[Federal Register Volume 59, Number 177 (Wednesday, September 14, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-22748]
[[Page Unknown]]
[Federal Register: September 14, 1994]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Parts 704 and 790
Corporate Credit Unions and Description of NCUA; Request for
Agency Action
AGENCY: National Credit Union Administration (``NCUA'').
ACTION: Final rule.
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SUMMARY: The NCUA Board recently established a new Office of Corporate
Credit Unions. This new office is responsible for the corporate credit
union program. The corporate credit union program was previously
managed by the Office of Examination and Insurance. Appropriate changes
to the corporate credit union regulation and the regulation describing
NCUA's offices are made. In addition, the section in the corporate
regulation addressing effective date and waiver thereof is being
modified as the waiver provisions are no longer necessary. The Office
of Information Systems has been renamed the Office of Technology and
Information Systems. The new name and updated description of this
office is reflected in the regulation describing NCUA's offices.
EFFECTIVE DATE: September 14, 1994.
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 above
address or 703-518-6544.
SUPPLEMENTARY INFORMATION: In July, 1994, the NCUA Board established a
new Office of Corporate Credit Unions. This new office is responsible
for the corporate credit union program. The Office of Examination and
Insurance was previously responsible for the program. All corporate
credit union functions have been transferred to the new office. Part
790 of the NCUA Regulations sets forth descriptions of all of NCUA's
offices. A new paragraph (16) is added to Sec. 790.2(b) describing the
Office of Corporate Credit Unions. The paragraph setting forth the
corporate credit union duties of the Director of the Office of
Examination and Insurance Sec. 790.2(b)(6)(ii)) is deleted. There are
several references in the corporate credit union regulation (12 CFR
part 704) to the Director, Office of Examination and Insurance. These
references (indicating who corporate credit unions should submit
reports and requests to) are all changed to the Director, Office of
Corporate Credit Unions. Section 704.16 of the corporate regulation is
entitled ``Effective Date.'' Part 704 was made effective in 1992 and
this section sets forth procedures for a temporary waiver from the
effective date. Since there are no longer any outstanding waivers, the
provisions relating to waiver are deleted.
The Office of Information Systems has been renamed the Office of
Technology and Information Services. The description of this office has
been updated. The appropriate changes in name and description are made
to Sec. 790.2(b)(10).
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.
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 704 and 790
Credit unions.
By the National Credit Union Administration Board on September
6, 1994.
Becky Baker,
Secretary of the Board.
Accordingly, for the reasons set out in the preamble, 12 CFR parts
704 and 790 are amended as set forth below.
PART 704--CORPORATE CREDIT UNIONS
1. The authority citation for part 704 continues to read as
follows:
Authority: 12 U.S.C. 1762, 1766(a), 1781, and 1789.
Secs. 704.10, 704.11, 704.13, 704.16, Appendix B to Part 704 [Amended]
2. Remove the phrase ``Director, Office of Examination and
Insurance'' and add, in its place, the phrase ``Director, Office of
Corporate Credit Unions'' in the following places (the phrase appears
three times in Sec. 704.10(b)(2)):
(a) Sec. 704.10(b)(2);
(c) Sec. 704.11(a)(1);
(b) Sec. 704.11(a)(2);
(c) Sec. 704.13(c);
(d) Section c. of Appendix B.
3. Section 704.16 is amended by removing the second, third and
fourth sentences.
PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION
4. The authority citation for part 790 continues to read as
follows:
Authority: 12 U.S.C. 1766, 1789, and 1795f.
5. Section 790.2 is amended by moving paragraph (b)(6)(ii); by
redesignating paragraph (b)(6)(iii) as paragraph (b)(6)(ii); by
revising paragraph (b)(10) and adding a new paragraph (b)(16) as
follows:
Sec. 790.2 Central and region office organization.
* * * * *
(b) * * *
(10) Office of Technology and Information Services. The Director of
the Office of Technology and Information Services has responsibility
for the management and administration of NCUA's information resources.
This includes the development, maintenance, operation, and support of
information systems which directly support the Agency's mission,
maintaining and operating the Agency's information processing
infrastructure, responding to requests for releasable Agency
information, and insuring all related material security and integrity
risks are recognized and controlled as much as possible.
* * * * *
(16) Office of Corporate Credit Unions. The Director, Office of
Corporate Credit Unions, manages NCUA's corporate credit union program
in accordance with established policies and the corporate regulation.
The Director's duties include directing chartering, examination and
supervision programs to promote and assure safety and soundness;
managing NCUA's corporate resources to meet program objectives in the
most economical and practical manner, and maintaining good public
relations with public, private and governmental organizations,
corporate credit union officials, credit union organizations, and other
groups which have an interest in corporate credit union matters.
* * * * *
[FR Doc. 94-22748 Filed 9-13-94; 8:45 am]
BILLING CODE 7535-01-M
