83 FR 17910 - Accuracy of Advertising and Notice of Insured Status
NATIONAL CREDIT UNION ADMINISTRATION Federal Register Volume 83, Issue 80 (April 25, 2018)
Federal Register Volume 83, Issue 80 (April 25, 2018)
| Page Range | 17910-17913 | |
| FR Document | 2018-08557 |
[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)] [Rules and Regulations] [Pages 17910-17913] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08557] ----------------------------------------------------------------------- NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 740 RIN 3133-AE78 Accuracy of Advertising and Notice of Insured Status AGENCY: National Credit Union Administration (NCUA). ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The NCUA Board (Board) is revising provisions of the NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). The advertising rule requires FICUs to use the NCUA's official advertisement statement when advertising, and it currently permits three versions of that statement. Under this final rule, the Board is allowing FICUs the option of using a fourth [[Page 17911]] version: ``Insured by NCUA.'' To provide additional regulatory relief, the Board is: Expanding a current exemption from the advertising statement requirement regarding radio and television advertisements; and eliminating the requirement to include the official advertising statement on statements of condition required to be published by law. DATES: This final rule becomes effective May 25, 2018. FOR FURTHER INFORMATION CONTACT: Marvin Shaw, Staff Attorney, Office of General Counsel, telephone (703) 518-6553. SUPPLEMENTARY INFORMATION: I. Background The Federal Credit Union Act (Act) requires each FICU to display NCUA's ``official sign'' regarding National Credit Union Share Insurance Fund insurance of the FICU's share accounts. The sign includes language that the coverage is backed by the full faith and credit of the United States Government.\1\ Part 740 of the NCUA's regulations implements this statutory requirement and includes requirements relating to the NCUA's official advertising statement, each as discussed in more detail below.\2\ --------------------------------------------------------------------------- \1\ 12 U.S.C. 1785. \2\ 12 CFR part 740. --------------------------------------------------------------------------- A. Part 740 Requirements Part 740 prohibits any FICU from using advertising \3\ or making any representation which is inaccurate or deceptive or which misrepresents its services, contracts, financial condition, or the Truth in Savings requirements. It also prescribes requirements for both the NCUA's official advertisement statement that FICUs must make when advertising and the NCUA's official sign that FICUs must display. --------------------------------------------------------------------------- \3\ This includes print, electronic and broadcast media, displays, signs, and stationary and other promotional material. --------------------------------------------------------------------------- Currently, there are two versions of the NCUA's official advertising statement: (1) The longer version, which reads ``This credit union is federally insured by the National Credit Union Administration''; and (2) the shorter version, which reads ``Federally insured by NCUA.'' In accordance with part 740, a FICU may, as a third option, display the official sign in advertisements in lieu of making the official advertising statement. With certain exemptions discussed below, a FICU must use the official advertising statement in all of its advertisements, although it is at the FICU's discretion to choose among the three options noted. Section 740.5(c) of the NCUA's regulations enumerates several kinds of advertisements that, for practical reasons, are exempted from the general rule requiring the use of the official advertising statement.\4\ With respect to these exempted advertisements, the Board is focusing on the exemptions relating to radio and television advertisements of a certain duration.\5\ --------------------------------------------------------------------------- \4\ The following advertisements need not include the official advertising statement under the current rule: (1) Credit union supplies such as stationery (except when used for circular letters), envelopes, deposit slips, checks, drafts, signature cards, account passbooks, and noninsurable certificates; (2) Signs or plates in the credit union office or attached to the building or buildings in which the offices are located; (3) Listings in directories; (4) Advertisements not setting forth the name of the insured credit union; (5) Display advertisements in credit union directories, provided the name of the credit union is listed on any page in the directory with a symbol or other descriptive matter indicating it is insured; (6) Joint or group advertisements of credit union services where the names of insured credit unions and noninsured credit unions are listed and form a part of such advertisement; (7) Advertisements by radio that are less than fifteen (15) seconds in time; (8) Advertisements by television, other than display advertisements, that are less than fifteen (15) seconds in time; (9) Advertisements