81 FR 76495 - Office Name Change
NATIONAL CREDIT UNION ADMINISTRATION Federal Register Volume 81, Issue 213 (November 3, 2016)
Federal Register Volume 81, Issue 213 (November 3, 2016)
| Page Range | 76495-76496 | |
| FR Document | 2016-26495 |
[Federal Register Volume 81, Number 213 (Thursday, November 3, 2016)] [Rules and Regulations] [Pages 76495-76496] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-26495] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. ======================================================================== Federal Register / Vol. 81, No. 213 / Thursday, November 3, 2016 / Rules and Regulations [[Page 76495]] NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Parts 708a, 708b, and 790 RIN 3133-AE65 Office Name Change AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The NCUA Board (``Board'') is issuing a final rule to rename its Office of Consumer Protection to provide additional clarity about the function and role of the office. The new name will be the Office of Consumer Financial Protection and Access. DATES: This rule is effective November 3, 2016. FOR FURTHER INFORMATION CONTACT: Gail W. Laster, Director, Office of Consumer Financial Protection and Access or Elizabeth Wirick, Senior Staff Attorney, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314 or telephone (703) 518-6540. SUPPLEMENTARY INFORMATION: I. Background In 2009, the Board established the Office of Consumer Protection (OCP) to ensure that NCUA applies all relevant consumer protections, promotes helpful tools for consumers such as financial education and encourages credit unions to serve all eligible consumers. In creating OCP, the Board recognized the need for greater focus on both providing consumer financial protection and increasing access to credit union services. The new name for the office will better encapsulate its scope and duties. Adding the word ``financial'' to the title of the office clarifies that its focus is on consumer financial protection, rather than other types of consumer protection issues. Adding the word ``access'' to the title of the office emphasizes the office's role in increasing member access to responsible financial services and products, addressing the financial needs of the unbanked and under- banked, and improving the financial conditions of distressed communities. The office's role of handling new charter applications, field of membership expansions and low income designation requests is unique among federal financial regulators and also enhances NCUA's consumer financial protection efforts. Providing additional clarity about the office's mission, namely consumer financial protection and access to financial services, will benefit consumers, their communities and credit unions. II. Regulatory Procedures 1. Final Rule Under the Administrative Procedure Act (APA) Generally, the APA requires a federal agency to provide the public with notice and an opportunity to comment on agency rulemakings.\1\ This rule is exempt from the APA's notice and comment requirement because it addresses NCUA's organization and structure.\2\ --------------------------------------------------------------------------- \1\ 5 U.S.C. 553(b). \2\ Id. (b)(A). --------------------------------------------------------------------------- 2. Effective Date The APA also generally requires publication in the Federal Register at least 30 days before the effective date of a rule. Agencies can dispense with the 30-day requirement for good cause.\3\ NCUA finds good cause to dispense with the 30-day effective date requirement, as this rule is technical rather than substantive. The rule will, therefore, be effective immediately upon publication. --------------------------------------------------------------------------- \3\ Id. 553(d)(3). --------------------------------------------------------------------------- 3. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996 \4\ (SBREFA) provides generally for congressional review of agency rules. A reporting requirement is triggered in instances where NCUA issues a final rule as defined by Section 551 of the APA.\5\ As required by SBREFA, NCUA has submitted this rule to the Office of Management and Budget for it to determine if the final rule is a ``major rule'' for purposes of SBREFA. NCUA does not believe the rule is major. --------------------------------------------------------------------------- \4\ Public Law 104-121. \5\ 5 U.S.C. 551. --------------------------------------------------------------------------- 4. Regulatory Flexibility Act The Regulatory Flexibility Act requires NCUA to prepare an analysis of any significant economic impact a regulation may have on a substantial number of small entities (primarily those under $100 million in assets).\6\ This final rule will have no economic impact on small credit unions as it addresses only the name of one NCUA office. Accordingly, NCUA certifies the rule will not have a significant economic impact on a substantial number of small credit unions. --------------------------------------------------------------------------- \6\ 5 U.S.C. 603(a). --------------------------------------------------------------------------- 5. Paperwork Reduction Act The Paperwork Reduction Act of 1995 (PRA) applies to rulemakings in which an agency by rule creates a new paperwork burden on regulated entities or increases an existing burden.