97-4441. 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  

  • [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
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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]
    BILLING CODE 7535-01-P
    
    
    

Document Information

Effective Date:
2/24/1997
Published:
02/24/1997
Department:
National Credit Union Administration
Entry Type:
Rule
Action:
Final rule
Document Number:
97-4441
Dates:
Effective February 24, 1997.
Pages:
8155-8156 (2 pages)
PDF File:
97-4441.pdf
CFR: (2)
12 CFR 790.2
12 CFR 792.2