80 FR 52342 - Agency Information Collection Activities: Request for Comments for Reinstatement With Change of a Previously Approved Collection, Banks Conversions and Mergers
NATIONAL CREDIT UNION ADMINISTRATION Federal Register Volume 80, Issue 167 (August 28, 2015)
Federal Register Volume 80, Issue 167 (August 28, 2015)
| Page Range | 52342-52344 | |
| FR Document | 2015-21334 |
[Federal Register Volume 80, Number 167 (Friday, August 28, 2015)] [Notices] [Pages 52342-52344] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-21334] ======================================================================= ----------------------------------------------------------------------- NATIONAL CREDIT UNION ADMINISTRATION Agency Information Collection Activities: Request for Comments for Reinstatement With Change of a Previously Approved Collection, Banks Conversions and Mergers AGENCY: National Credit Union Administration (NCUA). ACTION: Request for comments. ----------------------------------------------------------------------- SUMMARY: The NCUA intends to submit the following information collection 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 60 days of public comment. The information collection relates to NCUA's regulation on conversions of federally insured credit unions (FICUs) to mutual savings banks (MSBs) and mergers of FICUs into banks. The regulation requires an insured credit union that proposes to convert to an MSB or merge into a bank to provide notice and disclosure of the proposal to members and NCUA and to conduct a membership vote. DATES: Comments will be accepted until October 27, 2015. ADDRESSES: Interested persons 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: OCIOPRA@ncua.gov. 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: oirasubmission@omb.eop.gov. 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- [[Page 52343]] 3428, Fax No. 703-837-2861, Email: OCIOPRA@ncua.gov. SUPPLEMENTARY INFORMATION: I. Abstract and Request for Comments NCUA is requesting reinstatement, with change, of the previously approved collection of information for NCUA's regulation on Bank Conversions and Mergers, 12 CFR part 708a (Part 708a), which provides the requirements for conversions of FICUs to MSBs and mergers of FICUs into banks. Part 708a requires an insured credit union that proposes to convert to an MSB or to merge into a bank to provide notice and disclosure of the proposal to members and NCUA and to conduct a membership vote. These requirements are authorized under section 205(b)(2) of the Federal Credit Union Act, 12 U.S.C. 1785(b)(2). They are also necessary to ensure safety and soundness in the credit union industry, and to protect the interests of credit union members in the charter conversion and merger contexts. Submission of this information is designed to ensure NCUA has sufficient information to administer the member vote in an MSB conversion and to approve or disapprove a proposed merger into a bank. The information collection allows NCUA to ensure compliance with statutory and regulatory requirements for conversions and mergers. It also ensures that members of credit unions have sufficient and accurate information to exercise an informed vote concerning a proposed conversion or merger. Subpart A of Part 708a (Subpart A) covers the conversion of insured credit unions to MSBs. Subpart A requires insured credit unions that intend to convert to MSBs to provide notice and disclosure of their intent to convert to their members and NCUA. It also requires insured credit unions to provide additional information to NCUA at various points in the conversion process. Subpart C of Part 708a (Subpart C) covers the merger of insured credit unions into banks. Subpart C requires insured credit unions that intend to merge into banks (both mutual and stock banks) to determine the merger value of the credit union and provide notice and disclosure of their intent to merge to their members and NCUA. It also requires insured credit unions to provide additional information to NCUA at various points in the merger process. The categories of burden and burden hours for credit unions complying with Part 708a may include the following: Conversions to MSBs: In the last five years, five credit unions have engaged in MSB conversion transactions. NCUA estimates it takes an average of approximately 300 hours to comply with the notice and disclosure requirements of Subpart A. Of the 300 hours, NCUA estimates that respondents will spend approximately 50 hours on recordkeeping, 42 hours on reporting, and 208 hours on third-party disclosure. Based on NCUA's experience, NCUA estimates that in the future one insured credit union will engage in an MSB