Central Liquidity Facility
| Citation | 86 FR 15568 |
| Published date | 24 March 2021 |
| Record Number | 2021-05953 |
| Section | Rules and Regulations |
| Court | National Credit Union Administration |
15568
Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Rules and Regulations
1
12 U.S.C. 1795 et. seq.
2
Coronavirus Aid, Relief, and Economic Security
Act, Public Law 116–136, 134 Stat 281 (March 27,
2020).
3
85 FR 23731 (Apr. 29, 2020).
Amendment Number 7, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 7, Revision 1, on
December 11, 2017.
Renewed Amendment Number 7,
Revision 1, Effective Date: December 11,
2017.
Amendment Number 8 Effective Date:
December 5, 2005, superseded by
Amendment Number 8, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 8, Revision 1, on
December 11, 2017.
Renewed Amendment Number 8,
Revision 1, Effective Date: December 11,
2017.
Amendment Number 9 Effective Date:
April 17, 2007, superseded by
Amendment Number 9, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 9, Revision 1, on
December 11, 2017.
Renewed Amendment Number 9,
Revision 1, Effective Date: December 11,
2017.
Amendment Number 10 Effective
Date: August 24, 2009, superseded by
Amendment Number 10, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 10, Revision 1, on
December 11, 2017.
Renewed Amendment Number 10,
Revision 1, Effective Date: December 11,
2017.
Amendment Number 11 Effective
Date: January 7, 2014, superseded by
Amendment Number 11, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 11, Revision 1, on
December 11, 2017.
Renewed Amendment Number 11,
Revision 1, Effective Date: December 11,
2017, as corrected (ADAMS Accession
No. ML18018A043).
Amendment Number 12 Effective
Date: Amendment not issued by the
NRC.
Amendment Number 13 Effective
Date: May 24, 2014, superseded by
Amendment Number 13, Revision 1, on
April 25, 2017, superseded by Renewed
Amendment Number 13, Revision 1, on
December 11, 2017.
Renewed Amendment Number 13,
Revision 1, Effective Date: December 11,
2017, as corrected (ADAMS Accession
No. ML18018A100).
Amendment Number 14 Effective
Date: April 25, 2017, superseded by
Renewed Amendment Number 14, on
December 11, 2017.
Renewed Amendment Number 14
Effective Date: December 11, 2017.
Renewed Amendment Number 15
Effective Date: January 22, 2019.
Renewed Amendment Number 16
Effective Date: September 14, 2020.
Renewed Amendment Number 17
Effective Date: June 7, 2021.
SAR Submitted by: TN Americas LLC.
SAR Title: Final Safety Analysis
Report for the Standardized NUHOMS
®
Horizontal Modular Storage System for
Irradiated Nuclear Fuel.
Docket Number: 72–1004.
Certificate Expiration Date: January
23, 2015.
Renewed Certificate Expiration Date:
January 23, 2055.
Model Number: NUHOMS
®
–24P,
–24PHB, –24PTH, –32PT, –32PTH1,
–37PTH, –52B, –61BT, –61BTH, and
–69BTH.
* * * * *
Dated: March 9, 2021.
For the Nuclear Regulatory Commission.
Margaret M. Doane,
Executive Director for Operations.
[FR Doc. 2021–06076 Filed 3–23–21; 8:45 am]
BILLING CODE 7590–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 725
[NCUA–2021–0037]
RIN 3133–AF15
Central Liquidity Facility
AGENCY
: National Credit Union
Administration (NCUA).
ACTION
: Interim final rule with request
for comments.
SUMMARY
: In response to the enactment
of the Consolidated Appropriations Act,
2021, (CAA) the NCUA Board (Board) is
issuing this interim final rule to cohere
the NCUA’s regulations to the statutory
changes made by the CAA. Specifically,
the CAA extended several
enhancements to the NCUA’s Central
Liquidity Facility (CLF or Facility),
which were first enacted by the
Coronavirus Aid, Relief, and Economic
Security Act (CARES Act). This rule
amends the NCUA’s CLF regulation to
reflect these extensions. This rule also
extends the withdrawal from CLF
membership provisions that the Board
included in the April 2020 interim final
rule that made the aforementioned
regulatory changes related to the CARES
Act.
