[Federal Register Volume 81, Number 57 (Thursday, March 24, 2016)]
[Notices]
[Pages 15754-15755]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-06667]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request; Central Liquidity Facilities, 12 CFR Part 725
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and
respondent burden, invites the general public and other Federal
agencies to comment on a reinstatement of a previously approved
collection, as required by the Paperwork Reduction Act of 1995 (Pub. L.
104-13, 44 U.S.C. Chapter 35).
DATES: Written comments should be received on or before May 23, 2016 to
be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Troy Hillier, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax
No. 703-519-8595; or Email at [email protected].
[[Page 15755]]
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to the address above.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0061.
Title: Central Liquidity Facility, 12 CFR part 725.
Form Number: NCUA Forms 7000, 7001, 7002, 7003, 7004, and CLF Forms
8702, and 8703.
Abstract: Part 725 contains the regulations implementing the
National Credit Union Central Liquidity Facility Act, subchapter III of
the Federal Credit Union Act. The NCUA Central Liquidity Facility is a
mixed-ownership Government corporation within NCUA. It is managed by
the NCUA Board and is owned by its member credit unions. The purpose of
the Facility is to improve the general financial stability of credit
unions by meeting their liquidity needs and thereby encourage savings,
support consumer and mortgage lending and provide basic financial
resources to all segments of the economy. The Central Liquidity
Facility achieves this purpose through operation of a Central Liquidity
Fund (CLF)
Credit unions must join the CLF to gain access to CLF services.
NCUA Rules and Regulations Sec. 725.3(a)(1) and 725.4(a)(1) state a
credit union may become a member of the CLF by making application on a
form approved the CLF and furnishing applicable supporting
documentation. The information requested on the form and the supporting
documentation is necessary to establish the relationship between the
CLF and the credit union and to determine the amount of the applicant's
stock subscription as required by 12 U.S.C. 1795c.
NCUA Rules and Regulations Sec. 725.20, requires member of the
Central Liquidity Fund (CLF), to sign the repayment, security and
credit reporting agreement in order to receive loans from the CLF. This
form (CLF-8703) is the contract required to document loans made by the
CLF to have an enforceable legal right to repayment of said loan,
create a security interest in the specified asset in case of non-
repayment, and establish reporting requirements for monitoring the
credit union's financial condition when it has a CLF loan.
A Central Liquidity Facility (CLF) member may apply for extensions
of credit for short-term adjustment, seasonal and protracted adjustment
credit to meet liquidity needs. The forms are necessary for the CLF to
determine credit worthiness, as required by 12 U.S.C 1795e(2).
Type of Review: Reinstatement with change of a previously approved
collection.
Affected Public: Any credit union wishing to join the CLF or apply
for an extension of credit for the fund.
Estimated No. of Respondents: 60.
Frequency of Response: Upon occurrence of triggering action.
Estimated Burden Hours per Response: For Repayment, Security and
Credit Report Agreement, one hour; to copy and submit financial
reports, one hour; to complete CLF application forms, 1.5 hours; to
submit membership application, one hour.
Estimated Total Annual Burden Hours: 175.
Reason for Change: These forms were previously approved under
separate OMB control numbers. This action combines them under a single
number without making any substantive change to any of the forms
themselves.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. The public is invited to submit comments concerning: (a)
Whether the collection of information is necessary for the proper
performance of the function of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
the information on the respondents, including the use of automated
collection techniques or other forms of information technology.
By Gerard Poliquin, Secretary of the Board, the National Credit
Union Administration, on March 21, 2016.
Dated: March 21, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-06667 Filed 3-23-16; 8:45 am]
BILLING CODE 7535-01-P