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Federal Register / Vol. 72, No.

104 / Thursday, May 31, 2007 / Rules and Regulations 30245

NATIONAL CREDIT UNION B. Regulatory Changes C. Regulatory Procedures


ADMINISTRATION Section 701.33 Final Rule Under the Administrative
Procedure Act
12 CFR Parts 701, 703, 707, 710, 722, NCUA’s regulations implement the
723, and 742 statutory provisions permitting FCUs to Generally, the Administrative
provide certain insurance for volunteer Procedure Act (APA) requires a federal
RIN #3133–AD36 directors and committee members. 12 agency to provide the public with notice
U.S.C 1761a; 12 CFR 701.33(b)(2)(ii). and the opportunity to comment on
Technical Amendments With respect to insurance coverage, the agency rulemakings. The amendments
regulation provides that coverage must in this rule are not substantive but
AGENCY:National Credit Union cease immediately when an official is technical in that they make minor
Administration (NCUA). no longer serving in that capacity. The corrections, merely provide clarification
amendment to § 701.33(b)(2)(ii) serves or alert users of the regulations to other
ACTION: Final rule. legal requirements or limitations. The
as a reminder that, when an FCU
cancels insurance coverage for an APA permits an agency to forego the
SUMMARY: NCUA is amending a number official, other federal or state laws may notice and comment period under
of its regulations by making minor provide departing officials the right to certain circumstances, such as when a
technical corrections, clarifications and maintain health insurance coverage at rulemaking is technical and not
grammatical changes. Among those their own expense. substantive. NCUA finds good cause
amendments is the addition of a cross- The regulation also permits an FCU to that notice and public comment are
reference between two regulations indemnify its officials and employees unnecessary under Section 553(b)(3)(B)
addressing credit union borrowing under certain conditions. 12 CFR of the APA. 5 U.S.C. 553(b)(3)(B). NCUA
authority; addition of a statement in the 701.33(c). The amendment adds a new also finds good cause to dispense with
provision on insurance coverage for subparagraph to § 701.33(c) clarifying the 30-day delayed effective date
volunteer officials to note, when a that an FCU may not indemnify an FCU requirement under Section 553(d)(3) of
federal credit union (FCU) cancels employee acting in a ‘‘dual employee’’ the APA. 5 U.S.C. 553(d)(3). The rule
coverage, it must comply with any other role for those duties performed for an will, therefore, be effective immediately
applicable laws allowing an official to entity other than the credit union. For upon publication.
continue coverage at his or her own example, an FCU employee who also Regulatory Flexibility Act
expense; and clarification that performs duties for a credit union
indemnification for dual employees is The Regulatory Flexibility Act
service organization (CUSO) is a dual requires NCUA to prepare an analysis to
limited to activities on behalf of the employee and the FCU may only
FCU. NCUA is also removing certain describe any significant economic
indemnify the employee for the impact a rule may have on a substantial
regulatory references to NCUA’s FCU functions performed for the FCU, not
Bylaws that are no longer accurate due number of small entities (those credit
the CUSO. unions under ten million dollars in
to revisions to the Bylaws. The
amendments generally are Section 701.38 assets). This rule provides minor,
improvements alerting users to other technical changes and clarifications to
NCUA’s regulations permit an FCU to certain sections of NCUA’s regulations.
relevant provisions, responsibilities, or borrow funds from natural persons,
limitations. This rule will not have a significant
provided it uses a certificate of economic impact on a substantial
DATES: This rule is effective May 31, indebtedness, which sets forth the terms number of small credit unions, and,
2007. and conditions of the repayment of the therefore, a regulatory flexibility
borrowing. 12 CFR 701.38. This analysis is not required.
FOR FURTHER INFORMATION CONTACT: borrowing authority is subject to a
Annette Tapia or Frank Kressman, Staff statutory limitation implemented in Paperwork Reduction Act
Attorneys, Office of General Counsel, NCUA’s regulations limiting an FCU’s NCUA has determined that this rule
National Credit Union Administration, maximum borrowing authority from any will not increase paperwork
1775 Duke Street, Alexandria, Virginia source to 50% of its paid-in and requirements under the Paperwork
22314–3428 or telephone: (703) 518– unimpaired capital and surplus. 12 Reduction Act of 1995 and regulations
6540. U.S.C. 1757(9); 12 CFR 741.2(a). NCUA of the Office of Management and
is inserting a cross-reference in § 701.38 Budget.
SUPPLEMENTARY INFORMATION: to the borrowing limitations in § 741.2
to alert users to the regulatory provision Executive Order 13132
A. Background
on maximum borrowing authority. Executive Order 13132 encourages
NCUA continually reviews its independent regulatory agencies to
FCU Bylaws
regulations to ‘‘update, clarify and consider the impact of their actions on
simplify existing regulations and NCUA revised the FCU Bylaws in state and local interests. In adherence to
eliminate redundant and unnecessary 1999 and 2006. The revised Bylaws fundamental federalism principles,
provisions.’’ NCUA Interpretive Rulings provide greater clarity and flexibility. NCUA, an independent regulatory
and Policy Statement (IRPS) 87–2, Several Bylaw provisions include fill-in- agency as defined in 44 U.S.C. 3502(5),
Developing and Reviewing Government the-blank choices that enable an FCU’s voluntarily complies with the executive
Regulations. Under IRPS 87–2, NCUA board of directors to select from a range order. This rule will not have
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conducts a rolling review of one-third of of options best suited to their credit substantial direct effects on the states,
its regulations every year, involving union’s needs. As a result of those on the relationship between the national
both internal review and public revisions, certain regulatory provisions government and the states, or on the
comment. NCUA’s 2006 review revealed referencing the Bylaws are outdated. distribution of power and
that minor revisions to certain The technical amendments remove responsibilities among the various
regulations would be helpful. those inaccurate references. levels of government. NCUA has

