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custody by the U.S. Customs and Border requirement can be satisfied by the insurance programs and to provide Protection and introduced into the credit union having issued a mechanism credit union members with equal access stream of commerce in the United for accessing the account, such as a to insurance coverage. The Board States. Included are persons who hold debit card, to each co-owner or evidence proposed these regulatory changes with title to foreign-produced mangos of usage of the joint share account by the belief that they will promote further immediately upon release by the U.S. each co-owner. confidence in the credit union system Customs and Border Protection, as well DATES: The final rule is effective and embody a forward-looking approach as any persons who act on behalf of 26, 2021. that will explicitly permit the use of others, as agents or brokers, to secure FOR FURTHER INFORMATION CONTACT: new and innovative technologies and the release of mangos from the U.S. Thomas I. Zells, Staff Attorney, Office of processes to meet the NCUA’s policy Customs and Border Protection when General Counsel, at 1775 Duke Street, objectives. such mangos are entered or withdrawn Alexandria, VA 22314 or telephone: Under the Federal Credit Union Act for consumption in the United States. (703) 548–2478. (FCU Act), the NCUA is responsible for paying share insurance to any member, (e) Mangos means all fresh fruit of SUPPLEMENTARY INFORMATION: Mangifera indica L. of the family I. Introduction or to any person with funds lawfully Anacardiaceae. II. Final Rule held in a member account, in the event * * * * * III. Legal Authority of a FICU’s failure up to the standard IV. Discussion of Public Comments Received maximum share insurance amount ■ 13. Revise § 1206.108 to read as on the Proposed Rule (SMSIA), which is currently set at follows: V. Regulatory Procedures $250,000.4 The FCU Act states that the § 1206.108 OMB control number. I. Introduction determination of the net amount of The control number assigned to the share insurance paid ‘‘shall be in A. Background information collection requirement in accordance with such regulations as the this subpart by the Office of In 2020, the Board approved a Board may prescribe’’ and requires that, Management and Budget pursuant to the notice of proposed rulemaking 1 ‘‘in determining the amount payable to Paperwork Reduction Act of 1995, 44 (proposal or proposed rule) that any member, there shall be added U.S.C. Chapter 35, is OMB control amended the NCUA’s share insurance together all accounts in the credit union number 0581–0093. regulation governing the requirements maintained by that member for that for a share account to be insured member’s own benefit, either in the Bruce Summers, separately as a joint account. 2 member’s own name or in the names of Administrator, Agricultural Marketing Specifically, the proposal addressed the others.’’ 5 However, the FCU Act also Service. requirement for separate joint account specifically authorizes the Board to [FR Doc. 2021–03403 Filed 2–23–21; 8:45 am] insurance that each co-owner of a joint ‘‘define, with such classifications and BILLING CODE 3410–02–P account has personally signed a exceptions as it may prescribe, the membership card or account signature extent of the share insurance coverage card. In the event a federally insured provided for member accounts, NATIONAL CREDIT UNION credit union (FICU) could not produce including member accounts in the name ADMINISTRATION from its records such membership cards of a minor, in trust, or in joint or account signature cards, the proposal tenancy.’’ 6 12 CFR Part 745 explicitly permitted the use of other The NCUA has implemented these RIN 3133–AF11 evidence contained in a FICU’s account requirements by issuing regulations records to satisfy the signature card recognizing particular categories of Joint Ownership Share Accounts requirement. accounts, such as single ownership The proposed amendment mirrors a accounts and joint ownership accounts.7 AGENCY: National Credit Union change made by the Federal Deposit If an account meets the requirements for Administration (NCUA). Insurance Corporation (FDIC) in 2019 a particular category, the account is ACTION: Final rule. for federally insured depository insured up to the $250,000 limit institutions.3 In proposing the change, separately from shares held by the SUMMARY: The NCUA Board (Board) is the Board intended to better facilitate member in a different account category amending its share insurance regulation the prompt payment of share insurance at the same FICU. For example, governing the requirements for a share in the event of a