Agency Information Collection Activities: Submission to OMB for Reinstatement With Change, Bank Conversions and Mergers, 12 CFR Part 708a; Comment Request, 76583-76585 [2015-30933]
Download as PDF
<![CDATA[
Federal Register / Vol. 80, No. 236 / Wednesday, December 9, 2015 / Notices
IV. Request for Comments
Comments are invited on: (a) Whether
the proposed collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information shall have
practical utility; (b) the accuracy of the
agency’s estimate of the burden
(including hours and cost) of the
proposed collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology.
In general, comments submitted in
response to this notice will be
summarized and/or included in the
request for OMB approval of this
information collection; they also will
become a matter of public record.
Mark Reger,
Deputy Controller.
[FR Doc. 2015–30986 Filed 12–8–15; 8:45 am]
BILLING CODE P
NATIONAL CREDIT UNION
ADMINISTRATION
Agency Information Collection
Activities: Submission for Office of
Management and Budget Review;
Comment Request; for Reinstatement
With Change of a Previously Approved
Collection; Organization and Operation
of Federal Credit Unions—Loan
Participation
National Credit Union
Administration (NCUA).
ACTION: Request for comment.
AGENCY:
National Credit Union
Administration 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). This is related to NCUA’s
regulation 701.22 that outlines
requirements for loan participation
programs. The rule requires various
information collections, which NCUA
uses to ensure credit unions have
implemented a safe and sound loan
participation program.
DATES: Comments will be accepted until
January 8, 2016.
ADDRESSES: Interested persons are
invited to submit written comments on
the information collection to:
NCUA Contact: Tracy Crews, National
Credit Union Administration, 1775
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:21 Dec 08, 2015
Jkt 238001
Duke Street, Alexandria, Virginia
22314–3428, Fax No. 703–837–2861,
Email: OCIOPRA@ncua.gov
OMB Reviewer: 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
should be directed to:
NCUA Contact: Tracy Crews, National
Credit Union Administration, 1775
Duke Street, Alexandria, Virginia
22314–3428, Fax No. 703–837–2861,
Email: OCIOPRA@ncua.gov
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is requesting comments on
3133–0141; Organization and Operation
of Federal Credit Unions—Loan
Participation, 12 CFR part 701.22.
NCUA’s regulation, 12 CFR (§ 701.22),
outlines loan participation
requirements. Loan participations pose
inherent risk to the NCUSIF due to the
interconnectedness between
participants. Section 741.225 extends
the requirements of Section 701.22 of
NCUA’s regulations to Federally Insured
State Chartered Credit Unions (FISCUs),
noting there are strong indications of
potential risk to the NCUSIF from
FISCUs’ loan participation activity.
Section 701.22 includes three collection
requirements (1) maintenance of a
written policy, (2) requirements on the
purchasing credit union to have a
written loan participation agreement, (3)
options to apply for waivers from
concentration limits.
In the Federal Register of August 28,
2015, (80 FR 52344), 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
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
PO 00000
Frm 00141
Fmt 4703
Sfmt 4703
76583
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: Organization and Operation of
Federal Credit Unions—Loan
Participation, 12 CFR part 701.22.
OMB Number: 3133–0141.
Form Number: None.
Type of Review: Reinstatement with
change.
Description: Section 701.22 of
NCUA’s regulations, 12 CFR 701.22,
outlines the requirements for the
administration of a loan participation
program. Section 741 of NCUA’s
regulations, 12 CFR 741.225, extends 12
CFR 701.22 to Federally Insured State
Chartered Credit Unions. Section 701.22
includes various collections which
NCUA uses to ensure credit unions have
implemented a safe and sound program.
Respondents: Federally Insured Credit
Unions.
Estimated No. of Respondents/
Recordkeepers: 1,515 for loan
participation policy revision and loan
agreement retention, 10 for waiver
submission and 1 for appeal request.
Estimated Burden Hours per
Response: 3 hours per policy revision, 4
hours per waiver submission and 4
hours per appeal.
