[Federal Register Volume 78, Number 187 (Thursday, September 26, 2013)]
[Notices]
[Page 59380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23482]


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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 (Pub. L. 104-13, 44 
U.S.C. Chapter 35). This information collection is published to obtain 
comments from the public. 12 CFR Part 715 sets forth a credit union's 
supervisory committee's responsibility in meeting the audit and 
verification requirements of Sections 115 and 202(a)(6) of the Federal 
Credit Union Act, 12 U.S.C. 1761d and 1782(a)(6). A supervisory 
committee audit is required at least once every calendar year covering 
the period since the last audit. Also, a bi-annual verification of 
members' accounts is required. Part 715 specifies the minimum annual 
audit a credit union is required to obtain according to its charter 
type and asset size, the licensing authority required of persons 
performing certain audits, the auditing principles which apply to 
certain audits, and the accounting principles which must be followed.

DATES: Comments will be accepted until October 28, 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 the collection for 3133-0059. The information 
is collected by a credit union's supervisory committee or its 
designated representative, through a supervisory committee audit which 
is required at least once every calendar year covering the period since 
the last audit. The information is used by both the credit union and 
the NCUA to ensure through audit testing that the credit union's 
assets, liabilities, equity, income, and expenses exist, are properly 
valued, controlled and meet ownership, disclosure and classification 
requirements of sound financial reporting. A written report on the 
audit must be made to the board of directors and, if requested, NCUA. 
Working papers must be maintained and made available to NCUA. The 
methods that may be used for member account verifications--100 percent 
verification or statistical sampling--are set forth. The supervisory 
committee must retain a record of the account verifications. These 
requirements are also applicable to federally insured state-chartered 
credit unions.
    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 715, Supervisory Committee Audits and 
Verifications.
    OMB Number: 3133-0059.
    Form Number: None.
    Type of Review: Reinstatement, without change, of a previously 
approved collection.
    Description: The rule specifies the minimum annual audit a credit 
union is required to obtain according to its charter type and asset 
size, the licensing authority required of persons performing certain 
audits, the auditing principles that apply to certain audits, and the 
accounting principles that must be followed in reports filed with the 
NCUA Board.
    Respondents: Federally insured credit unions.
    Estimated Number of Respondents/Recordkeepers: 6,847.
    Estimated Total Annual Responses: 19,988.
    Frequency of Response: Audit report--annually; account 
verification--bi-annually.
    Estimated Burden Hours per Response: Varied.
    Estimated Total Annual Burden Hours: 30,295 hours.
    Estimated Total Annual Cost: None.

    By the National Credit Union Administration Board on September 
20, 2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-23482 Filed 9-25-13; 8:45 am]
BILLING CODE 7535-01-P