69U-110.005: Application and Filing Fee
69U-110.031: Powers
PURPOSE AND EFFECT: Rule 69U-110.005, F.A.C., is proposed for amendment to strike the requirement that application forms be filed in triplicate to reduce regulatory burdens. Rule 69U-110.031, F.A.C., is proposed for amendment to delete subparagraph (2)(a)2., to comport with changes to federal rules.
SUMMARY: Rule 69U-110.005, F.A.C., is proposed for amendment to strike the requirement that application forms be filed in triplicate to reduce regulatory burdens. Rule 69U-110.031, F.A.C., is proposed for amendment to delete subparagraph (2)(a)2., to comport with changes to federal rules.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:
The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.
The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: 1) No requirement for a SERC was triggered under Section 120.541(1); and 2) The amendments will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY: 655.012(2) FS.
LAW IMPLEMENTED: 657.005, 655.061, 657.031, 657.042 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Jeffrey Jones, Office of Financial Regulation, jeffrey.jones@flofr.com
THE FULL TEXT OF THE PROPOSED RULE IS:
69U-110.005 Application and Filing Fee.
Application for authority to organize and operate a credit union shall be made to OFR per Rule 69U-105.001 and Chapter 69U-105, Part I, F.A.C., and as follows:
(1) The organizers of the proposed credit union shall complete and file Form OFR-U-60, Application for Authority to Organize and Operate a Credit Union (revised 10/2006), which is hereby incorporated by reference, in triplicate and proposed bylaws on Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006), which is hereby incorporated by reference, in triplicate. The original shall be submitted to OFR with a nonrefundable filing fee of $250. A copy of such documents shall be submitted to the National Credit Union Administration and a copy shall be retained by the organizers.
(2) Each proposed director, member of the supervisory committee, member of the credit committee, and executive officer shall complete the biographical report section only of Form OFR-U-10, Interagency Biographical and Financial Report (revised 6/2006) and Form OFR-U-10-A, Addendum to Form OFR-U-10 (revised 6/2006), which are hereby incorporated by reference, in triplicate. The original shall be submitted to OFR, a copy of such documents shall be submitted to the National Credit Union Administration, and a copy shall be retained by the organizers.
(3) through (4) No change.
Rulemaking Specific Authority 655.012(2) FS. Law Implemented 657.005 FS. History–New 10-21-75, Amended 3-21-77, 10-13-81, Formerly 3C-30.02, 3C-30.002, Amended 10-8-95, Formerly 3C-110.005, Amended 3-6-07,_________.
69U-110.031 Powers.
(1) No change.
(2) General Powers Activities. Credit unions are authorized to engage in those general powers activities to provide financial services and benefits to their members without prior approval of the OFR, unless such approval is otherwise specifically required by law or is necessary to achieve competitive equality per Section 655.061, F.S. The following general powers activities are so authorized for competitive equality:
(a) Credit unions exempted from significant events reporting per Section 655.948(4)(a), F.S., and meeting the net worth and Capital, Asset, Management, Earnings and Liquidity (CAMEL) rating eligibility criteria for the National Credit Union Administration’s Regulatory Flexibility Program, as specified in 12 C.F.R Part 742 (2006), which is hereby incorporated by reference, may:
1. Establish and maintain Federal public unit and nonmember accounts in accordance with National Credit Union Administration (NCUA) Rule 701.32 (codified at 12 C.F.R. § 701.32 (2006)), which is hereby incorporated by reference, and the exemption of NCUA Rule 742.4(a) (codified at 12 C.F.R. § 742.4(a)(2006)), which is incorporated by reference in paragraph (a), consistent with the limitations of Chapter 280, F.S.;
2. Invest in real estate and equipment for the credit union as provided in Section 657.042(5), F.S., that may exceed five percent of the capital of the credit union, without prior notice or approval of the OFR; and
2.3. Invest in commercial mortgage related securities as may be permitted by NCUA Rule 703.16 (codified at 12 C.F.R. § 703.16 (2006)), which is hereby incorporated by reference, and the exemption, limitations and restrictions of NCUA Rule 742.4(b) (codified at 12 C.F.R. § 742.4(b) (2006)), which is incorporated by reference in paragraph (a).
(b) No change.
(3) No change.
Rulemaking Specific Authority 655.012(2) FS. Law Implemented 655.061, 657.031, 657.042 FS. History–New 3-6-07, Amended_________.