that because of their type or character would be impractical to include the official advertising statement, including but not limited to, promotional items such as calendars, matchbooks, pens, pencils, and key chains; (10) Advertisements that contain a statement to the effect that the credit union is insured by the National Credit Union Administration, or that its accounts and shares or members are insured by the Administration to the maximum insurance amount for each member or shareholder; (11) Advertisements that do not relate to member accounts, including but not limited to advertisements relating to loans by the credit union, safekeeping box business or services, traveler's checks on which the credit union is not primarily liable, and credit life or disability insurance. \5\ 12 CFR 740.5(c)(7) and (8). --------------------------------------------------------------------------- B. Regulatory History For many years, the NCUA's advertising and official sign regulations were essentially the same as those of the Federal Deposit Insurance Corporation (FDIC).\6\ In 2011, however, the Board amended part 740 by making the NCUA's advertising rules more stringent than FDIC's rules. Specifically, in 2011, while banks needed only to include the FDIC's official advertising statement in radio and television advertisements that exceeded 30 seconds, the NCUA's regulatory amendments required FICUs to include the NCUA's official advertising statement in all radio and television advertisements except those that were less than 15 seconds.\7\ This additional requirement, which the Board now believes is unnecessary, affected more FICU advertisements and disrupted the parity between bank and FICU regulatory burden. According to some FICUs, the 2011 amendments made it more difficult for FICUs to produce effective advertisements. --------------------------------------------------------------------------- \6\ 12 CFR part 328. \7\ 76 FR 30521 (May 26, 2011). Prior to the 2011 amendments, the FDIC and the NCUA expressed the 30 second time frame in the same manner. Specifically, both agencies applied the exemption to radio and television advertisements that do not ``exceed'' thirty seconds. With the 2011 amendments, the NCUA lowered the exemption duration from 30 seconds to 15 seconds and changed the do not ``exceed'' language to advertisements that are ``less than'' the stated duration, both of which the Board now believes disadvantage FICUs compared to banks. For technical clarification, the purpose of this final rule and the 2017 proposal is to eliminate the unnecessary disadvantages imposed by the 2011 amendments. --------------------------------------------------------------------------- The NCUA's 2011 amendments also required FICUs to include the advertising statement on statements of condition required to be published by law, a requirement not imposed on banks. C. October 2017 Proposal On October 4, 2017 (2017 NPRM),\8\ the Board published a proposal to: (1) expand the radio and television advertisements exemption from 15 seconds to 30 seconds; and (2) eliminate the requirement to include the official advertising statement on statements of condition required to be published by law. This proposal effectively reversed the 2011 amendments and returned parity between banks and FICUs in this context. To provide additional regulatory relief, the Board also proposed to permit FICUs to use a fourth version of the official advertising statement, namely ``Insured by NCUA.'' The Board believes that these changes will provide FICUs with more flexibility without diminishing the purpose of part 740. In the 2017 NPRM, the Board sought comment on the proposed amendments and specifically requested comment about whether part 740 should be modified to address advertising on social media and mobile banking. --------------------------------------------------------------------------- \8\ 82 FR 46173 (Oct. 4, 2017). --------------------------------------------------------------------------- II. Summary of Comments on 2017 NPRM The NCUA received 36 comments from federal and state credit unions, trade associations, credit union leagues, credit union employees, and an individual. These commenters generally supported the proposed rule, although a few commenters opposed discreet aspects of the proposal. In supporting the proposal, several commenters called the changes modest yet important. A few commenters emphasized that part 740's primary goal is to inform the public about share insurance. Commenters stated that the proposed rule would: (1) Provide regulatory relief [[Page 17912]] and flexibility, particularly allowing more efficient communications to members and potential members; (2) provide parity with banks regulated and insured by the FDIC; (3) allow credit unions to highlight more of their products and services; (4) decrease costs and obstacles; and (5) reduce burden and streamline advertising disclosures. Several commenters noted that the cumulative effect of the ``myriad federal and state regulations'' require credit unions to allocate significant resources to legal and compliance departments. They favored the proposal, even though they stated that the existing requirements are not overly burdensome. Each