Credit Union Service Organizations (CUSOs) 12 CFR Part 712

Forms and Documents

Document Name	Status
CUSO Reporting to NCUA - Expanded Information Form	Modified
CUSO Reporting to NCUA - Basic Information Form	Modified
FINAL_3133-0149_CUSO_Final Rule_110921.docx Supporting Statement A	2021-11-15

IC Document Collections

IC ID	Document Title	Status
234503	FISCU SSA submit to NCUA	Modified
234502	FISCU Written approval SSA	Modified
234501	SSA Exemption	Modified
218529	CUSO Reporting to NCUA - Expanded Information Form	Modified
218528	CUSO Reporting to NCUA - Basic Information Form	Modified
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: 202111-3133-001
Status: Received in OIRA	Previous ICR Reference No: 202103-3133-005
Agency/Subagency: NCUA	Agency Tracking No: Final Rule 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	Date Submitted to OIRA: 11/15/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2022
Responses	1,840	1,603
Time Burden (Hours)	3,318	2,666
Cost Burden (Dollars)	0	0

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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:
3133-AE95	Final or interim final rulemaking	86 FR 59289	10/27/2021

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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: 8

IC Title	Form No.	Form Name
CUSO Reporting to NCUA - Basic Information	NA	CUSO Registry
CUSO Reporting to NCUA - Expanded Information	NA	CUSO Registry
FISCU SSA submit to NCUA
FISCU Written approval SSA
Obtaining Regulatory Approval
Obtaining Written Legal Opinion
SSA Exemption
Written Agreement

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ICR Summary of Burden

	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	1,840	1,603	0	217	20	0
Annual Time Burden (Hours)	3,318	2,666	0	625	27	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: 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 (§ 712.3(d)); which would also require the FICU to obtain a written legal opinion prior to investing in a CUSO as prescribed by § 712.4(b), and that these CUSO would be categorized as complex and be required to complete the expanded information via the CUSO Registry (§ 712.3(d)(5)). NCUA estimates that the increase in the number of respondents would increase total burden hours by 652.

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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? No

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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: 11/15/2021

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