NCUA publishes semi-annual regulatory agenda

<p>ALEXANDRIA, Va.-As is required, NCUA published its semi-annual regulatory agenda in the Federal Register. It appeared in the May 13, 2002 edition. The agency is expecting to take up quite a few ongoing issues at next month’s board meeting. Scheduled for consideration in June is issuing a notice of proposed rulemaking for the already proposed rule revising Part 704, the corporate credit union rule. NCUA reviews all of its rules within a three-year time period and revisions and clarifications popped up on its radar screen for the corporate regulation. The original comment period for this rule ended in December. The agency will also decide whether to issue a notice of proposed rulemaking in June regarding insurance requirements. If adopted, the regulation would restrict insurance coverage or state-chartered credit unions opening branches outside the United States. In addition, the NCUA Board will propose regs to ensure the sale of all nondeposit investments to members by federally insured credit unions are performed in a safe and sound manner. Two final regulations are scheduled to be addressed in June. The first would codify an interim final rule allowing credit unions applying for a community charter, in a community previously approved by NCUA, to skip the community documentation and to eliminate the common characteristics and background requirements to prove an area is a community. The second clarifies the scope of the rule permitting federal credit unions to pay employees reasonable retirement and other benefits. In July, the board could issue a second notice of proposed rulemaking under the Fair Credit Reporting Act addressing the sharing of opt-out information between federal credit unions and their affiliates. Also for the July agenda, the board will consider a notice of proposed rulemaking to bring NCUA’s share insurance rules more in line with the Federal Deposit Insurance Corporation’s rules. Additionally, the agency will update its regulations on advertising to allow for electronic advertising and transactions, as well as clarifications. NCUA will be holding off until December to consider a notice of proposed rulemaking to update and clarify the investment and deposit activities rules. The initial comment period ended in January of this year. The board will then also consider a nondiscrimination in federally assisted programs notice of proposed rulemaking. A final rule updating the Truth in Savings regulations to mirror the Federal Reserve Board’s Regulation DD is also expected in December 2002. The Prompt Corrective Action regulation put out for comment at the last board meeting will receive final consideration in November with an effective date scheduled for January 2003. [email protected]</p>