[Federal Register Volume 78, Number 139 (Friday, July 19, 2013)]
[Notices]
[Pages 43231-43232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-17347]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement, Without Change, of a Previously Approved Collection; 
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

[[Page 43232]]

(Pub. L. 104-13, 44 U.S.C. Chapter 35). This information collection 
relates to 12 CFR part 713 which requires a federal credit union (FCU) 
to monitor its eligibility to qualify for a higher fidelity coverage 
deductible and to notify the NCUA if its financial condition changes 
resulting in the loss of that eligibility for the higher deductible. 
This information collection notice is published to obtain comments from 
the public. This requirement enables NCUA to monitor the FCU's 
financial condition for safety and soundness purposes and helps to 
assure that FCUs are properly and adequately protected against 
potential losses due to insider abuse such as fraud and embezzlement.

DATES: Comments will be accepted until September 17, 2013.

ADDRESSES: Interested parties are invited to submit written comments to 
the NCUA Contact and the OMB Reviewer listed below:
    NCUA Contact: Tracy Crews, National Credit Union Administration, 
1775 Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-
2861, Email: [email protected].
    OMB Contact: Office of Management and Budget, ATTN: Desk Officer 
for the National Credit Union Administration, Office of Information and 
Regulatory Affairs, Washington, DC 20503.

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

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is reinstating a previously approved collection of information 
for 3133-0170. The regulation calls for an FCU that ceases to meet 
eligibility requirements for the higher deductible to obtain a policy 
with the required coverage and to notify the appropriate NCUA regional 
office of its changed status. The notice must also confirm that the FCU 
has obtained the required coverage. The information will be used by the 
regional office in its efforts to monitor credit unions for safe and 
sound operations and is critically important in helping to avert or 
minimize losses to the National Credit Union Share Insurance Fund 
(NCUSIF). The NCUSIF provides federally guaranteed account insurance 
for all federally insured credit unions. Adequate insurance coverage 
can avert a credit union from failing due to insolvency; alternatively, 
where insolvency and failure do occur, the NCUA, in its capacity as 
receiver for the failed FCU, can recoup some of its losses through a 
claim under an insurance policy.
    The NCUA requests that you send your comments on this collection to 
the location listed in the addresses section. Your comments should 
address: (a) The necessity of the information collection for the proper 
performance of NCUA, including whether the information will have 
practical utility; (b) the accuracy of our estimate of the burden 
(hours and cost) of the collection of information, including the 
validity of the methodology and assumptions used; (c) ways we could 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways we could minimize the burden of the collection 
of the information on the respondents such as through the use of 
automated collection techniques or other forms of information 
technology. It is NCUA's policy to make all comments available to the 
public for review.

II. Data

    Title: 12 CFR part 713, Fidelity Bond and Insurance Coverage for 
Federal Credit Unions.
    OMB Number: 3133-0170.
    Form Number: None.
    Type of Review: Reinstatement, without change, of a previously 
approved collection.
    Description: The regulation in 12 CFR part 713, details the 
requirements for FCU compliance regarding fidelity bond and insurance 
coverage. The regulation includes instructions for those FCUs that no 
longer qualify for a higher deductible.
    Respondents: Federal credit unions.
    Estimated No. of Respondents/Recordkeepers: 5.
    Estimated Burden Hours per Response: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden Hours: 5 hours.
    Estimated Total Annual Cost: None.

    By the National Credit Union Administration Board, on July 15, 
2013.
Mary Rupp,
Secretary of the Board.
[FR Doc. 2013-17347 Filed 7-18-13; 8:45 am]
BILLING CODE 7535-01-P