[Federal Register Volume 89, Number 6 (Tuesday, January 9, 2024)]
[Notices]
[Pages 1130-1131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-00182]


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NATIONAL CREDIT UNION ADMINISTRATION


Revisions of Agency Information Collections for Comments Request: 
Proposed Collections

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comments.

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SUMMARY: The National Credit Union Administration (NCUA) will submit 
the following information collection requests 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: Written comments should be received on or before March 11, 2024 
to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Mahala Vixamar, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314, Suite 
5067; Fax No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Mahala Vixamar at (703) 718-1155.

[[Page 1131]]


SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0102.
    Title: Truth in Lending (TILA); Regulation Z.
    Type of Review: Extension of a previously approved collection.
    Abstract: The Truth in Lending Act (TILA) was enacted to foster 
comparison credit shopping and informed credit decision making by 
requiring accurate disclosure of the costs and terms of credit to 
consumers and to protect consumers against inaccurate and unfair credit 
billing practices. TILA has been revised numerous times since it took 
effect, notably by passage of the Fair Credit Billing Act of 1974, the 
Consumer Leasing Act of 1976, the Truth in Lending Simplification and 
Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of 
1988, and the Home Equity Loan Consumer Protection Act of 1988. 
Historically, TILA was implemented by the Board of Governors of the 
Federal Reserve System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred FRB's 
rulemaking authority for TILA to the Consumer Financial Protection 
Bureau (CFPB).
    Regulation Z contains several provisions that impose information 
collection requirements: The information collection requirements for 
open-end credit products; the information collection requirements for 
closed-end credit; the information collection requirements that apply 
to both open- and closed-end mortgage credit; the information 
collection requirements for specific residential mortgage types-namely, 
reverse mortgages and high cost mortgages with rates and fees above 
specified thresholds; the information collection requirements for 
private education loans; and information collection requirements 
related to Regulation Z's advertising and record retention rules.
    The collection of information pursuant to Part 1026 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model forms and 
clauses are appended to the regulation.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 2,906,986.

    OMB Number: 3133-0180.
    Title: Liquidity and Contingency Funding Plans, 12 CFR 741.12.
    Type of Review: Extension of a previously approved collection.
    Abstract: Section 741.12 establishes a three-tier framework for 
FICUs, based on asset size. FICUs with assets under $50 million must 
maintain a basic policy, those with assets of $50 million and over must 
maintain a contingency funding plan, and those with assets over $250 
million must maintain a contingency funding plan and establish a 
federal liquidity contingency source. The reviews will conclude if 
federally insured credit unions are maintaining appropriate liquidity 
levels for the amount of balance sheet risk exposure and help prevent 
losses to credit unions and the NCUSIF.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 4,248.

    OMB Number: 3133-0186.
    Title: Higher-Risk Mortgage Appraisals.
    Type of Review: Revision 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. This statutory requirement 
is promulgated in 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 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 Total Annual Burden Hours: 236.
    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 
performance 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 the National Credit Union Administration Board.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2024-00182 Filed 1-8-24; 8:45 am]
BILLING CODE 7535-01-P