Frequency of Response: One time and
optionally with each waiver submission.
Estimated Total Annual Burden
Hours: 4,589 hours total.
Estimated Total Annual Cost:
$146,343.21.
By the National Credit Union
Administration Board on November 18, 2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015–30934 Filed 12–8–15; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
Agency Information Collection
Activities: Submission to OMB for
Reinstatement With Change, Bank
Conversions and Mergers, 12 CFR Part
708a; Comment Request
National Credit Union
Administration (NCUA).
ACTION: Request for comments.
AGENCY:
NCUA intends to submit the
following information collection to the
Office of Management and Budget
SUMMARY:
E:\FR\FM\09DEN1.SGM
09DEN1
76584
Federal Register / Vol. 80, No. 236 / Wednesday, December 9, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
(OMB) for review and clearance under
the Paperwork Reduction Act of 1995
(Pub. L. 104–13, 44 U.S.C. Chapter 35).
The purpose of this notice is to allow for
30 days of public comment. The
information collection relates to
NCUA’s regulation on conversions of
federally insured credit unions (FICUs)
to mutual savings banks (MSBs) and
mergers of FICUs into banks. The
regulation requires an insured credit
union that proposes to convert to an
MSB or merge into a bank to provide
notice and disclosure of the proposal to
members and NCUA and to conduct a
membership vote.
DATES: Comments will be accepted until
January 8, 2016.
ADDRESSES: Interested persons are
invited to submit written comments to
the NCUA Contact and 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 Reviewer: Office of Management
and Budget, ATTN: Desk Officer for the
National Credit Union Administration,
Office of Information and Regulatory
Affairs, Washington, DC 20503, Email:
oirasubmission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be directed to:
NCUA Contact: Tracy Crews, National
Credit Union Administration, 1775
Duke Street, Alexandria, Virginia
22314–3428, Fax No. 703–837–2861,
Email: OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is requesting reinstatement,
with change, of the previously approved
collection of information for NCUA’s
regulation on Bank Conversions and
Mergers, 12 CFR part 708a (Part 708a),
which provides the requirements for
conversions of FICUs to MSBs and
mergers of FICUs into banks. Part 708a
requires an insured credit union that
proposes to convert to an MSB or to
merge into a bank to provide notice and
disclosure of the proposal to members
and NCUA and to conduct a
membership vote. These requirements
are authorized under section 205(b)(2)
of the Federal Credit Union Act, 12
U.S.C. 1785(b)(2). They are also
necessary to ensure safety and
soundness in the credit union industry,
and to protect the interests of credit
union members in the charter
conversion and merger contexts.
Submission of this information is
designed to ensure NCUA has sufficient
VerDate Sep<11>2014
18:21 Dec 08, 2015
Jkt 238001
information to administer the member
vote in an MSB conversion and to
approve or disapprove a proposed
merger into a bank. The information
collection allows NCUA to ensure
compliance with statutory and
regulatory requirements for conversions
and mergers. It also ensures that
members of credit unions have
sufficient and accurate information to
exercise an informed vote concerning a
proposed conversion or merger.
Subpart A of Part 708a (Subpart A)
covers the conversion of insured credit
unions to MSBs. Subpart A requires
insured credit unions that intend to
convert to MSBs to provide notice and
disclosure of their intent to convert to
their members and NCUA. It also
requires insured credit unions to
provide additional information to
NCUA at various points in the
conversion process.
Subpart C of Part 708a (Subpart C)
covers the merger of insured credit
unions into banks. Subpart C requires
insured credit unions that intend to
merge into banks (both mutual and
stock banks) to determine the merger
value of the credit union and provide
notice and disclosure of their intent to
merge to their members and NCUA. It
also requires insured credit unions to
provide additional information to
NCUA at various points in the merger
process.
The categories of burden and burden
hours for credit unions complying with
Part 708a may include the following:
Conversions to MSBs:
In the last five years, five credit
unions have engaged in MSB conversion
transactions. NCUA estimates it takes an
average of approximately 300 hours to
comply with the notice and disclosure
requirements of Subpart A. Of the 300
hours, NCUA estimates that respondents
will spend approximately 50 hours on
recordkeeping, 42 hours on reporting,
and 208 hours on third-party disclosure.