DATES
: This rule is effective on March
24, 2021. The amendment to § 725.6 at
instruction number 4 is effective March
24, 2021, until January 1, 2023.
Comments must be received on or
before May 24, 2021.
ADDRESSES
: You may submit written
comments, identified by RIN 3133–
AF15, by any of the following methods
(Please send comments by one method
only):
•Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
•Fax: (703) 518–6319. Include
‘‘[Your Name]—Comments on Interim
Final Rule: CLF 2021—NCUA–2021–
0037’’ in the transmittal.
•Mail: Address to Melane Conyers-
Ausbrooks, Secretary of the Board,
National Credit Union Administration,
1775 Duke Street, Alexandria, Virginia
22314–3428.
•Hand Delivery/Courier: Same as
mail address.
Public inspection: You may view all
public comments on the Federal
eRulemaking Portal at http://
www.regulations.gov, as submitted,
except for those we cannot post for
technical reasons. The NCUA will not
edit or remove any identifying or
contact information from the public
comments submitted. Due to social
distancing measures in effect, the usual
opportunity to inspect paper copies of
comments in the NCUA’s law library is
not currently available. After social
distancing measures are relaxed, visitors
may make an appointment to review
paper copies by calling (703) 518–6540
or emailing OGCMail@ncua.gov.
FOR FURTHER INFORMATION CONTACT
:
Anthony Cappetta, CLF Vice President,
Office of Examination and Insurance; or
Justin M. Anderson, Senior Staff
Attorney, Office of General Counsel,
1775 Duke Street, Alexandria, VA
22314–3428. Anthony Cappetta can also
be reached at (703) 518–1592, and Justin
Anderson can be reached at (703) 518–
6556.
SUPPLEMENTARY INFORMATION
:
I. Background
The CARES Act made several changes
to Title III of the Federal Credit Union
Act (the FCU Act),
1
which governs the
CLF.
2
On April 16, 2020, the Board
approved an interim final rule to amend
the NCUA’s CLF regulation, Part 725.
3
This interim final rule made several
changes to part 725, some of which
effectuated or mirrored the changes
made by the CARES Act. Other changes,
made in the April interim final rule,
were intended to make membership in
the CLF more advantageous to credit
unions.
The changes directly related to the
CARES Act were scheduled to sunset in
accordance with the same on December
31, 2020. As noted above, however, the
CAA, among other things, extended the
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4
Consolidated Appropriations Act, 2021, Public
Law 116–260, 134 Stat 1182 (December 27, 2020).
5
Consolidated Appropriations Act, 2021, Public
Law 116–260, 134 Stat 1182, section 540(a)
(December 27, 2020).
6
Id.
7
85 FR 23731 (Apr. 29, 2020).
8
A credit union is required to pay into the
Facility one-half of the amount required by the
regulations and to hold the other one-half in liquid
assets on its balance sheet.
9
Consolidated Appropriations Act, 2021, Public
Law 116–260, 134 Stat 1182, section 540(a)
(December 27, 2020).
10
85 FR 23731 (Apr. 29, 2020).
11
Id.
12
Id.
sunset date of the CLF enhancements in
the CARES Act to December 31, 2021.
4
To provide clarity and transparency, the
Board is issuing this interim final rule
to amend its regulations to reflect this
extension.
In addition, the Board notes that in
response to the April interim final rule,
the Board received five comments
which supported the rule. The
comments also requested legislative
changes and/or changes outside the
scope of the April interim final rule.
II. Amendments
The following is a section-by-section
analysis of the changes in this interim
final rule.
Part 725
A. Definitions
In accordance with the CARES Act,
the Board amended the definition of
‘‘Liquidity needs’’ to remove the words
‘‘primarily serving natural persons.’’
This change mirrored the statutory
change in the CARES Act and clarified
that liquidity needs are not limited to
only natural person credit unions, but
may also include those of corporate
credit unions or a corporate credit union
group. This amendment was scheduled
to sunset in accordance with the CARES
Act on December 31, 2020. The CAA
extended this provision in the CARES
Act until December 31, 2021.
5
As such,
the Board is clarifying that the
regulatory definition of ‘‘Liquidity
needs’’ to make it clear when the
definition under the CARES Act applies
and when such definition reverts back
to the pre-CARES Act version.