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30246 Federal Register / Vol. 72, No. 104 / Thursday, May 31, 2007 / Rules and Regulations

determined that this rule does not 703, 707, 710, 722, 723, and 742 as ■ 7. Section 703.4 is amended by
constitute a policy that has federalism follows: replacing references to ‘‘§ 701.12’’
implications for purposes of the wherever they appear with references to
executive order. PART 701—ORGANIZATION AND ‘‘§ 715.4.’’
OPERATIONS OF FEDERAL CREDIT
The Treasury and General Government UNIONS PART 707—TRUTH IN SAVINGS
Appropriations Act, 1999—Assessment
of Federal Regulations and Policies on ■ 1. The authority citation for part 701 ■ 8. The authority citation for part 707
Families continues to read as follows: continues to read as follows:
The NCUA has determined that this Authority: 12 U.S.C. 1752(5), 1755, 1756, Authority: 12 U.S.C. 4311.
rule will not affect family well-being 1757, 1759, 1761a, 1761b, 1766, 1767, 1782,
1784, 1787, and 1789. Section 701.6 is also ■ 9. Appendix B to Part 707 is amended
within the meaning of section 654 of the
authorized by 31 U.S.C. 3717. Section 701.31 as follows:
Treasury and General Government is also authorized by 15 U.S.C. 1601 et seq., ■ a. Section B–3 is amended by
Appropriations Act, 1999, Pub. L. 105– 42 U.S.C. 1861 and 42 U.S.C. 3601–3610. replacing the ‘‘d’’ with ‘‘c’’ in the topic
277, 112 Stat. 2681 (1998). Section 701.35 is also authorized by 42 heading.
U.S.C. 4311–4312. ■ b. Section B–6 is amended by
Small Business Regulatory Enforcement
Fairness Act ■ 2. Section 701.21 is amended as removing the phrase ‘‘, but must be at
follows: least 6 months’’.
The Small Business Regulatory ■ c. Section B–6, paragraph 12, in the
Enforcement Fairness Act of 1996 (Pub. ■ a. In paragraph (a), by replacing the
last word, ‘‘part’’ with the word ‘‘Note:’’ portion is amended by
L. 104–121) (SBREFA) provides removing the sentence, ‘‘If this were a
generally for congressional review of ‘‘chapter’’; and
■ b. in paragraph (i)(1),introductory
passbook account, then the
agency rules. A reporting requirement is requirements of Art. IV, Receipting for
triggered in instances where NCUA text, by removing the word ‘‘this.’’
Money—Passbooks, in the NCUA
issues a final rule as defined by Section ■ 3. Section 701.33(b)(2)(ii) is amended
Standard FCU Bylaws would also be
551 of the APA. 5 U.S.C. 551. The Office by adding the phrase ‘‘except that a included in item no. 9.’’
of Management and Budget has credit union must comply with federal ■ d. Section B–6, paragraph 12, in the
determined that this rule is not a major and state laws providing departing ‘‘Note:’’ portion is amended by
rule for purposes of SBREFA. As officials the right to maintain health removing the phrase ‘‘, and Art. XIV, § 3
required by SBREFA, NCUA will file the insurance coverage at their own of the NCUA Standard FCU Bylaws’’.
appropriate reports with Congress and expense’’ after ‘‘if any;’’ and before ■ e. Section B–7, paragraph 9 is
the General Accounting Office so this ‘‘and’’ at the end. amended by removing the phrase ‘‘, but
rule may be reviewed. ■ 4. Section 701.33 is amended by must be at least 6 months’’.
List of Subjects adding a new paragraph (c)(4) to read as ■ f. Section B–11 in the ‘‘Note:’’ portion
follows: is amended by removing the phrase ‘‘,
12 CFR Part 701 except for the overdraft transfer fee of
§ 701.33 Reimbursement, insurance, and
Credit unions, indemnity payments, indemnification of officials and employees.
$1.00 per overdraft and the excessive
insurance. share transfer fee of $1.00 per item,
* * * * * which are set in the NCUA Standard
12 CFR Part 703 (4) Notwithstanding paragraphs (c)(1) FCU Bylaws, Art. III, § 4 and § 5(f),
through (3) of this section, a federal respectively’’.
Credit unions, investments.
credit union may not indemnify a dual
■ 10. Appendix C to Part 707 is
12 CFR Part 707 employee for duties performed for any
amended as follows:
Advertising, consumer protection, employer other than the federal credit
■ a. Section 707.4(b)(2)(ii)(1) is
credit unions, reporting and union. For purposes of this subsection,
amended by removing the parenthetical
recordkeeping requirements, truth in a dual employee is a federal credit
‘‘(members have at least six months to
savings. union employee who also performs
replenish membership share before
work functions for another entity as part
12 CFR Part 710 membership terminates and account is
of a sharing arrangement between the
deemed closed)’’.
Credit unions, liquidations. federal credit union and the other ■ b. Section 707.7(b)(3) is amended by
entity. removing the parenthetical ‘‘(members
12 CFR Part 722 ■ 5. Section 701.38 is amended by have at least 6 months to replenish
Appraisals, credit unions, reporting adding new paragraph (b) to read as membership share before membership
and recordkeeping requirements. follows: can terminate and the account is
12 CFR Part 723 § 701.38 Borrowed funds from natural deemed closed)’’.
persons. ■ c. Section 707.11(b)(5) is amended by
Credit, credit unions, reporting and removing the open quotation marks
recordkeeping requirements. * * * * *
between the words ‘‘overdrafts’’ and
(b) Federal credit unions must comply
12 CFR Part 742 ‘‘created.’’
with the maximum borrowing authority
Credit unions, reporting and of § 741.2 of this chapter. PART 710—VOLUNTARY LIQUIDATION
recordkeeping requirements.
PART 703—INVESTMENT AND ■ 11. The authority citation for part 710
By the National Credit Union
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DEPOSIT ACTIVITIES continues to read as follows:


