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.
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.