FICU’s failure by provided all requirements are met, account to be separately insured as a explicitly providing alternative methods shares in the single ownership category joint account by the National Credit that the NCUA could use to determine will be separately insured from shares Union Share Insurance Fund (NCUSIF). the owners of joint accounts, consistent in the joint ownership category held by Specifically, the final rule provides an with the NCUA’s statutory authority. the same member at the same FICU. alternative method to satisfy the The Board emphasizes that this change Section 745.8 of the NCUA’s membership card or account signature was not proposed, and is not being regulations governs insurance coverage card requirement necessary for finalized, in reaction to any observed for joint ownership accounts.8 Joint insurance coverage (signature card current problem with respect to ownership accounts include share requirement). Under the final rule, even identifying qualifying joint accounts at accounts held pursuant to various forms if an insured credit union cannot credit unions and processing insurance of co-ownership under state law. For produce membership cards or account payments timely. Rather, the Board example, joint tenants could each hold signature cards signed by the joint issued the proposed rule because it is an equal, undivided interest in a share accountholders, the signature card important to maintain parity between requirement can be satisfied by the nation’s two Federal deposit/share 4 12 U.S.C. 1787(k)(1)(A), (6). information contained in the account 5 12 U.S.C. 1787(k)(1)(B). records of the insured credit union 1 85 FR 34545 ( 6, 2020). 6 12 U.S.C. 1787(k)(1)(C). establishing co-ownership of the share 2 12 CFR 745.8. 7 12 CFR part 745. account. For example, the signature card 3 84 FR 35022 ( 22, 2019). 8 12 CFR 745.8.

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account. Section 745.8 provides that account, based on the member account reaction to any observed current only ‘‘qualifying joint accounts’’ are classifications prescribed by the problem with respect to identifying insured separately from individually Board.19 qualifying joint accounts at FICUs and owned share accounts maintained by Neither the FCU Act nor the NCUA’s processing insurance payments timely. the co-owners.9 ‘‘Qualifying joint regulations define the terms Rather, the Board issued the proposed accounts’’ generally must satisfy two ‘‘membership card’’ or ‘‘account rule because it is important to maintain requirements: (1) Each co-owner has signature card.’’ In implementing parity between the nation’s two Federal personally signed a membership card or § 745.8, the NCUA has not required any deposit/share insurance programs and account signature card; and (2) each co- particular format for a membership card to provide credit union members with owner possesses withdrawal rights on or account signature card. Therefore, the equal access to insurance coverage. The the same basis.10 If a joint account is not agency has previously permitted FICUs Board proposed these regulatory a qualifying joint account, each co- to satisfy the requirement through changes with the belief that they will owner’s actual ownership interest in the various forms of documentation used in promote further confidence in the credit account is considered individually their account opening processes. The union system and embody a forward- owned and added to any other accounts Board also wishes to reiterate that, looking approach that will explicitly individually owned by the co-owner consistent with the Electronic permit the use of new and innovative and insured up to the SMSIA in the Signatures in Global and National technologies and processes to meet the aggregate.11 This may result in some Commerce Act (E-Sign Act),20 the NCUA’s policy objectives. uninsured shares if a member’s single signature requirement may be satisfied The proposed rule emphasized that ownership accounts at the same FICU, electronically. This has been the the change would not introduce any including shares in any non-qualifying NCUA’s long-standing position. new requirements for an account to be joint accounts, exceed $250,000. insured as a joint account, and would Additionally, it is worth reiterating that, B. Summary of Proposed Rule not reduce or affect insurance coverage with limited exceptions, the FCU Act The May 2020 proposed rule for any account for which the existing generally limits NCUA share insurance amended § 745.8 to explicitly provide joint account requirements are satisfied. coverage to ‘‘member accounts.’’ 