[Federal Register Volume 84, Number 145 (Monday, July 29, 2019)]
[Notices]
[Pages 36624-36625]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-15965]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request; Supervisory Committee Audits and Verifications

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: The National Credit Union Administration (NCUA), as part of a 
continuing effort to reduce paperwork and respondent burden, invites 
the general public and other Federal agencies to comment on the 
following renewal of a currently approved collection, as required by 
the Paperwork Reduction Act of 1995.

DATES: Written comments should be received on or before September 27, 
2019 to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Mackie Malaka, National Credit Union 
Administration, 1775 Duke Street, Suite 6058, Alexandria, Virginia 
22314, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Address requests for additional 
information to the address above or telephone 703-548-2704.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0059.
    Title: Supervisory Committee Audits and Verifications, 12 CFR 715.
    Type of Review: Extension of a currently approved collection.

[[Page 36625]]

    Abstract: Title 12 CFR part 715 prescribes the responsibilities of 
the supervisory committee to obtain an audit of the credit union and 
verification of member accounts as outlined in Section 115 of the 
Federal Credit Union Act, 12 U.S.C. 1761d. A supervisory committee 
audit is required at least once every calendar year covering the period 
since the last audit and to conduct a verification of members' accounts 
not less frequently than once every two years.
    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. 
Independence requirements must be met; standards governing 
verifications and the methods used to verify member's passbooks and 
accounts are set forth. Section 741.202 makes these requirements 
applicable to federally insured state-chartered credit unions.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated No. of Respondents: 6,025 (FCUs and FICU).
    Estimated Annual Frequency: 4.35.
    Estimated Total Annual Responses: 26,228.
    Estimated Total Annual Burden Hours: 44,411.
    Reason for Change: Adjustments are attributed to updated data since 
the previous submission.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. The public is invited to submit comments concerning: (a) 
Whether the collection of information is necessary for the proper 
execution of the function of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
the information on the respondents, including the use of automated 
collection techniques or other forms of information technology.
    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on July 23, 2019.

    Dated: July 23, 2019.
Mackie I. Malaka,
NCUA PRA Clearance Officer.
[FR Doc. 2019-15965 Filed 7-26-19; 8:45 am]
BILLING CODE 7535-01-P