conversion transaction in any given year, so that the total annual collection burden is estimated to be approximately 300 hours. The credit union is required to: a. Publish advance notice of intent to convert (section 708a.103(a))--3 hours; b. Solicit and review member comments on the advance notice (sections 708a.103(a) and (b))--4 hours; c. Have the directors approve the conversion proposal (section 708a.103(c))--50 hours; d. Notify NCUA of intent to convert (section 708a.105)--40 hours; e. Prepare a directors' certification of support for the conversion proposal and submit to NCUA (section 708a.105(a)(2))--1 hour; f. Prepare and mail notices to members and conduct a membership vote on the proposed conversion (sections 708a.104, 708a.106)--200 hours; g. Transmit, upon request, a member's communication to the other members (section 708a.104(f))--1 hour; and h. Prepare a member vote certification and submit to NCUA (section 708a.107)--1 hour. Mergers into Banks: In the last five years, no credit unions have engaged in bank merger transactions. If a credit union were to engage in a bank merger transaction in the future, NCUA estimates it would take approximately 410 hours to comply with the merger valuation, notice, and disclosure requirements of Subpart C. Of the 410 hours, NCUA estimates that respondents will spend approximately 100 hours on recordkeeping, 102 hours on reporting, and 208 hours on third-party disclosure. NCUA estimates that in the future one insured credit union will engage in a bank merger transaction in any given year, so that the total annual collection burden is estimated to be approximately 410 hours. The credit union is required to: a. Obtain a merger valuation (section 708a.303(a))--50 hours; b. Publish advance notice of intent to merge (section 708a.303(b))--3 hours; c. Solicit and review member comments on the advance notice (section 708a.303(c))--4 hours; d. Conduct due diligence and have the directors approve the merger proposal (sections 708a.303(d), 708a.304(d))--50 hours; e. Prepare the Merger Plan and Notice of Intent to Merge and Request for NCUA Authorization and submit to NCUA (sections 708a.304(a) and (b))--100 hours; f. Prepare a directors' certification of support for the merger proposal and submit to NCUA (section 708a.304(c))--1 hour; g. Prepare and mail notices to members and conduct a membership vote on the proposed merger (sections 708a.305, 708a.306)--200 hours; h. Transmit, upon request, a member's communication to the other members (section 708a.305(g))--1 hour; and i. Prepare a member vote certification and submit to NCUA (section 708a.307)--1 hour. 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 for part 708a to the location 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 of the information collection, 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 information collection on 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: Bank Conversions and Mergers, 12 CFR part 708a. OMB Number: Previously approved under OMB Number 3133-0182. Form Number: None. Type of Review: Reinstatement, with change, of a previously approved collection. Description: Part 708a requires an insured credit union that proposes to convert to an MSB or to merge into a bank to provide notice and disclosure of the proposal to members and NCUA and [[Page 52344]] to conduct a membership vote. Submission of this information is designed to ensure NCUA has sufficient information to administer the member vote in an MSB conversion and to approve or disapprove a proposed merger into a bank. The information collection allows NCUA to ensure compliance with statutory and regulatory requirements for conversions and mergers. It also ensures that members of credit unions have sufficient and accurate information to exercise an informed vote concerning a proposed conversion or merger. Respondents: Federally insured credit unions. Estimated Number of Respondents: 2. Estimated Number of Responses: 2. Frequency of Response: One-time; on occasion. Estimated Time per Response: Ranges from 300 to 410 hours. Estimated Total Annual Hour Burden: 710 hours. Estimated Total Annual Cost: $28,400.00 By the National Credit Union Administration Board on August 25, 2015. Gerard Poliquin, Secretary of the Board. [FR Doc. 2015-21334 Filed 8-27-15; 8:45 am] BILLING CODE 7535-01-P
![52342 Federal Register / Vol. 80, No. 167 / Friday, August 28, 2015 / Notices
collection techniques or the use of other participants gain experience by (1) on respondents, including automated
forms of information technology. utilizing NASA’s Earth Science satellite collection techniques or the use of other
and airborne resources, to include forms of information technology.