B. Agent Membership
In accordance with the CARES Act,
the Board amended the nature of the
requirement for a corporate credit union
or group of corporate credit unions to
subscribe to the capital stock of the
Facility in an amount equal to one-half
of 1 percent of the paid-in and
unimpaired capital and surplus of all of
the corporate credit union’s or corporate
credit union group’s natural person
credit union members. This change,
which mirrors the statutory change in
the CARES Act, allows the Board, in its
sole discretion, to determine which
grouping of natural person member
credit unions of the applying corporate
credit union or corporate credit union
group are considered covered by the
Agent’s membership in the Facility. In
turn, this approved group is the basis for
calculating the amount of Facility
capital stock the corporate credit union
or corporate credit union group is
required to purchase. This amendment
was scheduled to sunset in accordance
with the CARES Act on December 31,
2020. The CAA extended this provision
in the CARES Act until December 31,
2021.
6
As such, the Board is making a
conforming date change to part 725
through this interim final rule.
Upon the sunset of the amendment
made in the CARES Act, as extended by
the CAA, any corporate credit union or
corporate credit union group that
became an agent member under this
provision must, within one year from
the sunset date, either:
1. Purchase Facility stock for all of its
member credit unions; or
2. terminate its membership in the
Facility.
The Board notes that these are the
options that the Board included in the
April interim final rule. Further, the
Board is, as noted above, only changing
the sunset date, and not making any
substantive changes to this or other
sections of part 725.
C. Agent Member Borrowing
To effectuate the intent of the CARES
Act in a safe and sound manner, the
Board, in the April interim final rule,
made a clarifying amendment to
§ 725.4.
7
This amendment clarified that
an agent member may borrow from the
Facility for its own liquidity needs, but,
to do so, such agent must first subscribe
to the capital stock of the Facility in an
amount equal to one-half of 1 percent of
the Agent’s own paid-in and
unimpaired capital and surplus.
8
In
addition, the Board amended
§ 725.17(b)(2) to clarify that an agent
may apply for a Facility advance based
on its own liquidity needs.
The Board notes that the foregoing
amendments were scheduled to sunset
in accordance with requirements of the
CARES Act on December 31, 2020. The
CAA extended the related provisions in
the CARES Act until December 31,
2021.
9
As such, the Board is making a
conforming date changes through this
interim final rule.
The April interim final rule included
language to clarify the ramifications of
the sunset of this provision.
Specifically, the April interim final rule
provided that upon sunset of this
provision, an agent must:
(1) Not request any additional Facility
advances for its own liquidity needs;
and
(2) continue to follow the terms of the
Facility advance agreement entered into
between the agent and the Facility.
The Board is not making any changes
to the aforementioned provisions, which
will still apply upon the sunset of the
changes to these sections of part 725.
In addition, in the April 2020 interim
final rule, the Board made cohering
changes to §§ 725.17 and 725.18 to
include the ability of an Agent to
borrow for its own liquidity needs.
10
This rule makes technical changes to the
two aforementioned sections to clarify
that the references to an Agent
borrowing for its own liquidity needs
sunset on December 31, 2021.
D. Termination of Membership
In the April interim final rule, the
Board amended the waiting periods for
a credit union to terminate its
membership in the Facility between the
effective date of the interim final rule
and January 1, 2022.
11
The amendments
to this section of part 725 temporarily
permitted a credit union, regardless of
its percentage amount of stock
subscription, to withdraw from
membership in the Facility after
notifying the NCUA Board in writing on
the sooner of:
(A) Six months from the date of its
written notice to the NCUA Board; or
(B) December 31, 2020.
Further, any credit union that
remained a member after December 31,
2020, was permitted to withdraw from
membership immediately upon
notifying the Board in writing of its
intent to do so. Per the April interim
final rule, such immediate withdrawal
period would expire on December 31,
2021. After December 31, 2021, the
termination requirements in effect prior
to the enactment of the CARES Act
would be reinstated and apply to all
members.
