83 FR 49131 - Submission for OMB Review; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 83, Issue 189 (September 28, 2018)

The National Credit Union Administration (NCUA) will submit 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 83, Number 189 (Friday, September 28, 2018)]
[Notices]
[Page 49131]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21157]


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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 submit 
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.

DATES: Comments should be received on or before October 29, 2018 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of this 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, Suite 5080, Alexandria, VA 22314, or email 
at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing 
[email protected], or viewing the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0117.
    Type of Review: Revision of a currently approved collection.
    Title: Designation of Low Income Status, 12 CFR 701.34(a).
    Abstract: The Federal Credit Union Act (12 U.S.C. 1752(5)) 
authorizes the NCUA Board to define low-income members so that credit 
unions with a membership serving predominantly low-income members can 
benefit from certain statutory relief and receive assistance from the 
Community Development Revolving Loan Fund. To utilize this authority a 
credit union must receive a low-income designation from NCUA as defined 
in NCUA's regulations at 12 CFR 701.34. NCUA uses the information from 
credit unions to determine whether they meet the criteria for the low-
income designation.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 303.

    OMB Number: 3133-0121.
    Type of Review: Revision of a currently approved collection.
    Title: Notice of Change of Officials and Senior Executive Officers.
    Forms: NCUA Forms 4063 and 4063a.
    Abstract: In order to comply with statutory requirements, the 
agency must obtain sufficient information from new officials or senior 
executive officers of troubled or newly chartered credit unions to 
determine their fitness for the position. This is established by the 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 
(FIRREA) (Pub. L. 101-73). The forms provide a standardize format to 
collect the information needed.
    Affected Public: Private Sector: Not-for-profit institutions; 
Individual or Household.
    Estimated Total Annual Burden Hours: 884.

    OMB Number: 3133-0154.
    Type of Review: Extension of a currently approved collection.
    Title: Prompt Corrective Action, 12 CFR 702 (Subparts A-D).
    Abstract: Section 216 of the Federal Credit Union Act (12 U.S.C. 
1790d) mandates prompt corrective action (PCA) requirements for 
federally insured credit unions (FICUs) that become less than well 
capitalized. Section 216 requires the NCUA Board to (1) adopt, by 
regulation, a system of prompt corrective action to restore the net 
worth of inadequately capitalized FICUs; and (2) develop an alternative 
system of prompt corrective action for new credit unions that carries 
out the purpose of PCA while allowing an FICU reasonable time to build 
its net worth to an adequately capitalized level. The purpose of PCA is 
to resolve the problems of FICUs at the least possible long-term loss 
to the National Credit Union Share Insurance Fund (NCUSIF).
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 3,420.

    OMB Number: 3133-0169.
    Title: Purchase of Assets and Assumption of Liabilities.
    Type of Review: Extension of a currently approved collection.
    Abstract: In accordance with Sec.  741.8, federally insured credit 
unions (FICUs) must request approval from the NCUA prior to purchasing 
assets or assuming liabilities of a privately insured credit union, 
other financial institution, or their successor interest. A FICU 
seeking approval must submit a letter to the appropriate NCUA Regional 
Director stating the nature of the transaction, and include copies of 
relevant transaction documents. Relevant transaction documents may 
include, but are not limited to: the credit union's financial 
statements, strategic plan, and budget, inventory of the assets and 
liabilities to be transferred, and any relevant contracts or agreements 
regarding the transfer. NCUA will use the information to determine the 
safety and soundness of the transaction and risk to the National Credit 
Union Share Insurance Fund (NCUSIF).
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 840.

    OMB Number: 3133-0192.
    Type of Review: Extension of a currently approved collection.
    Title: Involuntary Liquidation Proof of Claim Form.
    Form: NCUA Form 7250.
    Abstract: In accordance with 12 CFR part 709, the NCUA is appointed 
liquidating agent of a credit union when the credit union is placed 
into involuntary liquidation. Section 709.6 instructs creditors to 
present a written claim to the liquidating agent by the date specified 
in the notice to creditors. Those creditors making a claim must 
document their claim in writing and submit a form to the liquidating 
agent. In addition, the liquidating agent may require a claimant to 
submit supplemental evidence to support its claim. This collection of 
information is necessary to protect the National Credit Union Share 
Insurance Fund in determining valid claims.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 220.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on September 25, 2018.
    Dated: September 25, 2018.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2018-21157 Filed 9-27-18; 8:45 am]
 BILLING CODE 7535-01-P