[Federal Register Volume 85, Number 200 (Thursday, October 15, 2020)]
[Notices]
[Pages 65435-65436]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22770]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: The National Credit Union Administration (NCUA), as part of a
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to comment on the
following extensions of a currently approved collections, as required
by the Paperwork Reduction Act of 1995.
DATES: Written comments should be received on or before December 14,
2020 to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dawn Wolfgang, National Credit Union
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia
22314; Fax No. 703-548-2279; or email at PRAComments@NCUA.gov. Given
the limited in-house staff because of the COVID-19 pandemic, email
comments are preferred.
FOR FURTHER INFORMATION CONTACT: Address requests for additional
information to Mackie Malaka at the address above or telephone 703-548-
2279.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0067.
Title: Corporate Credit Union Monthly Call Report and Annual Report
of Officers.
Form: NCUA 5310.
Type of Review: Revision of a currently approved collection.
Abstract: Section 202(a)(1) of the Federal Credit Union Act (Act)
requires federally insured credit unions to make reports of condition
to the NCUA Board upon dates selected by it. Corporate credit unions
report this information monthly on NCUA Form 5310, also known as the
Corporate Credit Union Call Report. The financial and statistical
information is essential to NCUA in carrying out its responsibility for
supervising corporate credit unions. The
[[Page 65436]]
Federal Credit Union Act, 12 U.S.C. 1762, specifically requires federal
credit unions to report the identity of credit union officials. Section
741.6(a) requires federally-insured credit unions to submit a Report of
Officials annually to NCUA containing the annual certification of
compliance with security requirements. The branch information is
requested under the authority of Sec. 741.6 of the NCUA Rules and
Regulations.
NCUA utilizes the information to monitor financial conditions in
corporate credit unions, Sec. Sec. Sec. and to allocate supervision
and examination resources.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Number of Respondents: 11.
Estimated Number of Responses per Respondent: 13.
Estimated Total Annual Responses: 143.
Estimated Burden Hours per Response: 3.77.
Estimated Total Annual Burden Hours: 539.
Reason for Change: The changes to the NCUA Form 5310, Corporate
Credit Union Call Report, are being made to align the form with
recently approved Generally Accepted Accounting Principles (GAAP)
related to ASC 326 Current Expected Credit Losses (CECL). These changes
will allow corporate credit unions to early adopt CECL. A corporate
credit union would continue to complete the form as is or they can
voluntarily elect to early adopt ASC 326 and report under the CECL
standard. Additional changes will also be made to better defined
investments, consolidate duplicative questions, and clarify other data
collection elements. These revisions will not alter the estimated
burden hours necessary to review the instrument and complete the form.
OMB Number: 3133-0186.
Title: Higher-Risk Mortgage Appraisals.
Type of Review: Extension of a currently approved collection.
Abstract: Section 1471 of the Dodd-Frank Act established Truth in
Lending section 129H, which contains appraisal requirements applicable
to higher-risk mortgages and prohibits a creditor from extending credit
in the form of a higher-risk mortgage loan to any consumer without
meeting those requirements. A higher-risk mortgage is defined as a
residential mortgage loan secured by a principal dwelling with an
annual percentage rate that exceeds the average prime offer rate for a
comparable transaction as of the date the interest rate is set by
certain enumerated percentage point spreads. To implement this
statutory requirement, a final rule was promulgated to amend 12 CFR
part 1026, Regulation Z, by the Bureau of Consumer Financial
Protection, the Board of Governors of the Federal Reserve, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Authority,
the NCUA, and the Office of the Comptroller of the Currency.
The information collections under Sec. 1026.35(c) include (1)
providing a disclosure within three days of application that informs
the consumer regarding the purpose of the appraisal, that the creditor
will provide the consumer a copy of any appraisal, and that the
consumer may choose to have a separate appraisal conducted at the
expense of the consumer (Initial Appraisal Disclosure); (2) requiring
creditors to obtain a written appraisal meeting certain standards for
HPMLs and provide a free copy of the appraisal to consumers (Written
Appraisal); and (3) requiring an additional written appraisal for
properties resold within the 180 days (at a higher price meeting
certain thresholds) and providing free copies of these appraisals to
consumers (Additional Written Appraisal).
The information collections are required by statute, are necessary
to protect consumers, and promote the safety and soundness of creditors
making higher-risk mortgage loans.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Number of Respondents: 2,400.
Estimated Number of Responses per Respondent: 0.46.
Estimated Total Annual Responses: 1,104.
Estimated Burden Hours per Response: 0.25.
Estimated Total Annual Burden Hours: 276.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. The public is invited to submit comments concerning: (a)
Whether the collection of information is necessary for the proper
execution of the function of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
the information on the respondents, including the use of automated
collection techniques or other forms of information technology.
By Melane Conyers-Ausbrooks, Secretary of the Board, the National
Credit Union Administration, on October 8, 2020.
Dated: October 9, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-22770 Filed 10-14-20; 8:45 am]
BILLING CODE 7535-01-P