[Federal Register Volume 78, Number 159 (Friday, August 16, 2013)]
[Notices]
[Pages 50116-50117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-19970]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement, With 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 (Pub. L. 104-13, 44
U.S.C. Chapter 35). This information collection notice is published to
obtain comments from the public. This collection of information is
related to NCUA's regulation on nondiscrimination requirements in real
estate-related lending.
DATES: Comments will be accepted until October 15, 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 12 CFR 701.31, Nondiscrimination Requirements in Real Estate-
Related Lending, Appraisals, and Advertising. Section 701.31 implements
requirements of the Fair Housing Act, 42 U.S.C. 3601 et seq. It
requires each Federal credit union (FCU) to maintain a copy of the real
estate appraisal used to support an applicant's real estate-related
loan application and to make it available to any requesting member/
applicant for a period of 25 months. It also requires an FCU using
geographic factors in evaluating real estate-related loan applications
to disclose such fact on the appraisal, along with a statement
demonstrating the necessity of using such factors. The FCU retains the
appraisal with the noted factors in its records to prove compliance
with nondiscrimination statutes and regulations. The FCU's borrowers
and NCUA use the information to determine whether the FCU discriminates
against certain borrowers. This regulation ensures compliance with the
Fair Housing Act anti-redlining requirements.
The real estate appraisal is an integral part of most real estate-
related loan transactions. The appraisal, factors affecting the
appraisal, and record retention are all routinely included in most real
estate-related loan transactions as a usual and customary industry
practice. Therefore, any cost in time for the FCU is minimal. NCUA
estimates that the time required for this collection of information is
approximately one hour per year for each FCU. As of July 2, 2013, there
were 4,220 FCUs that could make real estate-related loans. 1 hour x
4,220 respondents/recordkeepers = 4,220 total annual burden hours. NCUA
does not believe that FCUs will incur any additional costs as a result
of the recordkeeping requirement.
NCUA requests that you send your comments on the information
collection requirement under section 701.31 to the locations 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
[[Page 50117]]
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: Nondiscrimination Requirements in Real Estate-Related
Lending, Appraisals, and Advertising, 12 CFR 701.31.
OMB Number: 3133-0068.
Form Number: None.
Type of Review: Reinstatement, with change, of a previously
approved collection.
Description: Section 701.31 is NCUA's regulation implementing
requirements of the Fair Housing Act, 42 U.S.C. 3601 et seq. It
requires each FCU to maintain a copy of the real estate appraisal used
to support an applicant's real estate-related loan application and to
make it available to any requesting member/applicant for a period of 25
months. It also requires an FCU using geographic factors in evaluating
real estate-related loan applications to disclose such fact on the
appraisal, along with a statement demonstrating the necessity of using
such factors. The FCU retains the appraisal with the noted factors in
its records to prove compliance with nondiscrimination statutes and
regulations. The FCU's borrowers and NCUA use the information to
determine whether the FCU discriminates against certain borrowers. This
regulation ensures compliance with the Fair Housing Act anti-redlining
requirements.
Respondents: Federal Credit Unions.
Estimated No. of Respondents/Recordkeepers: 4,220.
Frequency of Response: Recordkeeping on occasion.
Estimated Burden Hours Per Response: 1 hour.
Estimated Total Annual Burden Hours: 4,220 hours.
Estimated Total Annual Cost: $0.
By the National Credit Union Administration Board on August 13,
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-19970 Filed 8-15-13; 8:45 am]
BILLING CODE 7535-01-P