\7\ For purposes of the PRA, a paperwork burden may take the form of a reporting or recordkeeping requirement, both referred to as information collections. As the final rule is simply a name change for one of NCUA's offices, NCUA has determined it does not increase paperwork requirements under the PRA. --------------------------------------------------------------------------- \7\ 44 U.S.C. 3507(d); 5 CFR part 1320. --------------------------------------------------------------------------- 6. Executive Order 13132 Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. NCUA, an independent regulatory agency as defined in 44 U.S.C. 3502(5), voluntarily complies with the executive order to adhere to fundamental federalism principles. The final rule does not have substantial direct effects on the states, on the relationship between the national government and the states, or on the distribution of power and responsibilities among the various levels of government. NCUA has therefore determined that this final rule does not constitute a policy that has federalism implications for purposes of the executive order. 7. Assessment of Federal Regulations and Policies on Families NCUA has determined that this rule will not affect family well- being within [[Page 76496]] the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999, Public Law 105-277, 112 Stat. 2681 (1998). List of Subjects 12 CFR Part 708a Credit unions, Charter conversions. 12 CFR Part 708b Credit unions, Mergers of credit unions. 12 CFR Part 790 Organization and functions (Government agencies). By the National Credit Union Administration Board, on October 27, 2016. Gerard Poliquin, Secretary of the Board. For the reasons discussed above, the National Credit Union Administration amends 12 CFR parts 708a, 708b, and 790 as follows: PART 708a--BANK CONVERSIONS AND MERGERS 0 1. The authority citation for part 708a continues to read as follows: Authority: 12 U.S.C. 1766, 1785(b), and 1785(c). 0 2. Revise the first sentence of the definition of ``Regional Director'' in Sec. 708a.101 to read as follows: Sec. 708a.101 Definitions. * * * * * Regional Director means either the director for the NCUA Regional Office for the region where a natural person credit union's main office is located or the director of the NCUA's Office of Consumer Financial Protection and Access. * * * * * * * * PART 708b--MERGERS OF FEDERALLY-INSURED CREDIT UNIONS; VOLUNTARY TERMINATION OR CONVERSION OF INSURED STATUS 0 3. The authority citation for part 708b continues to read as follows: Authority: 12 U.S.C. 1752(7), 1766, 1785, 1786, and 1789. 0 4. Revise the first sentence of the definition of ``Regional Director'' in Sec. 708b.2 to read as follows: Sec. 708b.2 Definitions. * * * * * Regional Director means either the director for the NCUA Regional Office for the region where a natural person credit union's main office is located or the director of the NCUA's Office of Consumer Financial Protection and Access. * * * * * * * * PART 790--DESCRIPTION OF NCUA; REQUESTS FOR AGENCY ACTION 0 5. The authority citation for part 790 continues to read as follows: Authority: 12 U.S.C. 1766, 1789, 1795f. 0 6. Revise paragraphs (b)(15)(i) introductory text and (b)(15)(ii) of Sec. 790.2 to read as follows: Sec. 790.2 Central and field office organization. * * * * * (b) * * * (15) Office of Consumer Financial Protection and Access. (i) The Office of Consumer Financial Protection and Access contains four divisions: * * * * * (ii) The Office provides consumer services, including consumer education and complaint resolution; establishes, consolidates, and coordinates consumer financial protections within the agency; acts as the central liaison on consumer financial protection with other federal agencies; and nationalizes field of membership processing and chartering activities. * * * * * [FR Doc. 2016-26495 Filed 11-2-16; 8:45 am] BILLING CODE 7535-01-P
![76496 Federal Register / Vol. 81, No. 213 / Thursday, November 3, 2016 / Rules and Regulations
the meaning of section 654 of the Consumer Financial Protection and (Passthroughs and Special Industries) at
Treasury and General Government Access. * * * (202) 317–6853 (not a toll-free number).
Appropriations Act, 1999, Public Law * * * * * SUPPLEMENTARY INFORMATION:
105–277, 112 Stat. 2681 (1998).
PART 790—DESCRIPTION OF NCUA; Background
List of Subjects
REQUESTS FOR AGENCY ACTION
12 CFR Part 708a The final regulations (TD 9786) that
■ 5. The authority citation for part 790 are the subject of this correction are
Credit unions, Charter conversions.
continues to read as follows: under section 41 of the Internal Revenue
12 CFR Part 708b Authority: 12 U.S.C. 1766, 1789, 1795f. Code.
Credit unions, Mergers of credit ■ 6. Revise paragraphs (b)(15)(i) Need for Correction
unions. introductory text and (b)(15)(ii) of
§ 790.2 to read as follows: As published, the final regulations
12 CFR Part 790
(TD 9786) contain errors that may prove
Organization and functions § 790.2 Central and field office to be misleading and are in need of
(Government agencies). organization. clarification.
By the National Credit Union * * * * *
Administration Board, on October 27, 2016. List of Subjects in 26 CFR Part 1
(b) * * *
Gerard Poliquin, (15) Office of Consumer Financial Income taxes, Reporting and
Secretary of the Board. Protection and Access. (i) The Office of recordkeeping requirements.
