[Federal Register Volume 60, Number 117 (Monday, June 19, 1995)]
[Rules and Regulations]
[Pages 31910-31911]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14872]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 701, 747, 790 and 792
Changes in Citations, Office Descriptions and Information Centers
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final rule.
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SUMMARY: This final rule makes housekeeping changes to NCUA's
regulations. Corrections are made to certain citations to the United
States Code found in the regulations and descriptions of two NCUA
offices are updated to reflect current agency structure.
EFFECTIVE DATE: June 19, 1995.
FOR FURTHER INFORMATION CONTACT: Hattie M. Ulan, Special Counsel to the
General Counsel, at 703-544-6540.
SUPPLEMENTARY INFORMATION: Section 701.14 and part 747, subpart J
contain incorrect citations to the United States Code. These citations
were correct when the regulations were originally drafted, but have
changed due to a recodification of the U.S. Code. The corrections are
made in this document. Part 790 sets forth descriptions of the various
NCUA offices. Two updates need to be made to these descriptions. First,
the Office of Chief Economist and Policy Development, described in
Section 790.2(b)(14) has been redesignated as the Office of Investment
Services. The duties and responsibilities of the Office of Investment
Services are somewhat different from the former office. Modifications
to both the office name and description are made. Second, the structure
of regional office management has recently been modified. Senior
regional management formerly consisted of a Regional Director, an
Associate Regional Director and a Deputy Regional Director. The titles
and duties of these officials are found in Section 790.2(c)(2).
Regional management now consists of a Regional Director, an Associate
Regional Director for Programs and an Associate Regional Director for
Operations. Modifications to Section 790.2(c)(2) are made to reflect
the current structure and duties.
Part 792 contains, among other things, a description of the NCUA's
information centers for purposes of the Freedom of Information Act. The
Asset Liquidation Management Center is added to Section 792.2(f) as an
agency information center.
Since these changes are housekeeping and do not have any
substantive effect on credit unions, the Board finds it unnecessary to
either issue a proposed rule or to have a delayed effective date.
Therefore these changes are issued in final form and are effective upon
publication.
Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act requires the NCUA to prepare an
analysis to describe any significant economic impact any regulation may
have on a substantial number of small credit unions (primarily those
under $1 million in assets). The types of changes made by this rule
have no economic impact on credit unions. These are merely housekeeping
changes. Therefore, the NCUA Board has determined and certifies that,
under the authority granted in 5 U.S.C. 605(b), this final rule will
not have a significant economic impact on a substantial number of small
credit unions. Accordingly, the Board has determined that a Regulatory
Flexibility Analysis is not required.
Paperwork Reduction Act
This final rule does not change any paperwork requirements.
[[Page 31911]]
Executive Order 12612
Executive Order 12612 requires NCUA to consider the effect of its
actions on state interests. Since these are housekeeping changes only,
there is no effect on state interests.
List of Subjects in 12 CFR Parts 701, 747, 790 and 792
Credit unions.
By the National Credit Union Administration Board on June 12, 1995.
Becky Baker,
Secretary of the Board.
Accordingly, for the reasons set out in the preamble, 12 CFR Ch.
VII is amended 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, 1761b,
1766, 1767, 1782, 1784, 1787, 1789, and Public Law 101-73. Section
701.6 is also authorized by 12 U.S.C. 1601 et seq., 42 U.S.C. 1981
and 42 U.S.C. 1601-1610. Section 701.35 is also authorized by 12
U.S.C. 4311-4312.
Sec. 701.14 [Amended]
1a. In Sec. 701.14, paragraph (a) is amended by removing the
citation ``12 U.S.C. 1791'' and adding in its place ``12 U.S.C.
1790a''.
PART 747--ADMINISTRATIVE ACTIONS, ADJUCICATIVE HEARINGS, AND RULES
OF PRACTICE AND PROCEDURE
2. The authority citation for part 747 continues to read as
follows:
Authority: 12 U.S.C. 1766, 12 U.S.C. 1786, 12 U.S.C.1784, 12
U.S.C. 1787.
Secs. 747.901, 747.902, 747.904 [Amended]
3. Remove the citation ``12 U.S.C. 1791'' and add, in its place,
``12 U.S.C. 1790a'' in the following places:
(a) Sec. 747.901;
(b) Sec. 747.902;
(c) Sec. 747.904(b)(2).
PART 790--DESCRIPTION ON NCUA; REQUESTS FOR AGENCY ACTION
4. The authority citation for part 790 continues to read as
follows:
Authority: 12 U.S.C. 1766, 12 U.S.C. 1789, 12 U.S.C. 1795f.
5. Section 790.2(b) is amended by revising paragraph (b)(14) as set
forth below; Sec. 790.2(c)(2) is amended by revising the 5th, 6th and
7th sentences as set forth below:
Sec. 790.2 Central and regional office organization.
* * * * *
(b) Central Office.* * *
(14) Office of Investment Services. The Office of Investment
Services is responsible for providing investment expertise and advice
to the Board and agency staff. A working relationship is maintained
with the financial marketplace to develop resources available to the
NCUA and keep abreast of product initiatives. The NCUA Investment
Hotline housed in this Office is a toll-free number that is available
to examiners, credit unions, and financial product vendors to ask
investment related questions. The Hotline provides NCUA an opportunity
to be aware of current investment issues as they arise in credit unions
and has permitted NCUA to become proactive, rather than reactive, to
such issues. In addition, investment officers advise agency management
on the purchase of authorized investments for the NCUSIF and the CLF.
* * * * *
(c) Regional Offices. * * *
(2) * * * The Regional Director is aided by an Associate Regional
Director for Operations and Associate Regional Director for Programs.
Staff working in the Regional Office report to the Associate Regional
Director for Operations. Each region is divided into examiner
districts, each assigned to a Supervisory Credit Union Examiner; groups
of examiners are directed by a Supervisory Credit Union Examiner, each
of whom in turn reports directly to the Associate Regional Director for
Programs. * * *
PART 792--REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION
ACT AND PRIVACY ACT, AND BY SUBPOENA; SECURITY PROCEDURES FOR
CLASSIFIED INFORMATION
6. The authority citation for part 792 continues to read as
follows:
Authority: 12 U.S.C. 1766, 12 U.S.C. 1789, 12 U.S.C. 1795f, 5
U.S.C. 552, 5 U.S.C. 552a, Executive Orders 12600 and 12356.
7. Section 792.2 is amended by revising the first sentence of
paragraph (f) as follows:
Sec. 792.2 Information made available to the public and requests for
such information.
* * * * *
(f) Information Centers. The Central Office, Regional Offices and
the Asset Management Liquidation Center are designated as Information
Centers for the NCUA. * * *
* * * * *
[FR Doc. 95-14872 Filed 6-16-95; 8:45 am]
BILLING CODE 7535-01-U
