Rule2026-16022
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
August 6, 2026
Effective
September 8, 2026
Issuing agencies
National Credit Union Administration
Abstract
The NCUA Board (Board) is issuing this action 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 eliminates potential confusion.
Full Text
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<title>Federal Register, Volume 91 Issue 150 (Thursday, August 6, 2026)</title>
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[Federal Register Volume 91, Number 150 (Thursday, August 6, 2026)]
[Rules and Regulations]
[Pages 50684-50686]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-16022]
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NATIONAL CREDIT UNION ADMINISTRATION
Corporate Credit Unions
12 CFR Part 704
RIN 3133-AF84
Corporate Credit Unions
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final action.
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SUMMARY: The NCUA Board (Board) is issuing this action 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
eliminates potential confusion.
DATES: This action is effective on September 8, 2026.
FOR FURTHER INFORMATION CONTACT: Office of General Counsel: Rachel
Ackmann, Senior Attorney, at (703) 548-2601 or at 1775 Duke Street,
Alexandria, VA 22314.
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 NCUA's standards for
evaluating applications. On September 24, 2010, the Board issued a
proposed IRPS setting forth the requirements and process for chartering
corporate FCUs because previous corporate chartering guidance had been
withdrawn.\1\ After reviewing public comments, the Board issued a final
IRPS on February 24, 2011.\2\ The final IRPS set forth requirements for
prospective new corporate FCUs and NCUA's standards for evaluating
applications. It also included detailed timelines for processing
charter applications. NCUA also issued the Federal Corporate Credit
Union Chartering Manual (chartering manual) as a companion resource to
IRPS 11-02.\3\
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\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>.
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Following the issuance of IRPS 11-02 and the chartering manual, the
Board chartered a new corporate FCU as part of restructuring the
corporate system. The Board, however, has not chartered any new
corporate FCU in the last 10 years.
The Board proposed to rescind IRPS 11-02 on January 14, 2026,
because it is no longer needed.\4\ The Board stated its belief that it
is reasonable to rely on the chartering manual for NCUA guidance on
corporate FCU chartering and that the proposed rule may reduce
redundancy and eliminate potential confusion by providing for only one
source on chartering federal corporate credit unions.
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\4\ 91 FR 1471 (Jan. 14, 2026).
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B. Legal Authority
The Board is issuing this final rule pursuant to its authority
under the FCU Act. Under the FCU Act, NCUA is the chartering and
supervisory authority for FCUs and the federal supervisory authority
for federally insured credit unions (FICUs).\5\ The FCU Act grants NCUA
a broad mandate to issue regulations governing both FCUs and all FICUs.
Section 120 of the FCU Act is a general grant of regulatory authority
and authorizes the Board to prescribe rules and regulations for the
administration of the FCU Act.\6\ Section 207 of the FCU Act is a
specific grant of authority over share insurance coverage,
conservatorships, and liquidations.\7\ Section 209 of the FCU Act is a
plenary grant of regulatory authority to issue rules and regulations
necessary or appropriate to carry out its role as share insurer for all
FICUs.\8\ Accordingly, the FCU Act grants the Board broad rulemaking
authority to ensure that the federally insured credit union industry
[[Page 50685]]
and the Share Insurance Fund remain safe and sound.
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\5\ 12 U.S.C. 1752-1775.
\6\ 12 U.S.C. 1766(a).
\7\ 12 U.S.C. 1787.
\8\ 12 U.S.C. 1789.
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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.\9\
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\9\ 12 U.S.C. 1766(a).
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II. Final Rule
A. Overview
This action follows publication of the proposed rule and takes into
consideration the comments received on the proposal. By the close of
the public comment period on March 16, 2026, the Board had received 10
public comments. Comments were submitted by individuals, state credit
union leagues, and national credit union trade associations. After
careful consideration of the issue raised by the commenters, the Board
has decided to adopt the proposal without change.
B. Discussion of Public Comments
This section of the preamble discusses the significant issues
raised by the commenters, and the Board's responses to the comments.
Two individual commenters were opposed to the proposed rule. These
commenters expressed general concerns about NCUA's deregulatory efforts
but did not have comments specific to the proposed rule.