Frances Teel,
remote sensing and geographic
NASA PRA Clearance Officer. Frances Teel,
information systems (GIS), and (2)
[FR Doc. 2015–21277 Filed 8–27–15; 8:45 am] communicating research results. NASA PRA Clearance Officer.
BILLING CODE 7510–13–P DEVELOP projects serve the global [FR Doc. 2015–21279 Filed 8–27–15; 8:45 am]
community and extend NASA Earth BILLING CODE 7510–13–P
Science research and technology to
NATIONAL AERONAUTICS AND benefit society. A focus on both
SPACE ADMINISTRATION professional and personal development NATIONAL CREDIT UNION
is central to DEVELOP’s ten week ADMINISTRATION
Notice of Information Collection;
Notice (15–072) sessions, which are conducted annually
during the spring, summer, and fall. Agency Information Collection
AGENCY: National Aeronautics and The DEVELOP research opportunity is Activities: Request for Comments for
Space Administration (NASA). available to individuals 18 years and Reinstatement With Change of a
ACTION: Notice of information collection. older and includes transitioning career Previously Approved Collection, Banks
professionals (including veterans of the Conversions and Mergers
SUMMARY: The National Aeronautics and Armed Forces), recent college/ AGENCY: National Credit Union
Space Administration, as part of its university graduates, and currently Administration (NCUA).
continuing effort to reduce paperwork enrolled students. Information is
and respondent burden, invites the ACTION: Request for comments.
collected through an online process
general public and other Federal from individuals interested in SUMMARY: The NCUA intends to submit
agencies to take this opportunity to participating in the NASA DEVELOP the following information collection to
comment on proposed and/or Program for a ten week session. the Office of Management and Budget
continuing information collections, as Information collected from individuals (OMB) for review and clearance under
required by the Paperwork Reduction includes a completed application, the Paperwork Reduction Act of 1995
Act of 1995 (Public Law 104–13, 44 academic transcript, resume, and two (Pub. L. 104–13, 44 U.S.C. Chapter 35).
U.S.C. 3506(c)(2)(A)). letters of recommendation references The purpose of this notice is to allow for
DATES: All comments should be per applicant. 60 days of public comment. The
submitted within 30 calendar days from With the growing societal role of information collection relates to
the date of this publication. science and technology in today’s global NCUA’s regulation on conversions of
ADDRESSES: Interested persons are workplace, DEVELOP is fostering an federally insured credit unions (FICUs)
invited to submit written comments adept corps of tomorrow’s scientists and to mutual savings banks (MSBs) and
regarding the proposed information leaders. mergers of FICUs into banks. The
collection to the Office of Information II. Method of Collection regulation requires an insured credit
and Regulatory Affairs, Office of union that proposes to convert to an
Management and Budget, 725 7th Street Electronic. MSB or merge into a bank to provide
NW., Washington, DC 20543. Attention: III. Data notice and disclosure of the proposal to
Desk Officer for NASA. members and NCUA and to conduct a
Title: DEVELOP National Program
FOR FURTHER INFORMATION CONTACT: membership vote.
Application.
Requests for additional information or OMB Number: 2700–XXXX. DATES: Comments will be accepted until
copies of the information collection Type of review: Existing collection in October 27, 2015.
instrument(s) and instructions should use without an OMB Control Number. ADDRESSES: Interested persons are
be directed to Frances Teel, NASA PRA Affected Public: Individuals. invited to submit written comments to
Clearance Officer, NASA Headquarters, Estimated Number of Respondents: the NCUA Contact and the OMB
300 E Street SW., Mail Code JF000, 2,850. Reviewer listed below:
Washington, DC 20546, or Estimated Time per Response: NCUA Contact: Joy Lee, National Credit
Frances.C.Teel@NASA.gov. Variable. Union Administration, 1775 Duke
SUPPLEMENTARY INFORMATION: Estimated Total Annual Burden Street, Alexandria, Virginia 22314–
Hours: 2,100. 3428, Fax No. 703–837–2861, Email:
I. Abstract
Estimated Total Annual Cost to OCIOPRA@ncua.gov.
