82 FR 9241 - Submission for OMB Review; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 82, Issue 22 (February 3, 2017)

The National Credit Union Administration (NCUA) will be submitting the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice.

[Federal Register Volume 82, Number 22 (Friday, February 3, 2017)]
[Notices]
[Pages 9241-9242]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-02316]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will be 
submitting the following information

[[Page 9242]]

collection requests to the Office of Management and Budget (OMB) for 
review and clearance in accordance with the Paperwork Reduction Act of 
1995, on or after the date of publication of this notice.

DATES: Comments should be received on or before March 6, 2017 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
NCUA, New Executive Office Building, Room 10235, Washington, DC 20503, 
or email at [email protected] and (2) NCUA PRA Clearance 
Officer, 1775 Duke Street, Alexandria, VA 22314, Suite 5067, or email 
at [email protected].

FOR FURTHER INFORMATION CONTACT:  Copies of the submission may be 
obtained by emailing [email protected] or viewing the entire 
information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0102.
    Title: Truth in Lending Act (TILA); Regulation Z.
    Abstract: The Truth in Lending Act (TILA) was enacted to foster 
comparison credit shopping and informed credit decision making by 
requiring accurate disclosure of the costs and terms of credit to 
consumers and to protect consumers against inaccurate and unfair credit 
billing practices. Regulation Z contains several provisions that impose 
information collection requirements: Open-end credit products; closed-
end credit; both open- and closed-end mortgage credit; specific 
residential mortgage types--namely, reverse mortgages and high cost 
mortgages with rates and fees above specified thresholds; private 
education loans, and information collection requirements related to 
Regulation Z's advertising and record retention rules.
    The collection of information pursuant to Part 1026 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model forms and 
clauses are appended to the regulation.
    Type of Review: Reinstatement of a previously approved collection.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 3,351,131.

    OMB Number: 3133-0152.
    Title: Management Official Interlocks, 12 CFR part 711.
    Abstract: The Depository Institution Management Interlocks Act (12 
U.S.C. 3201-3208) (``Interlocks Act'') generally prohibits financial 
institution management officials from serving simultaneously with two 
unaffiliated depository institutions or their holding companies. The 
Interlocks Act exempts interlocking arrangements between credit unions 
and, therefore, in the case of credit unions, only restricts interlocks 
between credit unions and other institutions-banks and thrifts and 
their holdings. A credit union must obtain approval to have a director 
in common with a diversified savings and loan holding company before 
dual service is to begin and maintain records to comply with the small 
market share exemption. The collection of information under Part 711 is 
needed to provide evidence of compliance with the requirements of the 
Interlocks Act.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 6.

    OMB Number: 3133-0165.
    Title: Fair Credit Reporting Act (FCRA); Regulation V.
    Abstract: The Fair Credit Reporting Act (FCRA), sets standards for 
the collection, communication, and use of information bearing on a 
consumer's creditworthiness, credit standing, credit capacity, 
character, general reputation, personal characteristics, or mode of 
living. The Dodd-Frank Wall Street Reform and Consumer Protection Act 
(DFA) amended a number of consumer financial protection laws, including 
most provisions of FCRA. In addition to substantive amendments, the DFA 
transferred rulemaking authority for most provisions of FCRA to the 
Consumer Financial Protection Bureau (CFPB). Pursuant to the DFA and 
FCRA, as amended, CFPB promulgated Regulation V, 12 CFR 1022, to 
implement those provisions of FCRA for which CFPB has rulemaking 
authority.
    Regulation V contains several requirements that impose information 
collection requirements: The negative information notice; risk-based 
pricing; the procedures to enhance the accuracy and integrity of 
information furnished to consumer reporting agencies; the duties upon 
notice of dispute from a consumer; the affiliate marketing opt-out 
notice, and the prescreened consumer reports opt-out notice.
    The DFA did not transfer certain rulemaking authority under FCRA. 
Specifically, the DFA did not transfer to CFPB the authority to 
promulgate: The requirement to properly dispose of consumer 
information; the rules on identity theft red flags and corresponding 
interagency guidelines on identity theft detection, prevention, and 
mitigation; and the rules on the duties of card issuers regarding 
changes of address. These provisions are promulgated in NCUA's Fair 
Credit Reporting regulation, 12 CFR 717, which applies to federal 
credit unions.
    The collection of information pursuant to Parts 1022 and 717 is 
triggered by specific events and disclosures and must be provided to 
consumers within the time periods established under the regulation. To 
ease the compliance cost (particularly for small credit unions), model 
clauses and sample forms are appended to the regulations.
    Type of Review: Reinstatement of a previously approved collection.
    Affected Public: Individuals or Households; Private Sector: Not-
for-profit institutions.
    Estimated Total Annual Burden Hours: 303,546.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on January 31, 2017.

    Dated: January 31, 2017.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2017-02316 Filed 2-2-17; 8:45 am]
 BILLING CODE 7535-01-P