Credit Union Service Organizations (CUSOs) 12 CFR Part 712

Forms and Documents

Document Name	Status
Amended_FINAL_SS_3133-0149_CUSO _021419.docx Supporting Statement A	2019-02-14
CUSO_Registry_Instructions_FEB2017.pdf Supplementary Document	2018-12-18

IC Document Collections

IC ID	Document Title	Status
234503	FISCU SSA submit to NCUA	New
234502	FISCU Written approval SSA	New
234501	SSA Exemption	New
218529	CUSO Reporting to NCUA - Expanded Information Other-Screen Shots	Modified
218528	CUSO Reporting to NCUA - Basic Information Other-Screen shots	Modified
218527	1b. FCUs Changing the Written Agreement Relating to Certain Reporting Requirements	Removed
218526	Written Agreement	Modified
209479	Obtaining Regulatory Approval	Modified
209478	Obtaining Written Legal Opinion	Modified

ICR Details

OMB Control No: 3133-0149	ICR Reference No: 201812-3133-002
Status: Active	Previous ICR Reference No: 201510-3133-001
Agency/Subagency: NCUA	Agency Tracking No: E&I
Title: Credit Union Service Organizations (CUSOs) 12 CFR Part 712
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 02/14/2019
	Date Received in OIRA: 12/18/2018
Terms of Clearance: Supporting statement updated during review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2022	36 Months From Approved	02/28/2019
Responses	1,603	0	4,116
Time Burden (Hours)	2,666	0	11,559
Cost Burden (Dollars)	0	0	76,177

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Abstract: 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.

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Authorizing Statute(s): US Code: 12 USC 1751 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 50962	10/10/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 64605	12/17/2018
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Obtaining Regulatory Approval
CUSO Reporting to NCUA - Basic Information
Written Agreement
CUSO Reporting to NCUA - Expanded Information
1b. FCUs Changing the Written Agreement Relating to Certain Reporting Requirements
SSA Exemption
FISCU Written approval SSA
FISCU SSA submit to NCUA
Obtaining Written Legal Opinion

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ICR Summary of Burden

	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

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: Using Information Technology

Short Statement: 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.

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Annual Cost to Federal Government: $300,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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]? No

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: 12/18/2018

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