Agency Information Collection Activities: Submission for Office of Management and Budget Review; Comment Request; for Extension of a Currently Approved Collection; Requirement for Insurance-Interest Rate Risk Policy, 3257-3258 [2015-00975]
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Federal Register / Vol. 80, No. 14 / Thursday, January 22, 2015 / Notices
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 Jessica
Khouri at the National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428, or at
OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
tkelley on DSK3SPTVN1PROD with NOTICES
NCUA is requesting extension of the
previously approved collection of
information related to NCUA’s
regulation on PCA, 12 CFR part 702
(Part 702), which provides the
requirements for PCA for federally
insured credit unions (FICUs). Section
216 of the Federal Credit Union Act (12
U.S.C. 1790d) mandates the
requirements of PCA. Section 216
requires the NCUA Board to (1) adopt,
by regulation, a system of PCA to restore
the net worth of inadequately
capitalized FICUs; and (2) develop an
alternative system of PCA for new credit
unions that carries out the purpose of
PCA while allowing reasonable time to
build net worth to an adequate level.
Part 702 implements the statutory
mandate by establishing a system of
PCA to restore the net worth of
inadequately capitalized FICUs. To
achieve this, various information
collections are required on occasion as
the circumstances require.
NCUA requests that you send your
comments on this information
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: Prompt Corrective Action, 12
CFR part 702.
OMB Number: 3133–0154.
Form Number: None.
Type of Review: Extension of a
previously approved collection.
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18:09 Jan 21, 2015
Jkt 235001
Description: Part 702 provides for a
system of PCA. To comply with Part
702, a FICU may be subject to reporting
requirements based on its net worth
classification. Additionally, the rule
allows FICUs to request waivers from
certain requirements to which they may
otherwise be subject. NCUA uses the
information provided to ensure the
purpose of PCA is being carried out and
that FICUs build adequate levels of net
worth within a reasonable time.
Respondents: Federally insured credit
unions.
Estimated No. of Respondents: 642
FICUs.
Estimated Burden Hours per
Response: Varies by collection.
Frequency of Response: On occasion.
Estimated Total Annual Burden
Hours: 3,847 hours.
Estimated Total Annual Cost:
$122,680.33.
By the National Credit Union
Administration Board on January 14, 2015.
Gerard Poliquin,
Secretary of the Board.
3257
Comments will be accepted until
February 23, 2015.
ADDRESSES: Interested persons are
invited to submit comments to: (i) Desk
Officer for the National Credit Union
Administration, 3133–0184, U.S. Office
of Management and Budget, 725 17th
Street NW., #10102, Washington, DC
20503, or by email to: oirasubmission@
omb.eop.gov; and (ii) Jessica Khouri by
mail at the National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428, by fax at
Fax No. 703–837–2861, or by email at
OCIOPRA@ncua.gov.
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 Jessica
Khouri by mail at the National Credit
Union Administration, 1775 Duke
Street, Alexandria, VA 22314–3428, by
fax at Fax No. 703–837–2861, or by
email at OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
DATES:
[FR Doc. 2015–00972 Filed 1–21–15; 8:45 am]
I. Abstract and Request for Comments
BILLING CODE 7535–01–P
Section 741.3(b)(5) of NCUA Rules
and Regulations (12 CFR 741.3(b)(5))
requires federally insured credit unions
with more than $50 million in assets to
have a written IRR policy and an
effective IRR management program as a
condition for insurance. In the
appendix, the rule also provides
guidance on how to establish an IRR
policy and an effective program.
In the Federal Register of November
5, 2014 (79 FR 65711), NCUA published
a 60-day notice requesting public
comment on the proposed collection of
information. NCUA received no
comments.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
control number.
NCUA requests that you send your
comments on the information collection
requirements to the locations 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
NATIONAL CREDIT UNION
ADMINISTRATION
Agency Information Collection
Activities: Submission for Office of
Management and Budget Review;
Comment Request; for Extension of a
Currently Approved Collection;
Requirement for Insurance—Interest
Rate Risk Policy
National Credit Union
Administration (NCUA).
ACTION: Request for comment.
AGENCY:
NCUA is announcing that a
proposed collection of information has
been submitted to the Office of
Management and Budget (OMB) for
review and clearance under the
Paperwork Reduction Act of 1995 (PRA)
(Pub. L. 104–13, 44 U.S.C. Chapter 35).