12 for an alternative method to satisfy the The proposed rule simply would Despite this general limitation, the FCU signature card requirement. The provide an alternative method to satisfy Act 13 and the NCUA’s regulations 14 do proposed rule specifically allowed the the existing signature card requirement allow a nonmember to become a joint signature card requirement to be for share insurance coverage as a owner with a member on a joint account satisfied by information contained in qualifying joint account. Under the with right of survivorship. The the account records of the FICU proposal, if each co-owner of a joint regulations provide that a nonmember’s establishing the co-ownership of the account signs, or has previously signed, interest in such accounts will be insured share account, such as evidence that the a membership card or account signature in the same manner as the member FICU has issued a mechanism for card in accordance with the existing joint-owner’s interest. accessing the account to each co-owner requirement and the FICU can produce The signature requirement has been or evidence of usage of the share it, then the proposed alternative method included in the regulation governing account by each co-owner. For example, would be unnecessary. Assuming that insurance coverage since its inception under the proposal, the requirement the remaining qualifying joint account in 1971.15 The FDIC has had a could be satisfied by evidence that a requirement is satisfied—that is, both substantially similar signature FICU has issued a debit card to each co- co-owners possess equal withdrawal requirement since 1967.16 In originally owner of the account or evidence that rights—and all other membership adopting this requirement, the FDIC each co-owner of the account has requirements are met,22 the account ‘‘intended to address practices such as conducted transactions using the share would be insured as a joint account. The the addition of nominal co-owners to an account. These examples, however, proposal noted that the change would account solely to increase deposit were not intended to define the only apply to all FICUs and would not insurance coverage.’’ 17 The NCUA forms of evidence of co-ownership that impose any increased burden or new thereafter adopted a substantially could satisfy the signature requirement. recordkeeping requirements for joint similar requirement 18 and views it as a To the contrary, the evidence found in accounts. reliable indicator of account ownership a FICU’s account records could take In the proposal, the Board also and important to ensuring consistency many other forms. detailed the non-quantifiable benefits to with the FCU Act, which expressly The proposed amendment mirrors a owners of joint accounts. By explicitly limits the net amount of share insurance change made by the FDIC in 2019 for providing alternative methods that the payable to any member, or person with federally insured depository NCUA could use to determine the funds lawfully held in a member institutions.21 As noted in the proposal, owners of joint accounts, the proposed the Board believes that the change rule would further support a prompt 9 Id. would better facilitate the prompt share insurance determination in the 10 12 CFR 745.8(c). payment of share insurance in the event event of a FICU’s failure, alleviating 11 12 CFR 745.8(d). of a FICU’s failure by explicitly delays in the recognition of account 12 12 U.S.C. 1752(5). ownership and uncertainty regarding 13 providing alternative methods that the 12 U.S.C. 1759(a). the extent of share insurance coverage. 14 12 CFR 745.8(e). NCUA could use to determine the 15 36 FR 2477 (Feb. 5, 1971). owners of joint accounts, consistent 22 With limited exceptions, the FCU Act generally 16 See 32 FR 10408, 10409 (, 1967). with the NCUA’s statutory authority. In limits NCUA share insurance coverage to ‘‘member 17 84 FR 35022, 35023 (, 2019). the proposal, the Board emphasized that accounts.’’ 12 U.S.C. 1752(5). Despite this general 18 The FCU Act generally requires that the NCUA this proposed change was not in limitation, the FCU Act and the NCUA’s regulations determine ‘‘the net amount of share insurance do allow a nonmember to become a joint owner payable . . . in accordance with this paragraph, and with a member on a joint account with right of 19 consistently with actions taken by the Federal 12 U.S.C. 1787(k)(1). survivorship. 12 U.S.C. 1759(a). The regulations Deposit Insurance Corporation under section 20 Public Law 106–229, codified at 15 U.S.C. provide that a nonmember’s interest in such 1821(a) of this title.’’ 12 U.S.C. 1787(k)(1)(A) 7001(a). accounts will be insured in the same manner as the (emphasis added). 21 84 FR 35022 (July 22, 2019). member joint owner’s interest. 12 CFR 745.8(e).