Based on NCUA’s experience, NCUA
estimates that in the future one insured
credit union will engage in an MSB
conversion transaction in any given
year, so that the total annual collection
burden is estimated to be approximately
300 hours. The credit union is required
to:
a. Publish advance notice of intent to
convert (section 708a.103(a))—3 hours;
b. Solicit and review member
comments on the advance notice
(sections 708a.103(a) and (b))—4 hours;
c. Have the directors approve the
conversion proposal (section
708a.103(c))—50 hours;
d. Notify NCUA of intent to convert
(section 708a.105)—40 hours;
PO 00000
Frm 00142
Fmt 4703
Sfmt 4703
e. Prepare a directors’ certification of
support for the conversion proposal and
submit to NCUA (section
708a.105(a)(2))—1 hour;
f. Prepare and mail notices to
members and conduct a membership
vote on the proposed conversion
(sections 708a.104, 708a.106)—200
hours;
g. Transmit, upon request, a member’s
communication to the other members
(section 708a.104(f))—1 hour; and
h. Prepare a member vote certification
and submit to NCUA (section
708a.107)—1 hour.
Mergers into Banks:
In the last five years, no credit unions
have engaged in bank merger
transactions. If a credit union were to
engage in a bank merger transaction in
the future, NCUA estimates it would
take approximately 410 hours to comply
with the merger valuation, notice, and
disclosure requirements of Subpart C.
Of the 410 hours, NCUA estimates that
respondents will spend approximately
100 hours on recordkeeping, 102 hours
on reporting, and 208 hours on thirdparty disclosure. NCUA estimates that
in the future one insured credit union
will engage in a bank merger transaction
in any given year, so that the total
annual collection burden is estimated to
be approximately 410 hours. The credit
union is required to:
a. Obtain a merger valuation (section
708a.303(a))—50 hours;
b. Publish advance notice of intent to
merge (section 708a.303(b))—3 hours;
c. Solicit and review member
comments on the advance notice
(section 708a.303(c))—4 hours;
d. Conduct due diligence and have
the directors approve the merger
proposal (sections 708a.303(d),
708a.304(d))—50 hours;
e. Prepare the Merger Plan and Notice
of Intent to Merge and Request for
NCUA Authorization and submit to
NCUA (sections 708a.304(a) and (b))—
100 hours;
f. Prepare a directors’ certification of
support for the merger proposal and
submit to NCUA (section 708a.304(c))—
1 hour;
g. Prepare and mail notices to
members and conduct a membership
vote on the proposed merger (sections
708a.305, 708a.306)—200 hours;
h. Transmit, upon request, a member’s
communication to the other members
(section 708a.305(g))—1 hour; and
i. Prepare a member vote certification
and submit to NCUA (section
708a.307)—1 hour.
In the Federal Register of August 28,
2015 (80 FR 52342), NCUA published a
60-day notice requesting public
comment on the proposed collection of
E:\FR\FM\09DEN1.SGM
09DEN1
Federal Register / Vol. 80, No. 236 / Wednesday, December 9, 2015 / Notices
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 for part
708a 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 of the
information collection, 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 information collection on
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.
mstockstill on DSK4VPTVN1PROD with NOTICES
II. Data
Title: Bank Conversions and Mergers,
12 CFR part 708a.
OMB Number: 3133–0182.
Form Number: None.
Type of Review: Reinstatement, with
change.
Description: Part 708a requires an
insured credit union that proposes to
convert to an MSB or to merge into a
bank to provide notice and disclosure of
the proposal to members and NCUA and
to conduct a membership vote.
Submission of this information is
designed to ensure NCUA has sufficient
information to administer the member
vote in an MSB conversion and to
approve or disapprove a proposed
merger into a bank. The information
collection allows NCUA to ensure
compliance with statutory and
regulatory requirements for conversions
and mergers. It also ensures that
members of credit unions have
sufficient and accurate information to
exercise an informed vote concerning a
proposed conversion or merger.