The purpose of this notice is to allow for
30 days of public comment. Federally
insured credit unions with more than
$50 million in assets are required to
have a written interest rate risk (IRR)
policy and an effective IRR management
program as a condition for insurance of
accounts. The information collection is
currently authorized under OMB
Control Number 3133–0184. The
information collection allows NCUA to
determine whether a credit union’s
financial condition and policies
regarding interest rate risk are both safe
and sound and meet the requirements
for insurance of accounts.
SUMMARY:
PO 00000
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22JAN1
3258
Federal Register / Vol. 80, No. 14 / Thursday, January 22, 2015 / Notices
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: Requirement for Insurance—
Interest Rate Risk Policy.
OMB Number: 3133–0184.
Form Number: None.
Type of Review: Extension of a
currently approved collection.
Description: Section 741.3(b)(5) of
NCUA Rules and Regulations (12 CFR
741.3(b)(5)) requires federally insured
credit unions with more than $50
million in assets to have a written IRR
policy and an effective IRR management
program as a condition for insurance.
NCUA uses the information to evaluate
credit unions’ compliance with the rule
and to determine credit unions’ risk
tolerances and consistency with their
business strategies.
Respondents: Federally insured credit
unions with assets of more than $50
million.
Estimated No. of Respondents/Record
keepers: 225.
Frequency of Response: Once, then
annual review.
Estimated Burden Hours per
Response: 16.
Estimated Total Annual Burden
Hours: 3,600.
Estimated Total Annual Cost: None.
By the National Credit Union
Administration Board on January 14, 2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015–00975 Filed 1–21–15; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
Agency Information Collection
Activities: Submission for Office of
Management and Budget Review;
Comment Request; for Extension of a
Previously Approved Collection;
Golden Parachutes and
Indemnification Payments
National Credit Union
Administration (NCUA).
ACTION: Request for comment.
AGENCY:
NCUA is announcing that a
proposed collection of information has
been submitted to the Office of
Management and Budget (OMB) for
review and clearance under the
Paperwork Reduction Act of 1995 (PRA)
(Pub. L. 104–13, 44 U.S.C. Chapter 35).
The purpose of this notice is to allow for
30 days of public comment. This is
related to NCUA’s regulation that
tkelley on DSK3SPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:09 Jan 21, 2015
Jkt 235001
prohibits, in certain circumstances, a
federally insured credit union (FICU)
from making golden parachute and
indemnification payments to an
institution-affiliated party (IAP). The
regulation requires requests for a
troubled FICU to make a severance or
golden parachute payment to an IAP to
be submitted in writing to NCUA.
DATES: Comments will be accepted until
February 23, 2015.
ADDRESSES: Interested persons are
invited to submit comments to: (i) Desk
Officer for the National Credit Union
Administration, 3133–0183, U.S. Office
of Management and Budget, 725 17th
Street NW., #10102, Washington, DC
20503, or by email to: oirasubmission@
omb.eop.gov; and (ii) Jessica Khouri by
mail at the National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428, by fax at
Fax No. 703–837–2861, or by email at
OCIOPRA@ncua.gov.
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 Jessica
Khouri by mail at the National Credit
Union Administration, 1775 Duke
Street, Alexandria, VA 22314–3428, by
fax at Fax No. 703–837–2861, or by
email at OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is extending a previously
approved collection of information for
12 CFR 750, Golden Parachute and
Indemnification Payments. Part 750 is
NCUA’s regulation that prohibits, in
certain circumstances, a FICU from
making golden parachute and
indemnification payments to an IAP.
The collection of information
requirement applies to troubled FICUs
seeking approval to make a severance or
golden parachute payment to an IAP.
Specifically, § 750.6 requires requests
for an FICU to make nondiscriminatory
severance plan payments under
§ 750.1(e)(2)(v) and golden parachute
payments permitted by § 750.4 to be
submitted in writing to NCUA.
In NCUA’s experience, FICU requests
to make severance and golden parachute
payments within the scope of the rule
do not occur often. NCUA estimates
that, as of June 30, 2014, there are 6,429
FICUs. Of those, there were 278 problem
FICUs with CAMEL 4 or 5 ratings. Of
those, 229 FICUs had less than $50
million in total assets and an additional
22 FICUs had less than $100 million in
total assets. These smaller FICUs are
unlikely to seek NCUA approval to
make severance or golden parachute
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Fmt 4703
Sfmt 4703
payments because these payments are
more typically seen in the executive
compensation of larger, more complex
FICUs. Of the remaining 27 larger
problem FICUs, NCUA anticipates no
more than 20 percent would seek NCUA
approval to make a severance or golden
parachute payment. Accordingly, NCUA
estimates that on an annual basis and
across all FICUs, only approximately
five FICUs will need to solicit NCUA
approval in advance of making a
severance or golden parachute payment
within the scope of the rule and that
preparing the request for approval may
take four hours. Five FICUs times four
hours per respondent equals 20 annual
burden hours.
