Combination Transactions With Non-Credit Unions; Reopening of Comment Period

• Published date: 14 April 2020
• Citation: 85 FR 20618
• Record Number: 2020-07157
• Section: Proposed rules
• Court: National Credit Union Administration

Federal Register, Volume 85 Issue 72 (Tuesday, April 14, 2020)

[Federal Register Volume 85, Number 72 (Tuesday, April 14, 2020)]
                [Proposed Rules]
                [Page 20618]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2020-07157]
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                Proposed Rules
                 Federal Register
                ________________________________________________________________________
                This section of the FEDERAL REGISTER contains notices to the public of
                the proposed issuance of rules and regulations. The purpose of these
                notices is to give interested persons an opportunity to participate in
                the rule making prior to the adoption of the final rules.
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                Federal Register / Vol. 85, No. 72 / Tuesday, April 14, 2020 /
                Proposed Rules
                [[Page 20618]]
                NATIONAL CREDIT UNION ADMINISTRATION
                12 CFR Parts 708a and 741
                RIN 3313-AF10
                Combination Transactions With Non-Credit Unions; Reopening of
                Comment Period
                AGENCY: National Credit Union Administration (NCUA).
                ACTION: Proposed rule; reopening of comment period.
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                SUMMARY: On January 30, 2020, the NCUA Board (Board) published a Notice
                of Proposed Rulemaking (NPRM) in the Federal Register. The NPRM
                requested comment on the Board's proposal to add subpart D to part 708a
                of its regulations and clarify the scope of section 741.8 of the NCUA's
                regulations related to procedures and requirements for combination
                transactions. The NPRM provided a 60-day comment period that closed on
                March 30, 2020. To allow stakeholders more time to consider and submit
                their comments, the Board has determined to reopen the comment period
                for an additional 60 days.
                DATES: The Board is reopening the comment period on the proposed rule
                that published January 30, 2020 at 85 FR 5336. Submit comments by June
                15, 2020.
                ADDRESSES: You may submit comments by any of the following methods
                (Please send comments by one method only). Please note that the NCUA is
                now accepting electronic comments only through the Federal eRulemaking
                portal, Regulations.gov:
                 Federal eRulemaking Portal: http://www.regulations.gov.
                Follow the instructions for submitting comments.
                 Fax: (703) 518-6319. Use the subject line ``[Your name]
                Comments on Combination Transactions'' on the transmission cover sheet.
                 Mail: Address to Gerard Poliquin, Secretary of the Board,
                National Credit Union Administration, 1775 Duke Street, Alexandria,
                Virginia 22314-3428.
                 Hand Delivery/Courier: Same as mail address.
                 Public inspection: All public comments are available on the
                agency's website at http://www.ncua.gov/RegulationsOpinionsLaws/comments as submitted, except as may not be possible for technical
                reasons. Public comments will not be edited to remove any identifying
                or contact information. Due to social distancing measures in effect
                through at least April 30, 2020, 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 [email protected].
                FOR FURTHER INFORMATION CONTACT: Elizabeth Wirick, Senior Staff
                Attorney, Office of General Counsel, 1775 Duke Street, Alexandria,
                Virginia 22314, or by telephone at (703) 518-6540.
                SUPPLEMENTARY INFORMATION: On January 30, 2020, the Board issued an
                NPRM proposing to clarify the procedures and requirements for
                combination transactions (85 FR 5336). Combination transactions include
                those where a federally insured credit union (FICU) proposes to assume
                liabilities from a non-credit union, including a bank, as well as a
                FICU's merger or consolidation with a non-credit union entity. The NPRM
                also clarified the scope of section 741.8 of the NCUA's regulations.
                 The NPRM provided a 60-day public comment period that closed on
                March 30, 2020. In light of the challenges posed by the COVID-19
                (coronavirus infection) pandemic, various stakeholders requested
                additional time to comment on the proposed rule. The Board has
                determined that reopening the NPRM comment period, with comments now
                due June 15, 2020, is appropriate.
                 By the National Credit Union Administration Board on March 28,
                2020.
                Gerard Poliquin,
                Secretary of the Board.
                [FR Doc. 2020-07157 Filed 4-13-20; 8:45 am]
                 BILLING CODE 7535-01-P