Request for Emergency Consideration Memo

National Credit Union Administration
Office of General Counsel

SENT BY EMAIL
TO:

William Bestani, Desk Officer
Office of Information and Regulatory Affairs
Office of Management and Budget

FROM:

Acting Associate General Counsel Kevin R. Johnson KEVIN
Information and Access Law
JOHNSON

SUBJ:

Request for Emergency PRA Consideration;
Prompt Corrective Actions -Temporary Regulatory
Relief in Response to COVID-19

DATE:

May 21, 2020

OGC/DW

Digitally signed by KEVIN
JOHNSON
Date: 2020.05.21 11:38:42
-04'00'

Pursuant to the Office of Management and Budget (OMB) procedures established at 5 CFR
§ 1320.13, the National Credit Union Administration (NCUA) requests that the following
collection of information, Prompt Corrective Action – 12 CFR part 702 (subparts A-D), be
processed in accordance with section 1320.13, Emergency Processing. This information is
essential to the NCUA’s ability to help ensure that federally insured credit unions (FICUs)
remain operational and liquid during the COVID-19 crisis.
The NCUA is issuing two temporary changes to its prompt corrective action (PCA) regulations.
The first enables the NCUA to issue an order applicable to all FICUs to waive the earnings
retention requirement for any FICU that is classified as adequately capitalized. The second
modifies the specific documentation required for net worth restoration plans (NWRPs) for FICUs
that become undercapitalized. These temporary modifications will reduce the information
collection requirement currently approved under OMB control number 3133-0154 and will be in
place until December 31, 2020.
Given the inability to seek public comment during such a short timeframe, NCUA requests a
waiver from the requirement to publish a notice in the Federal Register seeking public comment
during the period of OMB review. NCUA will solicit public comment on the revisions to the
information collection requirements currently covered by OMB control number 3133-0154,
Prompt Corrective Action, by embedding a notice in the preamble of the interim final rule.

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