proposed amendment and the corresponding public comments recommending alternatives or modifications are discussed in more detail below. III. Final Rule A. Adding a Fourth Alternative Version of the Official Advertising Statement As noted, part 740 currently provides three options for the NCUA's official advertising statement: (1) ``This credit union is federally insured by the National Credit Union Administration''; (2) ``Federally insured by NCUA''; and (3) the official sign may be displayed in advertisements in lieu of the advertising statement. Virtually all commenters supported the proposal to add an additional version of the official advertising statement. Commenters expressed appreciation for this proposed alternative, stating that it provides regulatory relief. One commenter noted that the proposed version consists of 13 characters as opposed to 22 or 71 characters. Commenters stated that the change is especially meaningful for new social media platforms because it enhances flexibility while still conveying the important message regarding federal share insurance. They further posited that providing a shorter alternative makes advertising more cost effective because print and electronic advertising prices are often based on length and duration. One commenter recommended allowing an even shorter ten character message--``NCUA Insured'' or twelve character message ``Member NCUSIF.'' This commenter stated that this would provide parity with the FDIC advertising statement--``Member FDIC,'' thus enhancing flexibility. The Board agrees the proposed alternative will add flexibility without any adverse effect on potential members. However, it does not believe it necessary to adopt the suggested ``NCUA Insured'' or ``Member NCUSIF.'' Therefore, the Board adopts this aspect of the proposal as proposed. B. Expand Exemption for Radio and Television Advertisements As noted above, the current advertising rule exempts from the requirements of part 740 radio and television advertisements that are less than 15 seconds in duration. In the 2017 NPRM, the Board proposed to expand the radio and television advertisements exemption from 15 seconds to 30 seconds. Virtually all commenters supported this aspect of the proposal. The commenters supported the Board's goal of restoring parity between FICUs and banks and noted this change would enhance a FICU's ability to communicate to members. The commenters stated that the previous reduction of the exemption in 2011 from 30 seconds to 15 seconds was unnecessary and increased regulatory burden. The Board agrees and adopts this aspect of the proposal as proposed. C. Eliminate Requirement Regarding Statements of Condition The 2011 amendments, for the first time, required FICUs to include the advertising statement on statements of condition required to be published by law. In the 2017 NPRM, the Board proposed to relieve FICUs of this burden. Of the commenters who addressed this aspect of the proposal, all agreed with it. They stated that the requirement is unnecessary and that relief from it restores parity with banks. The Board agrees with the commenters and adopts this aspect of the proposal as proposed. D. Social Media, Mobile Banking, and Other Digital Communication Current part 740 focuses primarily on traditional forms of advertising such as print, radio, and television. In the 2017 NPRM, the Board requested comment on whether to modify the regulations to more precisely address advertising on social media, mobile banking, text messaging, and other digital communication platforms, such as Twitter and Instagram. The Board requested specific recommendations that would balance the goal of informing the public regarding federal share insurance coverage with the practical constraints inherent in social media advertising. Twelve commenters addressed this topic, noting that digital media typically are designed as extremely short forms of communication. Several commenters favored making no changes to part 740, stating that the proposal to permit the fourth version of the official advertising statement was sufficient to accommodate new forms of advertising. Other commenters recommended adding new exemptions to part 740 for various forms of digital advertisements provided the official advertising statement appears elsewhere in the FICU's advertisement. Others recommended modifying certain provisions of part 740 short of adding new exemptions. For example, one commenter recommended that, for text- based messaging, the regulations should allow the official advertising statement to be expressed by a hashtag for Twitter, e.g., ``#NCUAInsured'' or ``InsNCUA.'' Another commenter suggested allowing the use of an emoji that would indicate insured status that could be included in tweets or text messages. The Board has determined that, given the rapidly changing technological landscape, it is appropriate to delay taking action to amend part 740 regarding social media at this time. The Board believes that part 740 provides a sufficient framework to inform potential and current credit union members regarding federal share insurance coverage for advertisements made in traditional ways and on social media. Additionally, the NCUA's Office of General Counsel is authorized to provide guidance to any FICU with questions regarding part 740 in the context of advertising on social media. 