Submission for OMB Review; Comment Request
| Published date | 28 October 2021 |
| Citation | 86 FR 59758 |
| Record Number | 2021-23451 |
| Section | Notices |
| Court | National Credit Union Administration |
Federal Register, Volume 86 Issue 206 (Thursday, October 28, 2021)
[Federal Register Volume 86, Number 206 (Thursday, October 28, 2021)]
[Notices]
[Pages 59758-59759]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23451]
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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 extensions of currently approved 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 November 29, 2021 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
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: 3133-0138.
Title: Community Development Revolving Loan Fund--Loan and Grant
Programs, 12 CFR part 705.
Abstract: NCUA's Community Development Revolving Loan Fund (CDRLF
or Fund) was established by Congress (Pub. L. 96-123, November 20,
1979) to stimulate economic development in low-income communities. Part
705 was adopted by the Board under section 130 of the Federal Credit
Union Act (12 U.S.C. 1772c-1), which implements the Community
Development Credit Union Revolving Loan Fund Transfer Act (Pub. L. 99-
609, 100 Stat. 3475 (Nov. 6. 1986)).
The Fund is used to support credit unions that serve low-income
communities by providing loans and technical assistance grants to
qualifying institutions. The programs are designed to increase income,
ownership, and employment opportunities for low-income residents, and
to stimulate economic growth. In addition, the programs provide
assistance to improve the quality of services to the community and
formulate more effective and efficient operations of credit unions. The
information will allow NCUA to assess a credit union's capacity to
repay the Funds and/or ensure that the funds are used as intended to
benefit the institution and community it serves.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 760.
OMB Number: 3133-0183.
Title: Golden Parachute and Indemnification Payments, 12 CFR part
750.
Abstract: This rule prohibits, in certain circumstances, a
federally insured credit union (FICU) from making golden parachute and
indemnification payments to an institution-affiliated party (IAP).
Section 750.4 prescribed written concurrence of the appropriate state
supervisory authority, if applicable; Sec. 750.5 covers recordkeeping
requirements of permissible indemnification payments, and Sec. 750.6
requires requests by a troubled FICU to make a severance or golden
parachute payment to an IAP, to be submitted in writing to NCUA. The
information will be used by the NCUA to determine whether an exception
to the general prohibition on golden parachute payments should be
approved.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 19.
OMB Number: 3133-0184.
Title: Requirements for Insurance-Interest Rate Risk Policy.
Abstract: Section 741.3(b)(5) of NCUA's rules and regulations
requires federally-insured credit unions with assets of more than $50
million to develop, as a prerequisites for insurability of its member
deposits, a written interest rate risk management policy and a program
to effectively implement the policy. The need for FICU to have a
written policy to establish responsibilities and procedures for
identifying, measuring, monitoring, controlling, and reporting, and
establishing risk limits are essential components of safe and sound
credit union operations and to ensure the security of the National
Credit Union Share Insurance Fund (NCUSIF).
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 773.
OMB Number: 3133-0197.
Title: Safe Harbor; Treatment of Financial Assets Transferred in
Connection with a Securitization or Participation.
Abstract: Section 709.9 clarifies the conditions for a safe harbor
for securitization or participation and sets forth safe harbor
protections for securitizations that do not comply with the new
accounting standards for off balance sheet treatment by providing for
expedited access to the financial assets that are securitized if they
meet the conditions defined in the rule. The conditions contained in
the rule will serve to protect the National Credit Union Share
Insurance Fund (NCUSIF) and NCUA's interests as liquidating agent or
conservator by aligning the conditions for the safe harbor with better
and more sustainable lending practices by insured credit unions
(FICUs).
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 514.
OMB Number: 3133-0198.
Title: Appeals Procedures, 12 CFR 746, subpart B.
Abstract: Part 746, subpart B, will govern most authorized appeals
to the Board of adverse determinations made at program office levels
under agency regulations that permit such an appeal. The procedures
apply to federal credit unions (FCUs), federally insured, state-
chartered credit unions (FISCUs), or certain institution affiliated
parties (IAPs) such as officers or directors when appealing an adverse
agency determination under one of the rules to which part 746, subpart
B, would apply. The procedures are intended to result in greater
efficiency, consistency, and better understanding of the way in which
matters under covered regulations may be appealed to the Board.
[[Page 59759]]
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 440.
OMB Number: 3133-0199.
Title: Capital Planning and Stress Testing, 12 CFR part 702,
subpart E.
Abstract: To protect the National Credit Union Share Insurance Fund
(NCUSIF) and the credit union system, the largest Federally Insured
Credit Unions (FICUs) must have systems and processes to monitor and
maintain their capital adequacy. The rule requires covered credit
unions to develop and maintain a capital plan and submit this plan to
NCUA by March 31 of each year. The rule applies to all FICUs that
report $10 billion or more in assets on their March 31 Call Report.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 4,030.
Dated: October 25, 2021.
By Melane Conyers-Ausbrooks, Secretary of the Board, the
National Credit Union Administration, on October 22, 2021.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2021-23451 Filed 10-27-21; 8:45 am]
BILLING CODE 7535-01-P