In the Federal Register of November
5, 2014 (79 FR 65711), NCUA published
a 60-day notice requesting public
comment on the proposed collection of
information. NCUA received no
comments during that period.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
control number.
NCUA requests that you send your
comments on the information collection
requirements to the locations 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: Golden Parachutes and
Indemnification Payments.
OMB Number: 3133–0183.
Form Number: None.
Type of Review: Extension of a
previously approved collection.
Description: Part 750 is NCUA’s
regulation prohibit, in certain
circumstances, a FICU from making
golden parachute and indemnification
payments to an IAP. The collection of
information requirement only affects
troubled FICUs seeking approval to
make a severance or golden parachute
payment to an IAP. Specifically, § 750.6
E:\FR\FM\22JAN1.SGM
22JAN1
Agencies
[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3257-3258]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00975]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission for Office
of Management and Budget Review; Comment Request; for Extension of a
Currently Approved Collection; Requirement for Insurance--Interest Rate
Risk Policy
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
-----------------------------------------------------------------------
SUMMARY: NCUA is announcing that a proposed collection of information
has been submitted to the Office of Management and Budget (OMB) for
review and clearance under the Paperwork Reduction Act of 1995 (PRA)
(Pub. L. 104-13, 44 U.S.C. Chapter 35). The purpose of this notice is
to allow for 30 days of public comment. Federally insured credit unions
with more than $50 million in assets are required to have a written
interest rate risk (IRR) policy and an effective IRR management program
as a condition for insurance of accounts. The information collection is
currently authorized under OMB Control Number 3133-0184. The
information collection allows NCUA to determine whether a credit
union's financial condition and policies regarding interest rate risk
are both safe and sound and meet the requirements for insurance of
accounts.
DATES: Comments will be accepted until February 23, 2015.
ADDRESSES: Interested persons are invited to submit comments to: (i)
Desk Officer for the National Credit Union Administration, 3133-0184,
U.S. Office of Management and Budget, 725 17th Street NW., #10102,
Washington, DC 20503, or by email to: oirasubmission@omb.eop.gov; and
(ii) Jessica Khouri by mail at the National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, by fax at
Fax No. 703-837-2861, or by email at OCIOPRA@ncua.gov.
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 Jessica Khouri by mail at the National
Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-
3428, by fax at Fax No. 703-837-2861, or by email at OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
Section 741.3(b)(5) of NCUA Rules and Regulations (12 CFR
741.3(b)(5)) requires federally insured credit unions with more than
$50 million in assets to have a written IRR policy and an effective IRR
management program as a condition for insurance. In the appendix, the
rule also provides guidance on how to establish an IRR policy and an
effective program.
In the Federal Register of November 5, 2014 (79 FR 65711), NCUA
published a 60-day notice requesting public comment on the proposed
collection of information. NCUA received no comments.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB control number.
NCUA requests that you send your comments on the information
collection requirements to the locations 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
[[Page 3258]]
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: Requirement for Insurance--Interest Rate Risk Policy.
OMB Number: 3133-0184.
Form Number: None.
Type of Review: Extension of a currently approved collection.
Description: Section 741.3(b)(5) of NCUA Rules and Regulations (12
CFR 741.3(b)(5)) requires federally insured credit unions with more
than $50 million in assets to have a written IRR policy and an
effective IRR management program as a condition for insurance. NCUA
uses the information to evaluate credit unions' compliance with the
rule and to determine credit unions' risk tolerances and consistency
with their business strategies.
Respondents: Federally insured credit unions with assets of more
than $50 million.
Estimated No. of Respondents/Record keepers: 225.
Frequency of Response: Once, then annual review.
Estimated Burden Hours per Response: 16.
Estimated Total Annual Burden Hours: 3,600.
Estimated Total Annual Cost: None.
By the National Credit Union Administration Board on January 14,
2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-00975 Filed 1-21-15; 8:45 am]
BILLING CODE 7535-01-P