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 entities.\9\ For purposes of this analysis, the NCUA considers small credit unions to be those having under $100 million in assets. The amendments provide regulatory relief without any costs to FICUs. Accordingly, the NCUA has determined and certifies that the final rule will not have a significant economic impact on a substantial number of small credit unions within the meaning of the Regulatory Flexibility Act, 5 U.S.C. 601-612. --------------------------------------------------------------------------- \9\ 5 U.S.C. 603(a). --------------------------------------------------------------------------- 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 modifies an existing burden.\10\ For [[Page 17913]] purposes of the PRA, a paperwork burden may take the form of either a reporting or a recordkeeping requirement, both referred to as information collections. This rule does not constitute a ``collection of information'' within the meaning of section 3502(3) and would not increase paperwork requirements under the PRA or regulations of the Office of Management and Budget (OMB). --------------------------------------------------------------------------- \10\ 44 U.S.C. 3507(d); 5 CFR part 1320. --------------------------------------------------------------------------- Executive Order 13132 Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. In adherence to fundamental federalism principles, the NCUA, an independent regulatory agency as defined in 44 U.S.C. 3502(5), voluntarily complies with the executive order. The rule will not have substantial direct effect on the states, on the connection between the national government and the states, or on the distribution of power and responsibilities among the various levels of government. The NCUA has determined that this rule does not constitute a policy with federalism implications for purposes of the executive order. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121) (SBREFA) provides generally for congressional review of agency rules. A reporting requirement is triggered in instances where the NCUA issues a final rule as defined in Section 551 of the Administrative Procedure Act. The NCUA does not believe this final rule is a ``major rule'' within the meaning of the relevant sections of SBREFA. As required by SBREFA, the NCUA has filed the appropriate documentation with OMB for review. The Treasury and General Government Appropriations Act of 1999-- Assessment of Federal Regulations and Policies on Families The NCUA has determined that this rule will not affect family well- being within the meaning of Section 654 of the Treasury and General Government Appropriations Act, 1999.\11\ --------------------------------------------------------------------------- \11\ Public Law 105-277, 112 Stat. 2681 (1998). --------------------------------------------------------------------------- List of Subjects in 12 CFR Part 740 Advertisements, Credit unions, Share insurance, Signs and symbols. By the National Credit Union Administration Board on April 19, 2018. Gerard S. Poliquin, Secretary of the Board. For the reasons discussed above, the NCUA Board amends 12 CFR part 740 as follows: PART 740--ACCURACY OF ADVERTISING AND NOTICE OF INSURED STATUS 0 1. The authority citation for part 740 continues to read as follows: Authority: 12 U.S.C. 1766, 1781, 1785, and 1789. 0 2. Amend Sec. 740.5 by revising paragraphs (a), (b), (c)(7) and (c)(8) to read as follows: Sec. 740.5 Requirements for the official advertising statement. (a) Each insured credit union must include the official advertising statement, prescribed in paragraph (b) of this section, in all of its advertisements, including on its main internet page, except as provided in paragraph (c) of this section. (b)(1) The official advertising statement is in substance one of the following: (i) This credit union is federally insured by the National Credit Union Administration; (ii) Federally insured by NCUA; (iii) Insured by NCUA; or (iv) A reproduction of the official sign as described in Sec. 740.4(b) may be used in lieu of the other statements included in this section. If the official sign is used as the official advertising statement, an insured credit union may alter the font size to ensure its legibility as provided in Sec. 740.4(b)(2). (2) The official advertising statement must be in a size and print that is clearly legible and may be no smaller than the smallest font size used in other portions of the advertisement intended to convey information to the consumer. (c) * * * (7) Advertisements by radio which do not exceed thirty (30) seconds in time; (8) Advertisements by television, other than display advertisements, which do not exceed thirty (30) seconds in time; * * * * * [FR Doc. 2018-08557 Filed 4-24-18; 8:45 am] BILLING CODE 7535-01-P
![17910 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Rules and Regulations
in total assets but less than $20 billion § 702.506 Annual supervisory stress NCUA pertinent to the stress tests under
in total assets, or is otherwise testing. this subpart.