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The Board concluded that these benefits the collection and maintenance of coverage, conservatorships, and would promote confidence in the credit customers’ signatures. liquidations.28 Section 209 of the FCU union system and NCUA-insured Second, this final rule also does not Act is a plenary grant of regulatory shares. affect the general principles contained authority to the NCUA to issue rules in § 745.2 of the NCUA’s share II. Final Rule and regulations necessary or appropriate insurance regulations applicable in to carry out its role as share insurer for 24 This final rule follows publication of determining insurance of accounts. all FICUs.29 Accordingly, the FCU Act the May 2020 proposed rule. After These general principles applicable in grants the Board broad rulemaking carefully considering the comments and determining insurance of accounts authority to ensure that the credit union continue to apply to all share accounts, conducting further analysis, the Board industry and the NCUSIF remain safe including joint ownership accounts. affirms its rationale for issuing the and sound. proposal and is adopting the final rule Finally, the Board believes it is as proposed, with one clarifying change. important to reiterate that the final rule IV. Discussion of Public Comments Specifically, the Board is using does not introduce any new Received on the Proposed Rule requirements for an account to be alternative language to better convey A. The Public Comments, Generally that the examples of evidence of co- insured as a joint account, and would not reduce or affect insurance coverage ownership in the proposed regulatory The NCUA received 11 comments on text do not define the only form of for any account for which the existing joint account requirements are satisfied. the proposed rule. All 11 commenters evidence that could satisfy the signature noted their support for the proposed requirement. Pursuant to a suggestion The final rule simply provides an alternative method to satisfy the existing rule. Rationale commenters offered for from a commenter, the final rule revises supporting the rule included: A belief proposed § 745.8(c)(2) by replacing signature card requirement for share insurance purposes. If each co-owner of that the proposed rule would provide ‘‘such as’’ with the phrase ‘‘including, increased flexibility and would but not limited to,’’ before the word a joint account signs, or has previously signed, a membership card or account maximize the opportunity for legitimate ‘‘evidence.’’ Section 745.8(c)(2) will signature card in accordance with the joint account holders to receive the now state that the signature card existing requirement and the FICU can proper share insurance coverage; requirement may be satisfied by produce it, then the alternative method information contained in the account recognition that the proposed rule would be unnecessary. Assuming that records of the federally insured credit would facilitate the prompt payment of the remaining qualifying joint account union establishing co-ownership of the share insurance in the event of a FICU’s requirement is satisfied—that is, both share account, ‘‘including, but not failure; and agreement with the co-owners possess equal withdrawal limited to,’’ evidence that the institution proposed rule’s assertion that ‘‘it is rights—and all other membership has issued a mechanism for accessing important to maintain parity between requirements are met,25 the account the account to each co-owner or the nation’s two Federal deposit/share would be insured as a joint account. The evidence of usage of the share account insurance programs and to provide final rule applies to all FICUs and does by each co-owner. The Board finds that credit union members with equal access not impose any increased burden or the phrase suggested by the commenter to insurance coverage.’’ Several new recordkeeping requirements for carries the same meaning as wording in commenters also emphasized that the joint accounts. the proposed rule and may eliminate proposed change is especially important any ambiguity that evidence in the III. Legal Authority given the challenges posed by COVID– account records other than the examples The Board has issued this final rule 19 and the resulting economic provided may be sufficient to establish pursuant to its authority under the FCU uncertainty. joint ownership of a share account. Act. Under the FCU Act, the NCUA is While all 11 commenters supported The Board also wishes to emphasize the chartering and supervisory authority the proposed rule, commenters did several key points made in the proposed for FCUs and the Federal supervisory provide a number of suggestions for rule and further discussed in response authority for FICUs.26 The FCU Act improving the rule. As discussed more to comments received on the proposed grants the NCUA