NASA promotes activities to Respondents: $37,275. OMB Reviewer: Office of Management
demonstrate innovative uses and and Budget, ATTN: Desk Officer for
practical benefits of NASA Earth science IV. Request for Comments
the National Credit Union
data, scientific knowledge, and Comments are invited on: (1) Whether Administration, Office of Information
technology. NASA’s Applied Sciences the proposed collection of information and Regulatory Affairs, Washington,
Program established the DEVELOP is necessary for the proper performance DC 20503, Email: oirasubmission@
National Program to research of the functions of NASA, including omb.eop.gov.
environmental management and public whether the information collected has
policy issues at the state and local level. practical utility; (2) the accuracy of FOR FURTHER INFORMATION CONTACT:
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Under the guidance of NASA and NASA’s estimate of the burden Requests for additional information, a
partner organization science advisors, (including hours and cost) of the copy of the information collection
DEVELOP enables participants to lead proposed collection of information; (3) request, or a copy of submitted
research projects that utilize NASA ways to enhance the quality, utility, and comments should be directed to:
Earth observations to address clarity of the information to be NCUA Contact: Joy Lee, National Credit
community concerns and public policy collected; and (4) ways to minimize the Union Administration, 1775 Duke
issues. Through teams, DEVELOP burden of the collection of information Street, Alexandria, Virginia 22314–
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![52344 Federal Register / Vol. 80, No. 167 / Friday, August 28, 2015 / Notices
to conduct a membership vote. ADDRESSES: Interested persons are methodology and assumptions used; (c)
Submission of this information is invited to submit written comments on ways we could enhance the quality,
designed to ensure NCUA has sufficient the information collection to: utility, and clarity of the information to
information to administer the member NCUA Contact: Joy Lee, National Credit be collected; and (d) ways we could
vote in an MSB conversion and to Union Administration, 1775 Duke minimize the burden of the collection of
approve or disapprove a proposed Street, Alexandria, Virginia 22314– the information on the respondents such
merger into a bank. The information 3428, Fax No. 703–837–2861, Email: as through the use of automated
collection allows NCUA to ensure OCIOPRA@ncua.gov. collection techniques or other forms of
compliance with statutory and OMB Reviewer: Office of Management information technology. It is NCUA’s
regulatory requirements for conversions and Budget, ATTN: Desk Officer for policy to make all comments available
and mergers. It also ensures that the National Credit Union to the public for review.
members of credit unions have Administration, Office of Information II. Data
sufficient and accurate information to and Regulatory Affairs, Washington,
exercise an informed vote concerning a DC 20503. Title: Organization and Operations of
proposed conversion or merger. FOR FURTHER INFORMATION CONTACT: Federal Credit Unions Loan
Respondents: Federally insured credit Requests for additional information, a Participation.
unions. copy of the information collection OMB Number: 3133–0141.
Form Number: None.
Estimated Number of Respondents: 2. request, or a copy of submitted
Type of Review: Reinstatement with
Estimated Number of Responses: 2. comments should be directed to:
change of an approved collection.
Frequency of Response: One-time; on NCUA Contact: Joy Lee, National Credit Description: Section 701.22 of
occasion. Union Administration, 1775 Duke NCUA’s regulations, 12 CFR 701.22,
Estimated Time per Response: Ranges Street, Alexandria, Virginia 22314– outlines the requirements for the
from 300 to 410 hours. 3428, Fax No. 703–837–2861 Email: administration of a loan participation
Estimated Total Annual Hour Burden: OCIOPRA@ncua.gov. program. Section 741 of NCUA’s
710 hours. SUPPLEMENTARY INFORMATION: regulations, 12 CFR 741.225, extends 12
Estimated Total Annual Cost: I. Abstract and Request for Comments CFR 701.22 to Federally Insured State
$28,400.00 Chartered Credit Unions. Section 701.22
NCUA is requesting comments on the includes various collections which
By the National Credit Union reinstatement of 3133–0141
Administration Board on August 25, 2015. NCUA uses to ensure credit unions have
Organization and Operations of Federal implemented a safe and sound program.
