Proposed Rule2026-00595
Corporate Credit Unions
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 14, 2026
Issuing agencies
National Credit Union Administration
Abstract
The NCUA Board (Board) is issuing for public comment a proposal to rescind its Interpretive Ruling and Policy Statement (IRPS) 11-02, which addresses chartering corporate credit unions, because it is redundant to the Federal Corporate Credit Union Chartering Manual. This action will eliminate potential confusion.
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 9 (Wednesday, January 14, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 9 (Wednesday, January 14, 2026)]
[Proposed Rules]
[Pages 1471-1473]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00595]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 704
RIN 3133-AF84
Corporate Credit Unions
AGENCY: National Credit Union Administration (NCUA).
ACTION: Proposed rule.
-----------------------------------------------------------------------
SUMMARY: The NCUA Board (Board) is issuing for public comment a
proposal to rescind its Interpretive Ruling and Policy Statement (IRPS)
11-02, which addresses chartering corporate credit unions, because it
is redundant to the Federal Corporate Credit Union Chartering Manual.
This action will eliminate potential confusion.
DATES: Comments must be received by March 16, 2026.
ADDRESSES: Comments may be submitted in one of the following ways.
(Please send comments by one method only):
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
The docket number for this proposed rule is NCUA-2026-0037. Follow the
``Submit a comment'' instructions. If you are reading this document on
<a href="http://federalregister.gov">federalregister.gov</a>, you may use the green ``SUBMIT A PUBLIC COMMENT''
button beneath this rulemaking's title to submit a comment to the
<a href="http://regulations.gov">regulations.gov</a> docket. A plain language summary of the proposed rule
is also available on the docket website.
<bullet> Mail: Address to Melane Conyers-Ausbrooks, Secretary of
the Board, National Credit Union Administration, 1775 Duke Street,
Alexandria, Virginia 22314-3428.
<bullet> Hand Delivery/Courier: Same as mailing address.
Mailed and hand-delivered comments must be received by the close of
the comment period.
Public Inspection: Please follow the search instructions on <a href="https://www.regulations.gov">https://www.regulations.gov</a> to view the public comments. Do not include any
personally identifiable information (such as name, address, or other
contact information) or confidential business information that you do
not want publicly disclosed. All comments are public records; they are
publicly displayed exactly as received and will not be deleted,
modified, or redacted. Comments may be submitted anonymously. If you
are unable to access public comments on the internet, you may contact
the NCUA for alternative access by calling (703) 518-6540 or emailing
<a href="/cdn-cgi/l/email-protection#f7b8b0b4ba969e9bb799948296d9909881"><span class="__cf_email__" data-cfemail="69262e2a2408000529070a1c08470e061f">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Rachel Ackmann, Senior Attorney,
Office of General Counsel, at (703) 548-2601 or at the above address.
SUPPLEMENTARY INFORMATION:
I. Introduction
A. Background
The Board issued IRPS 11-02 in 2011 following the 2008-2009
financial crisis and the restructuring of the corporate credit union
system. As part of that restructuring, the Board believed some groups
of consumer credit unions would form new corporate credit unions. The
Board sought to provide uniform requirements for prospective new
corporate federal credit unions (FCUs) and the NCUA's standards for
evaluating applications. On September 24, 2010, the Board issued a
proposed
[[Page 1472]]
IRPS setting forth the requirements and process for chartering
corporate FCUs because previous corporate chartering guidance had been
withdrawn.\1\ After reviewing public comments, a final IRPS was issued
on February 24, 2011.\2\ The final IRPS set forth requirements for
prospective new corporate FCUs and the NCUA's standards for evaluating
applications. It also included detailed timelines for processing
charter applications. The NCUA also issued the Federal Corporate Credit
Union Chartering Manual (chartering manual) as a companion resource to
IRPS 11-02.\3\
---------------------------------------------------------------------------
\1\ 75 FR 60651 (Oct. 1, 2010).
\2\ 76 FR 10209 (Feb. 24, 2011).
\3\ Available on NCUA's website, <a href="https://ncua.gov/files/publications/FederalCorporateCUCharteringManual.pdf">https://ncua.gov/files/publications/FederalCorporateCUCharteringManual.pdf</a>.
---------------------------------------------------------------------------
Following the issuance of IRPS 11-02 and the chartering manual, the
NCUA chartered a new corporate FCU as part of restructuring the
corporate system. The NCUA, however, has not chartered any new
corporate FCU in the last 10 years.
B. Legal Authority
The Board is issuing this rule pursuant to its authority under the
Federal Credit Union Act (FCU Act).\4\ Under the FCU Act, the NCUA is
the chartering and supervisory authority for FCUs and the federal
supervisory authority for federally insured credit unions (FICUs). The
FCU Act grants the NCUA a broad mandate to issue regulations governing
both FCUs and FICUs. Section 120 of the FCU Act is a general grant of
regulatory authority and authorizes the Board to prescribe regulations
for the administration of the FCU Act.\5\ Section 209 of the FCU Act is
a plenary grant of regulatory authority to the NCUA to issue
regulations necessary or appropriate to carry out its role as share
insurer for all FICUs.\6\ The FCU Act also includes an express grant of
authority for the Board to subject federally chartered central, or
corporate, credit unions to such rules, regulations, and orders as the
Board deems appropriate.\7\
---------------------------------------------------------------------------
\4\ 12 U.S.C. 1751 et seq.
