80 FR 45558 - Agency Information Collection Activities: Submission to Office of Management and Budget Review for Reinstatement, With Change, of a Previously Approved Collection, Prompt Corrective Action; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 80, Issue 146 (July 30, 2015)

The NCUA intends to submit the following information collection related to NCUA's Prompt Corrective Action (PCA) regulation to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). The purpose of this notice is to allow for 30 days of public comment. NCUA uses the information provided for this collection to ensure the purpose of PCA is being carried out and that credit unions build adequate levels of net worth within a reasonable time.

[Federal Register Volume 80, Number 146 (Thursday, July 30, 2015)]
[Notices]
[Pages 45558-45559]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18696]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to Office of 
Management and Budget Review for Reinstatement, With Change, of a 
Previously Approved Collection, Prompt Corrective Action; Comment 
Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: The NCUA intends to submit the following information 
collection related to NCUA's Prompt Corrective Action (PCA) regulation 
to the Office of Management and Budget (OMB) for review and clearance 
under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. 
Chapter 35). The purpose of this notice is to allow for 30 days of 
public comment. NCUA uses the information provided for this collection 
to ensure the purpose of PCA is being carried out and that credit 
unions build adequate levels of net worth within a reasonable time.

DATES: Comments will be accepted until August 31, 2015.

ADDRESSES: Interested parties are invited to submit written comments to 
the NCUA Contact and the OMB Reviewer listed below:
    NCUA Contact: Joy Lee, National Credit Union Administration, 1775 
Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-2861, 
Email: [email protected].
    OMB Reviewer: Office of Management and Budget, ATTN: Desk Officer 
for the National Credit Union Administration, Office of Information and 
Regulatory Affairs, Washington, DC 20503, Email: 
[email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information, a 
copy of the information collection request, or a copy of submitted 
comments should be directed to: NCUA Contact: Joy Lee, National Credit 
Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-
3428, Fax No. 703-837-2861, Email: [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is requesting reinstatement, with change, of the previously 
approved collection of information related to NCUA's regulation on PCA, 
12 CFR part 702 (Part 702), which provides the requirements for PCA for 
federally insured credit unions (FICUs). Section 216 of the Federal 
Credit Union Act (12 U.S.C. 1790d) mandates the requirements of PCA. 
Section 216 requires the NCUA Board to (1) adopt, by regulation, a 
system of PCA to restore the net worth of inadequately capitalized 
FICUs; and (2) develop an alternative system of PCA for new credit 
unions that carries out the purpose of PCA while allowing reasonable 
time to build net worth to an adequate level. Part 702 implements the 
statutory mandate by establishing a system of PCA to restore the net 
worth of inadequately capitalized FICUs. To achieve this, various 
information collections are required on occasion as the circumstances 
require.
    In the Federal Register of January 22, 2015 (80 FR 3256), NCUA 
published a 60-day notice requesting public comment on the proposed 
collection of information. NCUA received no comments.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid OMB control number.
    NCUA requests that you send your comments on this collection to the 
locations listed in the ADDRESSES section. Your comments should 
address: (a) The necessity of the information collection for the proper 
performance of NCUA, including whether the information will have 
practical utility; (b) the accuracy of our estimate of the burden 
(hours and cost) of the collection of information, including the 
validity of the methodology and assumptions used; (c) ways we could 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways we could minimize the burden of the collection 
of the information on the respondents such as through the use of 
automated collection techniques or other forms of information 
technology. It is NCUA's policy to make all comments available to the 
public for review.

II. Data

    Title: Prompt Corrective Action, 12 CFR part 702.
    OMB Number: 3133-0154.
    Form Number: None.
    Type of Review: Reinstatement, with change.
    Description: Part 702 provides for a system of PCA. To comply with 
Part

[[Page 45559]]

702, a FICU may be subject to reporting requirements based on its net 
worth classification. Additionally, the rule allows FICUs to request 
waivers from certain requirements to which they may otherwise be 
subject. NCUA uses the information provided to ensure the purpose of 
PCA is being carried out and that FICUs build adequate levels of net 
worth within a reasonable time.
    Respondents: Federally insured credit unions.
    Estimated Number of Respondents: 642 FICUs.
    Estimated Burden Hours per Response: Varies by collection.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden Hours: 3,847 hours.
    Estimated Total Annual Cost: $122,680.33.

    By the National Credit Union Administration Board on July 24, 
2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-18696 Filed 7-29-15; 8:45 am]
 BILLING CODE 7535-01-P