[Federal Register Volume 85, Number 200 (Thursday, October 15, 2020)]
[Notices]
[Pages 65435-65436]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22770]


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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 extensions of a currently approved collections, as required 
by the Paperwork Reduction Act of 1995.

DATES: Written comments should be received on or before December 14, 
2020 to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 
22314; Fax No. 703-548-2279; 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-
2279.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0067.
    Title: Corporate Credit Union Monthly Call Report and Annual Report 
of Officers.
    Form: NCUA 5310.
    Type of Review: Revision of a currently approved collection.
    Abstract: Section 202(a)(1) of the Federal Credit Union Act (Act) 
requires federally insured credit unions to make reports of condition 
to the NCUA Board upon dates selected by it. Corporate credit unions 
report this information monthly on NCUA Form 5310, also known as the 
Corporate Credit Union Call Report. The financial and statistical 
information is essential to NCUA in carrying out its responsibility for 
supervising corporate credit unions. The

[[Page 65436]]

Federal Credit Union Act, 12 U.S.C. 1762, specifically requires federal 
credit unions to report the identity of credit union officials. Section 
741.6(a) requires federally-insured credit unions to submit a Report of 
Officials annually to NCUA containing the annual certification of 
compliance with security requirements. The branch information is 
requested under the authority of Sec.  741.6 of the NCUA Rules and 
Regulations.
    NCUA utilizes the information to monitor financial conditions in 
corporate credit unions, Sec. Sec. Sec.  and to allocate supervision 
and examination resources.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Number of Respondents: 11.
    Estimated Number of Responses per Respondent: 13.
    Estimated Total Annual Responses: 143.
    Estimated Burden Hours per Response: 3.77.
    Estimated Total Annual Burden Hours: 539.
    Reason for Change: The changes to the NCUA Form 5310, Corporate 
Credit Union Call Report, are being made to align the form with 
recently approved Generally Accepted Accounting Principles (GAAP) 
related to ASC 326 Current Expected Credit Losses (CECL). These changes 
will allow corporate credit unions to early adopt CECL. A corporate 
credit union would continue to complete the form as is or they can 
voluntarily elect to early adopt ASC 326 and report under the CECL 
standard. Additional changes will also be made to better defined 
investments, consolidate duplicative questions, and clarify other data 
collection elements. These revisions will not alter the estimated 
burden hours necessary to review the instrument and complete the form.

    OMB Number: 3133-0186.
    Title: Higher-Risk Mortgage Appraisals.
    Type of Review: Extension of a currently approved collection.
    Abstract: Section 1471 of the Dodd-Frank Act established Truth in 
Lending section 129H, which contains appraisal requirements applicable 
to higher-risk mortgages and prohibits a creditor from extending credit 
in the form of a higher-risk mortgage loan to any consumer without 
meeting those requirements. A higher-risk mortgage is defined as a 
residential mortgage loan secured by a principal dwelling with an 
annual percentage rate that exceeds the average prime offer rate for a 
comparable transaction as of the date the interest rate is set by 
certain enumerated percentage point spreads. To implement this 
statutory requirement, a final rule was promulgated to amend 12 CFR 
part 1026, Regulation Z, by the Bureau of Consumer Financial 
Protection, the Board of Governors of the Federal Reserve, the Federal 
Deposit Insurance Corporation, the Federal Housing Finance Authority, 
the NCUA, and the Office of the Comptroller of the Currency.
    The information collections under Sec.  1026.35(c) include (1) 
providing a disclosure within three days of application that informs 
the consumer regarding the purpose of the appraisal, that the creditor 
will provide the consumer a copy of any appraisal, and that the 
consumer may choose to have a separate appraisal conducted at the 
expense of the consumer (Initial Appraisal Disclosure); (2) requiring 
creditors to obtain a written appraisal meeting certain standards for 
HPMLs and provide a free copy of the appraisal to consumers (Written 
Appraisal); and (3) requiring an additional written appraisal for 
properties resold within the 180 days (at a higher price meeting 
certain thresholds) and providing free copies of these appraisals to 
consumers (Additional Written Appraisal).
    The information collections are required by statute, are necessary 
to protect consumers, and promote the safety and soundness of creditors 
making higher-risk mortgage loans.

    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Number of Respondents: 2,400.
    Estimated Number of Responses per Respondent: 0.46.
    Estimated Total Annual Responses: 1,104.
    Estimated Burden Hours per Response: 0.25.
    Estimated Total Annual Burden Hours: 276.

    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 Melane Conyers-Ausbrooks, Secretary of the Board, the National 
Credit Union Administration, on October 8, 2020.

    Dated: October 9, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-22770 Filed 10-14-20; 8:45 am]
BILLING CODE 7535-01-P