Borrowed Funds from Natural Persons, 12 CFR 701.38

ICR 202208-3133-002

OMB: 3133-0039

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2022-08-24
Supporting Statement A
2022-08-31
IC Document Collections
IC ID
Document
Title
Status
154546
Modified
ICR Details
3133-0039 202208-3133-002
Received in OIRA 201901-3133-002
NCUA E&I
Borrowed Funds from Natural Persons, 12 CFR 701.38
Extension without change of a currently approved collection   No
Regular 08/31/2022
  Requested Previously Approved
36 Months From Approved 08/31/2022
187 187
31 31
0 0

Section 701.38 of the NCUA regulations grants federal credit unions the authority to borrow funds from a natural person as long as they maintain evidence of a written contract that sets forth the terms and conditions of maturity, repayment, interest rate, method of computation and method of payment; and the written contract and any solicitation with respect to such borrowing contains clear and conspicuous language indicating that the funds represent money borrowed by the credit union and does not represent shares and, therefore, are not insured by the National Credit Union Insurance Fund (NCUSIF). NCUA will use this information to ensure a credit union’s natural person borrowings are in compliance and address all regulatory and safety and soundness requirements.

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

Not associated with rulemaking

  87 FR 39131 06/30/2022
87 FR 53022 08/30/2022
No

1
IC Title Form No. Form Name
Evidence of Written Contract

  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 187 187 0 0 0 0
Annual Time Burden (Hours) 31 31 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
Dawn Wolfgang 202 927-5331 dawn.wolfgang@do.treas.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.
08/31/2022


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