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Federal Register / Vol. 86, No. 44 / Tuesday, March 9, 2021 / Proposed Rules The Board is planning technical amendments to the following sections in which the term CAMEL appears by changing the term to CAMELS. These sections include:
Section 700.2 definition of Troubled condition Section 701.14 Change in official or senior executive officer in credit unions that are newly chartered or are in troubled condition Section 701.23 Purchase, sale, and pledge of eligible obligations Section 703.13 Permissible investment activities Section 703.14 Permissible investments Section 703.108 Eligibility Section 704.4 Prompt corrective action Section 713.6 Fidelity Bond and Insurance Coverage for FCUSWhat is the permissible deductible?
In addition to amendments in the CFR, the Board notes the agency will modify certain documents and systems related to its supervisory activities to reflect the addition of the S CAMEL
rating component.
IV. Regulatory Procedures
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A. 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.16 For purposes of this analysis, the NCUA considers small credit unions to be those having under $100 million in assets.17 This rule would not affect FCUs regardless of asset size because it is not adding any substantive requirement. Accordingly, the associated cost is minimal. The NCUA
certifies the rule will not have a significant economic impact on small credit unions.
B. 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.18 For 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 proposed rule imposes no new paperwork-related requirements. Therefore, this proposed rule will not create new paperwork
burdens or modify any existing paperwork burdens.
C. 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. 35025, voluntarily complies with the executive order. This rule will not have a 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 this rule does not constitute a policy that has federalism implications for purposes of the executive order.
D. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this proposed rule will not affect family well-being within the meaning of Section 654 of the Treasury and General Government Appropriations Act, 1999.19
List of Subjects
U.S.C. 603a.
17 Interpretive Ruling and Policy Statement IRPS 032, 68 FR 31949 May 29, 2003 as amended by IRPS 131, 78 FR 4032 Jan. 18, 2013.
18 44 U.S.C. 3507d; 5 CFR part 1320.

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Amended
2. In 700.2, amend the definition of troubled condition, by removing the word, CAMEL, and adding, in its place, the word, CAMELS, wherever it appears.

PART 701ORGANIZATION AND
OPERATION OF FEDERAL CREDIT
UNIONS
3. The authority citation for part 701
continues to read as follows:

Authority: 12 U.S.C. 17525, 1755, 1756, 1757, 1758, 1759, 1761a, 1761b, 1766, 1767, 1782, 1784, 1786, 1787, 1788, 1789. Section 701.6 is also authorized by 15 U.S.C. 3717.
Section 701.31 is also authorized by 15
U.S.C. 1601 et seq.; 42 U.S.C. 1981 and 3601
3610. Section 701.35 is also authorized by 42
U.S.C. 43114312.
701.14

Amended
4. Amend 701.14b by removing the word, CAMEL, and adding, in its place, the word, CAMELS, wherever it appears.

701.23

Amended
5. Amend 701.23b2 by removing the word, CAMEL, and adding, in its place, the word, CAMELS.

PART 703INVESTMENT AND
DEPOSIT ACTIVITIES
6. The authority citation for part 703
continues to read as follows:

12 CFR Part 700
Credit unions.

Authority: 12 U.S.C. 17577, 17578, and 175715.

12 CFR Part 701
Credit unions. Insurance. Reporting and recordkeeping requirements.
12 CFR Part 703
Credit unions. Investments. Reporting and recordkeeping requirements.
12 CFR Part 704

703.13

Amended
7. Amend 703.13d3iii by removing the word, CAMEL, and adding, in its place, the word, CAMELS.

703.14

Amended
8. Amend 703.14 by removing the word, CAMEL, and adding, in its place, the word, CAMELS, wherever it appears.

Corporate Credit Unions, Prompt Corrective Action.
12 CFR Part 713
Bonds. Credit unions. Insurance.
By the National Credit Union Administration Board on January 14, 2021
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed above, the Board proposes to amend 12 CFR parts 700, 701, 703, 704, and 713 as follows:
PART 700DEFINITIONS
1. The authority citation for part 700
continues to read as follows:

16 5

700.2

Authority: 12 U.S.C. 1752, 17576, 1766.

PART 704CORPORATE CREDIT
UNIONS
9. The authority citation for part 704
continues to read as follows:

Authority: 12 U.S.C. 1766a, 1781, 1789.
704.4

Amended
10. Amend 704.4d3ii by removing the word, CAMEL, and adding, in its place, the word, CAMELS.

PART 713FIDELITY BOND AND
INSURANCE COVERAGE FOR
FEDERAL INSURED CREDIT UNIONS
11. The authority citation for part 713
continues to read as follows:

19 Public
PO 00000

Law 105277, 112 Stat. 2681 1998.

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