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, 3258-3259 [2015-00976]

Download as PDF 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 PO 00000 Frm 00046 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 Federal Register / Vol. 80, No. 14 / Thursday, January 22, 2015 / Notices 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. Respondents: Federally Insured Credit Unions. Estimated No. of Respondents/ Recordkeepers: 5. Frequency of Response: Upon Request. Estimated Burden Hours per Response: 4. Estimated Total Annual Burden Hours: 20. Estimated Total Annual Cost: $800. By the National Credit Union Administration Board on January 14, 2015. Gerard Poliquin, Secretary of the Board. [FR Doc. 2015–00976 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 New Collection Involuntary Liquidation Proof of Claim Form and Instructions 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. NCUA is appointed the liquidating agent of a credit union when a credit union is placed into involuntary liquidation. NCUA is required to notify creditors of the liquidated credit union that they must submit claims, together with proof, to the liquidating agent. This is a onetime requirement to which creditors will respond by submitting the proposed Proof of Claim form. 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–NEW, 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 tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:09 Jan 21, 2015 Jkt 235001 Administration, 1775 Duke Street, Alexandria, VA 22314–3428, by fax at Fax No. 703–837–2861, or by email to: 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 709.4(b) of NCUA’s Rules and Regulations (12 CFR 709) requires the liquidating agent of a credit union placed into involuntary liquidation to publish a notice to creditors instructing creditors to present their claims to the liquidating agent by a specified date. Section 709.6 requires that any party wishing to submit a claim against the liquidated credit union must submit a written proof of claim. In addition, the liquidating agent may require claimants to submit supplemental evidence. The new collection of information requirement is that those creditors making a claim must document their claim and submit it to the liquidating agent by using the proposed Proof of Claim form. The liquidating agent notifies creditors of the need to submit a claim by means of a published notice or letters sent directly to creditors. Generally, one entity would have one claim against a credit union placed in liquidation. The liquidating agent would use the completed Proof of Claim form to determine a claim has been made against a liquidated credit union and evaluate the claim for payment. On occasion, the liquidating agent may require supplemental evidence from the claimant. NCUA estimates the liquidating agent will request ten percent (10%) of the claimants to furnish additional evidence to support the claim. In the Federal Register of June 17, 2014 (79 FR34555), 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 this collection to the locations listed in the addresses section. Your comments should address: (a) The PO 00000 Frm 00047 Fmt 4703 Sfmt 4703 3259 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: Involuntary Liquidation Proof of Claim Form and Instructions. OMB Number: 3133–NEW. Form Number: None. Type of Review: New Collection. Description: Section 709.4(b) of the NCUA Rules and Regulations (12 CFR 709) requires the liquidating agent to publish notice to creditors, instructing creditors to present their claims to the liquidating agent by a specified date. Section 709.6 requires that creditors wishing to submit a claim against the liquidated credit union must submit a written proof of claim. Creditors would use the proposed Proof of Claim form to submit their claims. On occasion, the liquidating agent may require supplemental evidence from the claimant to support the claim. Respondents: Creditors making a claim against a liquidated credit union. Estimated No. of Respondents/ Recordkeepers: 220. Frequency of Response: On occasion. Estimated Burden Hours per Response: 1 hour. Estimated Total Annual Burden Hours: 220 hours. Estimated Total Annual Cost: $11,000. By the National Credit Union Administration Board on January 14, 2015. Gerard Poliquin, Secretary of the Board. [FR Doc. 2015–00973 Filed 1–21–15; 8:45 am] BILLING CODE 7535–01–P NATIONAL SCIENCE FOUNDATION Proposal Review Panel for Materials Research; Notice of Meeting In accordance with the Federal Advisory Committee Act (Pub., L. 92– 463 as amended), the National Science Foundation announces the following meeting: E:\FR\FM\22JAN1.SGM 22JAN1

Agencies

National Credit Union Administration

[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3258-3259]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00976]


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

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

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. This is related to NCUA's 
regulation that 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, Sec.  750.6 requires requests for an FICU to make 
nondiscriminatory severance plan payments under Sec.  750.1(e)(2)(v) 
and golden parachute payments permitted by Sec.  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 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, Sec.  750.6

[[Page 3259]]

requires requests for an FICU to make nondiscriminatory severance plan 
payments under Sec.  750.1(e)(2)(v) and golden parachute payments 
permitted by Sec.  750.4 to be submitted in writing to NCUA.
    Respondents: Federally Insured Credit Unions.
    Estimated No. of Respondents/Recordkeepers: 5.
    Frequency of Response: Upon Request.
    Estimated Burden Hours per Response: 4.
    Estimated Total Annual Burden Hours: 20.
    Estimated Total Annual Cost: $800.

    By the National Credit Union Administration Board on January 14, 
2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-00976 Filed 1-21-15; 8:45 am]
BILLING CODE 7535-01-P

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