[Federal Register Volume 61, Number 7 (Wednesday, January 10, 1996)]
[Notices]
[Pages 731-733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-371]



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NATIONAL CREDIT UNION ADMINISTRATION


Information Collection Under Review

January 10, 1996.
    The National Credit Union Administration (NCUA) has submitted the 
following public information collection requests to the Office of 
Management and Budget (OMB) for review and clearance under the 
Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). 
The proposed information collections are published to obtain comments 
from the public. Public comments are encouraged and will be accepted 
for sixty days from the date listed at the top of this page in the 
Federal Register.
    Copies of these individual information collection requests, with 
applicable supporting documentation, may be obtained by calling the 
NCUA Clearance Officer, Suzanne Beauchesne, at (703) 518-6412. Written 
comments and/or suggestions regarding the information collection 
requests listed below should be directed to Ms. Beauchesne, Office of 
Administration, National Credit Union Administration, 1775 Duke Street, 
Alexandria, Virginia 22314 within 60 days from the date of this 
publication in the Federal Register. Comments should also be sent to 
the OBM Desk Officer indicated below at the following address: OMB 
Reports Management Branch, New Executive Office Building, Room 10202, 
Washington, DC 20530. Attn: Milo Sunderhauf.

National Credit Union Administration

    OMB Number: 3133-0016.
    Form Number: None.
    Type of Review: Extension of currently approved collection of 
information.
    Title: Letter of Understanding and Agreement.
    Description: The Letter of Understanding and Agreement requires the 
credit union to submit financial and statistical reports to the NCUA on 
a monthly basis. The collection of financial information is used by the 
NCUA and the credit union to assess the credit unions' financial 
condition and to minimize potential losses to the National Credit Union 
Share Insurance Fund.
    Respondents: Federally insured credit unions.
    Estimated Number of Respondents/Recordkeepers: 219.
    Estimated Burden Hours Per Response: 30 minutes.
    Frequency of Response: Monthly.
    Estimated Total Annual Burden Hours: 1,314 hours.
    Estimated Total Annual Cost: $19,552.32.

    OMB Number: 3133-0024.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Mergers of Federally Insured Credit Unions.
    Description: As authorized by 12 U.S.C. Sec. 1766 and Part 708b, of 
NCUA's 

[[Page 732]]
regulations, credit unions that wish to merge must: (1) develop a plan 
of merger and submit it to NCUA for approval; (2) provide its members 
with notice of the meeting at which the proposed merger will be voted 
on; (3) provide its members with a summary of the plan of merger; (4) 
advise the NCUA of the election results; and (5) notify NCUA of the 
merger's completion. The information collection is reviewed by NCUA to 
determine whether to permit the proposed merger and to ensure that the 
merger is completed pursuant to all applicable laws and regulations. 
The credit union's members use the information to decide whether to 
vote for the proposed transaction.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 200.
    Estimated Burden Hours per Response: 15 hours.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 3,000 hours.
    Estimated Total Annual Cost: $44,640.

    OMB Number: 3133-0032.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Records Preservation.
    Description: The information storage requirement enables credit 
unions to reconstruct their records in the event the credit union's 
primary records are destroyed by a catastrophe. Without the duplicate 
records, a credit union could not reconstruct its records and serve its 
members.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 22,836.
    Estimated Burden Hours Per Response: 2 hours.
    Frequency of Response: Quarterly.
    Estimated Total Reporting Burden: 23,672 hours.
    Estimated Total Annual Cost: $591,800.

    OMB Number: 3133-0035.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Trustees and Custodians of Pension Plans.
    Description: The Employee Retirement Income Security Act of 1974 
(ERISA) (P.L. 93-406) and Part 724 of NCUA's regulations require credit 
unions that act as trustees or custodians for retirement plans, to 
maintain individual records for each participant, and to notify the 
participants of the insurance status of their account(s). The records 
and the notice are used by the credit union member to make investment 
decisions and to track the progress of their account.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 3,877.
    Estimated Burden Hours per Response: 3 minutes.
    Frequency of Response: On Occasion.
    Estimated Total Reporting Burden: 193,850 hours.
    Estimated Total Annual Cost: $2,884,488.

    OMB Number: 3133-0052.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Federal Credit Union Membership.
    Description: When a credit union denies a membership application, 
the Federal Credit Union Act, 12 U.S.C. Sec. 1761b(16), and Article I, 
section 2 of the Standard Federal Credit Union Bylaws require the 
credit union to provide the applicant with written reasons for the 
denial, upon the applicant's written request. The credit union must 
also retain a copy of the reasons. The applicant and the NCUA use the 
information to determine whether the credit union had a reasonable 
basis to deny the membership application.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 1,874.
    Estimated Burden Hours per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 1,874 hours.
    Estimated Total Annual Cost: None.

