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Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Rules and Regulations D. Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. The NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the executive order to adhere to fundamental federalism principles.
This interim final rule does not have substantial effects on the states, on the relationship between the national government and the states, or on the distribution of power and responsibilities among the various levels of government. The NCUA has therefore determined that this rule does not constitute a policy that has federalism implications for purposes of the executive order.

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E. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this rule will not affect family well-being within the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999, Public Law 105277, 112 Stat. 2681 1998.
F. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that when an agency issues a proposed rule or a final rule pursuant to the APA or another law, the agency must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish such analysis in the Federal Register.
Specifically, the RFA normally requires agencies to describe the impact of a rulemaking on small entities by providing a regulatory impact analysis.
For purposes of the RFA, the Board considers credit unions with assets less than $100 million to be small entities.
Rules that are exempt from notice and comment are also exempt from the RFA
requirements, including conducting a regulatory flexibility analysis, when among other things the agency for good cause finds that notice and public procedure are impracticable, unnecessary, or contrary to the public interest.15 Accordingly, the NCUA is not required to conduct a regulatory flexibility analysis for the reasons stated above relating to the good cause exemption. Nevertheless, the Board welcomes comments on the effect this interim final rule may have on small entities.
List of Subjects in 12 CFR Part 725
Credit unions, Reporting and recordkeeping requirements.
15 5

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By the NCUA Board on March 18, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed in the preamble, the Board is amending 12
CFR part 725 as follows:
PART 725NATIONAL CREDIT UNION
ADMINISTRATION CENTRAL
LIQUIDITY FACILITY
1. The authority citation for part 725
continues to read as follows:

Authority: 12 U.S.C. 1795fa2.

2. In 725.2, revise paragraph i to read as follows:

725.2

Definitions.

percent of the paid-in and unimpaired capital and surplus as determined in accordance with 725.5b of this part of such credit union members of the corporate credit union or corporate credit union group as the Board may determine in its sole discretion, except those which are Regular members of the Facility or which have access to the Facility through, and are included in the stock subscription of, another Agent a natural person credit union which is a member of more than one Agent member of the Facility must designate through which Agent it will deal with the Facility, and the designated Agent will be responsible for including the capital and surplus of such credit union in the calculation of its stock subscription. Upon approval of the application, the Agent shall forward funds equal to one-half of this initial stock subscription to the Facility. A
corporate credit union or corporate credit union group that became an Agent member of the Facility under this paragraph shall, after December 31, 2021, but before January 1, 2023, either:
A Purchase Facility stock in accordance with the terms of paragraph a2i of this section; or B Terminate its membership in the facility.
iii From April 29, 2020, until December 31, 2021, if borrowing for its own liquidity needs, one-half of 1
percent of the Agents own paid-in and unimpaired capital and surplus. Upon approval of the application, the Agent shall forward funds equal to one-half of this stock subscription to the Facility.
This amount shall be in addition to the amounts required by paragraph a2i or ii of this section, if a corporate credit union or corporate credit union group joined the facility as an Agent and intends to borrow for its own liquidity needs. Any corporate credit union or corporate credit union group that received a Facility advance for its own liquidity need under the temporary requirements set forth in this paragraph must, as of January 1, 2022 and thereafter:
A Not request any additional Facility advances for its own liquidity needs; and B Continue to follow the terms of the Facility advance agreement entered into between the Agent and the Facility.

i Liquidity needs means:
1 From April 29, 2020 to December 31, 2021, the needs of credit unions for:
i Short-term adjustment credit available to assist in meeting temporary requirements for funds or to cushion more persistent outflows of funds pending an orderly adjustment of credit union assets and liabilities;
ii Seasonal credit available for longer periods to assist in meeting seasonal needs for funds arising from a combination of expected patterns of movement in share and deposit accounts and loans; and iii Protracted adjustment credit available in the event of unusual or emergency circumstances of a longerterm nature resulting from national, regional or local difficulties.
2 After December 31, 2021, the needs of credit unions primarily serving natural persons for:
i Short-term adjustment credit available to assist in meeting temporary requirements for funds or to cushion more persistent outflows of funds pending an orderly adjustment of credit union assets and liabilities;
ii Seasonal credit available for longer periods to assist in meeting seasonal needs for funds arising from a combination of expected patterns of movement in share and deposit accounts and loans; and iii Protracted adjustment credit available in the event of unusual or emergency circumstances of a longerterm nature resulting from national, regional or local difficulties.

3. In 725.4, revise paragraphs a2ii and iii to read as follows:

725.6

725.4

Agent membership.

a
2
ii From April 29, 2020, until December 31, 2021, one-half of 1

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4. In 725.6, effective March 24, 2021, until January 1, 2023, paragraphs a and b are stayed.
5. In 725.6, revise paragraph e to read as follows:

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