12
The Board is making several
conforming amendments to this section
to address the extension of the CLF
provisions in the CARES Act by the
CAA. First, any credit union that joined
the CLF between April 29, 2020 and
December 31, 2020 may immediately
withdraw from membership upon
notifying the Board in writing of its
intent to do so. Through this interim
final rule, the Board is extending this
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13
Consolidated Appropriations Act, 2021, Public
Law 116–260, 134 Stat 1182, section 540(a)
(December 27, 2020).
14
See. 12 U.S.C. 1795e(a)(1).
immediate withdrawal period to
December 31, 2022.
Second, credit unions that join the
CLF between January 1, 2021 and
December 31, 2021, regardless of
percentage amount of stock
subscription, may withdraw from
membership in the Facility after
notifying the NCUA Board in writing on
the sooner of:
(A) Six months from the date of its
written notice to the NCUA Board; or
(B) December 31, 2021.
Any credit union that joins the
Facility during the aforementioned
period and remains a member after
December 31, 2021, may immediately
withdraw from membership in the
Facility upon notifying the Board in
writing of its intent to do so. Such
immediate withdrawal period will
expire on December 31, 2022. On
January 1, 2023, the immediate
withdrawal period will cease, and all
members will be subject to the
termination provisions in effect before
April 29, 2020.
E. CARES Act Provisions Extended by
the CAA But Not Included in This
Interim Final Rule
The Board notes that the CARES Act
included two additional amendments to
the FCU Act that were not reflected in
the April interim final rule. Like the
other changes discussed above, the CAA
also extended these amendments until
December 31, 2021.
13
For the benefit
and information of stakeholders, the
Board briefly discusses these
amendments below.
First, the CARES Act temporarily
increased the multiplier from ‘‘twelve
times’’ to ‘‘sixteen times.’’ This means
that for every $1 of capital and surplus,
the Facility may borrow $16. This
provision was not previously codified in
part 725, and therefore the Board is not
making any regulatory amendment
regarding this temporary statutory
change.
Second, the CARES Act provided
more clarity about the purposes for
which the NCUA Board can approve
liquidity-need requests by removing the
phrase ‘‘the Board shall not approve an
application for credit the intent of
which is to expand credit union
portfolios.’’
14
This provision was not
previously codified in part 725, and
therefore the Board is not making any
regulatory amendment regarding this
temporary statutory change.
III. Regulatory Procedures
A. Administrative Procedure Act
The Board is issuing this interim final
rule without prior notice and the
opportunity for public comment and the
delayed effective date ordinarily
prescribed by the Administrative
Procedure Act (APA). Pursuant to
section 553(b)(B) of the APA, general
notice and the opportunity for public
comment are not required with respect
to a rulemaking when an ‘‘agency for
good cause finds (and incorporates the
finding and a brief statement of reasons
therefor in the rules issued) that notice
and public procedure thereon are
impracticable, unnecessary, or contrary
to the public interest.’’
The Board believes that the public
interest is best served by implementing
the interim final rule immediately upon
publication in the Federal Register. As
discussed above, the Board notes the
changes in this rule cohere the NCUA’s
regulations with statutory extensions
recently enacted in the CAA. As such
changes are clarifying in nature and will
reduce any disruption caused by
inconsistency in the NCUA’s
regulations, the Board believes it is has
good cause to determine that ordinary
notice and public procedure are
impracticable and that moving
expeditiously in the form of an interim
final rule is in the best of interests of the
public and the federally insured credit
unions that serve that public.
The APA also requires a 30-day
delayed effective date, except for (1)
substantive rules which grant or
recognize an exemption or relieve a
restriction; (2) interpretative rules and
statements of policy; or (3) as otherwise
provided by the agency for good cause.
Because the rules relieve a restriction,
the interim final rule is exempt from the
APA’s delayed effective date
requirement. The reasons previously
discussed for forgoing prior notice and
comment would also separately justify
this determination.
While the Board believes that there is
good cause to issue the rule without
advance notice and comment and with
an immediate effective date, the Board
is interested in the views of the public
and requests comment on all aspects of
the interim final rule.
B. Congressional Review Act
For purposes of the Congressional
Review Act, the OMB makes a
determination as to whether a final rule
constitutes a ‘‘major’’ rule. If a rule is
deemed a ‘‘major rule’’ by the Office of
Management and Budget (OMB), the
Congressional Review Act generally
provides that the rule may not take
effect until at least 60 days following its
publication.