Administration Board on May 24, 2007.
Mary Rupp, ■ 6. The authority citation for part 703 Authority: 12 U.S.C. 1766(a), 1786, and
Secretary of the Board. continues to read as follows: 1787.
■For the reasons discussed above, Authority: 12 U.S.C. 1757(7), 1757(8), ■ 12. Section 710.3(a) introductory text
NCUA is amending 12 CFR parts 701, 1757(15). is amended by removing the phrase ‘‘,

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Federal Register / Vol. 72, No. 104 / Thursday, May 31, 2007 / Rules and Regulations 30247

in accordance with the provisions of AD are intended to detect cracking in Model S–76A, B, and C helicopters.
Article V of the Federal Credit Union the M/R shaft, which could result in This action requires, within 75 hours
Bylaws’’. separation of the main rotor and time-in-service (TIS), a one-time
subsequent loss of control of the ultrasonic inspection of the M/R shaft
PART 722—APPRAISALS helicopter. for cracking. This amendment is
DATES: Effective June 15, 2007.
prompted by the manufacturer’s
■ 13. The authority citation for part 722 discovery of cracking that occurred
continues to read as follows: The incorporation by reference of
certain publications listed in the during the manufacturing of certain M/
Authority: 12 U.S.C. 1766, 1789, and 3339. regulations is approved by the Director R shafts. During a heat-treatment
of the Federal Register as of June 15, process of these M/R shafts, inadequate
■ 14. Section 722.3(d) is amended by time was allowed for the M/R shafts to
adding ‘‘and (a)(5)’’ after the words 2007.
Comments for inclusion in the Rules cool to a proper temperature between
‘‘paragraphs (a)(1).’’ the heat-treatment cycles, which
Docket must be received on or before
PART 723—MEMBER BUSINESS July 30, 2007. reduced the M/R shaft’s ductility
LOANS (capability of the M/R shaft being
ADDRESSES: Use one of the following
fashioned into a new form), and
addresses to submit comments on this
■ 15. The authority citation for part 723 increased the potential for cracking to
AD:
continues to read as follows: • DOT Docket Web site: Go to http:// occur during subsequent cold-work
forming of the M/R shaft. The actions
Authority: 12 U.S.C. 1756, 1757, 1757A, dms.dot.gov and follow the instructions
specified in this AD are intended to
1766, 1785, 1789. for sending your comments
detect cracking in the M/R shaft, which
electronically;
■ 16. Section 723.7(a) introductory text • Government-wide rulemaking Web could result in separation of the main
is amended by changing the reference to site: Go to http://www.regulations.gov rotor and subsequent loss of control of
‘‘§ 723.4’’ to read ‘‘§ 723.3’’. and follow the instructions for sending the helicopter.
We have reviewed the following alert
your comments electronically;
PART 742—REGULATORY service bulletins:
• Mail: Docket Management Facility; • Sikorsky Alert Service Bulletin
FLEXIBILITY PROGRAM
U.S. Department of Transportation, 400 (ASB) No. 76–66–45A, Revision A,
■ 17. The authority citation for part 742 Seventh Street SW., Nassif Building, which is applicable to all S–76 model
continues to read as follows: Room PL–401, Washington, DC 20590; helicopters, with a M/R shaft, P/N
• Fax: (202) 493–2251; or
76351–09630–041, with certain serial
Authority: 12 U.S.C. 1756 and 1766. • Hand Delivery: Room PL–401 on
numbers, installed; and
■ 18. Section 742.4(a)(3) is amended by the plaza level of the Nassif Building, • Sikorsky ASB No. 76–66–46, which