Respondents: Federally insured credit
unions.
Estimated Number of Respondents: 2.
Estimated Number of Responses: 2.
Frequency of Response: One-time; on
occasion.
Estimated Time per Response: Ranges
from 300 to 410 hours.
Estimated Total Annual Hour Burden:
710 hours.
VerDate Sep<11>2014
18:21 Dec 08, 2015
Jkt 238001
Estimated Total Annual Cost:
$28,400.00.
By the National Credit Union
Administration Board on November 18, 2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015–30933 Filed 12–8–15; 8:45 am]
BILLING CODE 7535–01–P
NATIONAL CREDIT UNION
ADMINISTRATION
Agency Information Collection;
Submission for OMB Review;
Comment Request; Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies
National Credit Union
Administration (NCUA).
ACTION: Notice, request for comment,
and notice of information collection to
be submitted to the Office of
Management and Budget (OMB) for
review and approval under the
Paperwork Reduction Act of 1995
(PRA).
AGENCY:
The NCUA has submitted to
OMB a request for approval under the
PRA of the collection of information
discussed below. An agency may not
conduct or sponsor, and a respondent is
not required to respond to, an
information collection unless it displays
a currently valid OMB control number.
DATES: Comments must be submitted on
or before January 8, 2016.
ADDRESSES: Interested persons are
invited to submit written comments on
the information collection to Tracy
Crews, National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428; by fax to
703–837–2861; or by email to
OCIOPRA@ncua.gov.
Additionally, commenters may send a
copy of their comments to the OMB
desk officer for the Agencies by mail to
the Office of Information and Regulatory
Affairs, U.S. Office of Management and
Budget, New Executive Office Building
Room 10235, 725 17th Street NW.,
Washington, DC 20503: by fax to (202)
395–6974; or by email to oira_
submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: For
further information about the
information collection discussed in this
notice, please contact Tracy Crews,
National Credit Union Administration,
1775 Duke Street, Alexandria, VA
22314–3428; by fax to 703–837–2861; or
by email to OCIOPRA@ncua.gov. In
addition, background documentation for
this information collection may be
viewed at www.reginfo.gov.
SUMMARY:
PO 00000
Frm 00143
Fmt 4703
Sfmt 4703
76585
Section
342 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of
2010 (Dodd-Frank Act) required each
Agency, including NCUA, to establish
an Office of Minority and Women
Inclusion (OMWI) to be responsible for
all matters of the Agency relating to
diversity in management, employment,
and business activities. The Dodd-Frank
Act also instructed the OMWI Directors
to develop standards for assessing the
diversity policies and practices of
entities regulated by their Agencies. The
Agencies worked together to develop
joint standards and, on June 10, 2015,
they published a Federal Register notice
(80 FR 33016) entitled ‘‘Final
Interagency Policy Statement
Establishing Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies’’ (Policy Statement). The
NCUA joined the Agencies in issuing
the Policy Statement. The NCUA is
issuing a separate Federal Register
notice for PRA clearance using this
notice. The Policy Statement contains a
collection of information within the
meaning of the PRA (44 U.S.C. 3501 et
seq.).
SUPPLEMENTARY INFORMATION:
A. Overview of the Collection of
Information
1. Description of the Collection of
Information and Proposed Use
The title for this proposed collection
of information is:
• Joint Standards for Assessing
Diversity Policies and Practices
The Policy Statement includes Joint
Standards that cover ‘‘Practices to
Promote Transparency of Organizational
Diversity and Inclusion.’’ These
standards contemplate that a regulated
entity is transparent about its diversity
and inclusion activities by making
certain information available to the
public annually on its Web site or in
other appropriate communications, in a
manner reflective of the entity’s size and
other characteristics. The information
noted in these standards is the entity’s
diversity and inclusion strategic plan;
its policy on its commitment to
diversity and inclusion; progress toward
achieving diversity and inclusion in its
workforce and procurement activities
(which may include the entity’s current
workforce and supplier demographic
profiles); and employment and
procurement opportunities available at
the entity that promote diversity.
