[Federal Register Volume 78, Number 172 (Thursday, September 5, 2013)]
[Notices]
[Pages 54683-54684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-21493]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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 is published to obtain
comments from the public. Section 701.36 of the NCUA Rules and
Regulations regulates ownership of fixed assets by federal credit
unions. This rule ensures that federal credit unions do not undertake
undue risk related to fixed assets. Specifically, section 701.36 limits
the aggregate amount of fixed assets, defines the duration for which
property can be held before it must be occupied or disposed and,
defines prohibited transactions. This information collection enables
NCUA to evaluate waiver requests of these limitations.
DATES: Comments will be accepted until October 7, 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
[[Page 54684]]
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 and amending the collection for 3133-0040. 12
CFR 701.36 requires that a federal credit union with $1 million or more
in assets obtain the approval of the NCUA before investing in fixed
assets in excess of 5% of shares and retained earnings. This section
also requires that a federal credit union prepare a definitive plan for
full use of premises acquired for future expansion if it has not fully
occupied the premises within one year of acquisition, and that a
federal credit union that has not at least partially occupied such
premises within three years, six years for unimproved real property,
obtain NCUA approval to continue without partial occupation. This
section also requires a federal credit union that does not dispose of
abandoned property within 5 years of abandonment obtain NCUA approval
to continue to hold the property. Federal credit unions must also
obtain NCUA approval prior to investing in property from a prohibited
party. The rule requires federal credit unions to submit documentation
in support of any of the above requests. This information collection
requirement is submitted for approval. The intent of the regulation and
associated information collection is to prevent, or at least curb,
excess investments in fixed assets and the related costs and expenses
that may be beyond the financial capability of the credit union.
Statistics indicate a correlation between high fixed asset investments
and difficulty in achieving positive earnings. Further, the Federal
Credit Union Act does not permit federal credit unions to own real
estate for purposes other than for providing financial services to
members. NCUA uses the information collection to evaluate the impact a
waiver approval may have on the safety and soundness of a federal
credit union. The increase in burden hours is associated with the
termination of the Regulatory Flexibility Program. This program
exempted federal credit unions in certain standing from the 5 percent
limitation on fixed assets. The end of the program has resulted in an
increase in waiver requests. 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: Federal Credit Union Ownership of Fixed Assets.
OMB Number: 3133-0040.
Form Number: None.
Type of Review: Reinstatement, with change, of a previously
approved collection.
Description: The rule limits the aggregate amount of fixed assets,
defines the duration for which property can be held before it must be
occupied or disposed and, defines prohibited transactions. Credit
unions may apply for a waiver to these limitations, which is the
purpose of this data collection.
Respondents: Federal credit unions.
Estimated No. of Respondents/Recordkeepers: 193.
Estimated Burden Hours per Response: 14.7 hours.
Frequency of Response: On occasion.
Estimated Total Annual Burden Hours: 2,830 hours.
Estimated Total Annual Cost: $82,213.80
By the National Credit Union Administration, Board August 29,
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-21493 Filed 9-4-13; 8:45 am]
BILLING CODE 7535-01-P