[Federal Register Volume 85, Number 69 (Thursday, April 9, 2020)]
[Proposed Rules]
[Page 19908]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-07159]
[[Page 19908]]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 704
RIN 3133-AF13
Corporate Credit Unions; Extension of Comment Period
AGENCY: National Credit Union Administration (NCUA).
ACTION: Supplemental notice of proposed rulemaking; extension of
comment period.
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SUMMARY: On March 27, 2020, the NCUA Board (Board) published a Notice
of Proposed Rulemaking in the Federal Register requesting comment on
the Board's proposal to amend the NCUA's corporate credit union
regulation (proposed rule). The proposed rule would update, clarify,
and simplify several provisions of the NCUA's corporate credit union
regulation. The proposed rule provided a 60-day comment period that was
set to close on May 26, 2020. To allow interested persons more time to
consider and submit their comments, the Board has determined that an
extension of the comment period for an additional 60 days is
appropriate.
DATES: The comment period for the proposed rule published March 27,
2020, at 85 FR 17288, is extended. Responses to the proposed rule must
now be received on or before June 8, 2020.
ADDRESSES: You may submit written comments, identified by RIN 3133-
AF13, by any of the following methods (Please send comments by one
method only):
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Fax: (703) 518-6319. Include ``[Your Name]--Comments on
Proposed Rule: Corporate Credit Unions'' in the transmittal.
Mail: Address to Gerard Poliquin, Secretary of the Board,
National Credit Union Administration, 1775 Duke Street, Alexandria,
Virginia 22314-3428.
Hand Delivery/Courier: Same as mail address.
Public Inspection: You may view all public comments on the Federal
eRulemaking Portal at http://www.regulations.gov as submitted, except
for those we cannot post for technical reasons. The NCUA will not edit
or remove any identifying or contact information from the public
comments submitted. You may inspect paper copies of comments in the
NCUA's law library at 1775 Duke Street, Alexandria, Virginia 22314, by
appointment weekdays between 9:00 a.m. and 3:00 p.m. To make an
appointment, call (703) 518-6546, or send an email to [email protected].
FOR FURTHER INFORMATION CONTACT: Policy and Analysis: Robert Dean,
National Supervision Analyst, Office of National Examinations and
Supervision, (703) 518-6652; Legal: Rachel Ackmann, Senior Staff
Attorney, Office of General Counsel, (703) 548-2601; or by mail at
National Credit Union Administration, 1775 Duke Street, Alexandria, VA
22314.
SUPPLEMENTARY INFORMATION: On February 20, 2020, the Board issued a
proposed rule to amend the NCUA's corporate credit union regulation.
The proposed rule was published in the Federal Register on March 27,
2020.\1\ The proposed rule would update, clarify, and simplify several
provisions of the NCUA's corporate credit union regulation, including:
Permitting a corporate credit union to make a minimal investment in a
credit union service organization (CUSO) without the CUSO being
classified as a corporate CUSO under the NCUA's rules; expanding the
categories of senior staff positions at member credit unions eligible
to serve on a corporate credit union's board; amending the minimum
experience and independence requirement for a corporate credit union's
enterprise risk management expert; and requiring a corporate credit
union to deduct certain investments in subordinated debt instruments
issued by natural person credit unions.
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\1\ 85 FR 17288 (Mar. 27, 2020).
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The proposed rule provided a 60-day public comment period that was
set to close on May 26, 2020. Given the challenges posed by the COVID-
19 (coronavirus infection) pandemic, the Board believes it is necessary
to give interested parties more time to properly address the proposed
changes and questions presented in the proposed rule. The Board
believes that an extension of the proposed comment period for an
additional 60 days is appropriate. This extension should allow
interested parties more time to prepare responses to the proposed rule
without delaying the rulemaking.
By the National Credit Union Administration Board on April 1,
2020.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2020-07159 Filed 4-8-20; 8:45 am]
BILLING CODE 7535-01-P