Credit Union Service Organizations (CUSOs) 12 CFR Part 712

ICR 201812-3133-002

OMB: 3133-0149

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-02-14
Supplementary Document
2018-12-18
ICR Details
3133-0149 201812-3133-002
Active 201510-3133-001
NCUA E&I
Credit Union Service Organizations (CUSOs) 12 CFR Part 712
Revision of a currently approved collection   No
Regular
Approved with change 02/14/2019
Retrieve Notice of Action (NOA) 12/18/2018
Supporting statement updated during review.
  Inventory as of this Action Requested Previously Approved
02/28/2022 36 Months From Approved 02/28/2019
1,603 0 4,116
2,666 0 11,559
0 0 76,177

Part 712 of NCUA’s rules and regulations regulates the relationship between federally insured credit unions (FICUs) and credit union service organizations (CUSOs). The rule requires that FICUs enter into a written agreement with a CUSO (prior to investing in or loaning money to) which stipulates the CUSO will follow general accepted accounting principles (GAAP); prepare quarterly financial statements; grant NCUA access to the CUSO books and records, and annually report directly to NCUA via a CUSO registry.

US Code: 12 USC 1751 Name of Law: Federal Credit Union Act
  
None

Not associated with rulemaking

  83 FR 50962 10/10/2018
83 FR 64605 12/17/2018
Yes

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,603 4,116 0 -2,105 -408 0
Annual Time Burden (Hours) 2,666 11,559 0 -8,420 -473 0
Annual Cost Burden (Dollars) 0 76,177 0 0 -76,177 0
No
Yes
Using Information Technology
A reduction of 8,420 burden hours is due to the change in the written agreements required by CUSOs. A decrease of 473 burden hours is due to the number of CUSOs reporting and other adjustments. Overall burden reduced of 8,893 hours; 2,666 burden hours requested.

$300,000
No
    Yes
    Yes
No
No
No
Uncollected
Jacob McCall 703 518-6624 jmccall@ncua.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
12/18/2018


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