[Federal Register Volume 85, Number 112 (Wednesday, June 10, 2020)]
[Notices]
[Pages 35443-35444]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12569]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request

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 extension of a currently approved collection, as required by 
the Paperwork Reduction Act of 1995. The Office of Management and 
Budget (OMB) had granted emergency approval for revisions to the 
information collections requirements affected by NCUA's temporary final 
rule, ``Regulatory Relief in Response to COVID-19,'' published April 
21, 2020, at 85 FR 22010, in accordance with 5 CFR 1320.13. This OMB 
approval is set to expire October 31, 2020.

DATES: Written comments should be received on or before August 10, 2020 
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 6018, Alexandria, Virginia 
22314; Fax No. 703-519-8579; or email at [email protected]. Given 
the limited in-house staff because of the COVID-19 pandemic, email 
comments are preferred.

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

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0141.
    Title: Organization and Operation of Federal Credit Unions--Loan 
Participations, 12 CFR 701.22.
    Abstract: NCUA rules and regulations, Sec. Sec.  701.22 and 
741.225, outline the

[[Page 35444]]

requirements for a loan participation program. Federally insured credit 
unions (FICU) are required to execute a written loan participation 
agreement with the lead lender. Additionally, the rule requires all 
FICUs to maintain a loan participation policy that establishes 
underwriting standards and maximum concentration limits. Credit unions 
may apply for waivers on certain key provisions of the rule. NCUA 
reviews the loan participation policies and through these reviews 
determine whether the credit union is engaging in a safe and sound loan 
participation program.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector: not-for-profit institutions.
    Estimated No. of Respondents: 1,898.
    Estimated No. of Responses per Respondent: 2.
    Estimated Total of Annual Responses: 3,806.
    Estimated Burden Hours per Response: 0.79.
    Estimated Total Annual Burden Hours: 3,025.
    Reason for Change: Section 701.22 was amended to temporarily 
raising the maximum aggregate amount of loan participation that a FICU 
may purchase from a single originating lender to the greater of 
$5,000,000 or 200 percent of the FICU's net worth. These temporary 
modifications will be in place until December 31, 2020, unless 
extended.
    It is anticipated that there will be no increase in the number of 
credit unions currently participating. It is estimated that these 
credit unions may see a slight increase in the number of loan 
participation agreements. The recordkeeping requirement to retain and 
maintain a copy of the agreement is minimal, and would not impact the 
recordkeeping burden. Because of the net worth increase, NCUA estimates 
that the waiver request on the limits will be reduced by 50 percent, 
for an estimated reduction of 20 burden hours.

    OMB Number: 3133-0127.
    Title: Purchase, Sale and Pledge of Eligible Obligations, 12 CFR 
701.23.
    Abstract: The Federal Credit Union Act limits the amount of 
eligible obligations a federal credit union (FCU) is permitted to 
purchase, sell, pledge, discount, receive or dispose of under Section 
107(13), 12 U.S.C. 107. NCUA's rules and regulations further govern 
this limitation by prescribing additional requirements under Sec.  
701.23. The various information collections are in place to ensure a 
FCU's activities related to the purchase, sale, and pledge of eligible 
obligations comply with applicable laws and are conducted in a safe and 
sound manner.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector: not-for-profit institutions.
    Estimated No. of Respondents: 1,097.
    Estimated No. of Responses per Respondent: 44.
    Estimated Total of Annual Responses: 48,403.
    Estimated Burden Hours per Response: 3.79
    Estimated Total Annual Burden Hours: 12,748.
    Reason for Change: Section 701.23 was amended to temporarily 
suspend limitations on the eligible obligations that a FCU may purchase 
and hold. These temporary modifications will be in place until December 
31, 2020, unless extended.
    NCUA estimates a minimal increase in the number of respondents from 
the suspension of the limitations and in the number of agreements. The 
recordkeeping requirement to retain and maintain these records would 
increase based on this estimate. Due to the expanded authority, waivers 
would not be necessary and appeals to the waivers are null during this 
period. An estimated increase of 2,208 burden hours is due to this 
change.

    OMB Number: 3133-0040.
    Title: Federal Credit Union Occupancy, Planning, and Disposal of 
Acquired and Abandoned Premises, 12 CFR 701.36.
    Abstract: The Federal Credit Union Act authorizes an FCU to 
purchase, hold, and dispose of property necessary or incidental to its 
operations under Section 107(4). NCUA Rules and Regulations implements 
this statute by including three parts to the information collection 
associated with the rule: Waiver of requirement for partial occupation, 
waiver of requirement to dispose of abandoned property and waiver of 
prohibited transactions. NCUA responds to the waivers by either 
granting or denying the request, or otherwise compromising to meet the 
needs of the credit union without raising safety and soundness 
concerns.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private sector: not-for-profit institutions.
    Estimated No. of Respondents: 3.
    Estimated No. of Responses per Respondent: 1.
    Estimated Total of Annual Responses: 3.
    Estimated Burden Hours per Response: 10.
    Estimated Total Annual Burden Hours: 30.
    Reason for Change: Section 701.36 was amended by temporarily 
tolling the required timeframes for the occupancy or disposition of 
properties not being used for FCU business or that have been abandoned. 
These temporary modifications will be in place until December 31, 2020, 
unless extended.
    The temporary rule will suspend the time limit assigned to partial 
occupancy, disposal of abandoned property, and advertisement of the 
sale of abandoned property, that falls on the date of the publication 
of the rule through December 31, 2020; not to begin until January 1, 
2021. The suspension of time requirements will eliminate the need for a 
waiver during this period for a reduction of 325 burden hours.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the request for OMB 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 June 5, 2020.
    Dated: June 5, 2020.
Mackie I. Malaka,
NCUA PRA Clearance Officer.
[FR Doc. 2020-12569 Filed 6-9-20; 8:45 am]
BILLING CODE 7535-01-P