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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Rules and Regulations
custody by the U.S. Customs and Border Protection and introduced into the stream of commerce in the United States. Included are persons who hold title to foreign-produced mangos immediately upon release by the U.S.
Customs and Border Protection, as well as any persons who act on behalf of others, as agents or brokers, to secure the release of mangos from the U.S.
Customs and Border Protection when such mangos are entered or withdrawn for consumption in the United States.
e Mangos means all fresh fruit of Mangifera indica L. of the family Anacardiaceae.

13. Revise 1206.108 to read as follows:

requirement can be satisfied by the credit union having issued a mechanism for accessing the account, such as a debit card, to each co-owner or evidence of usage of the joint share account by each co-owner.
DATES: The final rule is effective March 26, 2021.
FOR FURTHER INFORMATION CONTACT:
Thomas I. Zells, Staff Attorney, Office of General Counsel, at 1775 Duke Street, Alexandria, VA 22314 or telephone:
703 5482478.
SUPPLEMENTARY INFORMATION:

1206.108

I. Introduction
OMB control number.

The control number assigned to the information collection requirement in this subpart by the Office of Management and Budget pursuant to the Paperwork Reduction Act of 1995, 44
U.S.C. Chapter 35, is OMB control number 05810093.
Bruce Summers, Administrator, Agricultural Marketing Service.
FR Doc. 202103403 Filed 22321; 8:45 am BILLING CODE 341002P

NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 745
RIN 3133AF11

Joint Ownership Share Accounts National Credit Union Administration NCUA.
ACTION: Final rule.
AGENCY:

The NCUA Board Board is amending its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund NCUSIF.
Specifically, the final rule provides an alternative method to satisfy the membership card or account signature card requirement necessary for insurance coverage signature card requirement. Under the final rule, even if an insured credit union cannot produce membership cards or account signature cards signed by the joint accountholders, the signature card requirement can be satisfied by information contained in the account records of the insured credit union establishing co-ownership of the share account. For example, the signature card
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SUMMARY:

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I. Introduction II. Final Rule III. Legal Authority IV. Discussion of Public Comments Received on the Proposed Rule V. Regulatory Procedures
A. Background In May 2020, the Board approved a notice of proposed rulemaking 1
proposal or proposed rule that amended the NCUAs share insurance regulation governing the requirements for a share account to be insured separately as a joint account. 2
Specifically, the proposal addressed the requirement for separate joint account insurance that each co-owner of a joint account has personally signed a membership card or account signature card. In the event a federally insured credit union FICU could not produce from its records such membership cards or account signature cards, the proposal explicitly permitted the use of other evidence contained in a FICUs account records to satisfy the signature card requirement.
The proposed amendment mirrors a change made by the Federal Deposit Insurance Corporation FDIC in 2019
for federally insured depository institutions.3 In proposing the change, the Board intended to better facilitate the prompt payment of share insurance in the event of a FICUs failure by explicitly providing alternative methods that the NCUA could use to determine the owners of joint accounts, consistent with the NCUAs statutory authority.
The Board emphasizes that this change was not proposed, and is not being finalized, in reaction to any observed current problem with respect to identifying qualifying joint accounts at credit unions and processing insurance payments timely. Rather, the Board issued the proposed rule because it is important to maintain parity between the nations two Federal deposit/share
insurance programs and to provide credit union members with equal access to insurance coverage. The Board proposed these regulatory changes with the belief that they will promote further confidence in the credit union system and embody a forward-looking approach that will explicitly permit the use of new and innovative technologies and processes to meet the NCUAs policy objectives.
Under the Federal Credit Union Act FCU Act, the NCUA is responsible for paying share insurance to any member, or to any person with funds lawfully held in a member account, in the event of a FICUs failure up to the standard maximum share insurance amount SMSIA, which is currently set at $250,000.4 The FCU Act states that the determination of the net amount of share insurance paid shall be in accordance with such regulations as the Board may prescribe and requires that, in determining the amount payable to any member, there shall be added together all accounts in the credit union maintained by that member for that members own benefit, either in the members own name or in the names of others. 5 However, the FCU Act also specifically authorizes the Board to define, with such classifications and exceptions as it may prescribe, the extent of the share insurance coverage provided for member accounts, including member accounts in the name of a minor, in trust, or in joint tenancy. 6
The NCUA has implemented these requirements by issuing regulations recognizing particular categories of accounts, such as single ownership accounts and joint ownership accounts.7
If an account meets the requirements for a particular category, the account is insured up to the $250,000 limit separately from shares held by the member in a different account category at the same FICU. For example, provided all requirements are met, shares in the single ownership category will be separately insured from shares in the joint ownership category held by the same member at the same FICU.
Section 745.8 of the NCUAs regulations governs insurance coverage for joint ownership accounts.8 Joint ownership accounts include share accounts held pursuant to various forms of co-ownership under state law. For example, joint tenants could each hold an equal, undivided interest in a share 4 12

U.S.C. 1787k1A, 6.
U.S.C. 1787k1B.
6 12 U.S.C. 1787k1C.
7 12 CFR part 745.
8 12 CFR 745.8.
5 12

1 85

FR 34545 June 6, 2020.
CFR 745.8.
3 84 FR 35022 July 22, 2019.
2 12

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