[Federal Register Volume 87, Number 27 (Wednesday, February 9, 2022)]
[Notices]
[Pages 7502-7503]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-02672]


=======================================================================
-----------------------------------------------------------------------

NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request; Succession Planning

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

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 new collection, as required by the Paperwork Reduction Act of 
1995.

DATES: Written comments should be received on or before April 11, 2022 
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; 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 Dawn Wolfgang at the address above or telephone 703-548-
2279.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-NEW.
    Title: Succession Planning, 12 CFR 701.4(e).
    Type of Review: New collection.
    Abstract: The NCUA Board (Board) proposes that Federal Credit Union 
(FCU) boards of directors establish and adhere to processes for 
succession planning. The succession plans will help to ensure that the 
credit union has plans to fill key positions, such as officers of the 
board, management officials, executive committee members, supervisory 
committee members, and (where provided for in the bylaws) the members 
of the credit committee to provide continuity of operations. In 
addition, the proposed rule would require directors to be knowledgeable 
about the FCU's succession plan. Although the proposed rule would apply 
only to FCUs, the Board's purpose is to encourage and strengthen 
succession planning for all credit unions. The proposed rule would 
provide FCUs with broad discretion in implementing the proposed 
regulatory requirements to minimize any burden.
    Succession planning is recognized as vital to the success of any 
institution, including credit unions. One of the variables over which a 
credit union board has control is the hiring of the organization's 
senior management. A board's failure to plan for the transition of its 
management could potentially come with high costs, including the 
potential for the unplanned merger of the credit union upon the 
departure of key personnel.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated No. of Respondents: 3,125.
    Estimated No. of Responses per Respondent: 1.33.
    Estimated Total Annual Responses: 4,166.
    Estimated Burden Hours per Response: 0.31.
    Estimated Total Annual Burden Hours: 1,303.
    The NCUA published the proposed rule at 87 FR 6078, on February 3, 
2022 (FR Doc. 2022-02038). This proposed

[[Page 7503]]

rule would require all federal credit unions (FCUs) to establish a 
succession plan and to review and update this plan annually. A one-time 
recordkeeping burden would apply to all FCUs with the promulgation of 
this rule, with additional information collection burden associated 
with the maintaining and retaining this record.
    Request for Comments: The NCUA invites comments on: (a) Whether the 
proposed collection of information is necessary for the proper 
performance of the functions of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the proposed 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 information on those who are to respond, including 
through the use of appropriate automated, electronic, mechanical, or 
other technological collection techniques or other forms of information 
technology; and (e) estimates of capital or start-up costs and cost of 
operation, maintenance, and purchase of services to provide 
information.
    All comments are a matter of public records. Interested persons are 
invited to submit written comments to (1) www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting the 
Agency under ``Currently under Review'' and to (2) Dawn Wolfgang, 
National Credit Union Administration, 1775 Duke Street, Suite 6032, 
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.

    By Melane Conyers-Ausbrooks, Secretary of the Board, the 
National Credit Union Administration, on February 3, 2022.

    Dated: February 4, 2022.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2022-02672 Filed 2-8-22; 8:45 am]
BILLING CODE 7535-01-P