[Federal Register Volume 61, Number 170 (Friday, August 30, 1996)]
[Rules and Regulations]
[Pages 45875-45876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-22169]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 705, 747 and 790
Changes in Office Description and References
AGENCY: National Credit Union Administration (``NCUA'').
ACTION: Final rule.
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SUMMARY: Last year, the NCUA Board established the Office of Chief
Financial Officer, transferring to it the functions of the Office of
the Controller and some of the responsibilities of the Office of
Examination and Insurance. The description of and references to the
Office of the Controller are deleted, and a description of and
references to the Office of Chief Financial Officer are added. The
description of the Office of Examination and Insurance is updated to
reflect redistribution of duties. Two references in other parts of the
Regulations are also updated. These changes update the Regulations to
reflect the current structure and responsibilities of various agency
offices and make technical corrections to references within the
regulations.
EFFECTIVE DATE: August 30, 1996.
ADDRESSES: National Credit Union Administration, 1775 Duke Street,
Alexandria, VA 22314-3428.
FOR FURTHER INFORMATION CONTACT: Hattie Ulan, Special Counsel to the
General Counsel, at the above address or 703-518-6540.
SUPPLEMENTARY INFORMATION: Part 790 of the NCUA Regulations sets forth
NCUA organization, including descriptions of duties of all agency
components. On July 25, 1995, the NCUA Board established the Office of
Chief Financial Officer, transferring to it the functions of the Office
of the Controller and some of responsibilities of the Office of
Examination of Insurance. This document deletes the description of the
Office of the Controller, and replaces it with a new description of the
Office of Chief Financial Officer. It also makes changes to the
description of the Office of Examination and Insurance to reflect
current duties. Two additional technical changes are made. First, in
Section 705.3, the reference to Sec. 701.32(d)(1) is changed to
Sec. 701.34(a)(1) to reflect a recent change to Part 701. Second, the
reference to 12 CFR part 4 in Sec. 747.25(b) is corrected to read 12
CFR Sec. 792.5(b). Section 747.25 was recently amended with the
incorrect reference.
Regulatory Procedures
Regulatory Flexibility Act
The Regulatory Flexibility Act requires the NCUA to prepare an
analysis to describe any significant economic impact a 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.
Executive Order
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 705, 747 and 790
Credit unions.
By the National Credit Union Administration on August 8, 1996.
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 705--COMMUNITY DEVELOPMENT REVOLVING LOAN PROGRAM FOR CREDIT
UNIONS
1. The authority citation for part 705 continues to read as
follows:
Authority: Pub. L. 97-35, 42 U.S.C. 9822; Pub. L. 99-609, note
to 42 U.S.C. 9822; Pub. L. 101-144, 12 U.S.C. 1766(k).
2. Section 705.3 is amended by revising the reference
``Sec. 701.32(d)(1)'' to ``Sec. 701.34(a)(1)'' in paragraph (b).
[[Page 45876]]
PART 747--ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF
PRACTICE AND PROCEDURE, AND INVESTIGATIONS
3. 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.
4. Section 747.25 is amended by revising the reference ``12 CFR
part 4'' to ``12 CFR 792.5(b)'' in the fifth sentence of paragraph (b).
PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION
5. 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.
6. Section 790.2 is amended by revising paragraph (b)(5); revising
the first sentence of paragraph (b)(6)(i); replacing the last three
sentences of paragraph (b)(6)(ii) with four new sentences; and
replacing ``Controller'' with ``Chief Financial Officer'' in paragraph
(b)(7) to read as follows:
Sec. 790.2 Central and regional office organization.
* * * * *
(b) * * *
(5) Office of Chief Financial Officer. NCUA's chief financial
officer is in charge of budgetary, accounting and financial matters for
the NCUA, including responsibility for submitting annual budget and
staffing requests for approval by the Board and, as required, by the
Office of Management and Budget; for managing NCUA's budgetary
resources; for managing the operations of the National Credit Union
Share Insurance Fund (NCUSIF) to include accounting, financial
reporting and the collection and payment of capitalization deposits,
insurance premiums and insurance dividends; for collecting annual
operating fees from federal credit unions, for maintaining NCUA's
accounting system and accounting records; for processing payroll,
travel, and accounts payable disbursements; and for preparing internal
and external financial reports.
(6) Office of Examination and Insurance. (i) The Director of the
Office of Examination and Insurance: Formulates standards and
procedures for examination and supervision of the community of
federally insured credit unions, and reports to the Board on the
performance of the examination program; manages the risk to the NCUSIF,
to include overseeing the NCUSIF Investment Committee, monitoring the
adequacy of NCUSIF reserves, analyzing the reasons for NCUSIF losses,
formulating policies and procedures regarding the supervision of
financially troubled credit unions, and evaluating certain requests for
special assistance pursuant to Section 208 of the Federal Credit Union
Act and for certain proposed administrative actions regarding
federally-insured credit unions; serves as the Board expert on
accounting principles and standards and on auditing standards;
represents NCUA at meetings with the American Institute of Certified
Public Accountants (AICPA), Federal Financial Institutions Examination
Council (FFIEC) and General Accounting Office (GAO); and collects data
and provides statistical reports. * * *
(ii) * * * The CLF is managed by the President of the CLF, under
the general supervision of the NCUA Board which serves as the CLF Board
of Directors. The Chairman of the NCUA Board serves as the Chairman of
the CLF Board of Directors. The Secretary of the NCUA Board serves as
the Secretary of the CLF Board. The Director of the Division of Risk
Management, Office of Examination and Insurance, serves as the
President of the CLF.
* * * * *
[FR Doc. 96-22169 Filed 8-29-96; 8:45 am]
BILLING CODE 7535-01-U
