[Federal Register Volume 84, Number 201 (Thursday, October 17, 2019)] [Notices] [Pages 55591-55592] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2019-22686] ======================================================================= ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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. DATES: Written comments should be received on or before November 18, 2019 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 Mackie Malaka at (703) 548-2704, emailing [email protected], or viewing the entire information collection request at www.reginfo.gov. [[Page 55592]] SUPPLEMENTARY INFORMATION: OMB Number: 3133-0059. Title: Supervisory Committee Audits and Verifications. Type of Review: Revision of a currently approved collection. 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, 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 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. Affected Public: Private Sector: Businesses or other for-profits. Estimated No. of Respondents: 5,308. Estimated Annual Frequency: 4.16. Estimated Total Annual Responses: 22,086. Estimated Average Hours: 0.57. Estimated Total Annual Burden Hours: 12,549. Reason for Change: Adjustments are due to the decline in the number of FICUs due to industry consolidation from mergers and liquidations; the time per response was reduced to remove the regulatory burden reported under the PRA to only reflect the information collection burden associated with a recordkeeping requirement, and capture a disclosure requirement not previously reported. By Gerard Poliquin, Secretary of the Board, the National Credit Union Administration, on October 11, 2019. Dated: October 11, 2019. Mackie I. Malaka, NCUA PRA Clearance Officer. [FR Doc. 2019-22686 Filed 10-16-19; 8:45 am] BILLING CODE 7535-01-P