Credit unions: Technical corrections,

[Federal Register: September 14, 2000 (Volume 65, Number 179)]

[Rules and Regulations]

[Page 55439]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr14se00-4]

NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 702

Prompt Corrective Action; Correction

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final Rule; corrections.

SUMMARY: Four technical errors appear in the part 702 final rule implementing a system of prompt corrective action for federally-insured credit unions. The first and second errors appear in the Federal Register of February 18, 2000, in a footnote to the supplementary information section and in the provision of subpart A entitled ``Net worth measures,'' respectively. The third and fourth errors appear in the Federal Register of July 20, 2000, in the supplementary information section entitled ``Impact of Final Rule'' and in the instruction to amend the provision of subpart C entitled ``Net worth categories,'' respectively. This final rule corrects these errors and makes no substantive change to part 702.

DATES: Effective January 1, 2001.

FOR FURTHER INFORMATION CONTACT: Steven W. Widerman, Trial Attorney, Office of General Counsel, telephone 703/518-6557, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428.

SUPPLEMENTARY INFORMATION:

In the final rule document 00-3276, published on February 18, 2000 (65 FR 8560), the following corrections are made:

1. On page 8575, third column, footnote 19, remove from the second sentence the words ``or liquidation'' and the citation ``1787(a)(1)(b)''.

   Sec. 702.101 [Amended]

2. On page 8585, first column, Sec. 702.101(a)(2), add the words ``If determined to be applicable under Sec. 702.103, a'' in paragraph (a)(2) in place of the words ``If defined as `complex' under Sec. 702.104, the applicable.''

   In the final rule document 00-18278, published on July 20, 2000 (65 FR 44950), the following corrections are made:

1. On page 44964, second column, second full sentence following the heading ``E. Impact of Final Rule,'' add ``.008 percent'' in place of ``2.3 percent'', and add ``.0011 percent'' in place of ``.08 percent''.

2. Correct amendatory instruction 8 on page 44974 to read as follows: 8. Section 702.302 is amended by removing the phrase ``and any risk-based net worth requirement applicable to a new credit union defined as `complex' under Secs. 702.103 through 702.106'' from paragraph (a); by removing the phrase ``and also meets any applicable risk-based net worth requirement under Secs. 702.105 and 702.106'' from paragraphs (c)(1) and (c)(2); and by removing the phrase ``or fails to meet any applicable risk-based net worth requirement under Secs. 702.105 and 702.106'' from paragraph (c)(3).

   By the National Credit Union Administration Board on September 5, 2000. Becky Baker, Secretary of the Board.

   [FR Doc. 00-23465Filed9-13-00; 8:45 am]

   BILLING CODE 7535-01-U