a broad mandate to thoroughly below, suggestions for rule. issue regulations governing both FCUs improvement focused on two areas: (1) First, the Board strongly emphasizes and FICUs. Section 120 of the FCU Act The type of evidence the NCUA could is a general grant of regulatory authority that this final rule only affects a look to for evidence of co-ownership and authorizes the Board to prescribe requirement in the NCUA’s regulations that would fulfill the signature card rules and regulations for the that must be satisfied for a share requirement; and (2) clarifications administration of the FCU Act.27 account to be separately insured as a regarding the applicability of state law. joint account; it does not affect any Section 207 of the FCU Act is a specific grant of authority over share insurance The NCUA also received comments other legal requirements applicable to noting appreciation for the NCUA’s FICUs. FICUs may, and likely will, for 24 longstanding position that the signature legal or other reasons, find it 12 CFR 745.2. 25 requirement may be satisfied appropriate or necessary to continue With limited exceptions, the FCU Act generally limits NCUA share insurance coverage to ‘‘member electronically, consistent with the E– collecting customers’ signatures.23 The accounts.’’ 12 U.S.C. 1752(5). Despite this general SIGN Act. Additionally, the NCUA changes made by this final rule do not limitation, the FCU Act and the NCUA’s regulations modify or affect any state law do allow a nonmember to become a joint owner received one comment addressing co- requirements generally applicable to with a member on a joint account with right of owned revocable trust accounts. Co- survivorship. 12 U.S.C. 1759(a). The regulations owned revocable trust accounts are FICUs, including those that necessitate provide that a nonmember’s interest in such accounts will be insured in the same manner as the outside the scope of this rulemaking. 23 See, e.g., 12 CFR part 701, appendix A, and member joint owner’s interest. 12 CFR 745.8(e). 28 corresponding state law requirements for federally 26 12 U.S.C. 1752–1775. 12 U.S.C. 1787(b)(1). insured, state-chartered credit unions. 27 12 U.S.C. 1766(a). 29 12 U.S.C. 1789(a)(11).

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B. Discussion of Specific Comments on NCUA with the maximum flexibility account agreement. The Board the Proposed Rule possible to evaluate a FICU’s account addressed this issue in the preamble to records and properly determine if an the proposed rule 31 and again reiterates 1. Examples of Evidence of Joint account is co-owned. When it is now that the alternative method for Account Ownership necessary for the NCUA to evaluate satisfying the signature card Several commenters asked the NCUA alternative evidence to determine if an requirement adopted in this final rule is to consider including additional account is co-owned, the NCUA will only relevant for purposes of examples of account information that holistically evaluate all of the determining share insurance coverage. may be used as evidence of co- information in a FICU’s account records The final rule has no bearing on any ownership. One of the commenters that properly aid it in making this other legal requirement that FICUs are suggested two additional possible determination. In other words, the subject to, including all applicable state examples: (1) Use of the account via a NCUA will not look at evidence, like the laws. The final rule does not eliminate mobile banking application or online issuance of a debit card to a minor, as the need for FICUs to obtain signatures access platform; and (2) a co-owner de facto evidence of co-ownership, but when opening an account, it merely having agreed to receive electronic will use such evidence to help it allows the NCUA to use alternative statements via their email address. accurately determine the actual account evidence in a FICU’s account records to Another of these commenters asked the ownership. find the signature card requirement for NCUA to promptly provide additional Relatedly, one commenter suggested coverage as a qualifying joint account examples because, while they revising the text of proposed satisfied even if signed membership or appreciate the agency not limiting the § 745.8(c)(2) to better reflect the account signature cards are absent from scope, they felt it would be helpful to proposed rule’s intention, as noted in a liquidated FICU’s records. provide examples of what information the preamble, that the examples of In addressing this issue, the can be used as new technologies are evidence of co-ownership were not commenter acknowledged that the developed and utilized by credit unions. intended ‘‘to define the only form of preamble to the proposed rule speaks to In asking the NCUA to consider evidence’’ 30 that would satisfy the this issue,32 but felt it critical that FICUs adding additional examples to the text signature requirement. The commenter understand that the proposed rule: (1) of the regulation or its ‘‘Official Staff suggested that, to minimize the Would only impact share insurance Commentary,’’ one commenter opportunity for confusion in the future, coverage; and (2) would not eliminate suggested that the examples need to the NCUA consider modifying proposed any requirement under state law or more concretely describe the types of § 745.8(c)(2) by replacing ‘‘such as’’ contracts common law related to the evidence that may be used. The with the phrase ‘‘including, but not need for joint account holders to sign commenter expressed concern that the limited to,’’ before the word ‘‘evidence.’’ account agreements. The commenter evidence described in the rule itself is The commenter reasoned that this correctly emphasized that the proposed somewhat vague and that the examples would make clear on the face of the change would not open the door for in the proposed rule’s preamble may be regulation that other evidence in the FICUs to establish accounts without confusing. The commenter said that, for account records may be sufficient to proper, signed agreements in place example, the fact that an account holder establish qualifying joint ownership of a among all account holders. has a debit card issued for another share account. As discussed in section The commenter noted that signatures person’s use (e.g., a parent supplying a II of this preamble, the Board agrees that are statutorily required in their state to card for their child to use) does not this language would help to eliminate create a joint account and that, even establish that the other person is ambiguity and reflects the intent of the absent a statutory requirement, the actually a co-owner of the account. The proposed rule. Accordingly, the Board common law calls for contracts to be commenter noted that the other party has adopted it in the final rule. Section signed. The commenter stated that would simply be authorized to access 745.8(c)(2) will now state that the without the signatures of all joint the account, but would not own the signature card requirement may be account holders to a contract or account funds nor qualify for joint share satisfied by information contained in agreement, credit unions lack a legal insurance coverage. Related to this the account records of the federally basis for enforcing the account’s terms example, the commenter acknowledged insured credit union establishing co- against those account holders. The that § 745.8(c)(1) states that ‘‘the ownership of the share account, commenter emphasized that the lack of signature requirement does not apply to ‘‘including, but not limited to,’’ a legally enforceable, signed joint . . . any accounts maintained by an evidence that the institution has issued account agreement could lead to credit agent,’’ but felt that this may not be a mechanism for accessing the account unions being caught in the middle of explicit enough to avoid confusion. to each co-owner or evidence of usage potential disputes among parties and The Board disagrees that additional or of the share account by each co-owner. their heirs when one or more account more concrete examples would be holders die. beneficial or are necessary because, 2. Applicability of State Law While the Board again reiterates the contrary to the commenters’ intentions, One commenter provided a detailed alternative method for satisfying the they could be viewed as limiting comment asking the NCUA to add signature card requirement adopted in flexibility. The examples provided in language to the regulation or its the proposed rule, and adopted in the ‘‘Official Staff Commentary’’ clearly 31 ‘‘The proposed rule only would affect a final rule, are neither intended to be all- stating that the proposed change only requirement in the NCUA’s regulations that must be inclusive nor dispositive. Instead, they addresses the evidence that the NCUA satisfied for a share account to be separately insured as a joint account; it would not affect any other are merely intended to illustrate the may accept to treat an account as joint legal requirements applicable to FICUs. FICUs may, types of evidence the NCUA may for share insurance coverage purposes, for legal or other reasons, find it appropriate or consider when determining whether an with no bearing on the legality or necessary to continue collecting customers’ account is co-owned and the signature enforceability of an account that lacks signatures. The changes made by the proposed rule would not modify or affect any state law card requirement in place for coverage joint account holders’ signatures on an requirements generally applicable to FICUs.’’ 85 FR as a qualifying joint account satisfied. 34454, 34546–47 (, 2020) (emphasis added). The change is intended to provide the 30 85 FR 34454, 34546 (June 5, 2020). 32 Id.