designated as a tier II credit union by (a) General requirements. Only tier II (e) Stress test results. A credit union
NCUA. and tier III credit unions are required to required to conduct stress tests under
Tier III credit union means a covered conduct supervisory stress tests. The this section must incorporate the results
credit union that has $20 billion or more supervisory stress tests consist of a of its tests in its capital plan. A credit
in total assets, or is otherwise baseline scenario, and stress scenarios, union required to conduct stress tests
designated as a tier III credit union by which NCUA will provide by February must submit its stress test results to
NCUA. 28 of each year. The tests will be based NCUA by May 31 of each year.
■ 3. Amend § 702.504 as follows: on the credit union’s financial data as of (f) Supervisory actions. (1) If a credit
■ a. Revise paragraph (a)(1). December 31 of the preceding calendar union-run stress test shows a tier III
■ b. In paragraph (a)(2) introductory year, or such other date as directed by credit union does not have the ability to
text, add the words ‘‘for tier III credit NCUA. The tests will take into account maintain a stress test capital ratio of 5
unions,’’ before the words ‘‘prior to the all relevant exposures and activities of percent or more under expected and
submission of the capital plan’’. the credit union to evaluate its ability to stressed conditions in each quarter of
■ c. Remove paragraph (b)(4). absorb losses in specified scenarios over the planning horizon, the credit union
■ d. Redesignate paragraphs (b)(5) and a planning horizon. must incorporate, into its capital plan,
(b)(6) as paragraphs (b)(4) and (b)(5). (b) Credit union-run supervisory stress a stress test capital enhancement plan
The revision reads as follows: tests—(1) General. All supervisory stress that shows how it will meet that target.
tests must be conducted according to (2) If an NCUA-run stress test shows
§ 702.504 Capital planning. that a tier III credit union does not have
NCUA’s instructions.
(a) * * * (1) A covered credit union (2) Tier III credit unions. When the ability to maintain a stress test
must develop and maintain a capital conducting its stress test, a tier III credit capital ratio of 5 percent or more under
plan. Tier I and tier II credit unions union must apply the minimum stress expected and stressed conditions in
must complete this plan and their test capital ratio to all time periods in each quarter of the planning horizon,
capital policy by December 31 each the planning horizon. The minimum the credit union must provide NCUA,
year, but are not required to submit this stress test capital ratio is 5 percent. by November 30 of the calendar year in
plan to the NCUA. For tier I and tier II (3) NCUA tests. NCUA reserves the which NCUA conducted the tests, a
credit unions, the plan must be based on right to conduct the tests described in stress test capital enhancement plan
the credit union’s financial data from this section on any covered credit union showing how it will meet that target.
either of the two calendar quarters at any time. Where both NCUA and a (3) A tier III credit union operating
preceding the quarter in which the plan covered credit union have conducted without an NCUA approved stress test
is approved by the credit union’s board the tests, the results of NCUA’s tests capital enhancement plan required
of directors (or a designated committee will determine whether the covered under this section may be subject to
of the board). A tier III credit union credit union has met the requirements supervisory actions.
must submit this plan and its capital of this subpart. (g) Consultation on proposed action.
policy to NCUA by May 31 each year, Before taking any action under this
(c) Potential impact on capital. In
or such later date as directed by NCUA. section against a federally insured, state-
conducting stress tests under this
For tier III credit unions, the plan must chartered credit union, NCUA will
subpart, the credit union, or the NCUA
be based on the credit union’s financial consult and work cooperatively with the
if it elects to conduct the stress test
data as of December 31 of the preceding appropriate State official.