\5\ 12 U.S.C. 1766(a).
\6\ 12 U.S.C. 1789.
\7\ 12 U.S.C. 1766(a).
---------------------------------------------------------------------------
II. Proposed Rule
The Board is proposing to rescind IRPS 11-02 because it is no
longer needed. The Board believes that it is reasonable to rely on the
chartering manual for NCUA guidance and procedure on corporate FCU
chartering. The Board expects the rescission of IRPS 11-02 to reduce
regulatory burden generally by limiting the number of sources that FCUs
must check to ensure compliance with laws and regulations.
The Board solicits comments on all aspects of this proposal.
III. Regulatory Procedures
A. Providing Accountability Through Transparency Act of 2023
The Providing Accountability Through Transparency Act of 2023 (5
U.S.C. 553(b)(4)) requires that a notice of proposed rulemaking include
the internet address of a summary of not more than 100 words in length
of a proposed rule, in plain language, that shall be posted on the
internet website under section 206(d) of the E-Government Act of 2002
(44 U.S.C. 3501 note) (commonly known as <a href="http://regulations.gov">regulations.gov</a>).
The Board is issuing for public comment a proposal to rescind IRPS
11-02 regarding chartering corporate credit unions.
The proposal and the required summary can be found at <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
B. Executive Orders 12866, 13563, and 14192
Pursuant to Executive Order 12866 (``Regulatory Planning and
Review''), a determination must be made whether a regulatory action is
significant and therefore subject to review by the Office of Management
and Budget (OMB) in accordance with the requirements of the executive
Order.\8\ Executive Order 13563 (``Improving Regulation and Regulatory
Review'') supplements and reaffirms the principles, structures, and
definitions governing contemporary regulatory review established in
Executive Order 12866.\9\ This proposed rule was drafted and reviewed
in accordance with Executive Order 12866 and Executive Order 13563. OMB
has determined that this proposed rule is not a ``significant
regulatory action'' as defined in section 3(f) of Executive Order
12866.
---------------------------------------------------------------------------
\8\ 58 FR 51735 (Oct. 4, 1993).
\9\ 76 FR 3821 (Jan. 21, 2011).
---------------------------------------------------------------------------
Executive Order 14192 (``Unleashing Prosperity Through
Deregulation'') requires that any new incremental costs associated with
new regulations shall, to the extent permitted by law, be offset by the
elimination of existing costs associated with at least 10 prior
regulations.\10\ This proposed rule is expected to be a deregulatory
action for purposes of Executive Order 14192.
---------------------------------------------------------------------------
\10\ 90 FR 9065 (Feb. 6, 2025).
---------------------------------------------------------------------------
C. The Regulatory Flexibility Act
The Regulatory Flexibility Act generally requires an agency to
conduct a regulatory flexibility analysis of any rule subject to notice
and comment rulemaking requirements, unless the agency certifies that
the rule will not have a significant economic impact on a substantial
number of small entities. If the agency makes such a certification, it
shall publish the certification at the time of publication of either
the proposed rule or the final rule, along with a statement providing
the factual basis for such certification. For purposes of this
analysis, the NCUA considers small credit unions to be those having
under $100 million in assets. The Board fully considered the potential
economic impacts of the regulatory amendments on small credit unions.
There are no corporate credit unions under $100 million in assets.
Also, the Board finds it unlikely that prospective corporate credit
unions would be under that threshold.
Therefore, the Board certifies that the proposed rule would not
have a significant economic impact on a substantial number of small
entities.
D. The Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) generally provides that
an agency may not conduct or sponsor, and not withstanding any other
provision of law, a person is not required to respond to, a collection
of information, unless it displays a currently valid Office of
Management and Budget control number. The PRA applies to rulemakings in
which an agency creates a new or amends existing information collection
requirements. For purposes of the PRA, an information-collection
requirement may take the form of a reporting, recordkeeping, or a
third-party disclosure requirement. The NCUA has determined that the
changes in the IRPS do not create a new information collection or
revise an existing information collection as defined by the PRA.
E. Executive Order 13132 on Federalism
Executive Order 13132 encourages certain regulatory agencies to
consider the impact of their actions on state and local interests. The
NCUA, an agency as defined in 44 U.S.C. 3502(5), complies with the
executive order to adhere to fundamental federalism principles. This
proposed rescission would remove guidance regarding procedures and
timelines for chartering federal corporate credit unions and does not
impact state-chartered corporate credit unions. The rulemaking would
therefore
[[Page 1473]]
not have direct effect on the states, the relationship between the
national government and the states, or on the distribution of power and
responsibilities among the various levels of government.
F. Assessment of Federal Regulations and Policies on Families
The NCUA has determined that this proposed rule would not affect
family well-being within the meaning of section 654 of the Treasury and
General Government Appropriations Act, 1999.\11\ The proposed
rescission is exclusively concerned with chartering federal corporate
credit unions. While the proposed rule is intended to maintain a strong
corporate system to support consumer credit unions in their provision
of financial services to members, the potential positive effect on
family well-being, including financial well-being is, at most,
indirect.
---------------------------------------------------------------------------
\11\ Public Law 105-277, 112 Stat. 2681 (1998).
By the National Credit Union Administration Board, this 9th day
of January, 2026.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2026-00595 Filed 1-13-26; 8:45 am]
BILLING CODE 7535-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on January 14, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.