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7928 Federal Register / Vol. 72, No. 35 / Thursday, February 22, 2007 / Rules and Regulations
the types of money transfer instruments Regulatory Procedures issues a final rule as defined by Section
permissible under § 701.30 are not 551 of the Administrative Procedure
Regulatory Flexibility Act
limited to electronic funds transfers. Act. 5 U.S.C. 551. The Office of
The rule permits an FCU to cash or sell The Regulatory Flexibility Act Management and Budget has
checks, money orders, and other similar requires NCUA to prepare an analysis to determined that this final rule is not a
money transfer instruments. While the describe any significant economic major rule for purposes of SBREFA.
rule does not contain an exhaustive list impact a rule may have on a substantial
number of small credit unions, defined List of Subjects in 12 CFR Part 701
of permissible money transfer
as those under ten million dollars in Check, Check cashing, Credit, Credit
instruments, it specifically includes
assets. This rule clarifies and improves unions, Electronic funds transfer,
electronic funds transfers. To the extent
the available services FCUs may provide Money order, Money transfer.
FCUs provide money transfer to their members and persons within ■ For the reasons set forth in the
instruments that fall within the their fields of membership, without preamble, the Board amends 12 CFR
definition of electronic funds transfer imposing any regulatory burden. The part 701 as set forth below.
under Regulation E, they must, of final amendments do not have a
course, comply with Regulation E significant economic impact on a By the National Credit Union
requirements. substantial number of small credit Administration Board on February 15, 2007.
The Board notes that electronic funds unions, and, therefore, a regulatory Mary F. Rupp,
transfers under Regulation E are flexibility analysis is not required.
Secretary of the Board.
excluded from the definition of Paperwork Reduction Act
‘‘transmittal of funds’’ in the ■ Accordingly, the interim rule
Department of Treasury’s anti-money NCUA has determined that the final amending 12 CFR part 701, which was
laundering regulations. 31 CFR part 103. rule would not increase paperwork published at 71 FR 62875 on October
requirements under the Paperwork 27, 2006, is adopted as a final rule with
This definition, however, does not affect
Reduction Act of 1995 and regulations the following change:
FCU authority to provide wire transfers
of the Office of Management and
under § 701.30. FCUs providing wire Budget. 44 U.S.C. 3501 et seq.; 5 CFR PART 701—ORGANIZATION AND
transfer services and electronic funds part 1320. OPERATION OF FEDERAL CREDIT
transfers under § 701.30 must comply UNIONS
with the applicable requirements of 31 Executive Order 13132
CFR part 103. Executive Order 13132 encourages ■ 1. The authority citation for part 701
independent regulatory agencies to continues to read as follows:
Two commenters requested NCUA
provide guidance regarding FCU consider the impact of their actions on Authority: 12 U.S.C. 1752(5), 1757, 1765,
state and local interests. In adherence to 1766, 1781, 1782, 1787, 1789; Title V, Pub.
compliance with other statutes and L. 109–351; 120 Stat. 1966.
regulations, e.g. the Bank Secrecy Act fundamental federalism principles,
(Pub. L. 91–508), the Customer NCUA, an independent regulatory ■ 2. Amend Section 701.21 by removing
Identification Program regulation (31 agency as defined in 44 U.S.C. 3502(5), ‘‘greater than twelve years’’ in the first
CFR 103.121), NCUA security rules (12 voluntarily complies with the executive sentence and adding in its place
order. The final rule would not have ‘‘greater than fifteen years’’ in paragraph
CFR part 748), financial privacy rules
substantial direct effects on the states, (g)(6)(ii).
(12 CFR part 716), and so forth. One of
on the connection between the national
these commenters recommended NCUA government and the states, or on the [FR Doc. E7–2902 Filed 2–21–07; 8:45 am]
establish a working group to discuss distribution of power and BILLING CODE 7535–01–P
compliance requirements associated responsibilities among the various
with FCUs providing financial services levels of government. NCUA has
to nonmembers within their fields of determined that this rule does not DEPARTMENT OF TRANSPORTATION
membership. The Board believes constitute a policy that has federalism
additional guidance or a working group implications for purposes of the Federal Aviation Administration
is unnecessary because this rule does executive order.
not create any additional requirements 14 CFR Part 71
for FCUs than there are for other The Treasury and General Government
[Docket No. FAA–2006–25941; Airspace
Appropriations Act, 1999—Assessment
financial institutions. The Board only Docket No. 06–ACE–11]
of Federal Regulations and Policies on
cautions FCUs to ensure they comply
Families Modification of Class E Airspace;
with all applicable statutory or
regulatory requirements if they elect to The NCUA has determined that this Creston, IA
provide financial services to persons final rule would not affect family well-
AGENCY: Federal Aviation
with whom the FCUs may have being within the meaning of § 654 of the
Administration (FAA), DOT.
infrequent or irregular contact. Treasury and General Government
ACTION: Direct final rule; confirmation of
Appropriations Act, 1999, Pub. L. 105–
Finally, one commenter correctly 277, 112 Stat. 2681 (1998). effective date.
noted the interim final rule failed to
Small Business Regulatory Enforcement SUMMARY: This document confirms the
make a conforming change to the 12-
Fairness Act effective date of the direct final rule
year maturity limit in the current rule
which revises Class E airspace at
regarding due-on-sale clauses. 12 CFR The Small Business Regulatory
Creston, IA.
701.21(g)(6)(ii). Accordingly, the final Enforcement Fairness Act of 1996, Pub.
erjones on PRODPC74 with RULES
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