Federal Register: November 26, 2008 (Volume 73, Number 229)
DOCID: fr26no08-25 FR Doc E8-28077
NATIONAL CREDIT UNION ADMINISTRATION
National Credit Union Administration
CFR Citation: 12 CFR Parts 701 and 705
RIN ID: RIN 3133-AC98
NOTICE: PROPOSED RULES
DOCID: fr26no08-25
DOCUMENT ACTION: Notice of regulatory review; request for comments.
SUBJECT CATEGORY:
Agency Information Collection Activities: Request for Office of Management and Budget Approval of the Low-Income Definition
DATES: Comment must be received on or before January 26, 2009
DOCUMENT SUMMARY:
NCUA is submitting the following information collection to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995, Pub. L. 10413, 44 U.S.C. Chapter 35. The information collection is published to obtain comments from the public.
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals,
SUPPLEMENTAL INFORMATION
In accordance with the Paperwork Reduction Act of 1995, 44 U.S.C. 3501 et seq., (PRA), NCUA may not conduct or sponsor, and an organization is not required to respond to, a collection of information unless it displays a currently valid Office of Management and Budget (OMB) control number. NCUA has submitted the information collection requirements contained Sec. 701.34 of its recent final rule regarding the lowincome credit union (LICU) definition, published in today's Federal Register, to OMB for review and approval under section 3507 of the PRA and Sec. 1320.11 of OMB's implementing regulations. 5 CFR 1320.11. Under the final rule, FCUs that receive notification that they qualify for a LICU designation and wish to receive it must notify the regional director in writing.
The second portion of the collection is strictly voluntary and
depends on an FCU's desire to demonstrate it meets the criteria to
receive a LICU designation. Specifically, FCUs that do not receive a
LICU designation may provide information to the regional director to
demonstrate they meet the criteria. An FCU may be able to demonstrate
the actual income of its members based on data it has, for example,
from loan applications or surveys of its members. As a practical
matter, the Board thinks few FCUs will need this option because NCUA's
approach of matching member residential information with Census Bureau
income information will provide an estimate very close to members' actual income.
Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of NCUA's functions, including whether the information has practical utility;
(b) The accuracy of the estimates of the burden of the information
collection, including the validity of the methodology and assumptions used;
(c) Ways to enhance the quality, utility, and clarity of the information to be collected;
(d) Ways to minimize the burden of the information collection on
respondents, including through the use of automated collection techniques or other forms of information technology; and
(e) Estimates of capital or start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal for the following collection of information:
Title: The LowIncome Definition.
OMB Number: None.
Form Number: None.
Type of Review: Approval of a new collection.
Description: (1) FCUs that receive notification that they qualify
for a LICU designation and wish to receive it must notify the regional
director in writing. (2) FCUs that do not receive a LICU designation
may provide information to the regional director to demonstrate they meet the criteria.
Written Notification to Regional Director:
Respondents: Federal credit unions that wish to receive a low income credit union designation after the regional director notifies them they qualify.
Estimated Number of Respondents/Recordkeepers: 1,087.
Estimated Burden Hours per Response: .5 hours.
Frequency of Response: Every 1824 months.
Estimated Total Annual Burden Hours: 543.5 hours.
Estimated Total Annual Cost: 0.
Voluntary Submission to Regional Director Demonstrating LICU
Qualification Respondents: Federal credit unions that have not been [[Page 71949]]
notified they qualify by the regional director, but wish to receive a lowincome credit union designation.
Estimated Number of Respondents/Recordkeepers: 5.
Estimated Burden Hours per Response: 20 hours.
Frequency of Response: As determined by FCUs.
Estimated Total Annual Burden Hours: 100 hours.
Estimated Total Annual Cost: 0.
Additionally, NCUA estimates the new provisions will require a one time training burden of one hour for approximately 1,092 credit unions, for a total onetime burden of 1,092 hours.
By the National Credit Union Administration Board on November 20, 2008.
Mary F. Rupp,
Secretary of the Board.
[FR Doc. E828077 Filed 112508; 8:45 am]
BILLING CODE 753501P
FOR FURTHER INFORMATION CONTACT
Moisette Green, Staff Attorney, Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 223143428, or telephone: (703) 5186540.