[Federal Register Volume 85, Number 159 (Monday, August 17, 2020)]
[Notices]
[Page 50051]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17819]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will be 
submitting the following information collection request to the Office 
of Management and Budget (OMB) for review and clearance in accordance 
with the Paperwork Reduction Act of 1995 on or after the date of 
publication of this notice.

DATES: Comments should be received on or before September 16, 2020 to 
be assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing 
[email protected], or viewing the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0154.
    Title: Prompt Corrective Action, 12 CFR 702 (Subparts A-D).
    Abstract: Section 216 of the Federal Credit Union Act (12 U.S.C. 
1790d) mandates prompt corrective action (PCA) requirements for 
federally insured credit unions (FICUs) that become less than well 
capitalized. Section 216 requires the NCUA Board to (1) adopt, by 
regulation, a system of prompt corrective action to restore the net 
worth of inadequately capitalized FICUs; and (2) develop an alternative 
system of prompt corrective action for new credit unions that carries 
out the purpose of PCA while allowing an FICU reasonable time to build 
its net worth to an adequately capitalized level. The purpose of PCA is 
to resolve the problems of FICUs at the least possible long-term loss 
to the National Credit Union Share Insurance Fund (NCUSIF).
    This is an extension of emergency revisions to the PCA that provide 
regulatory relief in response to COVID-19. The waiver requirement for 
each quarterly transfer made from undivided earning to its regular 
reserve account until well capitalized was temporary suspended for 
adequately capitalized credit unions and a FICU that becomes 
undercapitalized may submit a significantly simpler Net Worth 
Restoration Plan to NCUA.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 569.
    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on August 11, 2020.

    Dated: August 11, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-17819 Filed 8-14-20; 8:45 am]
BILLING CODE 7535-01-P