81 FR 38737 - Agency Information Collection Activities: Proposed Collection; Comment Request; Supervisory Committee Audits and Verifications

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 81, Issue 114 (June 14, 2016)

NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a reinstatement of a previously approved collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35).

[Federal Register Volume 81, Number 114 (Tuesday, June 14, 2016)]
[Notices]
[Pages 38737-38738]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-13949]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request; Supervisory Committee Audits and Verifications

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on a reinstatement of a previously approved 
collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 
104-13, 44 U.S.C. Chapter 35).

DATES: Written comments should be received on or before August 15, 2016 
to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax 
No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0059.
    Title: Supervisory Committee Audits and Verifications, 12 CFR part 
715.
    Abstract: Title 12 CFR part 715 prescribes the responsibilities of 
the supervisory committee to obtain an audit of the credit union and 
verification of member accounts as outlined in Section 115 of the 
Federal Credit Union Act (Act), 12 U.S.C. 1761d. A supervisory 
committee audit is required at least once every calendar year covering 
the period since the last audit and to conduct a verification of 
members' accounts not less frequently than once every two years. The 
Act specifies the minimum annual audit a credit union is required to 
obtain according to its charter type and asset size, the licensing 
authority required of persons performing certain audits, the auditing 
principles which apply to certain audits, and the accounting principles 
which must be followed in reports filed with the NCUA Board.
    The information is used by both the credit union and the NCUA to 
ensure through audit testing that the credit union's assets, 
liabilities, equity, income, and expenses exist, are properly valued, 
controlled and meet ownership, disclosure and classification 
requirements of sound financial reporting.
    A written report on the audit must be made to the board of 
directors and, if requested, NCUA. Working papers must be maintained 
and made available to NCUA. Independence requirements must be met; 
standards governing verifications and the methods used to verify 
member's passbooks and accounts are set forth. Section 741.202 makes 
these requirements applicable to federally insured state-chartered 
credit unions.
    Type of Review: Extension of a previously approved collection.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated No. of Respondents: 6,025.
    Estimated No. of Responses per Respondent: 3.42.
    Estimated Annual Responses: 20,600.
    Estimated Burden Hours per Response: 1.88.
    Estimated Total Annual Burden Hours: 38,693.
    Adjustments in the number of credit unions reflect a decrease from 
the previous submission and recordkeeping requirements associated with 
the membership verification, previously omitted, are now included in 
this request.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the

[[Page 38738]]

request for Office of Management and Budget approval. All comments will 
become a matter of public record. The public is invited to submit 
comments concerning: (a) Whether the collection of information is 
necessary for the proper performance of the function of the agency, 
including whether the information will have practical utility; (b) the 
accuracy of the agency's estimate of the burden of the collection of 
information, including the validity of the methodology and assumptions 
used; (c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of the information on the respondents, including the use of 
automated collection techniques or other forms of information 
technology.
    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on June 8, 2016.

    Dated: June 8, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-13949 Filed 6-13-16; 8:45 am]
 BILLING CODE 7535-01-P