The Congressional Review Act defines
a ‘‘major rule’’ as any rule that the
Administrator of the Office of
Information and Regulatory Affairs of
the OMB finds has resulted in or is
likely to result in (A) an annual effect
on the economy of $100,000,000 or
more; (B) a major increase in costs or
prices for consumers, individual
industries, Federal, State, or local
government agencies or geographic
regions, or (C) significant adverse effects
on competition, employment,
investment, productivity, innovation, or
on the ability of United States-based
enterprises to compete with foreign-
based enterprises in domestic and
export markets.
For the same reasons set forth above,
the Board is adopting this interim final
rule without the delayed effective date
generally prescribed under the
Congressional Review Act. The delayed
effective date required by the
Congressional Review Act does not
apply to any rule for which an agency
for good cause finds (and incorporates
the finding and a brief statement of
reasons therefor in the rule issued) that
notice and public procedure thereon are
impracticable, unnecessary, or contrary
to the public interest. In light of current
inconsistency between the NCUA’s
regulations and the Act, the Board
believes that delaying the effective date
of the rule would be contrary to the
public interest for the same reasons
discussed above.
As required by the Congressional
Review Act, the Board will submit the
final rule and other appropriate reports
to Congress and the Government
Accountability Office for review. The
Board notes that OMB agreed that the
April interim final rule was not major.
As this interim final is similar in nature,
the Board believe this rule is also not
major for purposes of the Congressional
Review Act.
C. 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 valid
OMB control number.
In accordance with the PRA, the
information collection requirements
included in this interim final rule
extension have been submitted to OMB
for approval under control number
3133–0061.
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15
5 U.S.C. 553(a).
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. 3502(5), 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.
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
105–277, 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.
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 725—NATIONAL CREDIT UNION
ADMINISTRATION CENTRAL
LIQUIDITY FACILITY
■1. The authority citation for part 725
continues to read as follows:
Authority: 12 U.S.C. 1795f(a)(2).
■2. In § 725.2, revise paragraph (i) to
read as follows:
§ 725.2 Definitions.
* * * * *
(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 longer-
term 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 longer-
term nature resulting from national,
regional or local difficulties.
* * * * *
■3. In § 725.4, revise paragraphs
(a)(2)(ii) and (iii) to read as follows:
§ 725.4 Agent membership.
(a) * * *
(2) * * *
(ii) From April 29, 2020, until
December 31, 2021, one-half of 1
percent of the paid-in and unimpaired
capital and surplus (as determined in
accordance with § 725.5(b) 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
(a)(2)(i) 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 Agent’s 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 (a)(2)(i)
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.
* * * * *
§ 725.6 [Amended]
■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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Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Rules and Regulations
§ 725.6 Termination of membership.
* * * * *
(e) The following requirements apply
to a credit union’s termination of
membership in the Facility from April
29, 2020 until January 1, 2023:
(1) Any credit union, regardless of its
amount of stock subscription, that
became a member of the Facility
between April 29, 2020, and December
31, 2020, may immediately terminate its
membership until December 31, 2022.
(2) Any credit union regardless of its
amount of stock subscription, that
becomes a member between January 1,
2021 and December 31, 2021, may
withdraw from membership in the
Facility after notifying the NCUA Board
in writing on the sooner of:
(A) Six months from the date of its
written notice to the NCUA Board; or
(B) December 31, 2021.
(3) Any credit union that does not
elect to withdraw from membership in
the Facility during the time periods
prescribed in paragraph (e)(2) of this
section, may immediately withdraw
from membership in the Facility after
notifying the NCUA Board in writing of
its intention to do so from January 1,
2022 to December 31, 2022. As of
January 1, 2023, the requirements of
paragraphs (a) and (b) of this section, as
in effect on March 1, 2020, shall apply.
(4) The Facility will process requests
under this paragraph (e) upon demand
and deliver funds as soon as practicable,
allowing for the time necessary for
settlement and transfer of funds in these
transactions.
■6. In § 725.17, revise paragraph
(b)(2)(iv) to read as follows:
§ 725.17 Applications for extensions of
credit.
