[Federal Register Volume 88, Number 16 (Wednesday, January 25, 2023)]
[Notices]
[Pages 4853-4854]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01476]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collections

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

DATES: Written comments should be received on or before March 27, 2023 
to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Nina DiPadova, National Credit Union 
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 
22314; email at [email protected].

FOR FURTHER INFORMATION CONTACT: Address requests for additional 
information to Nina DiPadova at the address above or telephone 703-718-
1155.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0024.
    Title: Mergers of Federally-Insured Credit Unions; Voluntary 
Termination or Conversion of Insured Status, 12 CFR part 708b.
    Type of Review: Extension of a currently approved collection.
    Abstract: Part 708b of NCUA's rules sets forth the procedural and 
disclosure requirements for mergers of federally-insured credit unions, 
conversions from federal share insurance to nonfederal insurance, and 
federal share insurance terminations. Part 708b is designed to ensure 
NCUA has sufficient information whether to approve a proposed merger, 
share insurance conversion, or share insurance termination. It further 
ensures that members of credit unions have sufficient and accurate 
information to exercise their vote properly concerning a proposed 
merger, insurance conversion, or insurance termination. The rule also 
protects the property interests of members who may lose their federal 
share insurance due to a merger, share insurance conversion, or share 
insurance termination.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated No. of Respondents: 160 Mergers; 4 Share Insurance 
Conversions; 1 Share Insurance Terminations.
    Estimated No. of Responses per Respondent: 7 for Mergers, 5 for 
Share Insurance Conversions, and 5 for Share Insurance Terminations.
    Estimated Total Annual Responses: 1,120 for Mergers, 20 for Share 
Insurance Conversions, and 5 for Share Insurance Terminations.
    Estimated Burden Hours per Response: 35 Burden Hours for Mergers, 
15 Burden Hours for Share Insurance Conversions; 2.4 Burden Hours for 
Share Insurance Terminations.
    Estimated Total Annual Burden Hours: 5,600.

    OMB Number: 3133-0163.
    Title: Privacy of Consumer Financial Information Recordkeeping and 
Disclosure Requirements. Under the Gramm-Leach-Bliley Act and 
Regulation P, 12 CFR 1016.
    Type of Review: Extension of a currently approved collection.
    Abstract: Regulation P (12 CFR 1016) requires credit unions to 
disclose its privacy policies to customers as well as offer customers a 
reasonable opportunity to opt out--in whole or in part--of those 
policies to further restrict the release of their personal financial 
information to nonaffiliated third parties. Credit unions are required 
to

[[Page 4854]]

provide an initial privacy notice to customers that is clear and 
conspicuous, an annual notice of the privacy policies and practices of 
the institution, a revised notice to customers if triggered by specific 
changes to the existing policy, and a notice of the right of the 
customer to opt out of the institution's information sharing practices. 
Consumers who choose to exercise their opt-out right document this 
choice by returning an opt-out form or other permissible method.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated No. of Respondents: 2,654 FICU; 1,360,000 members who 
opt-out.
    Estimated No. of Responses per Respondent: Annual for most FICUs. 
Once for credit union members choosing to opt-out.
    Estimated Total Annual Responses: 1,365,319.
    Estimated Burden Hours per Response: FICUs, 8.11; Consumers, 0.28.
    Estimated Total Annual Burden Hours: 426,248.

    OMB Number: 3133-0181.
    Type of Review: Extension of currently approved collection.
    Title: Registration of Mortgage Loan Originators.
    Abstract: The Secure and Fair Enforcement for Mortgage Licensing 
Act (S.A.F.E. Act), 12 U.S.C. 5101 et seq., as codified by 12 CFR part 
1007, requires an employee of a bank, savings association, or credit 
union or a subsidiary regulated by a Federal banking agency or an 
employee of an institution regulated by the Farm Credit Administration 
(FCA), (collectively, Agency-regulated Institutions) who engages in the 
business of a residential mortgage loan originator (MLO) to register 
with the Nationwide Mortgage Licensing System and Registry (Registry) 
and obtain a unique identifier. Agency-regulated institutions must also 
adopt and follow written policies and procedures to assure compliance 
with the S.A.F.E. Act. The Registry is intended to aggregate and 
improve the flow of information to and between regulators; provide 
increased accountability and tracking of mortgage loan originators; 
enhance consumer protections; reduce fraud in the residential mortgage 
loan origination process; and provide consumers with easily accessible 
information at no charge regarding the employment history of, and the 
publicly adjudicated disciplinary and enforcement actions against MLOs.
    Affected Public: Private Sector: Not-for-profit institutions; 
Individuals or households.
    Estimated No. of Respondents: 70,795.
    Estimated No. of Responses per Respondent: 2.21.
    Estimated Total Annual Responses: 165,844.
    Estimated Hours per Response: 0.40 per individual; 6.38 per 
institution.
    Estimated Total Annual Burden Hours: 87,260.
    Reason for Change: The number of respondents have been updated to 
reflect current data reported by the Registry and the NCUA call report.

    OMB Number: 3133-0187.
    Type of Review: Extension currently approved collection.
    Title: Reverse Mortgage Products--Guidance for Managing Reputation 
Risks, 12 CFR 1002, 1005, 1013, and 229.
    Abstract: The Reverse Mortgage Guidance sets forth standards 
intended to ensure that financial institutions effectively assess and 
manage the compliance and reputation risks associated with reverse 
mortgage products. The information collection will allow NCUA to 
evaluate the adequacy of a federally-insured credit union's internal 
policies and procedures as they relate to reverse mortgage products.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated No. of Respondents: 17.
    Estimated No. of Responses per Respondent: 1.05.
    Estimated Total Annual Responses: 18.
    Estimated Hours per Response: 9.78.
    Estimated Total Annual Burden Hours: 176.
    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 January 19, 2023.

    Dated: January 19, 2023.
Nina E. DiPadova,
NCUA PRA Clearance Officer.
[FR Doc. 2023-01476 Filed 1-24-23; 8:45 am]
BILLING CODE 7535-01-P