[Federal Register Volume 81, Number 114 (Tuesday, June 14, 2016)]
[Notices]
[Pages 38737-38738]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13949]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request; Supervisory Committee Audits and Verifications
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 August 15, 2016
to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dawn Wolfgang, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax
No. 703-519-8579; or Email at [email protected].
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to the address above.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0059.
Title: Supervisory Committee Audits and Verifications, 12 CFR part
715.
Abstract: Title 12 CFR part 715 prescribes the responsibilities of
the supervisory committee to obtain an audit of the credit union and
verification of member accounts as outlined in Section 115 of the
Federal Credit Union Act (Act), 12 U.S.C. 1761d. A supervisory
committee audit is required at least once every calendar year covering
the period since the last audit and to conduct a verification of
members' accounts not less frequently than once every two years. The
Act specifies the minimum annual audit a credit union is required to
obtain according to its charter type and asset size, the licensing
authority required of persons performing certain audits, the auditing
principles which apply to certain audits, and the accounting principles
which must be followed in reports filed with the NCUA Board.
The information is used by both the credit union and the NCUA to
ensure through audit testing that the credit union's assets,
liabilities, equity, income, and expenses exist, are properly valued,
controlled and meet ownership, disclosure and classification
requirements of sound financial reporting.
A written report on the audit must be made to the board of
directors and, if requested, NCUA. Working papers must be maintained
and made available to NCUA. Independence requirements must be met;
standards governing verifications and the methods used to verify
member's passbooks and accounts are set forth. Section 741.202 makes
these requirements applicable to federally insured state-chartered
credit unions.
Type of Review: Extension of a previously approved collection.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated No. of Respondents: 6,025.
Estimated No. of Responses per Respondent: 3.42.
Estimated Annual Responses: 20,600.
Estimated Burden Hours per Response: 1.88.
Estimated Total Annual Burden Hours: 38,693.
Adjustments in the number of credit unions reflect a decrease from
the previous submission and recordkeeping requirements associated with
the membership verification, previously omitted, are now included in
this request.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the
[[Page 38738]]
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 June 8, 2016.
Dated: June 8, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-13949 Filed 6-13-16; 8:45 am]
BILLING CODE 7535-01-P