NCUA's procedures for developing regulations are governed by the Administrative Procedure Act (5 U.S.C. 551 et seq.), the Regulatory Flexibility Act (5 U.S.C. 601 et seq.), and NCUA's policies for the promulgation of rules and regulations as set forth in its Interpretive Ruling and Policy Statement 87-2, as amended by Interpretive Ruling and Policy Statements 03-2 and 15-1.

Proposed rulemaking. Notices of proposed rulemaking are published in the Federal Register except as specified in paragraph (d) of this section or as otherwise provided by law. A notice of proposed rulemaking may also be identified as a “request for comments” or as a “proposed rule.” The notice will include:

A statement of the nature of the rulemaking proceedings;

Reference to the authority under which the rule is proposed;

Either the terms or substance of the proposed rule or a description of the subjects and issues involved; and

A statement of the effect of the proposed rule on state-chartered federally-insured credit unions.

Public participation. After publication of notice of proposed rulemaking, interested persons will be afforded the opportunity to participate in the making of the rule through the submission of written data, views, or arguments, delivered within the time prescribed in the notice of proposed rulemaking, to the Secretary, NCUA Board, 1775 Duke Street, Alexandria, VA 22314-3428. Interested persons may also petition the Board for the issuance, amendment, or repeal of any rule by mailing such petition to the Secretary of the Board at the address given in this section.

Exceptions to notice. The following are not subject to the notice requirement contained in paragraph (b) of this section:

Matters relating to agency management or personnel or to public property, loans, grants, benefits, or contracts;

When persons subject to the proposed rule are named and either personally served or otherwise have actual notice thereof in accordance with law;

Interpretive rules, general statements of policy, or rules of agency organization, procedure or practice, unless notice or hearing is required by statute; and

If the Board, for good cause, finds (and incorporates the finding and a brief statement therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest, unless notice or hearing is required by statute.

Effective dates. No substantive rule issued by NCUA shall be effective less than 30 days after its publication in the Federal Register, except that this requirement may not apply to:

Rules which grant or recognize an exemption or relieve a restriction;

Interpretive rules and statements of policy; or

Any substantive rule which the Board makes effective at an earlier date upon good cause found and published with such rule.

NCUA has an Office of Management and Budget (OMB) control number for rulemakings containing an information collection within the meaning of the Paperwork Reduction Act (44 U.S.C. 3501). A list of OMB control numbers is available to the public for review online at http://www.RegInfo.gov.