[Federal Register Volume 62, Number 36 (Monday, February 24, 1997)]
[Rules and Regulations]
[Pages 8155-8156]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4441]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 62, No. 36 / Monday, February 24, 1997 /
Rules and Regulations
[[Page 8155]]
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 790 and 792
Description of NCUA; Requests for Agency Action and Requests for
Information Under the Freedom of Information Act and Privacy Act, and
by Subpoena; Security Procedures for Classified Information
AGENCY: National Credit Union Administration (NCUA)
ACTION: Final rule
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SUMMARY: Due to changes in the credit union environment, in October of
1996, the NCUA authorized a change in the mission and a corresponding
name change of the Asset Liquidation and Management Center (ALMC). The
new name is the Asset Management and Assistance Center (AMAC). A
description of the new AMAC replaces the description of the ALMC. In
addition, AMAC replaces ALMC in another part of the regulations.
EFFECTIVE DATE: Effective February 24, 1997.
ADDRESSES: National Credit Union Administration, 1775 Duke Street,
Alexandria, VA 22314-3428.
FOR FURTHER INFORMATION CONTACT: Hattie M. Ulan, Special Counsel to the
General Counsel at the above address or telephone: 703-518-6540.
SUPPLEMENTARY INFORMATION: The NCUA Board established the Asset
Liquidation Management Center (ALMC) in July 1988, to deal with an
emerging concentration of real estate assets in a limited number of
troubled credit unions. The mission of the ALMC was to minimize losses
to the National Credit Union Share Insurance Fund by managing and
disposing of real estate assets acquired from troubled credit unions.
In February of 1990, the Board added the agency's liquidation activity
to the ALMC. Although the number of liquidations are down, liquidations
have become increasingly complex. The ALMC's responsibilities have
expanded to include the review of large, complex loan portfolios,
assistance in uncovering and developing bond claims and complex record
reconstruction. The ALMC provides additional depth, experience and
resources in liquidation related as well as other matters to NCUA's six
regional offices.
The Board believed that the name ALMC did not accurately reflect
the responsibilities the center was carrying out. Therefore, in October
1996, the Board officially changed the name to Asset Management and
Assistance Center (AMAC). The Board is now amending its regulation
which describes the duties of AMAC, formerly the ALMC. The description
of the office is found in 12 CFR 790.2(b)(4). There is also a reference
to ALMC in 12 CFR 792.2(f). This paragraph describes information
centers for purposes of requesting materials under the Freedom of
Information Act. The reference is corrected to read AMAC. An additional
sentence is added to paragraph 792.2(f) to indicate that the President
of the AMAC is responsible for the operation of the information center
maintained there. This is a technical addition of a responsibility
already delegated to the President of AMAC.
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. The changes made
by this rule 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.
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 790 and 792
Credit Unions.
By the National Credit Union Administration Board on February
13, 1997.
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 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION
1. 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.
2. Amend Sec. 790.2 by revising paragraph (b)(4) to read as
follows:
Sec. 790.2 Central and regional office organization.
* * * * *
(b) * * *
(4) Asset Management and Assistance Center. The President of the
Asset Management and Assistance Center (AMAC) is responsible for
monitoring, evaluating, disposing, and/or managing major assets
acquired by NCUA; responsible for managing involuntary liquidations for
all federally insured credit unions placed into involuntary liquidation
including the orderly processing of payments of share insurance, sale
and/or collection of loan portfolios, liquidation of other assets and
achieving other recoveries, payments to creditors, and distributions to
any uninsured shareholders. The President, AMAC, serves as a primary
consultant with the regional offices on asset sales or purchases to
restructure problem case credit unions, as technical expert to evaluate
specific areas of credit union operations, and as instructor in
training classes; responsible to prepare and negotiate bond claims;
responsible to manage or assist in the management of conservatorships.
The address of AMAC is 4807 Spicewood Springs Road, Suite 5100, Austin,
Texas 78759-8490.
* * * * *
[[Page 8156]]
PART 792--REQUESTS FOR INFORMATION UNDER THE FREEDOM OF INFORMATION
ACT AND PRIVACY ACT, AND BY SUBPOENA; SECURITY PROCEDURES FOR
CLASSIFIED INFORMATION
3. The authority citation for part 792 is revised 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. 552b; Executive Orders 12600 and 12356.
4. Amend Sec. 792.2 by revising paragraph (f) to read 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 and Assistance Center are the designated
Information Centers for the NCUA. The Freedom of Information Officer of
the Office of General Counsel is responsible for the operation of the
Information Center maintained at the Central Office. The Regional
Directors are responsible for the operation of the Information Centers
in their Regional Offices. The President of the Asset Management and
Assistance Center is responsible for the operation of the Information
Center maintained there.
* * * * *
[FR Doc. 97-4441 Filed 2-21-97; 8:45 am]
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