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Federal Register / Vol. 86, No. 35 / Wednesday, February 24, 2021 / Rules and Regulations
this final rule is only relevant for purposes of determining share insurance coverage, it declines to add additional language to the text of the regulation explicitly stating that credit unions are still subject to other applicable legal requirements. The Board appreciates the commenters concern, but does not believe it appropriate or necessary to include such language. The Board believes it is clear in the text of the regulation that the alternative method is only relevant for evaluating whether the signature card requirement is satisfied for purposes of determining proper share insurance coverage. Further, the Board thinks it inappropriate to explicitly state in a regulation that the regulation does not preempt other applicable law or apply to subjects outside the scope of the regulation when there is no indication the provision intends to preempt other laws or apply in other contexts.
Inclusion of such language would only increase confusion and raise doubts about provisions that do not contain similar language.
VI. Regulatory Procedures A. Regulatory Flexibility Act
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The Regulatory Flexibility Act RFA
generally requires that, in connection with a final rule, an agency prepare a final regulatory flexibility analysis that describes the impact of a rule on small entities. A regulatory flexibility analysis is not required, however, if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities defined for purposes of the RFA to include FICUs with assets less than $100 million and publishes its certification and a short, explanatory statement in the Federal Register together with the rule. The final rule explicitly allows the NCUA to look to information contained in the account records of a FICU in order to satisfy the signature card requirement at the time of a FICUs failure. As a result, it will not cause any increased burden on FICUs and will not have an impact on small credit unions. Accordingly, the NCUA certifies that the final rule will not have a significant economic impact on a substantial number of small credit unions.
B. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA applies to rulemakings in which an agency creates new or amends existing information collection
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requirements.33 For the purpose of the PRA, an information collection requirement may take the form of a reporting, recordkeeping, or a thirdparty disclosure requirement. The final rule does not contain information collection requirements that require approval by OMB under the PRA.34 The final rule will merely allow the NCUA
to look to information contained in the account records of a FICU in order to satisfy the signature card requirement at the time of a FICUs failure.
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 rulemaking 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 that this final 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 final rule will not affect family wellbeing within the meaning of Section 654
of the Treasury and General Government Appropriations Act, 1999.35
E. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996
SBREFA generally provides for congressional review of agency rules. A
reporting requirement is triggered in instances where the NCUA issues a final rule as defined by section 551 of the Administrative Procedure Act. An agency rule, in addition to being subject to congressional oversight, may also be subject to a delayed effective date if the rule is a major rule. The NCUA does not believe this rule is a major rule within the meaning of the relevant sections of SBREFA. As required by SBREFA, the NCUA will submit this 33 44

U.S.C. 3507d; 5 CFR part 1320.
U.S.C. Chap. 35.
35 Public Law 105277, 112 Stat. 2681 1998.
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final rule to the Office of Management and Budget for it to determine if the final rule is a major rule for purposes of SBREFA. The NCUA also will file appropriate reports with Congress and the Government Accountability Office so this rule may be reviewed.
List of Subjects in 12 CFR Part 745
Credit, Credit unions, Share insurance.
By the National Credit Union Administration Board on February 18, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed in the preamble, the Board amends 12 CFR
part 745 as follows:
PART 745SHARE INSURANCE AND
APPENDIX
1. The authority citation for part 745
continues to read as follows:

Authority: 12 U.S.C. 17525, 1757, 1765, 1766, 1781, 1782, 1787, 1789; title V, Pub. L.
109351;120 Stat. 1966.

2. Revise 745.8c to read as follows:

745.8

Joint ownership accounts

c Qualifying joint accounts. 1 A
joint account is a qualifying joint account if each of the co-owners has personally signed a membership or account signature card and has a right of withdrawal on the same basis as the other co-owners. The signature requirement does not apply to share certificates, or to any accounts maintained by an agent, nominee, guardian, custodian or conservator on behalf of two or more persons if the records of the credit union properly reflect that the account is so maintained.
2 The signature card requirement of paragraph c1 of this section also may be satisfied by information contained in the account records of the federally insured credit union establishing coownership of the share account, including, but not limited to, evidence that the institution has issued a mechanism for accessing the account to each co-owner or evidence of usage of the share account by each co-owner.

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