[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3257-3258]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-00975]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission for Office 
of Management and Budget Review; Comment Request; for Extension of a 
Currently Approved Collection; Requirement for Insurance--Interest Rate 
Risk Policy

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: NCUA is announcing that a proposed collection of information 
has been submitted to the Office of Management and Budget (OMB) for 
review and clearance under the Paperwork Reduction Act of 1995 (PRA) 
(Pub. L. 104-13, 44 U.S.C. Chapter 35). The purpose of this notice is 
to allow for 30 days of public comment. Federally insured credit unions 
with more than $50 million in assets are required to have a written 
interest rate risk (IRR) policy and an effective IRR management program 
as a condition for insurance of accounts. The information collection is 
currently authorized under OMB Control Number 3133-0184. The 
information collection allows NCUA to determine whether a credit 
union's financial condition and policies regarding interest rate risk 
are both safe and sound and meet the requirements for insurance of 
accounts.

DATES: Comments will be accepted until February 23, 2015.

ADDRESSES: Interested persons are invited to submit comments to: (i) 
Desk Officer for the National Credit Union Administration, 3133-0184, 
U.S. Office of Management and Budget, 725 17th Street NW., #10102, 
Washington, DC 20503, or by email to: [email protected]; and 
(ii) Jessica Khouri by mail at the National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, by fax at 
Fax No. 703-837-2861, or by email at [email protected].

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 Jessica Khouri by mail at the National 
Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-
3428, by fax at Fax No. 703-837-2861, or by email at [email protected].

SUPPLEMENTARY INFORMATION: 

I. Abstract and Request for Comments

    Section 741.3(b)(5) of NCUA Rules and Regulations (12 CFR 
741.3(b)(5)) requires federally insured credit unions with more than 
$50 million in assets to have a written IRR policy and an effective IRR 
management program as a condition for insurance. In the appendix, the 
rule also provides guidance on how to establish an IRR policy and an 
effective program.
    In the Federal Register of November 5, 2014 (79 FR 65711), NCUA 
published a 60-day notice requesting public comment on the proposed 
collection of information. NCUA received no comments.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless it displays a 
currently valid OMB control number.
    NCUA requests that you send your comments on the information 
collection requirements 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

[[Page 3258]]

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: Requirement for Insurance--Interest Rate Risk Policy.
    OMB Number: 3133-0184.
    Form Number: None.
    Type of Review: Extension of a currently approved collection.
    Description: Section 741.3(b)(5) of NCUA Rules and Regulations (12 
CFR 741.3(b)(5)) requires federally insured credit unions with more 
than $50 million in assets to have a written IRR policy and an 
effective IRR management program as a condition for insurance. NCUA 
uses the information to evaluate credit unions' compliance with the 
rule and to determine credit unions' risk tolerances and consistency 
with their business strategies.
    Respondents: Federally insured credit unions with assets of more 
than $50 million.
    Estimated No. of Respondents/Record keepers: 225.
    Frequency of Response: Once, then annual review.
    Estimated Burden Hours per Response: 16.
    Estimated Total Annual Burden Hours: 3,600.
    Estimated Total Annual Cost: None.

    By the National Credit Union Administration Board on January 14, 
2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-00975 Filed 1-21-15; 8:45 am]
BILLING CODE 7535-01-P