[Federal Register Volume 78, Number 167 (Wednesday, August 28, 2013)]
[Notices]
[Pages 53163-53164]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-20943]


-----------------------------------------------------------------------

NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement, With Change, of a Previously Approved Collection; 
Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

-----------------------------------------------------------------------

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. This information 
collection notice is published to obtain comments from the public. This 
is related to NCUA's regulation on mergers of federally-insured credit 
unions and voluntary termination or conversion of insured status.

DATES: Comments will be accepted until September 27, 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 12 CFR part 708b, Mergers of Federally Insured Credit Unions; 
Voluntary Termination or Conversion of Insured Status. The Federal 
Credit Union Act (Act) authorizes the NCUA Board to prescribe rules 
regarding mergers of federally-insured credit unions and changes in 
insured status and requires written approval of the Board before one or 
more federally-insured credit union(s) merge or before a federally-
insured credit union terminates federal

[[Page 53164]]

share insurance or converts to nonfederal share insurance. 12 U.S.C. 
1752(7), 1766(a), 1785(b), 1785(c), and 1789(a). Part 708b of NCUA's 
Rules and Regulations sets forth the procedural and disclosure 
requirements for mergers of federally-insured credit unions, federal 
share insurance terminations, and conversions from federal share 
insurance to nonfederal (private) insurance. The rule is designed to 
ensure NCUA has sufficient information to determine whether to approve 
a proposed merger, share insurance termination, or share insurance 
conversion. It further ensures that members of credit unions have 
sufficient and accurate information to exercise their vote properly 
concerning a proposed merger, insurance termination, or insurance 
conversion. The rule also protects the property interests of members 
who may lose their federal share insurance due to a merger, share 
insurance termination, or share insurance conversion. 12 CFR part 708b.
    The categories of burden for credit unions complying with part 708b 
may include the following:

Mergers

    Each year, there are approximately 240 mergers involving federally-
insured credit unions (both natural person and corporate credit 
unions). NCUA estimates it will take two merging credit unions 
approximately 35 hours between them to:
    a. Prepare the required merger documents (Sec.  708b.103);
    b. Collect and submit the required information to NCUA (Sec.  
708b.104);
    c. Provide the required insurance disclosures in other 
communications that the credit union plans to send to its members if 
the merger involves a share insurance conversion (Sec.  708b.206);
    d. Notify members of the merger and send them the ballot 
(Sec. Sec.  708b.106, 708b.303(a), 708b.303(b));
    e. Notify NCUA of the results of the merger vote (Sec. Sec.  
708b.107, 708b.303(c));
    f. Notify NCUA of the merger's completion (Sec.  708b.108); and
    g. Notify members of the results of the merger and the possible 
effect on their insurance coverage (Sec.  708b.101(e)).
    The 240 respondents (the two merging credit unions together treated 
as one respondent) times 35 hours per respondent equals 8,400 total 
annual burden hours associated with this collection of information.

Share Insurance Termination

    Typically, no credit unions each year engage in share insurance 
terminations. If one or more credit unions were to engage in a 
voluntary termination of insurance in the future, NCUA estimates there 
will be minimal burden in the form of collections of information on 
those credit unions. NCUA estimates it will take each credit union 
approximately 12 hours to:
    a. Prepare the required termination documents and submit the 
required information to NCUA (Sec.  708b.201);
    b. Notify the members and send them the ballot (Sec.  708b.202);
    c. Provide the required insurance disclosures in other 
communications that the credit union plans to send to its members 
(Sec.  708b.206);
    d. Notify NCUA of the results of the termination vote (Sec.  
708b.201(d)(2)); and
    e. Provide members notice of termination of insurance (Sec.  
708b.202(c)).
    Zero respondents times 12 hours per respondent equals zero total 
annual burden hours associated with this collection of information.

Share Insurance Conversions

    Approximately two credit unions each year engage in private share 
insurance conversions outside of the merger context. NCUA estimates 
there will be minimal burden in the form of collections of information, 
since NCUA provides forms and form language in the regulation. NCUA 
estimates that it will take each credit union approximately 12 hours 
to:
    a. Prepare the required conversion documents and submit the 
required information to NCUA (Sec. Sec.  708b.203, 708b.301(a));
    b. Notify members of the conversion and send them the ballot 
(Sec. Sec.  708b.204, 708b.301(b) and (c));
    c. Provide the required insurance disclosures in other 
communications that the credit union plans to send to its members 
(Sec.  708b.206);
    d. Notify NCUA of the results of the conversion vote (Sec.  
708b.301(d)); and
    e. Provide members notice of conversion of insurance (Sec.  
708b.204(c)).
    Two respondents times 12 hours per respondent equals 24 total 
annual burden hours associated with this collection of information.
    The NCUA requests that you send your comments on this collection 
for Part 708b to the locations 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

    OMB Number: 3133-0024.
    Form Number: None.
    Title: Mergers of Federally Insured Credit Unions; Voluntary 
Termination or Conversion of Insured Status, 12 CFR part 708b.
    Type of Review: Reinstatement, with change, of a previously 
approved collection.
    Description: Part 708b of NCUA's Rules and Regulations sets forth 
the procedural and disclosure requirements for mergers of federally-
insured credit unions, federal share insurance terminations, and 
conversions from federal share insurance to nonfederal (private) 
insurance. Submission of this information is designed to ensure NCUA 
has sufficient information whether to approve a proposed merger, share 
insurance termination, or share insurance conversion. It further 
ensures that members of credit unions have sufficient and accurate 
information to exercise their vote properly concerning a proposed 
merger, insurance termination, or insurance conversion. The rule also 
protects the property interests of members who may lose their federal 
share insurance due to a merger, share insurance termination, or share 
insurance conversion.
    Respondents: Federally-insured credit unions.
    Estimated Number of Respondents: 242.
    Frequency of Response: Once; on occasion.
    Estimated Time per Response: Ranges from 12 to 35 hours.
    Estimated Total Annual Burden Hours: 8,424 hours.
    Estimated Total Annual Cost: $336,960.

    By the National Credit Union Administration Board on August 22, 
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-20943 Filed 8-27-13; 8:45 am]
BILLING CODE 7535-01-P