code of Federal Regulations as follows:
PART 701—ORGANIZATION AND OPERATIONS OF FEDERAL CREDIT UNIONS Back to Top
1.The authority citation for part 701 continues to read as follows:
§ 701.34 [Amended]
2.Section 701.34 is amended by:
a. Removing the words “the regional director” wherever they appear and adding in their place the word “NCUA”.
b. Removing the words “a regional director” or “A regional director” wherever they appear and adding in their place the word “NCUA”.
c. Removing the words “the appropriate Regional Director” wherever they appear and adding in their place the word “NCUA”.
d. Removing the words “the appropriate regional director” wherever they appear and adding in their place the word “NCUA”.
e. Removing the words “the appropriate regional director's” wherever they appear and adding in their place the word “NCUA's”.
f. Removing the words “the appropriate NCUA Regional Director” wherever they appear and adding in their place the word “NCUA”.
[FR Doc. 2011-32886 Filed 12-22-11; 8:45 am]
BILLING CODE 7535-01-P
Footnotes Back to Top
1. President Obama signed the Plain Writing Act of 2010 (Pub. L. 111-274) into law on October 13, 2010 “to improve the effectiveness and accountability of federal agencies to the public by promoting clear Government communication that the public can understand and use.” This preamble is written to meet plain writing objectives.Back to Context