Credit Union Service Organizations (CUSOs) 12 CFR Part 712

ICR 202103-3133-005

OMB: 3133-0149

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-04-22
Supplementary Document
2018-12-18
ICR Details
3133-0149 202103-3133-005
Received in OIRA 202103-3133-002
NCUA NPRM E&I
Credit Union Service Organizations (CUSOs) 12 CFR Part 712
Revision of a currently approved collection   No
Regular 04/22/2021
  Requested Previously Approved
36 Months From Approved 02/28/2022
1,843 1,603
3,356 2,666
0 0

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

3133-AE95 Proposed rulemaking 86 FR 11646 02/26/2021

No

  Total Request 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 1,843 1,603 0 240 0 0
Annual Time Burden (Hours) 3,356 2,666 0 690 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
Under the proposed rule, CUSOs would be permitted to originate, purchase, sell, and hold any type of loan permissible for FCU’s to originate, purchase, sell, and hold. Accordingly, CUSOs could originate categories of loans previously prohibited under the CUSO rule. NCUA estimated 60 new CUSOs would enter into an agreement with a FICU; which would also require the FICU to obtain a written legal opinion prior to investing in a CUSO, and that these CUSO would be categorized as complex and be required to complete the expanded information via the CUSO Registry. NCUA estimates that the increase in the number of respondents would increase total burden hours by 690. A total of 3,356 burden hours are requested.

$300,000
No
    Yes
    Yes
No
No
No
No
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.
04/22/2021


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