For the reasons discussed above, the Consumer Financial Protection and
Access contains four divisions: Correction of Publication
National Credit Union Administration
amends 12 CFR parts 708a, 708b, and * * * * * Accordingly, 26 CFR part 1 is
790 as follows: (ii) The Office provides consumer corrected by making the following
services, including consumer education correcting amendments:
PART 708a—BANK CONVERSIONS and complaint resolution; establishes,
AND MERGERS consolidates, and coordinates consumer PART 1—INCOME TAXES
financial protections within the agency;
■ 1. The authority citation for part 708a acts as the central liaison on consumer
continues to read as follows: ■ Paragraph 1. The authority citation
financial protection with other federal for part 1 continues to read in part as
Authority: 12 U.S.C. 1766, 1785(b), and agencies; and nationalizes field of follows:
1785(c). membership processing and chartering
activities. Authority: 26 U.S.C. 7805 * * *
■ 2. Revise the first sentence of the
definition of ‘‘Regional Director’’ in * * * * * ■ Par. 2. Section 1.41–4(c)(6)(viii) is
§ 708a.101 to read as follows: [FR Doc. 2016–26495 Filed 11–2–16; 8:45 am] amended by:
BILLING CODE 7535–01–P
§ 708a.101 Definitions. ■ a. Revising the fifth sentence of
* * * * * Example 14 paragraph (ii).
Regional Director means either the ■ b. Revising the fifth sentence of
DEPARTMENT OF THE TREASURY
director for the NCUA Regional Office Example 17 paragraph (i).
for the region where a natural person Internal Revenue Service The revisions read as follows:
credit union’s main office is located or
the director of the NCUA’s Office of 26 CFR Part 1 § 1.41–4 Qualified research for
Consumer Financial Protection and expenditures paid or incurred in taxable
Access. * * * [TD 9786] years ending on or after December 31, 2003.
* * * * * RIN 1545–BC70 * * * * *
PART 708b—MERGERS OF Credit for Increasing Research (c) * * *
FEDERALLY-INSURED CREDIT Activities; Correction (6) * * *
UNIONS; VOLUNTARY TERMINATION (viii) * * *
OR CONVERSION OF INSURED AGENCY: Internal Revenue Service (IRS),
STATUS Treasury. Example 14. * * *
ACTION: Correcting amendment. (ii) * * * If X’s research activities related
■ 3. The authority citation for part 708b to the development or improvement of
continues to read as follows: SUMMARY: This document contains Subset B constitute qualified research under
corrections to final regulations (TD section 41(d), without regard to section
Authority: 12 U.S.C. 1752(7), 1766, 1785,
1786, and 1789. 9786) that were published in the 41(d)(4)(E), and the allocable expenditures
Federal Register on Tuesday, October 4, are qualified research expenditures under
■ 4. Revise the first sentence of the 2016 (81 FR 68299). The final section 41(b), X may include $6,250 (25% ×
definition of ‘‘Regional Director’’ in regulations provided guidance regarding $25,000) of the software research
§ 708b.2 to read as follows: the application of the credit for expenditures of Subset B in computing the
increasing research activities. amount of X’s credit, pursuant to paragraph
mstockstill on DSK3G9T082PROD with RULES
§ 708b.2 Definitions.
DATES: This correction is effective (c)(6)(vi)(C) of this section.
* * * * *
Regional Director means either the November 3, 2016 and is applicable on * * * * *
director for the NCUA Regional Office or after October 4, 2016. Example 17. * * *
for the region where a natural person FOR FURTHER INFORMATION CONTACT: (i) * * * The ability to use the idle
credit union’s main office is located or Martha Garcia or Jennifer Records of the employees’ computers would save X
the director of the NCUA’s Office of Office of Associate Chief Counsel significant costs because X would not have
VerDate Sep<11>2014 16:18 Nov 02, 2016 Jkt 241001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\03NOR1.SGM 03NOR1](https://thefederalregister.org/doc/81_FR_76708/page/2.svg)
Document Created: 2016-11-03 03:24:32
Document Modified: 2016-11-03 03:24:32
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | This rule is effective November 3, 2016. | |
| Contact | Gail W. Laster, Director, Office of Consumer Financial Protection and Access or Elizabeth Wirick, Senior Staff Attorney, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314 or telephone (703) 518-6540. | |
| FR Citation | 81 FR 76495 | |
| RIN Number | 3133-AE65 | |
| CFR Associated | Credit Unions; Charter Conversions and Mergers of Credit Unions |
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