Thought something not quite right in NCUA filing? Correction of clerical error confirms suspicion

A correction to indicate the proper referral to the Code of Federal Regulations (CFR) for changes about how equity distributions can be made will be issued by the federal credit union regulator.

In filings Monday with the Federal Register, the National Credit Union Administration (NCUA) will correct a clerical error in a final rule issued Feb. 23 adopting amendments to federal share (savings) insurance requirements. The rule, according to NCUA, is designed “to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution’s pro rata share of a declared equity distribution from the National Credit Union Share Insurance Fund (NCUSIF).” The clerical error, the agency said, confuses which unit of the CFR is being amended.

The correction is effective March 26 (the same date the rule takes effect).

Three corrections are being made, according to NCUA:

  • In amendments to appendices A, B, and C to part 741, incorrect headings appeared above amendatory instructions 4 and 5 on page 7964 identifying the wrong CFR part. Instruction 5 omitted the part number. Therefore, FR Rule Doc. No. 2018-03622, published on February 23, 2018, beginning on page 7954, will be corrected to: “On page 7964, in the center column, the heading above amendatory instruction 4 is corrected to read as follows: Appendix A to Part 741 [Removed]
  • On page 7964, in the center column, the heading above amendatory instruction 5 and amendatory instruction 5 are corrected to read as follows: “Appendices B and C to Part 741 [Redesignated as Appendices A and B to Part 741]
  • Redesignate appendix B and appendix C to part 741 as appendix A and appendix B to part 741, respectively.”

Requirements for Insurance; National Credit Union Share Insurance Fund Equity Distributions; Correction

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