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this final rule is only relevant for requirements.33 For the purpose of the final rule to the Office of Management purposes of determining share PRA, an information collection and Budget for it to determine if the insurance coverage, it declines to add requirement may take the form of a final rule is a ‘‘major rule’’ for purposes additional language to the text of the reporting, recordkeeping, or a third- of SBREFA. The NCUA also will file regulation explicitly stating that credit party disclosure requirement. The final appropriate reports with Congress and unions are still subject to other rule does not contain information the Government Accountability Office applicable legal requirements. The collection requirements that require so this rule may be reviewed. Board appreciates the commenter’s approval by OMB under the PRA.34 The concern, but does not believe it final rule will merely allow the NCUA List of Subjects in 12 CFR Part 745 appropriate or necessary to include such to look to information contained in the language. The Board believes it is clear account records of a FICU in order to Credit, Credit unions, Share in the text of the regulation that the satisfy the signature card requirement at insurance. alternative method is only relevant for the time of a FICU’s failure. By the National Credit Union evaluating whether the signature card C. Executive Order 13132 Administration Board on , 2021. requirement is satisfied for purposes of Melane Conyers-Ausbrooks, determining proper share insurance Executive Order 13132 encourages Secretary of the Board. coverage. Further, the Board thinks it independent regulatory agencies to inappropriate to explicitly state in a consider the impact of their actions on For the reasons discussed in the regulation that the regulation does not state and local interests. In adherence to preamble, the Board amends 12 CFR preempt other applicable law or apply fundamental federalism principles, the part 745 as follows: to subjects outside the scope of the NCUA, an independent regulatory regulation when there is no indication agency as defined in 44 U.S.C. 3502(5), PART 745—SHARE INSURANCE AND the provision intends to preempt other voluntarily complies with the Executive APPENDIX laws or apply in other contexts. order. This rulemaking will not have a Inclusion of such language would only substantial direct effect on the states, on ■ 1. The authority citation for part 745 increase confusion and raise doubts the connection between the National continues to read as follows: about provisions that do not contain Government and the states, or on the Authority: 12 U.S.C. 1752(5), 1757, 1765, similar language. distribution of power and responsibilities among the various 1766, 1781, 1782, 1787, 1789; title V, Pub. L. VI. Regulatory Procedures levels of government. The NCUA has 109–351;120 Stat. 1966. determined that this final rule does not A. Regulatory Flexibility Act ■ 2. Revise § 745.8(c) to read as follows: constitute a policy that has federalism The Regulatory Flexibility Act (RFA) implications for purposes of the § 745.8 Joint ownership accounts generally requires that, in connection Executive order. with a final rule, an agency prepare a * * * * * final regulatory flexibility analysis that D. Assessment of Federal Regulations (c) Qualifying joint accounts. (1) A describes the impact of a rule on small and Policies on Families joint account is a qualifying joint entities. A regulatory flexibility analysis The NCUA has determined that this account if each of the co-owners has is not required, however, if the agency final rule will not affect family well- personally signed a membership or certifies that the rule will not have a being within the meaning of Section 654 account signature card and has a right significant economic impact on a of the Treasury and General of withdrawal on the same basis as the substantial number of small entities Government Appropriations Act, other co-owners. The signature (defined for purposes of the RFA to 35 1999. requirement does not apply to share include FICUs with assets less than $100 million) and publishes its E. Small Business Regulatory certificates, or to any accounts certification and a short, explanatory Enforcement Fairness Act maintained by an agent, nominee, guardian, custodian or conservator on statement in the Federal Register The Small Business Regulatory together with the rule. The final rule Enforcement Fairness Act of 1996 behalf of two or more persons if the explicitly allows the NCUA to look to (SBREFA) generally provides for records of the credit union properly information contained in the account congressional review of agency rules. A reflect that the account is so maintained. records of a FICU in order to satisfy the reporting requirement is triggered in (2) The signature card requirement of signature card requirement at the time instances where the NCUA issues a final paragraph (c)(1) of this section also may of a FICU’s failure. As a result, it will rule as defined by section 551 of the be satisfied by information contained in not cause any increased burden on Administrative Procedure Act. An the account records of the federally FICUs and will not have an impact on agency rule, in addition to being subject insured credit union establishing co- small credit unions. Accordingly, the to congressional oversight, may also be ownership of the share account, NCUA certifies that the final rule will subject to a delayed effective date if the including, but not limited to, evidence not have a significant economic impact rule is a ‘‘major rule.’’ The NCUA does that the institution has issued a on a substantial number of small credit not believe this rule is a ‘‘major rule’’ mechanism for accessing the account to unions. within the meaning of the relevant each co-owner or evidence of usage of B. Paperwork Reduction Act sections of SBREFA. As required by the share account by each co-owner. SBREFA, the NCUA will submit this The Paperwork Reduction Act of 1995 * * * * * (PRA) applies to rulemakings in which 33 44 U.S.C. 3507(d); 5 CFR part 1320. [FR Doc. 2021–03671 Filed 2–23–21; 8:45 am] an agency creates new or amends 34 44 U.S.C. Chap. 35. BILLING CODE 7535–01–P existing information collection 35 Public Law 105–277, 112 Stat. 2681 (1998).

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