[Federal Register Volume 78, Number 226 (Friday, November 22, 2013)]
[Notices]
[Pages 70073-70074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-28038]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Amended Submission to
OMB for Reinstatement, With Change, of a Previously Approved Collection
AGENCY: National Credit Union Administration (NCUA).
ACTION: Technical correction.
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SUMMARY: NCUA is publishing this technical correction to correct an
inadvertent burden calculation which appeared in prior notices
published in the Federal Register and was also submitted to OMB for its
Truth in Savings Act (TISA) information collection (OMB control number
3133-0134). The initial burden estimate is being reduced as described
in question 12 of the TISA Supporting Statement, which also reduces the
estimated annual burden hours. The erroneous calculation listed the
estimated total annual burden hours at 43,456,180,359 hours. The
amended submission, which contains the corrected burden hours, lists
9,899,116 estimated total annual burden hours (which combines the one-
time annual burden of 2,759,929 hours and the continuing annual burden
of 7,139,187 hours). NCUA calculated the burden hours using total
estimated number of credit union members nationwide. This notice is
published to notify the public of the correct burden calculations and
to inform the public that, on November 7, 2013, NCUA amended its
original submission to OMB with the corrected burden calculations shown
in this notice below. Amended changes will be reflected at
www.reginfo.gov after the collection has concluded the approval
process.
12. Burden estimate: \1\
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\1\ In the absence of supplementary information in determining
the reporting burden for credit unions, NCUA has adopted the same
estimated time per response as the Federal Reserve System. The
supporting information associated with Regulation DD (OMB Control
No: 7100-0271) is published at 76 FR 29242 (May 20, 2011).
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The estimated number of respondents includes the total number of
credit unions based on the NCUA year-end call report data for 2012. The
Credit Union National Association, a national trade association,
contributed to information regarding privately-insured credit unions.
The analysis assumes that all credit unions will collect the TISA
information and, therefore, be subject to this rule.
Number of credit unions: 6,859.
Federal credit unions: 4,211.
State chartered, federally-insured credit unions: 2,507.
State chartered, privately-insured credit unions: 141.
Number of credit unions with assets under $10 million: 2,339.
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Responses Annual
subject to Estimated time per response reporting
requirement burden (hours)
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One-time burden \2\
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Notice to existing accountholders \3\...... 95,032,999 1.5 minutes........................ 2,375,825
Initial training and education of staff \4\ 13,718 16 hours........................... 219,488
System updates \5\......................... 6,859 8 hours............................ 54,872
Advertising updates \6\.................... 6,859 16 hours........................... 109,744
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One-Time Annual Burden..................... .............. ................................... 2,759,929
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Continuing Annual Burden
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New account/requested disclosures \7\...... 1,988,244 5 minutes.......................... 165,687
Term account renewal notices \8\........... 7,112,023 1 minute........................... 118,534
Change-in-term notices \9\................. 23,758,250 1 minute........................... 395,971
Periodic Statements \10\................... 380,131,996 1 minute........................... 6,335,533
Advertising \11\........................... 6,859 10 hours........................... 68,590
Continuing Training \12\................... 13,718 4 hours............................ 54,872
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Continuing Annual Burden................... .............. ................................... 7,139,187
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\2\ The one-time burden would only apply to a newly chartered
credit union. Pre-existing credit unions will only have a continuing
annual compliance burden.
\3\ The one-time burden was estimated using the estimated total
number of credit union members, 95,032,999 million as of December
31, 2012.
\4\ This estimate is based on the assumption that at least 2
employees, a manager and teller, would be trained for every credit
union. It is also estimated that training will require an average of
16 hours.
\5\ Many credit unions use automated technology, i.e. computer
software, to aid in their compliance with TISA and the regulations.
NCUA estimates that credit unions will need approximately one
business day, eight hours, for necessary system maintenance.
\6\ Credit unions must monitor their advertising materials to
ensure compliance with TISA and Part 707. NCUA estimates it takes
two business days, 16 hours, for these compliance reviews.
\7\ This estimate is based on the difference between the total
number of accounts at year-end 2011 and 2012. The difference is an
estimate of the total number of new accounts.
\8\ The total number of term share accounts, share certificates,
was broken out by the dollar amount proportions of various maturing
categories of certificates. Information on the dollar amounts placed
in certificates with maturities less than one year, one to three
years, and greater than three years is available. The ratio of each
dollar volume category was applied to the total number of term share
accounts in the less than one year category were assumed to have an
annual disclosure requirement. One-half of the number of term share
accounts in the one to three year category was assumed to have an
annual disclosure requirement. Twenty percent of certificates in the
over three years category were assumed to have an annual disclosure
requirement.
\9\ Twenty-five percent of the total number of existing
accountholders is assumed to require notification, on an annual
basis, of a change-in-terms notice. The estimate is conservative and
assumes very stable market interest rates for fixed-rate accounts.
\10\ The figure for periodic statements was estimated by
assuming that on average, members receive quarterly statements.
\11\ While the burden of advertising is difficult to assess,
NCUA believes that a minimum of 10 hours per credit union per year
is a conservative estimate of the increased advertising compliance
burden required due to the Truth in Savings rule.
\12\ NCUA estimates that credit unions will need to perform
continuous training for new employees and to refresh existing
employees on TISA and Part 707. Based on an average of two employees
per year per credit union, NCUA has used the four hours of training
per employee that it applies to continuing NCUA examiner training as
the estimated an annual burden for credit unions.
[[Page 70074]]
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By the National Credit Union Administration Board on November
18, 2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-28038 Filed 11-21-13; 8:45 am]
BILLING CODE 7535-01-P