Gerard Poliquin, Credit Unions Loan Participation Respondents: Federally insured credit
Secretary of the Board. information collection. NCUA’s unions.
[FR Doc. 2015–21334 Filed 8–27–15; 8:45 am] regulation, 12 CFR 701.22 outlines loan Estimated No. of Respondents/
BILLING CODE 7535–01–P participation requirements. Loan Recordkeepers: 1,515 for loan
participations pose inherent risk to the participation policy revision and loan
NCUSIF due to the interconnectedness agreement retention, 10 for waiver
NATIONAL CREDIT UNION between participants. Section 741.225 submission and 1 for appeal request.
ADMINISTRATION extends the requirements of Section Estimated Burden Hours per
701.22 of NCUA’s regulations to Response: 3 hours per policy revision, 4
Agency Information Collection Federally Insured State Chartered Credit hours per waiver submission and 4
Activities: Request for Comments for Unions (FISCUs), noting there are strong hours per appeal.
Reinstatement With Change of a indications of potential risk to the Frequency of Response: One time and
Previously Approved Collection, NCUSIF from FISCUs’ loan optionally with each waiver submission.
Organization and Operation of a participation activity. Section 701.22 Estimated Total Annual Burden
Federal Credit Union Loan includes three collection requirements Hours: 4,589 hours total.
Participation (1) maintenance of a written policy, (2) Estimated Total Annual Cost:
AGENCY: National Credit Union requirements on the purchasing credit $146,342.
Administration (NCUA). union to have a written loan By the National Credit Union
participation agreement, (3) options to Administration Board on August 25, 2015.
ACTION: Request for comment. apply for waivers from concentration Gerard Poliquin,
limits. Secretary of the Board.
SUMMARY: National Credit Union An agency may not conduct or
Administration is announcing that a sponsor, and a person is not required to [FR Doc. 2015–21333 Filed 8–27–15; 8:45 am]
proposed collection of information has respond to, a collection of information BILLING CODE 7535–01–P
been submitted to the Office of unless it displays a currently valid OMB
Management and Budget (OMB) for control number.
review and clearance under the NCUA requests that you send your NATIONAL SCIENCE FOUNDATION
Paperwork Reduction Act of 1995 comments on the information collection
(PRA). This is related to NCUA’s requirements under Part 701 to the Notice of Permits Issued Under the
regulation 701.22 that outlines locations listed in the addresses section. Antarctic Conservation Act of 1978
requirements for loan participation Your comments should address: (a) The AGENCY: National Science Foundation.
programs. The rule requires various
Lhorne on DSK5TPTVN1PROD with NOTICES
necessity of the information collection ACTION: Notice of permits issued under
information collections, which NCUA for the proper performance of NCUA,
uses to ensure credit unions have the Antarctic Conservation of 1978,
including whether the information will Public Law 95–541.
implemented a safe and sound loan have practical utility; (b) the accuracy of
participation program. our estimate of the burden (hours and SUMMARY: The National Science
DATES: Comments will be accepted until cost) of the collection of information, Foundation (NSF) is required to publish
October 27, 2015. including the validity of the notice of permits issued under the
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Document Created: 2015-12-15 11:04:20
Document Modified: 2015-12-15 11:04:20
| 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 comments. | |
| Dates | Comments will be accepted until October 27, 2015. | |
| Contact | Requests for additional information, a copy of the information collection request, or a copy of submitted comments should be directed to: | |
| FR Citation | 80 FR 52342 |
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