[Federal Register Volume 78, Number 139 (Friday, July 19, 2013)]
[Notices]
[Pages 43231-43232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-17347]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement, Without Change, of a Previously Approved Collection;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
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SUMMARY: The NCUA intends to submit the following information
collection to the Office of Management and Budget (OMB) for review and
clearance under the Paperwork Reduction Act of 1995
[[Page 43232]]
(Pub. L. 104-13, 44 U.S.C. Chapter 35). This information collection
relates to 12 CFR part 713 which requires a federal credit union (FCU)
to monitor its eligibility to qualify for a higher fidelity coverage
deductible and to notify the NCUA if its financial condition changes
resulting in the loss of that eligibility for the higher deductible.
This information collection notice is published to obtain comments from
the public. This requirement enables NCUA to monitor the FCU's
financial condition for safety and soundness purposes and helps to
assure that FCUs are properly and adequately protected against
potential losses due to insider abuse such as fraud and embezzlement.
DATES: Comments will be accepted until September 17, 2013.
ADDRESSES: Interested parties are invited to submit written comments to
the NCUA Contact and the OMB Reviewer listed below:
NCUA Contact: Tracy Crews, National Credit Union Administration,
1775 Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-
2861, Email: [email protected].
OMB Contact: Office of Management and Budget, ATTN: Desk Officer
for the National Credit Union Administration, Office of Information and
Regulatory Affairs, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Requests for additional information, a
copy of the information collection request, or a copy of submitted
comments should be directed to Tracy Crews at the National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or at
(703) 518-6444.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is reinstating a previously approved collection of information
for 3133-0170. The regulation calls for an FCU that ceases to meet
eligibility requirements for the higher deductible to obtain a policy
with the required coverage and to notify the appropriate NCUA regional
office of its changed status. The notice must also confirm that the FCU
has obtained the required coverage. The information will be used by the
regional office in its efforts to monitor credit unions for safe and
sound operations and is critically important in helping to avert or
minimize losses to the National Credit Union Share Insurance Fund
(NCUSIF). The NCUSIF provides federally guaranteed account insurance
for all federally insured credit unions. Adequate insurance coverage
can avert a credit union from failing due to insolvency; alternatively,
where insolvency and failure do occur, the NCUA, in its capacity as
receiver for the failed FCU, can recoup some of its losses through a
claim under an insurance policy.
The NCUA requests that you send your comments on this collection to
the location listed in the addresses section. Your comments should
address: (a) The necessity of the information collection for the proper
performance of NCUA, including whether the information will have
practical utility; (b) the accuracy of our estimate of the burden
(hours and cost) of the collection of information, including the
validity of the methodology and assumptions used; (c) ways we could
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways we could minimize the burden of the collection
of the information on the respondents such as through the use of
automated collection techniques or other forms of information
technology. It is NCUA's policy to make all comments available to the
public for review.
II. Data
Title: 12 CFR part 713, Fidelity Bond and Insurance Coverage for
Federal Credit Unions.
OMB Number: 3133-0170.
Form Number: None.
Type of Review: Reinstatement, without change, of a previously
approved collection.
Description: The regulation in 12 CFR part 713, details the
requirements for FCU compliance regarding fidelity bond and insurance
coverage. The regulation includes instructions for those FCUs that no
longer qualify for a higher deductible.
Respondents: Federal credit unions.
Estimated No. of Respondents/Recordkeepers: 5.
Estimated Burden Hours per Response: 1 hour.
Frequency of Response: On occasion.
Estimated Total Annual Burden Hours: 5 hours.
Estimated Total Annual Cost: None.
By the National Credit Union Administration Board, on July 15,
2013.
Mary Rupp,
Secretary of the Board.
[FR Doc. 2013-17347 Filed 7-18-13; 8:45 am]
BILLING CODE 7535-01-P