NCUA Releases 2006 Regulatory Review

ALEXANDRIA, Va.-NCUA recently posted to its Web site (www.ncua.gov) the regulations it plans to look at this year as part of its regular one-third review of its rules. NCUA goes through all of its rules every three years in an effort to keep them up-to-date and eliminate unnecessary burden. The parts the agency plans to review this year include the following: 700 Definitions 701.1 Federal Credit Union Chartering, Field of Membership Modifications, and Conversions 701.6 Fees Paid by Federal Credit Unions 701.14 Change in Official or Senior Executive Officer in Credit Unions that are Newly Chartered or are in Troubled Condition 701.19 Retirement Benefits for Employees of Federal Credit Unions 701.21 Loans to Members and Lines of Credit to Members 701.22 Loan Participation 701.23 Purchase, Sale and Pledge of Eligible Obligations 701.24 Refund of Interest 701.25 Charitable Contributions 701.26 Credit Union Service Contracts 701.31 Nondiscrimination requirements 701.32 Payments on Shares by Public Units and Nonmembers 701.33 Reimbursement, Insurance, and Indemnification of Officials and Employees 701.34 Designation of Low-Income Status; Receipt of Secondary Capital Accounts by Low-Income Designated Credit Unions. 701.35 Share, Share Draft and Share Certificate Accounts 701.36 FCU Ownership of Fixed Assets 701.37 Treasury Tax and Loan Depositories; Depositories and Financial Agents of the Government 701.38 Borrowed Funds from Natural Persons 702 Prompt Corrective Action 703 Investment and Deposit activities 704 Corporate credit unions 705 Community Development Revolving Loan Program 706 Credit Practices 707 Truth in Savings 708a Conversions of Insured Credit Unions to Mutual Savings Bank 708b Mergers of Federally-Insured Credit Unions; Voluntary Termination or Conversion of Insured Status 709 Involuntary Liquidations of Federal Credit Unions and Adjudications Of Creditor Claims Involving Federally Insured Claims Involving Federally Insured Credit Unions in Liquidation 710 Voluntary Liquidations Comments on these regulations are due to the agency by Aug. 1, 2006.