Most commenters supported the proposed rule. Commenters discussed
how the IRPS is redundant with the chartering manual and that removing
it will reduce confusion as entities would only have one source to look
for guidance on chartering corporate credit unions. Commenters
generally stated this would lower regulatory burden and streamline
guidance without affecting safety or soundness. The Board agrees and
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. In conjunction with
removing IRPS 11-02, NCUA also intends to make technical updates to the
chartering manual. For example, the changes would update terminology
related to the responsible office and language reflecting electronic
submission.
One commenter who supported the rule generally, strongly encouraged
NCUA to ensure that the chartering manual remains easily accessible on
the agency's public website, that any updates are clearly marked and
dated, and that the agency provides notice and an opportunity for
public comment before implementing any substantive revisions. The Board
intends for the chartering manual to remain a public document. However,
the manual may be updated in the future without notice and comment
rulemaking as it is not a binding rule and instead serves a
guidance.\10\
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\10\ Available at, <a href="https://ncua.gov/files/publications/FederalCorporateCUCharteringManual.pdf">https://ncua.gov/files/publications/FederalCorporateCUCharteringManual.pdf</a> describing the chartering
manual as chartering guidance or chartering guidelines.
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III. Regulatory Procedures
A. 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
Information and Regulatory Affairs (OIRA), within the Office of
Management and Budget (OMB) in accordance with the requirements of the
Executive Order.\11\ 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.\12\ This final rule was drafted
and reviewed in accordance with Executive Order 12866 and Executive
Order 13563. OIRA has determined that this final rule is not a
``significant regulatory action'' as defined by section 3(f) of
Executive Order 12866.
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\11\ 58 FR 51735 (Oct. 4, 1993).
\12\ 76 FR 3821 (Jan. 21, 2011).
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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.\13\ This final rule is considered an Executive Order 14192
deregulatory action.
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\13\ 90 FR 9065 (Feb. 6, 2025).
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B. Regulatory Flexibility Act
The Regulatory Flexibility Act \14\ 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.\15\ For purposes of this
analysis, NCUA considers small credit unions to be those having under
$100 million in assets.\16\ The Board fully considered the potential
economic impacts of the regulatory amendments on small credit unions.
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\14\ 5 U.S.C. 601 et seq.
\15\ 5 U.S.C. 605(b).
\16\ 80 FR 57512 (Sept. 24, 2015).
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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. Accordingly, NCUA certifies the
final rule will not have a significant economic impact on a substantial
number of small credit unions.
C. 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 OMB control
number. The PRA applies to rulemaking 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. NCUA
has determined that the rescission of the IRPS does not create a new
information collection or revise an existing information collection as
defined by the PRA.
D. Executive Order 13132 on Federalism
Executive Order 13132 encourages independent regulatory agencies to
consider the impact of their actions on state and local interests.\17\
NCUA, an agency as defined in 44 U.S.C. 3502(5), voluntarily complies
with the executive order to adhere to fundamental federalism
principles. This rescission removes guidance regarding procedures and
timelines for chartering federal corporate credit unions and does not
impact state-chartered corporate credit unions. The rulemaking
therefore does 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.
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\17\ 64 FR 43255 (Aug. 4, 1999).
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[[Page 50686]]
E. Assessment of Federal Regulations and Policies on Families
NCUA has determined that this final rule will not affect family
well-being within the meaning of Section 654 of the Treasury and
General Government Appropriations Act, 1999.\18\ The rescission is
exclusively concerned with chartering federal corporate credit unions.
While the final 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.
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\18\ Public Law 105-277, 112 Stat. 2681 (1998).
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F. Congressional Review Act
Subtitle E of the Small Business Regulatory Enforcement Fairness
Act of 1996, also known as the Congressional Review Act (CRA),
generally provides for congressional review of agency rules.\19\ NCUA
must submit a report to Congress and the Comptroller General when it
issues a final rule, as defined by the CRA.\20\An agency rule, in
addition to being subject to congressional oversight, may also be
subject to a delayed effective date if the rule is a ``major rule.''
OIRA has determined that this rule is not a ``major rule'' within the
meaning of the relevant sections of the CRA. NCUA will also file
appropriate reports with Congress and the Comptroller General so this
rule may be reviewed.
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\19\ 5 U.S.C. 801-808.
\20\ 5 U.S.C. 804(3).
By the National Credit Union Administration Board, this 29th day
of July, 2026.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2026-16022 Filed 8-5-26; 8:45 am]
BILLING CODE 7535-01-P
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</html>Indexed from Federal Register on August 6, 2026.
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