    OMB Number: 3133-0057.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Monthly Board Meeting Minutes.
    Description: Sections 110 and 113 of the Federal Credit Union Act, 
12 U.S.C. Secs. 1760 and 1761b and Article VIII, Section 8 of the 
Standard Federal Credit Union Bylaws require credit unions to maintain 
the minutes of all meetings of its board of directors and members. 
Credit unions use the information to maintain an accurate record of the 
actions of its board of directors. NCUA uses the information during 
examinations to evaluate the conduct and policies of the credit union's 
board of directors.
    Respondents: Federal Credit Unions.
    Estimated Number of Respondents/Recordkeepers: 7,498.
    Estimated Burden Hours per Response: 15 minutes.
    Frequency of Response: 13 times a year.
    Estimated Total Reporting Burden: 24,368.5 hours.
    Estimated Total Annual Cost: None.

    OMB Number: 3133-0058.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Credit Committee Records.
    Description: Section 108 of the Federal Credit Union Act, 12 U.S.C. 
Sec. 1758, and Article IX, Sections 3 and 4 of the Standard Federal 
Credit Union Bylaws requires credit unions to maintain records of its 
credit committee's loan approvals and denials. NCUA uses the 
information during its examinations of credit unions to evaluate the 
conduct of the credit union's credit committee.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 7,498.
    Estimated Burden Hours per Response: 20 minutes.
    Frequency of Response: 24 times per year.
    Estimated Total Reporting Burden: 59,984 total annual hours.
    Estimated Total Annual Cost: $892,561.92.

    OMB Number: 3133-0080.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Meetings of Federal Credit Union Board.
    Description: Article VII, Section 4 of the Standard Federal Credit 
Union Bylaws require a written request by a majority of the directors 
in order to call a special meeting of the board.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 7,498.
    Estimated Burden Hours per Response: 24 minutes.
    Frequency of Response: On Occasion.
    Estimated Total Reporting Burden: 300 total annual burden hours.
    Estimated Total Annual Cost: None.

    OMB Number: 3133-0081.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Credit Union Bylaws and Certificate.
    Description: Article XIX, Section 5 of the Standard Federal Credit 
Union Bylaws requires credit unions to maintain copies of its 
organization certificates, bylaws, amendments and special 
authorizations. The collection of information is used by the NCUA 
during its examination of the credit union.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 7,498.
    Estimated Burden Hours per Response: 12 minutes.
    
[[Page 733]]

    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 1,500 hours.
    Estimated Total Annual Cost: None.

    OMB Number: 3133-0117.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Credit Union Bylaws and Certificate.
    Description: This information collection is required by 12 U.S.C. 
Sec. 1757(6), and section 701.32(d) of NCUA's regulations so that the 
NCUA can determine whether to grant a low-income designation to a 
credit union.
    Respondents: Federal credit unions.
    Estimated Number of Respondents/Recordkeepers: 15.
    Estimated Burden Hours per Response: 15 hours.
    Frequency of Response: On Occasion.
    Estimated Total Reporting Burden: 225 hours.
    Estimated Total Annual Cost: $5625.

    OMB Number: 3133-0129.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Corporate credit unions.
    Description: Part 704 of NCUA's regulations requires corporate 
credit unions (``corporate'') to engage in information collection and 
record keeping activities so that the corporate and the NCUA can 
monitor the corporate's financial condition and transactions with 
vendors.
    Respondents: Corporate credit unions.
    Estimated Number of Respondents/Recordkeepers: 43.
    Estimated Burden Hours per Response: 86 hours.
    Frequency of Response: On Occasion.
    Estimated Total Reporting Burden: 3,698 hours.
    Estimated Total Annual Cost: $55,026.24.

    OMB Number: 3133-0130.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Title: Written Reimbursement Policy.
    Description: This information collection is authorized under 
sections 114 and 120 of the Federal Credit Union Act, 12 U.S.C. 
Secs. 1761(c) and 1766(a) and section 701.33(B)(2)(1) of NCUA's 
regulations, 12 C.F.R. Sec. 701.33(B)(2)(1). The information collection 
ensures that any payments to directors are made in accordance with 
standards set in advance by the credit union's board of directors and 
enables NCUA examiners to easily verify compliance by comparing the 
policy to the actual reimbursements.
    Respondents: Federal Credit Unions.
    Estimated Number of Respondents/Recordkeepers: 7,498.
    Estimated Burden Hours per Response: 2 hours.
    Frequency of Response: Once, and updated as needed.
    Estimated Total Reporting Burden: 14,996 total burden hours.
    Estimated Total Annual Cost: None.

    By the National Credit Union Administration Board on January 4, 
1996.
Becky Baker,
Secretary of the Board.
[FR Doc. 96-371 Filed 1-9-96; 8:45 am]
BILLING CODE 7535-01-M