[Federal Register Volume 78, Number 189 (Monday, September 30, 2013)]
[Notices]
[Pages 59975-59976]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23803]


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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.

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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. NCUA requires this information collection to 
comply with the Depository Institution Management Interlocks Act 
(Interlocks Act) and to determine federally insured credit unions' 
compliance with NCUA's Management Official Interlocks regulation at 12 
CFR Part 711.

DATES: Comments will be accepted until October 30, 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. For information about the Interlocks Act and NCUA's 
regulation at Part 711, please contact NCUA's Office of General Counsel 
at (703) 518-6540 or [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is reinstating its OMB collection number 3133-0152 for its 
Management Official Interlocks regulation, 12 CFR Part 711, which 
implements the Interlocks Act for federally insured credit unions. The 
Interlocks Act generally prohibits financial institution management 
officials from serving simultaneously with two unaffiliated depository 
institutions or their holding companies. 12 U.S.C. 3201-3208. For 
credit unions, the Interlocks Act restricts interlocks between credit 
unions and other types of financial institutions, not between two or 
more credit unions. 12 U.S.C. 3204(3). NCUA last substantively revised 
12 CFR Part 711 in 1999, as part of a coordinated interagency effort 
with other federal financial regulatory agencies. 64 FR 66356-66360, 
Nov. 26, 1999.
    NCUA finds information collection burdens associated with this 
regulation still apply and is reinstating this OMB collection number 
3133-0152. The information collections associated with Part 711 are as 
follows.
     Under 711.3, a credit union may have to maintain records 
to determine whether the major assets prohibition applies.
     Under 711.4(h)(1)(i), a credit union must notify NCUA to 
obtain approval to have a director in common with a diversified savings 
and loan holding company.
     Under 711.5, a credit union may have to maintain records 
to comply with the small market share exemption.
     Under 711.6(a), a credit union seeking a general exemption 
to a management official interlocks prohibition in 711.3 would have to 
compile information and submit an application to NCUA for approval.
    The NCUA requests that you send your comments on this collection to 
the location(s) 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: Management Official Interlocks, 12 CFR Part 711.
    OMB Number: 3133-0152.
    Form Number: None.

[[Page 59976]]

    Type of Review: Reinstatement, with change, of a previously 
approved collection.
    Description: NCUA's management official interlocks regulation at 12 
CFR Part 711 directs federally insured credit unions having a common 
management official with another type financial institution to compile 
and maintain records and, in some cases, submit an application to NCUA 
for a general exemption to certain prohibitions, or otherwise obtain 
NCUA approval.
    Respondents: All federally insured credit unions.
    Estimated No. of Respondents/Recordkeepers: 2.
    Estimated Burden Hours per Response: 3 hours.
    Frequency of Response: Recordkeeping; upon application and 
reporting.
    Estimated Total Annual Burden Hours: 6.
    Estimated Total Annual Cost: $0.

    By the National Credit Union Administration Board on September 
25, 2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-23803 Filed 9-27-13; 8:45 am]
BILLING CODE 7535-01-P