under paragraph (b)(3) of this section,
calendar year, or such other date as will estimate the following for each [FR Doc. 2018–08558 Filed 4–24–18; 8:45 am]
directed by NCUA. scenario during each quarter of the BILLING CODE 7535–01–P
* * * * * planning horizon:
■ 4. Amend § 702.505 as follows: (1) Losses, pre-provision net revenues,
■ a. Revise paragraph (a). loan and lease loss provisions, and net NATIONAL CREDIT UNION
■ b. Add to the introductory text of income; and ADMINISTRATION
paragraph (d) the words ‘‘tier III’’ before (2) The potential impact on the stress 12 CFR Part 740
the words ‘‘credit union’s capital plan’’. test capital ratio, incorporating the
■ c. In paragraph (e), remove the word effects of any capital action over the RIN 3133–AE78
‘‘covered’’ and add in its place the planning horizon and maintenance of an
words ‘‘tier III’’. allowance for loan losses appropriate for Accuracy of Advertising and Notice of
The revision reads as follows: credit exposures throughout the Insured Status
horizon. The credit union, or the NCUA AGENCY: National Credit Union
§ 702.505 NCUA action on capital plans.
if it elects to conduct the stress test Administration (NCUA).
(a) Timing. (1) Tier I & tier II credit under paragraph (b)(3) of this section,
unions. NCUA will address any ACTION: Final rule.
will conduct the stress tests without
deficiencies in the capital plans assuming any risk mitigation actions on SUMMARY: The NCUA Board (Board) is
submitted by tier I and tier II credit the part of the credit union, except those revising provisions of the NCUA’s
unions through the supervisory process. existing and identified as part of the advertising rule to provide regulatory
(2) Tier III credit unions. NCUA will credit union’s balance sheet, or off- relief to federally insured credit unions
sradovich on DSK3GMQ082PROD with RULES
notify tier III credit unions of the balance sheet positions, such as (FICUs). The advertising rule requires
acceptance or rejection of their capital derivative positions, on the date of the FICUs to use the NCUA’s official
plans by August 31 of the year in which stress test. advertisement statement when
their plan is submitted. (d) Information collection. Upon advertising, and it currently permits
* * * * * request, the credit union must provide three versions of that statement. Under
■ 5. Section 702.506 is revised to read NCUA with any relevant qualitative or this final rule, the Board is allowing
as follows: quantitative information requested by FICUs the option of using a fourth
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![Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Rules and Regulations 17913
purposes of the PRA, a paperwork By the National Credit Union DEPARTMENT OF ENERGY
burden may take the form of either a Administration Board on April 19, 2018.
reporting or a recordkeeping Gerard S. Poliquin, Federal Energy Regulatory
requirement, both referred to as Secretary of the Board. Commission
information collections. This rule does
not constitute a ‘‘collection of For the reasons discussed above, the 18 CFR Part 40
information’’ within the meaning of NCUA Board amends 12 CFR part 740 [Docket No. RM17–11–000; Order No. 843]
section 3502(3) and would not increase as follows:
paperwork requirements under the PRA Revised Critical Infrastructure
or regulations of the Office of PART 740—ACCURACY OF Protection Reliability Standard CIP–
Management and Budget (OMB). ADVERTISING AND NOTICE OF 003–7—Cyber Security—Security
INSURED STATUS Management Controls
Executive Order 13132
AGENCY: Federal Energy Regulatory
■ 1. The authority citation for part 740
Executive Order 13132 encourages Commission.
continues to read as follows:
independent regulatory agencies to ACTION: Final rule.
