Corporate Credit Unions

Forms and Documents

Document Name	Status
3133-0129 Justification.docx Supporting Statement A	2010-02-03

IC Document Collections

IC ID	Document Title	Status
32750	Corporate Credit Unions	Modified

ICR Details

OMB Control No: 3133-0129	ICR Reference No: 200911-3133-001
Status: Historical Inactive	Previous ICR Reference No: 200611-3133-001
Agency/Subagency: NCUA	Agency Tracking No:
Title: Corporate Credit Unions
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 06/27/2010
	Date Received in OIRA: 02/03/2010
Terms of Clearance: Note that the change in burden is due to adjusting the agency estimate, not program actions by the agency. I have edited. Moreover, for the line of business, consider "Economic development" and "financial sector oversight."

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved	06/30/2010
Responses	0	0	31
Time Burden (Hours)	0	0	75,454
Cost Burden (Dollars)	0	0	1,937,996

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Abstract: Proposed revisions to rule governing corporate credit union capital requirements, investment activities, asset-liability management, credit union service organization activities, and corporate governance requirements. Part 704 of NCUA's Rules and Regulations directs corporate credit unions to maintain records concerning their activities.

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Authorizing Statute(s): US Code: 12 USC 1762, 1766(a), 1781, & 1789 Name of Law: Federal Credit Union Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AD58	Proposed rulemaking	74 FR 65209	12/09/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Corporate Credit Unions

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: NCUA developed the proposal in response to the devastating impact that the current economic and financial crisis affecting the country has had on the corporate credit union system. Requiring new capital standards and the development of capital restoration plans to address and implement them, as well as imposing new requirements concerning the accumulation of retained earnings, are of paramount importance in assuring that corporate credit unions operate in a safe and sound condition, as are the other conditions pertaining to capital. Change in burden has occurred due to change in agency estimate based upon the number of corporate credit unions decreasing from previous submission of 31 to a current total of 28 corporate credit unions.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/03/2010

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