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GAO-15-833R 1 (2015-09-03)

handle is hein.gao/gaobadrlg0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327325 September 3, 2015 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: National Credit Union Administration: Derivatives Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the National Credit Union Administration (NCUA) entitled Derivatives (RIN: 3133-AD90). We received the rule on August 20, 2015. It was published in the Federal Register as a final rule on January 31, 2014. 79 Fed. Reg. 5228. This final rule permits credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. NCUA states that this rule applies only to federal credit unions. The final rule addresses permissible derivatives and characteristics, limits on derivatives, operational requirements, counterparty and margining requirements, and the procedures a credit union must follow to apply for derivatives authority. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. 801 (a)(3)(A). This final rule has a stated effective date of March 3, 2014. The rule was published in the Federal Register on January 31, 2014, and received on August 20, 2015. Therefore, this rule does not have the required 60-day delay in effective date. Enclosed is our assessment of NCUA's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. With the GAO-15-833R

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