[Federal Register Volume 75, Number 199 (Friday, October 15, 2010)]
[Notices]
[Page 63514]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-26058]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Review; Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
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SUMMARY: The NCUA submitted the following information collection to the
Office of Management and Budget (OMB) for review and clearance under
the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. chapter
35) (PRA). The original submission was made in connection with proposed
amendments to the agency's rule governing corporate credit unions (12
CFR part 704), as approved by the NCUA Board in November, 2009 and
published in the Federal Register on December 9, 2009 (74 FR 65210). In
view of changes made in the final rule that affect (by reducing) the
original burden estimates, as described below, OMB has requested that
the agency provide another opportunity for public comment.
DATES: Comments will be accepted until November 15, 2010.
ADDRESSES: Interested parties are invited to submit written comments to
the National Credit Union Administration, Office of the Chief
Information Officer as listed below: Tracy Crews, National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, Fax No.
703-837-2861, E-mail: [email protected].
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
a copy of the information collection request should be directed to
Tracy Crews at the National Credit Union Administration, 1775 Duke
Street, Alexandria, VA 22314-3428, or at (703) 518-6444. Copies of the
final rule, as approved by the NCUA Board at its September 24 Board
meeting, are available on the agency's Web site, http://www.NCUA.gov.
SUPPLEMENTARY INFORMATION: Proposal for the following collection of
information:
OMB Number: 3133-0129.
Form Number: None.
Type of Review: Revision of a previously approved collection.
Title: Corporate Credit Unions.
Description: Part 704 of NCUA's Rules and Regulations imposes
certain information collection obligations on corporate credit unions
concerning their activities. As described in the preamble to the
proposed rule, information collection requirements, within the meaning
of the PRA, are included in the following aspects of the rule: With
respect to capital and prompt corrective action requirements, the new
rule creates several new capital standards and requirements, which have
the potential to increase the likelihood of having to prepare a capital
restoration plan, or modify an existing plan. Beginning three years
after the effective date of the rule, some corporates may be required
to develop and submit a retained earnings accumulation plan. The rule
generally requires a corporate to obtain NCUA's prior approval before
permitting the early redemption of contributed capital, and the rule
imposes notice requirements in the event changes occur that cause the
corporate to be placed in a lower capital category, within the prompt
corrective action realm. The rule also imposes new requirements
concerning the use of nationally recognized statistical rating
agencies, which may have the effect of triggering new or modified
investment action plans. In terms of asset-liability management, two
cash flow mismatch tests that had been proposed have been eliminated
from the final rule, but testing for weighted average life limits
remains, including a new test with a 2.25 year weighted average life
limit that assumes a 50 percent slowdown in prepayment speeds to limit
extension risk. The rule imposes new requirements concerning obtaining
approval for proposed CUSO activities, and the rule also imposes new
disclosure requirements concerning senior executive compensation,
although the scope of the disclosure obligations under the final rule
has been scaled back from the proposal.
Respondents: All federally insured corporate credit unions.
Estimated No. of Respondents/Record keepers: 27.
Estimated Burden Hours per Response: 3,887 hours, estimated as
follows:
Capital restoration plans: 20 corporates x 50 hours = 1,000 hours.
Retained earnings accumulation Plans: 3 corporates x 50 hours = 150
hours.
Notice of intent to redeem contributed capital: 10 corporates x 1
hour = 10 hours.
Notice of PCA category change: 10 corporates x 1 hour = 10 hours.
Ratings procurement: 27 corporates x 2 hours = 54 hours.
Investment action plans: 10 corporates x 20 hours = 200 hours.
ALM testing: 27 corporates x 84 hours = 2,268 hours.
CUSO approval requests: 12 corporates x 2 hours = 24 hours.
Compensation disclosures: 27 corporates x 5 hours = 135 hours.
Merger related disclosures: 4 corporates x 5 hours = 20 hours.
Requests to make golden parachute and severance payments: 4
corporates x 4 hours = 16 hours.
Frequency of Response: Reporting, recordkeeping, on occasion,
monthly, quarterly and annually.
Estimated Total Annual Burden Hours: 69,605 hours--revised based on
revised estimate of burden hours.
Estimated Annual Cost: (Unchanged from initial estimate of $8,500
per corporate.)
By the National Credit Union Administration Board on October 12,
2010.
Mary Rupp,
Secretary of the Board.
[FR Doc. 2010-26058 Filed 10-14-10; 8:45 am]
BILLING CODE 7535-01-P