Federal Register, Volume 64 Issue 145 (Thursday, July 29, 1999)

[Federal Register Volume 64, Number 145 (Thursday, July 29, 1999)]
[Notices]
[Pages 41142-41166]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-19355]


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NATIONAL CREDIT UNION ADMINISTRATION


Central Liquidity Facility

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice with request for comments.

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SUMMARY: NCUA's Central Liquidity Facility (CLF) has in place form 
documents that reflect the repayment, security, and credit reporting 
(RSCR) terms applicable to all CLF liquidity loans. The NCUA Board is 
updating and revising these terms and forms and, in addition, issuing 
two new forms. These modifications are intended to ensure that CLF will 
efficiently meet the liquidity needs of credit unions through Year 2000 
and beyond. NCUA regulations require publishing any modifications to 
these terms and forms in the Federal Register. Also, the NCUA is 
requesting comments on the collection of information burden imposed by 
these modifications in compliance with the Paperwork Reduction Act of 
1995.

DATES: Comments must be received on or before August 18, 1999.

FOR FURTHER INFORMATION CONTACT: Herbert S. Yolles, President, CLF, at 
the above address or telephone (703) 518-6360 or Frank S. Kressman, 
Staff Attorney, Division of Operations, Office of General Counsel, at 
the above address or telephone: (703) 518-6540.

SUPPLEMENTARY INFORMATION: The CLF is a mixed-ownership government 
corporation within the NCUA. It is managed by the NCUA Board and is 
owned by its member credit unions. CLF's purpose is to improve the 
general stability of credit unions by meeting their liquidity needs. 
CLF recognizes that credit unions' liquidity needs may increase 
dramatically and temporarily as a result of Year 2000 circumstances. 
Accordingly, CLF has revised the RSCR terms governing all CLF liquidity 
loans and has taken measures to ensure that all credit unions have full 
access to CLF services. These actions will help ensure that CLF will be 
able to meet increased liquidity demand related to Year 2000.
    The Request for Funds Form and the Liquidity Need Loan Application 
have been newly created to reflect revisions to the RSCR terms. The CLF 
Agent Member Application Form, Agent Member RSCR Agreement and Agent 
Group Representative RSCR Agreement have been revised to reflect 
revisions to the RSCR terms. These five documents are published for 
notice and comment. A brief summary of the purposes of these documents 
follows and the full text of each can be found in Appendix ``A'' below. 
The Request for Funds Form serves as the official request for a 
liquidity loan from the CLF. It is submitted by a corporate credit 
union that is an agent member of the CLF (Agent Member) or an agent 
group representative (Agent Group Representative), as those terms are 
defined in part 725. This form provides information necessary to 
process a liquidity loan including the identity of the natural person 
credit union borrower, the loan amount and the purpose for the loan. 
The Liquidity Need Loan Application contains the terms and conditions 
of the relationship between an Agent Member, its natural person credit 
union member, and its Agent Group Representative in the context of 
requesting liquidity loans. The CLF Agent Member Application Form is to 
be used by corporate credit unions that wish to apply for Agent Member 
status. The Agent Member RSCR Agreement contains the terms and 
conditions of the relationship between an Agent Member and the CLF in 
the context of transacting CLF liquidity loans. The Agent Group 
Representative RSCR Agreement contains the terms and conditions of the 
relationship between an Agent Group Representative and the CLF in the 
context of transacting CLF liquidity loans.

Regulatory Procedures

Paperwork Reduction Act

    The NCUA Board has determined that the requirements of the above 
documents constitute a collection of information under the Paperwork 
Reduction Act (PRA). NCUA has submitted these documents to OMB with a 
request for emergency clearance and expedited review within 20 days. If 
approved, regularly applicable PRA public notice requirements will be 
inapplicable and OMB will issue OMB Control Numbers valid for not more 
than 180 days.
    The NCUA Board estimates that it will take an average of \1/4\ hour 
to comply with the requirements of the Request for Funds Form. The NCUA 
Board also estimates that 40 credit unions will use this form 3 times 
each for a total estimated annual collection burden of approximately 30 
hours.
    The NCUA Board estimates that it will take an average of \1/4\ hour 
to comply with the requirements of the Liquidity Need Loan Application. 
The NCUA Board also estimates that 7,000 credit unions will use this 
form 1 time each for a total estimated annual collection burden of 
approximately 1,750 hours.

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    The NCUA Board estimates that it will take an average of 1 hour to 
comply with the requirements of the CLF Agent Member Application Form. 
The NCUA Board also estimates that 5 credit unions will use this form 1 
time each for a total estimated annual collection burden of 
approximately 5 hours.
    The NCUA Board estimates that it will take an average of 1 hour to 
comply with the requirements of the Agent Member RSCR Agreement. The 
NCUA Board also estimates that 5 credit unions will use this form 1 
time each for a total estimated annual collection burden of 
approximately 5 hours.
    The NCUA Board estimates that it will take an average of 1 hour to 
comply with the requirements of the Agent Group Representative RSCR 
Agreement. The NCUA Board also estimates that 1 credit union will use 
this form 1 time for a total estimated annual collection burden of 
approximately 1 hour. The estimated aggregate annual collection burden 
for all of the above forms is 1,791 hours.
    The Paperwork Reduction Act of 1995 and OMB regulations require 
that the public be provided an opportunity to comment on information 
collection requirements, including an agency's estimate of the burden 
of the collection of information. The NCUA Board invites comment on: 
(1) Whether the collection of information is necessary; (2) the 
accuracy of NCUA's estimate of the burden of collecting the 
information; (3) ways to enhance the quality, utility, and clarity of 
the information to be collected; and (4) ways to minimize the burden of 
collection of information. Comments should be sent to: OMB Reports 
Management Branch, New Executive Office Building, Room 10202, 
Washington, DC 20503; Attention: Alex T. Hunt, Desk Officer for NCUA. 
Please send NCUA a copy of any comments you submit to OMB to: Becky 
Baker, Secretary of the Board, National Credit Union Administration, 
1775 Duke Street, Alexandria, Virginia 22314-3428.

    By the National Credit Union Administration Board on July 22, 
1999.
Becky Baker,
Secretary of the Board.

BILLING CODE 7535-01-P

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Appendix A
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[FR Doc. 99-19355 Filed 7-28-99; 8:45 am]
BILLING CODE 7535-01-C