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)

Page Range		45558-45559
FR Document		2015-18696

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 Issue 146 (Thursday, July 30, 2015)

[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.

-----------------------------------------------------------------------

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

45558 Federal Register / Vol. 80, No. 146 / Thursday, July 30, 2015 / Notices

SAFEGUARDS: By the National Credit Union I. Abstract and Request for Comments
Information in the system is Administration on July 24, 2015.
NCUA is requesting reinstatement,
safeguarded in accordance with the Gerard Poliquin,
with change, of the previously approved
applicable laws, rules and policies Secretary of the Board. collection of information related to
governing the operation of federal [FR Doc. 2015–18639 Filed 7–29–15; 8:45 am] NCUA’s regulation on PCA, 12 CFR part
information systems. Information in the BILLING CODE P 702 (Part 702), which provides the
system that is available to the general requirements for PCA for federally
public does not include any privacy- insured credit unions (FICUs). Section
related information. Access to privacy- NATIONAL CREDIT UNION 216 of the Federal Credit Union Act (12
related information is password ADMINISTRATION U.S.C. 1790d) mandates the
protected and restricted to authorized requirements of PCA. Section 216
personnel. Agency Information Collection requires the NCUA Board to (1) adopt,
Activities: Submission to Office of by regulation, a system of PCA to restore
RETENTION AND DISPOSAL: Management and Budget Review for the net worth of inadequately
Records are maintained until they Reinstatement, With Change, of a capitalized FICUs; and (2) develop an
become inactive. Records are disposed Previously Approved Collection, alternative system of PCA for new credit
in accordance with NCUA record Prompt Corrective Action; Comment unions that carries out the purpose of
retention schedules and consistent with Request PCA while allowing reasonable time to
destruction methods appropriate to the build net worth to an adequate level.
type of information. AGENCY:National Credit Union
Part 702 implements the statutory
Administration (NCUA).
mandate by establishing a system of
SYSTEM MANAGER(S) AND ADDRESS:
ACTION: Request for comment. PCA to restore the net worth of
CUSO Program Officer, Office of inadequately capitalized FICUs. To
Examination and Insurance, National SUMMARY: The NCUA intends to submit achieve this, various information
Credit Union Administration, 1775 the following information collection collections are required on occasion as
Duke Street, Alexandria, VA 22314– related to NCUA’s Prompt Corrective the circumstances require.
3428. Action (PCA) regulation to the Office of In the Federal Register of January 22,
Management and Budget (OMB) for 2015 (80 FR 3256), NCUA published a
NOTIFICATION PROCEDURE:
review and clearance under the 60-day notice requesting public
An individual can determine if this Paperwork Reduction Act of 1995 comment on the proposed collection of
system contains a record pertaining to (Pub. L. 104–13, 44 U.S.C. Chapter 35). information. NCUA received no
the individual by addressing a request The purpose of this notice is to allow for comments.
in writing to the system manager listed 30 days of public comment. NCUA uses An agency may not conduct or
above. If there is no record on the the information provided for this sponsor, and a person is not required to
individual, the individual will be so collection to ensure the purpose of PCA respond to, a collection of information
advised. The individual must provide is being carried out and that credit unless it displays a currently valid OMB
his/her full name and identify the CUSO unions build adequate levels of net control number.
he/she is associated with as well as worth within a reasonable time. NCUA requests that you send your
contact information for a response. comments on this collection to the
DATES:Comments will be accepted until locations listed in the ADDRESSES
RECORD ACCESS PROCEDURES: August 31, 2015. section. Your comments should address:
Upon verification that an individual ADDRESSES: Interested parties are (a) The necessity of the information
has a record in the system, as invited to submit written comments to collection for the proper performance of
determined by the notification the NCUA Contact and the OMB NCUA, including whether the
procedure above, the system manager Reviewer listed below: information will have practical utility;
will provide the procedure for gaining NCUA Contact: Joy Lee, National (b) the accuracy of our estimate of the
access to available records. Credit Union Administration, 1775 burden (hours and cost) of the collection
Duke Street, Alexandria, Virginia of information, including the validity of
CONTESTING RECORD PROCEDURES:
22314–3428, Fax No. 703–837–2861, the methodology and assumptions used;
Requests to amend or correct a record (c) ways we could enhance the quality,
Email: OCIOPRA@ncua.gov.
should be directed to the system utility, and clarity of the information to
manager listed above. Requesters should OMB Reviewer: Office of Management
be collected; and (d) ways we could
also reasonably identify the record, and Budget, ATTN: Desk Officer for the
minimize the burden of the collection of
specify the information they are National Credit Union Administration,
the information on the respondents such
contesting, state the corrective action Office of Information and Regulatory
as through the use of automated
sought and the reasons for the Affairs, Washington, DC 20503, Email:
collection techniques or other forms of
correction along with supporting oirasubmission@omb.eop.gov.
information technology. It is NCUA’s
justification showing why the record is FOR FURTHER INFORMATION CONTACT: policy to make all comments available
not accurate, timely, relevant, or Requests for additional information, a to the public for review.
complete. copy of the information collection
request, or a copy of submitted II. Data
RECORD SOURCE CATEGORIES:
comments should be directed to: NCUA Title: Prompt Corrective Action, 12
Lhorne on DSK7TPTVN1PROD with NOTICES

Information is provided by the Contact: Joy Lee, National Credit Union CFR part 702.
individual to whom the record pertains Administration, 1775 Duke Street, OMB Number: 3133–0154.
or by a representative of the associated Alexandria, Virginia 22314–3428, Fax Form Number: None.
CUSO. No. 703–837–2861, Email: OCIOPRA@ Type of Review: Reinstatement, with
ncua.gov. change.
EXEMPTIONS CLAIMED FOR THE SYSTEM: Description: Part 702 provides for a
None. SUPPLEMENTARY INFORMATION: system of PCA. To comply with Part

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Document Created: 2018-02-23 09:30:21
Document Modified: 2018-02-23 09:30:21

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Request for comment.
Dates		Comments will be accepted until August 31, 2015.
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]
FR Citation		80 FR 45558