In addition, the Policy Statement
includes standards that address
‘‘Entities’ Self-Assessment.’’ These
standards envision that the regulated
entity conducts a voluntary self-
E:\FR\FM\09DEN1.SGM
09DEN1
]]>Agencies
[Federal Register Volume 80, Number 236 (Wednesday, December 9, 2015)]
[Notices]
[Pages 76583-76585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30933]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement With Change, Bank Conversions and Mergers, 12 CFR Part
708a; Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comments.
-----------------------------------------------------------------------
SUMMARY: NCUA intends to submit the following information collection to
the Office of Management and Budget
[[Page 76584]]
(OMB) for review and clearance under the Paperwork Reduction Act of
1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). The purpose of this notice
is to allow for 30 days of public comment. The information collection
relates to NCUA's regulation on conversions of federally insured credit
unions (FICUs) to mutual savings banks (MSBs) and mergers of FICUs into
banks. The regulation requires an insured credit union that proposes to
convert to an MSB or merge into a bank to provide notice and disclosure
of the proposal to members and NCUA and to conduct a membership vote.
DATES: Comments will be accepted until January 8, 2016.
ADDRESSES: Interested persons are invited to submit written comments to
the NCUA Contact and 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 Reviewer: Office of Management and Budget, ATTN: Desk Officer
for the National Credit Union Administration, Office of Information and
Regulatory Affairs, Washington, DC 20503, Email:
oirasubmission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to:
NCUA Contact: Tracy Crews, National Credit Union Administration,
1775 Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-
2861, Email: OCIOPRA@ncua.gov.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is requesting reinstatement, with change, of the previously
approved collection of information for NCUA's regulation on Bank
Conversions and Mergers, 12 CFR part 708a (Part 708a), which provides
the requirements for conversions of FICUs to MSBs and mergers of FICUs
into banks. Part 708a requires an insured credit union that proposes to
convert to an MSB or to merge into a bank to provide notice and
disclosure of the proposal to members and NCUA and to conduct a
membership vote. These requirements are authorized under section
205(b)(2) of the Federal Credit Union Act, 12 U.S.C. 1785(b)(2). They
are also necessary to ensure safety and soundness in the credit union
industry, and to protect the interests of credit union members in the
charter conversion and merger contexts. Submission of this information
is designed to ensure NCUA has sufficient information to administer the
member vote in an MSB conversion and to approve or disapprove a
proposed merger into a bank. The information collection allows NCUA to
ensure compliance with statutory and regulatory requirements for
conversions and mergers. It also ensures that members of credit unions
have sufficient and accurate information to exercise an informed vote
concerning a proposed conversion or merger.
Subpart A of Part 708a (Subpart A) covers the conversion of insured
credit unions to MSBs. Subpart A requires insured credit unions that
intend to convert to MSBs to provide notice and disclosure of their
intent to convert to their members and NCUA. It also requires insured
credit unions to provide additional information to NCUA at various
points in the conversion process.
Subpart C of Part 708a (Subpart C) covers the merger of insured
credit unions into banks. Subpart C requires insured credit unions that
intend to merge into banks (both mutual and stock banks) to determine
the merger value of the credit union and provide notice and disclosure
of their intent to merge to their members and NCUA. It also requires
insured credit unions to provide additional information to NCUA at
various points in the merger process.