* * * * *
(b) * * *
(2) * * *
(iv) For the period beginning April 29,
2020, and ending on December 31, 2021,
the applicant Agent’s own liquidity
needs. After the aforementioned period,
an Agent is prohibited from submitting
an application for an extension for its
own liquidity needs.
* * * * *
■7. In § 725.18, revise paragraphs (a)
and (d) to read as follows:
§ 725.18 Creditworthiness.
(a) Prior to Facility approval of each
application of a Regular member for a
Facility advance or an Agent member
for a Facility advance for such Agent
member’s own need (provided such
Agent may submit an application under
§ 725.17(b)(2)(iv) of this part), the
Facility shall consider the
creditworthiness of such member.
* * * * *
(d) A credit union (whether a Regular
member of the Facility, Agent member
(provided such Agent may submit an
application under § 725.17(b)(2)(iv) of
this part), or a member natural person
credit union) which does not meet the
Facility’s creditworthiness standards
may be limited in or denied the use of
advances for its liquidity needs.
[FR Doc. 2021–05953 Filed 3–23–21; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2020–0785; Product
Identifier 2020–NM–063–AD; Amendment
39–21477; AD 2021–06–10]
RIN 2120–AA64
Airworthiness Directives; The Boeing
Company Airplanes
AGENCY
: Federal Aviation
Administration (FAA), DOT.
ACTION
: Final rule.
SUMMARY
: The FAA is adopting a new
airworthiness directive (AD) for all The
Boeing Company Model 747 series
airplanes and Model 767 series
airplanes. This AD was prompted by a
report of an un-commanded fuel transfer
between the main and center fuel tanks.
This AD prohibits operation of an
airplane with any inoperative refuel
valve (fueling shut-off valve) failed in
the open position. The FAA is issuing
this AD to address the unsafe condition
on these products.
DATES
: This AD is effective April 28,
2021.
ADDRESSES
:
Examining the AD Docket
You may examine the AD docket on
the internet at https://
www.regulations.gov by searching for
and locating Docket No. FAA–2020–
0785; or in person at Docket Operations
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
The AD docket contains this final rule,
any comments received, and other
information. The address for Docket
Operations is U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE,
Washington, DC 20590.
FOR FURTHER INFORMATION CONTACT
:
Douglas Mansell, Aerospace Engineer,
Propulsion Section, FAA, Seattle ACO
Branch, 2200 South 216th St., Des
Moines, WA 98190; phone and fax: 206–
231–3875; email: douglas.e.mansell@
faa.gov.
SUPPLEMENTARY INFORMATION
:
Background
The FAA issued a notice of proposed
rulemaking (NPRM) to amend 14 CFR
part 39 by adding an AD that would
apply to all The Boeing Company Model
747 series airplanes and Model 767
series airplanes. The NPRM published
in the Federal Register on September 9,
2020 (85 FR 55622). The NPRM was
prompted by a report of an un-
commanded fuel transfer between the
main and center fuel tanks. The NPRM
proposed to prohibit operation of an
airplane with any inoperative refuel
valve (fueling shut-off valve) failed in
the open position.
The FAA is issuing this AD to address
multiple refuel valves failed in the
‘‘open’’ position via Master Minimum
Equipment List (MMEL) dispatch
allowance, which allows un-
commanded fuel transfer between fuel
tanks. This condition could result in a
fuel exhaustion event.
Comments
The FAA gave the public the
opportunity to participate in developing
this final rule. The following presents
the comments received on the NPRM
and the FAA’s response to each
comment.
Support for the NPRM
United Airlines had no objection to
the NPRM. Another commenter stated
that the NPRM was justified.
Request To Identify Proposed AD as
Interim Action
Boeing requested that the proposed
AD be identified as interim action
because it is working on an updated
MMEL to provide modified dispatch
relief.
The FAA agrees with the commenter’s
request for the reason provided by the
commenter. The FAA has revised the
preamble in this final rule to identify
this AD as interim action.
Request To Clarify Certain Terminology
Boeing requested that throughout the
proposed AD the word ‘‘secured’’ be
changed to ‘‘failed’’ when referring to
the fuel shutoff valves. The commenter
explained that the Minimum Equipment
List (MEL) does not direct operators to
secure the fuel shutoff valve open; the
MEL states that operators are allowed to
operate (dispatch) an airplane with a
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