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OGC-99-30 1 (1999-01-14)

handle is hein.gao/gaobablyk0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-281803 January 14, 1999 The Honorable Phil Gramm Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jim Leach Chairman The Honorable John J. LaFalce Ranking Minority Member Committee on Banking and Financial Services House of Representatives Subject: National Credit Union Administration: Organization and Operations of Federal Credit Unions 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 Organization and Operations of Federal Credit Unions (IRPS 99-1). We received the rule on December 23, 1998. It was published in the Federal Register as a final rule on December 30, 1998. 63 Fed. Reg. 71998. The final rule implements the changes made to the NCUA's chartering and field of membership authority by the Credit Union Membership Access Act (Pub. L. 105-219, August 7, 1998). Section 205 of the act requires that any regulation issued by the NCUA which defines or amends the definition of the terms immediate family or household and well-defined local community, neighborhood, or rural district shall be treated as a major rule for purposes of chapter 8 of title 5, United States Code. Enclosed is our assessment of the 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. Our review indicates that the NCUA complied with the applicable requirements. GAO/OGC-99-30

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