The categories of burden and burden hours for credit unions
complying with Part 708a may include the following:
Conversions to MSBs:
In the last five years, five credit unions have engaged in MSB
conversion transactions. NCUA estimates it takes an average of
approximately 300 hours to comply with the notice and disclosure
requirements of Subpart A. Of the 300 hours, NCUA estimates that
respondents will spend approximately 50 hours on recordkeeping, 42
hours on reporting, and 208 hours on third-party disclosure. Based on
NCUA's experience, NCUA estimates that in the future one insured credit
union will engage in an MSB conversion transaction in any given year,
so that the total annual collection burden is estimated to be
approximately 300 hours. The credit union is required to:
a. Publish advance notice of intent to convert (section
708a.103(a))--3 hours;
b. Solicit and review member comments on the advance notice
(sections 708a.103(a) and (b))--4 hours;
c. Have the directors approve the conversion proposal (section
708a.103(c))--50 hours;
d. Notify NCUA of intent to convert (section 708a.105)--40 hours;
e. Prepare a directors' certification of support for the conversion
proposal and submit to NCUA (section 708a.105(a)(2))--1 hour;
f. Prepare and mail notices to members and conduct a membership
vote on the proposed conversion (sections 708a.104, 708a.106)--200
hours;
g. Transmit, upon request, a member's communication to the other
members (section 708a.104(f))--1 hour; and
h. Prepare a member vote certification and submit to NCUA (section
708a.107)--1 hour.
Mergers into Banks:
In the last five years, no credit unions have engaged in bank
merger transactions. If a credit union were to engage in a bank merger
transaction in the future, NCUA estimates it would take approximately
410 hours to comply with the merger valuation, notice, and disclosure
requirements of Subpart C. Of the 410 hours, NCUA estimates that
respondents will spend approximately 100 hours on recordkeeping, 102
hours on reporting, and 208 hours on third-party disclosure. NCUA
estimates that in the future one insured credit union will engage in a
bank merger transaction in any given year, so that the total annual
collection burden is estimated to be approximately 410 hours. The
credit union is required to:
a. Obtain a merger valuation (section 708a.303(a))--50 hours;
b. Publish advance notice of intent to merge (section
708a.303(b))--3 hours;
c. Solicit and review member comments on the advance notice
(section 708a.303(c))--4 hours;
d. Conduct due diligence and have the directors approve the merger
proposal (sections 708a.303(d), 708a.304(d))--50 hours;
e. Prepare the Merger Plan and Notice of Intent to Merge and
Request for NCUA Authorization and submit to NCUA (sections 708a.304(a)
and (b))--100 hours;
f. Prepare a directors' certification of support for the merger
proposal and submit to NCUA (section 708a.304(c))--1 hour;
g. Prepare and mail notices to members and conduct a membership
vote on the proposed merger (sections 708a.305, 708a.306)--200 hours;
h. Transmit, upon request, a member's communication to the other
members (section 708a.305(g))--1 hour; and
i. Prepare a member vote certification and submit to NCUA (section
708a.307)--1 hour.
In the Federal Register of August 28, 2015 (80 FR 52342), NCUA
published a 60-day notice requesting public comment on the proposed
collection of
[[Page 76585]]
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 for
part 708a 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 of the information collection, 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 information
collection on 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: Bank Conversions and Mergers, 12 CFR part 708a.
OMB Number: 3133-0182.
Form Number: None.
Type of Review: Reinstatement, with change.
Description: Part 708a requires an insured credit union that
proposes to convert to an MSB or to merge into a bank to provide notice
and disclosure of the proposal to members and NCUA and to conduct a
membership vote. Submission of this information is designed to ensure
NCUA has sufficient information to administer the member vote in an MSB
conversion and to approve or disapprove a proposed merger into a bank.
The information collection allows NCUA to ensure compliance with
statutory and regulatory requirements for conversions and mergers. It
also ensures that members of credit unions have sufficient and accurate
information to exercise an informed vote concerning a proposed
conversion or merger.
Respondents: Federally insured credit unions.
Estimated Number of Respondents: 2.
Estimated Number of Responses: 2.
Frequency of Response: One-time; on occasion.
Estimated Time per Response: Ranges from 300 to 410 hours.
Estimated Total Annual Hour Burden: 710 hours.
Estimated Total Annual Cost: $28,400.00.
By the National Credit Union Administration Board on November
18, 2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-30933 Filed 12-8-15; 8:45 am]
BILLING CODE 7535-01-P
