Agency Information Collection Activities: Submission to OMB for Reinstatement, Without Change, of a Previously Approved Collection; Comment Request, 48914-48915 [2013-19397]

Agencies

• National Credit Union Administration

[Federal Register Volume 78, Number 155 (Monday, August 12, 2013)]
[Notices]
[Pages 48914-48915]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-19397]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement, Without Change, of a Previously Approved Collection; 
Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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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 (Public Law 104-13, 
44 U.S.C. Chapter 35). This information collection is published to 
obtain comments from the public. This request is for a ``recordkeeping 
requirement''. 12 CFR part 715 sets forth the supervisory committee's 
responsibility in meeting the audit and verification requirements of 
Section 115 of the Federal Credit Union 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. Also, a bi-annual 
verification of members' accounts is required. The Credit Union 
Membership Access Act of 1998 (CUMAA) amended certain audit and 
financial reporting requirements of the Federal Credit Union Act. Final 
amendments implementing CUMAA specify 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.

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 3133-0059. The information 
is collected by the credit union's supervisory committee or its 
designated representative, through a supervisory committee audit which 
is required at least once every calendar year covering the period since 
the last audit. The information is used by both the credit union and 
the NCUA to ensure thorough 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--100 percent verification or statistical sampling--are 
set forth. 12 CFR part 741 makes these requirements applicable to 
federally insured state-chartered credit unions.
    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: Part 715, NCUA Rules and Regulations.
    OMB Number: 3133-0059.
    Form Number: None.
    Type of Review: Reinstatement, without change, of a previously 
approved collection.
    Description: The rule 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

[[Page 48915]]

performing certain audits, the auditing principles that apply to 
certain audits, and the accounting principles that must be followed in 
reports filed with the NCUA Board.
    Respondents: Federal insured credit unions.
    Estimated No. of Respondents/Recordkeepers: 6,847.
    Estimated Total Annual Responses: 19,988.
    Frequency of Response: Reporting and annually.
    Estimated Total Annual Burden Hours: 30,295 hours.
    Estimated Total Annual Cost: None.

    By the National Credit Union Administration Board on August 6, 
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-19397 Filed 8-9-13; 8:45 am]
BILLING CODE 7535-01-P