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Federal Register / Vol. 86, No. 205 / Wednesday, October 27, 2021 / Rules and Regulations This rule does not have a significant economic impact on a substantial number of small entities. The rule imposes no requirement or costs on small entities and only expands the list of permissible activities for CUSOs. The rule expands the list of activities that are considered complex or high risk for purposes of the CUSO Registry, however, the Board does not expect the additional reporting requirements to entail substantial regulatory burden.
Accordingly, the NCUA certifies that the final rule does not have a significant economic impact on a substantial number of small FICUs.
Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA 44 U.S.C. 3501 et seq. requires that the Office of Management and Budget OMB approve all collections of information by a Federal agency from the public before they can be implemented. Respondents are not required to respond to any collection of information unless it displays a current, valid OMB control number.
Consistent with the PRA, the information collection requirements included in this final rule has been submitted to OMB for approval under control number 31330149.
Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. Per fundamental federalism principles, the NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the principles of 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 rule does not constitute a policy that has federalism implications for purposes of the Executive order.

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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 1998.69

Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996
SBREFA generally provides for congressional review of agency rules.70
A reporting requirement is triggered in instances where the NCUA issues a final rule as defined in the Administrative Procedure Act.71 An agency rule, besides 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 final rule to OMB 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 712
Administrative practices and procedure, Credit, Credit unions, Insurance, Investments, Reporting and recordkeeping requirements.
By the National Credit Union Administration Board on October 21, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons stated in the preamble, the Board amends 12 CFR
part 712 as follows:
PART 712CREDIT UNION SERVICE
ORGANIZATIONS CUSOs 1. Amend the authority for part 712 by revising the citation to read as follows:

Authority: 12 U.S.C. 1756, 17575D and 7I, 1766, 1782, 1784, 1785, 1786, and 1789a11.

2. Amend 712.3 by revising paragraphs d5i, d5ii introductory text, and d5iii to read as follows:

712.3 What are the characteristics of and what requirements apply to CUSOs?

d
5
i Credit and lending:
A Loan support services, including servicing; and B Loan origination, including originating, purchasing, selling, and holding any loan as described in 712.5q.
ii Information technology:

70 5

69 Public
Law 105277, 112 Stat. 2681 1998.

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iii Custody, safekeeping, and investment management services for credit unions.

3. Amend 712.5 as follows:
a. Revise paragraph a introductory text;
b. In paragraph a4, add a semicolon at the end of the paragraph;
c. Revise paragraph b introductory text;
d. In paragraph b11, remove the period and add a semicolon in its place;
e. Remove paragraphs c, d, n, and s;
f. Redesignate paragraphs e through t as paragraphs c through p;
g. Revise newly redesignated paragraphs c introductory text, d introductory text, e introductory text, f introductory text, g introductory text, and h introductory text;
h. In newly redesignated paragraph h3, remove the word and;
i. Revise newly redesignated paragraphs i introductory text, j, k, l, and m introductory text;
j. In newly redesignated paragraph m3, remove the period and add a semicolon in its place;
k. Revise newly redesignated paragraph n;
l. In newly redesignated paragraph o, remove CUSO investments in nonCUSO service providers: and remove the last period and add a semicolon in its place;
m. In newly redesignated paragraph p, remove the period and add a semicolon in its place; and n. Add new paragraphs q and r.
The additions read as follows:
712.5 What activities and services are preapproved for CUSOs?

a Checking and currency services:

b Clerical, professional and management services:

c Electronic transaction services:

d Financial counseling services:

e Fixed asset services:

f Insurance brokerage or agency:

g Leasing:

h Loan support services:

i Record retention, security and disaster recovery services:

j Securities brokerage services;

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