[Federal Register Volume 85, Number 112 (Wednesday, June 10, 2020)]
[Notices]
[Pages 35443-35444]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12569]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The National Credit Union Administration (NCUA), as part of a
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to comment on the
following extension of a currently approved collection, as required by
the Paperwork Reduction Act of 1995. The Office of Management and
Budget (OMB) had granted emergency approval for revisions to the
information collections requirements affected by NCUA's temporary final
rule, ``Regulatory Relief in Response to COVID-19,'' published April
21, 2020, at 85 FR 22010, in accordance with 5 CFR 1320.13. This OMB
approval is set to expire October 31, 2020.
DATES: Written comments should be received on or before August 10, 2020
to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Mackie Malaka, National Credit Union
Administration, 1775 Duke Street, Suite 6018, Alexandria, Virginia
22314; Fax No. 703-519-8579; or email at [email protected]. Given
the limited in-house staff because of the COVID-19 pandemic, email
comments are preferred.
FOR FURTHER INFORMATION CONTACT: Address requests for additional
information to Mackie Malaka at the address above or telephone 703-548-
2704.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0141.
Title: Organization and Operation of Federal Credit Unions--Loan
Participations, 12 CFR 701.22.
Abstract: NCUA rules and regulations, Sec. Sec. 701.22 and
741.225, outline the
[[Page 35444]]
requirements for a loan participation program. Federally insured credit
unions (FICU) are required to execute a written loan participation
agreement with the lead lender. Additionally, the rule requires all
FICUs to maintain a loan participation policy that establishes
underwriting standards and maximum concentration limits. Credit unions
may apply for waivers on certain key provisions of the rule. NCUA
reviews the loan participation policies and through these reviews
determine whether the credit union is engaging in a safe and sound loan
participation program.
Type of Review: Extension of a currently approved collection.
Affected Public: Private sector: not-for-profit institutions.
Estimated No. of Respondents: 1,898.
Estimated No. of Responses per Respondent: 2.
Estimated Total of Annual Responses: 3,806.
Estimated Burden Hours per Response: 0.79.
Estimated Total Annual Burden Hours: 3,025.
Reason for Change: Section 701.22 was amended to temporarily
raising the maximum aggregate amount of loan participation that a FICU
may purchase from a single originating lender to the greater of
$5,000,000 or 200 percent of the FICU's net worth. These temporary
modifications will be in place until December 31, 2020, unless
extended.
It is anticipated that there will be no increase in the number of
credit unions currently participating. It is estimated that these
credit unions may see a slight increase in the number of loan
participation agreements. The recordkeeping requirement to retain and
maintain a copy of the agreement is minimal, and would not impact the
recordkeeping burden. Because of the net worth increase, NCUA estimates
that the waiver request on the limits will be reduced by 50 percent,
for an estimated reduction of 20 burden hours.
OMB Number: 3133-0127.
Title: Purchase, Sale and Pledge of Eligible Obligations, 12 CFR
701.23.
Abstract: The Federal Credit Union Act limits the amount of
eligible obligations a federal credit union (FCU) is permitted to
purchase, sell, pledge, discount, receive or dispose of under Section
107(13), 12 U.S.C. 107. NCUA's rules and regulations further govern
this limitation by prescribing additional requirements under Sec.
701.23. The various information collections are in place to ensure a
FCU's activities related to the purchase, sale, and pledge of eligible
obligations comply with applicable laws and are conducted in a safe and
sound manner.
Type of Review: Extension of a currently approved collection.
Affected Public: Private sector: not-for-profit institutions.
Estimated No. of Respondents: 1,097.
Estimated No. of Responses per Respondent: 44.
Estimated Total of Annual Responses: 48,403.
Estimated Burden Hours per Response: 3.79
Estimated Total Annual Burden Hours: 12,748.
Reason for Change: Section 701.23 was amended to temporarily
suspend limitations on the eligible obligations that a FCU may purchase
and hold. These temporary modifications will be in place until December
31, 2020, unless extended.
NCUA estimates a minimal increase in the number of respondents from
the suspension of the limitations and in the number of agreements. The
recordkeeping requirement to retain and maintain these records would
increase based on this estimate. Due to the expanded authority, waivers
would not be necessary and appeals to the waivers are null during this
period. An estimated increase of 2,208 burden hours is due to this
change.
OMB Number: 3133-0040.
Title: Federal Credit Union Occupancy, Planning, and Disposal of
Acquired and Abandoned Premises, 12 CFR 701.36.
Abstract: The Federal Credit Union Act authorizes an FCU to
purchase, hold, and dispose of property necessary or incidental to its
operations under Section 107(4). NCUA Rules and Regulations implements
this statute by including three parts to the information collection
associated with the rule: Waiver of requirement for partial occupation,
waiver of requirement to dispose of abandoned property and waiver of
prohibited transactions. NCUA responds to the waivers by either
granting or denying the request, or otherwise compromising to meet the
needs of the credit union without raising safety and soundness
concerns.
Type of Review: Extension of a currently approved collection.
Affected Public: Private sector: not-for-profit institutions.
Estimated No. of Respondents: 3.
Estimated No. of Responses per Respondent: 1.
Estimated Total of Annual Responses: 3.
Estimated Burden Hours per Response: 10.
Estimated Total Annual Burden Hours: 30.
Reason for Change: Section 701.36 was amended by temporarily
tolling the required timeframes for the occupancy or disposition of
properties not being used for FCU business or that have been abandoned.
These temporary modifications will be in place until December 31, 2020,
unless extended.
The temporary rule will suspend the time limit assigned to partial
occupancy, disposal of abandoned property, and advertisement of the
sale of abandoned property, that falls on the date of the publication
of the rule through December 31, 2020; not to begin until January 1,
2021. The suspension of time requirements will eliminate the need for a
waiver during this period for a reduction of 325 burden hours.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for OMB 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 execution 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 5, 2020.
Dated: June 5, 2020.
Mackie I. Malaka,
NCUA PRA Clearance Officer.
[FR Doc. 2020-12569 Filed 6-9-20; 8:45 am]
BILLING CODE 7535-01-P