Agency Information Collection Activities: Submission to OMB for Reinstatement, With Change, of a Previously Approved Collection; Comment Request, 48912 [2013-19395]

Agencies

• National Credit Union Administration

[Federal Register Volume 78, Number 155 (Monday, August 12, 2013)]
[Notices]
[Page 48912]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-19395]



[[Page 48912]]

-----------------------------------------------------------------------

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. The NCUA regulation at 12 CFR part 760 
implements the requirements of the National Flood Insurance Act of 1968 
and the Flood Disaster Protection Act of 1973 (Flood Act), as amended. 
42 U.S.C. 4001-4129. The Flood Act and Part 760 require a federally 
insured credit union granting a real estate loan to determine if flood 
insurance for the designated loan term is required. The credit union 
must also provide certain related notices and maintain records.

DATES: Comments will be accepted until October 11, 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: OCIOPRA@ncua.gov.
    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 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 the collection for 3133-0143. The NCUA 
regulation at 12 CFR part 760 implements the Flood Act requirements for 
a federally insured credit union and contains information collection 
requirements (ICRs) under the Paperwork Reduction Act. A federally 
insured credit union must determine if a real estate loan requires 
flood insurance for the designated loan term. The credit union must 
also provide information to the borrower when the flood insurance is 
required.
    The credit union must notify the borrower if it determines adequate 
flood insurance is not in place during the loan term and require the 
borrower to obtain necessary insurance within 45 days of the 
notification. A credit union must maintain records that it gave the 
required information to the borrower and it must ensure that the 
required flood insurance remains in force while the credit union holds 
the loan.
    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: 12 CFR part 760, Loans in Areas Having Special Flood 
Hazards.
    OMB Number: 3133-0143.
    Type of Review: Reinstatement, with change, of a previously 
approved collection.
    Description: Federally insured credit unions are required by the 
Flood Act and 12 CFR part 760 to make certain disclosures and maintain 
compliance records. Borrowers use this information to make valid 
purchase decisions. The NCUA uses the records to verify compliance with 
the Flood Act and NCUA's regulation at 12 CFR part 760.
    Respondents: Federally insured credit unions granting real estate 
loans.
    Total Estimated No. of Respondents/Recordkeepers: 3,727 credit 
unions.
    Total Frequency of Response: Recordkeeping, reporting, and on 
occasion issuing required notices.
    Total Estimated Annual Burden Hours: 127,927.
    Total Estimated Annual Cost: N/A.
    The following are the specific underlying ICRs that comprise the 
total:
    ICR related to the Standard Flood Hazard Determination Form 
collection:
    Respondents: 3,727 credit unions.
    Estimated Annual Frequency of Response: 1,296,000 real estate loans 
require the notice.
    Estimated Time per Response: 5 minutes (\1/12\ hour) each per loan.
    Estimated Annual Burden: 108,000 hours.
    ICR related to other required notices:
    Respondents: 3,727 credit unions.
    Estimated Annual Frequency of Response: 15% x 1,296,000 real estate 
loans in flood hazard areas = 194,400 loans require other notices.
    Estimated Time per Response: 5 minutes (\1/12\ hour) to execute 
other notices.
    Estimated Annual Burden: 16,200 reporting hours.
    ICR related to required recordkeeping (place a copy of Standard 
Flood Hazard Determination Form and notice(s) in loan file).
    Respondents: 3,727 credit unions.
    Estimated Annual Time per Response: 1 hour.
    Estimated Annual Burden: 3,727 recordkeeping hours.
    Therefore, NCUA estimates that the total number for the collection 
of information is:
    108,000 + 16,200 + 3,727 = 127,927 burden hours.

    By the National Credit Union Administration Board on August 6, 
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-19395 Filed 8-9-13; 8:45 am]
BILLING CODE 7535-01-P