removing ‘‘(b) and (c)’’ after ‘‘701.36(a)’’. 400 Seventh Street SW., Washington, is applicable to all Model S–76A
DC, between 9 a.m. and 5 p.m., Monday helicopters, with a M/R shaft, P/N
[FR Doc. E7–10392 Filed 5–30–07; 8:45 am] through Friday, except Federal holidays. 76351–09030-all dash numbers, with
BILLING CODE 7535–01–P You may get the service information
certain serial numbers, installed. Both
identified in this AD from Sikorsky ASBs are dated February 7, 2007, and
Aircraft Corporation, Attn: Manager, both describe a one-time ultrasonic
DEPARTMENT OF TRANSPORTATION Commercial Technical Support, inspection of the M/R shaft for cracking,
mailstop s581a, 6900 Main Street, for main gear box (MGB) assemblies
Federal Aviation Administration Stratford, Connecticut, phone (203) installed on helicopters, for MGB
383–4866, e-mail address assemblies not installed on a helicopter,
14 CFR Part 39 tsslibrary@sikorsky.com. and for M/R shafts not installed on
Examining the Docket: You may MGBs.
[Docket No. FAA–2007–28241; Directorate
examine the docket that contains the This unsafe condition is likely to exist
Identifier 2007–SW–07–AD; Amendment 39–
15062; AD 2007–11–05] AD, any comments, and other or develop on other helicopters of the
information on the Internet at http:// same type design. Therefore, this AD is
RIN 2120–AA64 dms.dot.gov, or in person at the Docket being issued to detect cracking in the M/
Management System (DMS) Docket R shaft, which could result in separation
Airworthiness Directives; Sikorsky Offices between 9 a.m. and 5 p.m., of the main rotor and subsequent loss of
Aircraft Corporation Model S–76A, B, Monday through Friday, except Federal control of the helicopter. This AD
and C Helicopters holidays. The Docket Office (telephone requires a one-time ultrasonic
AGENCY: Federal Aviation (800) 647–5227) is located on the plaza inspection of the M/R shaft for cracking,
Administration, DOT. level of the Department of instructions for reassembly of the lower
Transportation Nassif Building at the bearing housing assembly installation of
ACTION: Final rule; request for
street address stated in the ADDRESSES the MGB and performance of a ground
comments. section. Comments will be available in run leak test. Accomplish the inspection
SUMMARY: This amendment adopts a the AD docket shortly after the DMS by following specified portions of the
new airworthiness directive (AD) for receives them. ASBs described previously. The
Sikorsky Aircraft Corporation (Sikorsky) FOR FURTHER INFORMATION CONTACT: Kirk ultrasonic inspection of the M/R shaft
Model S–76A, B, and C helicopters. Gustafson, Aviation Safety Engineer, must be performed by a Level II or Level
This action requires a one-time Boston Aircraft Certification Office, III inspector, qualified under the
Engine and Propeller Directorate, FAA,
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ultrasonic inspection of the main rotor guidelines established by MIL–STD–


shaft assembly (M/R shaft) for cracking. 12 New England Executive Park, 410E, ATA Specification 105, AIA–
This amendment is prompted by the Burlington, MA 01803, telephone (781) NAS–410, or an FAA-accepted
discovery of cracking that occurred 238–7190, fax (781) 238–7170. equivalent for qualification standards of
during the manufacturing of certain M/ SUPPLEMENTARY INFORMATION: This Nondestructive Testing inspection/
R shafts. The actions specified in this amendment adopts an AD for Sikorsky evaluation personnel. Recurrent training

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