[Federal Register Volume 72, Number 59 (Wednesday, March 28, 2007)]
[Notices]
[Pages 14619-14620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-5648]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: The NCUA intends to submit the following information 
collection 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). This information collection is published to obtain 
comments from the public.

DATES: Comments will be accepted until May 29, 2007.

ADDRESSES: Interested parties are invited to submit written comments to 
NCUA Clearance Officer or OMB Reviewer listed below:
    Clearance Officer: Mr. Neil McNamara, National Credit Union 
Administration 1775 Duke Street, Alexandria, Virginia 22314-3428, Fax 
No. 703-837-2861, E-mail: [email protected].
    OMB Reviewer: NCUA Desk Officer, Office of Management and Budget, 
Room 10226, New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
a copy of the information collection request should be directed to 
Tracy Sumpter at the National Credit Union Administration, 1775 Duke 
Street, Alexandria, VA 22314-3428 or at (703) 518-6444.

SUPPLEMENTARY INFORMATION: Proposal for the following collection of 
information:

[[Page 14620]]

    OMB Number: 3133-0125.
    Form Number: N/A.
    Type of Review: Reinstatement, with change, of a previously 
approved collection for which approval has expired.
    Title: 12 CFR, Part 722 of NCUA's Rules and Regulations, 
Appraisals.
    Description: Title XI of the Financial Institutions, Reform, 
Recovery and Enforcement Act of 1989 (FIRREA) was enacted to protect 
federal financial and public policy interests in real estate related 
transactions. To achieve this purpose, the statute directed the 
National Credit Union Administration (NCUA), as one of the federal 
financial institution regulatory agencies, to adopt standards for the 
performance of real estate appraisals in connection with federally 
related transactions. FIRREA requires that appraisals be in writing and 
meet certain minimum standards. NCUA's regulation carries out the 
statutory requirements. The information collection activities 
attributable to the regulation are a direct consequence of the 
legislative intent and statutory requirements. Each federally-insured 
credit union uses the information in determining whether and upon what 
terms to enter into a federally related transaction, such as making a 
loan secured by real estate. In addition, NCUA uses this information in 
its examinations of federally-insured credit unions to ensure that 
extensions of credit by the federally-insured credit union that are 
collateralized by real estate are undertaken in accordance with 
appropriate safety and soundness principles. The use of this 
information by credit unions and the NCUA helps ensure that federally-
insured credit unions are not exposed to risk of loss from inadequate 
appraisals. A federally-insured credit union must obtain an appraisal 
for real estate-related financial transactions valued in excess of 
$250,000, unless otherwise exempt.
    Estimated No. of Respondents/Recordkeepers: 5,000.
    Estimated Burden Hours Per Response: 15 minutes.
    Frequency of Response: On occasion, at the time of each appraisal.
    Estimated Total Annual Burden Hours: 187,500.
    Estimated Total Annual Cost: $ 0.

    By the National Credit Union Administration Board on March 22, 
2007.
Mary Rupp,
Secretary of the Board.
[FR Doc. E7-5648 Filed 3-27-07; 8:45 am]
BILLING CODE 7535-01-P