consider the impact of their actions on Authority: 12 U.S.C. 1766, 1781, 1785, and
state and local interests. In adherence to 1789. The Federal Energy
SUMMARY:
fundamental federalism principles, the Regulatory Commission (Commission)
■ 2. Amend § 740.5 by revising
NCUA, an independent regulatory approves Critical Infrastructure
paragraphs (a), (b), (c)(7) and (c)(8) to Protection (CIP) Reliability Standard
agency as defined in 44 U.S.C. 3502(5), read as follows:
voluntarily complies with the executive CIP–003–7 (Cyber Security—Security
order. The rule will not have substantial § 740.5 Requirements for the official Management Controls), submitted by the
advertising statement. North American Electric Reliability
direct effect on the states, on the
Corporation (NERC). Reliability
connection between the national (a) Each insured credit union must Standard CIP–003–7 clarifies the
government and the states, or on the include the official advertising obligations pertaining to electronic
distribution of power and statement, prescribed in paragraph (b) of access control for low impact BES Cyber
responsibilities among the various this section, in all of its advertisements, Systems; requires mandatory security
levels of government. The NCUA has including on its main internet page, controls for transient electronic devices
determined that this rule does not except as provided in paragraph (c) of (e.g., thumb drives, laptop computers,
constitute a policy with federalism this section. and other portable devices frequently
implications for purposes of the connected to and disconnected from
(b)(1) The official advertising
executive order. systems) used at low impact BES Cyber
statement is in substance one of the
Small Business Regulatory Enforcement following: Systems; and requires responsible
entities to have a policy for declaring
Fairness Act (i) This credit union is federally and responding to CIP Exceptional
The Small Business Regulatory insured by the National Credit Union Circumstances related to low impact
Enforcement Fairness Act of 1996 (Pub. Administration; BES Cyber Systems. In addition, the
L. 104–121) (SBREFA) provides (ii) Federally insured by NCUA; Commission directs NERC to develop
generally for congressional review of modifications to the CIP Reliability
(iii) Insured by NCUA; or
agency rules. A reporting requirement is Standards to mitigate the risk of
(iv) A reproduction of the official sign malicious code that could result from
triggered in instances where the NCUA as described in § 740.4(b) may be used
issues a final rule as defined in Section third-party transient electronic devices.
in lieu of the other statements included DATES: This rule will become effective
551 of the Administrative Procedure in this section. If the official sign is used June 25, 2018.
Act. The NCUA does not believe this as the official advertising statement, an
final rule is a ‘‘major rule’’ within the FOR FURTHER INFORMATION CONTACT:
insured credit union may alter the font Matthew Dale (Technical Information),
meaning of the relevant sections of size to ensure its legibility as provided
SBREFA. As required by SBREFA, the Office of Electric Reliability, Federal
in § 740.4(b)(2). Energy Regulatory Commission, 888
NCUA has filed the appropriate
documentation with OMB for review. (2) The official advertising statement First Street NE, Washington, DC
must be in a size and print that is clearly 20426, (202) 502–6826,
The Treasury and General Government legible and may be no smaller than the matthew.dale@ferc.gov
Appropriations Act of 1999— smallest font size used in other portions Kevin Ryan (Legal Information), Office
Assessment of Federal Regulations and of the advertisement intended to convey of the General Counsel, Federal
Policies on Families information to the consumer. Energy Regulatory Commission, 888
First Street NE, Washington, DC
The NCUA has determined that this (c) * * * 20426, (202) 502–6840 kevin.ryan@
rule will not affect family well-being (7) Advertisements by radio which do ferc.gov
within the meaning of Section 654 of not exceed thirty (30) seconds in time; SUPPLEMENTARY INFORMATION:
the Treasury and General Government (8) Advertisements by television, Before Commissioners: Kevin J. McIntyre,
Appropriations Act, 1999.11
sradovich on DSK3GMQ082PROD with RULES
other than display advertisements, Chairman; Cheryl A. LaFleur, Neil
List of Subjects in 12 CFR Part 740 which do not exceed thirty (30) seconds Chatterjee, Robert F. Powelson, and
Richard Glick.
in time;
Advertisements, Credit unions, Share 1. Pursuant to section 215 of the
insurance, Signs and symbols. * * * * * Federal Power Act (FPA),1 the
[FR Doc. 2018–08557 Filed 4–24–18; 8:45 am]
11 Public Law 105–277, 112 Stat. 2681 (1998). BILLING CODE 7535–01–P 1 16 U.S.C. 824o (2012).
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Document Created: 2018-11-02 08:17:24
Document Modified: 2018-11-02 08:17:24
| 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 final rule becomes effective May 25, 2018. | |
| Contact | Marvin Shaw, Staff Attorney, Office of General Counsel, telephone (703) 518-6553. | |
| FR Citation | 83 FR 17910 | |
| RIN Number | 3133-AE78 | |
| CFR Associated | Advertisements; Credit Unions; Share Insurance and Signs and Symbols |
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