Notice2023-06383
Submission for OMB Review; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 28, 2023
Issuing agencies
National Credit Union Administration
Abstract
The National Credit Union Administration (NCUA) will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice.
Full Text
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<title>Federal Register, Volume 88 Issue 59 (Tuesday, March 28, 2023)</title>
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[Federal Register Volume 88, Number 59 (Tuesday, March 28, 2023)]
[Notices]
[Pages 18352-18353]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-06383]
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NATIONAL CREDIT UNION ADMINISTRATION
Submission for OMB Review; Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice.
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SUMMARY: The National Credit Union Administration (NCUA) will submit
the following information collection requests to the Office of
Management and Budget (OMB) for review and clearance in accordance with
the Paperwork Reduction Act of 1995, on or after the date of
publication of this notice.
DATES: Comments should be received on or before April 27, 2023 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submission may be
obtained by contacting Venetia Eldridge at (703) 518-1564, emailing
<a href="/cdn-cgi/l/email-protection#5b0b091a183436363e352f281b35382e3a753c342d"><span class="__cf_email__" data-cfemail="b9e9ebf8fad6d4d4dcd7cdcaf9d7daccd897ded6cf">[email protected]</span></a>, or viewing the entire information collection
request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0024.
Title: Mergers of Federally-Insured Credit Unions; Voluntary
Termination or Conversion of Insured Status, 12 CFR part 708b.
Type of Review: Extension of a currently approved collection.
Abstract: Part 708b of NCUA's rules sets forth the procedural and
disclosure requirements for mergers of federally-insured credit unions,
conversions from federal share insurance to nonfederal insurance, and
federal share insurance terminations. Part 708b is designed to ensure
NCUA has sufficient information whether to approve a proposed merger,
share insurance conversion, or share insurance termination. It further
ensures that members of credit unions have sufficient and accurate
information to exercise their vote properly concerning a proposed
merger, insurance conversion, or insurance termination. The rule also
protects the property interests of members who may lose their federal
share insurance due to a merger, share insurance conversion, or share
insurance termination.
Affected Public: Private Sector: Businesses or other for-profits.
Estimated Total Annual Burden Hours: 5,352.
OMB Number: 3133-0163.
Title: Privacy of Consumer Financial Information Recordkeeping and
Disclosure Requirements. Under the Gramm-Leach-Bliley Act and
Regulation P, 12 CFR 1016.
Type of Review: Extension of a currently approved collection.
Abstract: Regulation P (12 CFR 1016) requires credit unions to
disclose its privacy policies to customers as well as offer customers a
reasonable opportunity to opt out--in whole or in part--of those
policies to further restrict the release of their personal financial
information to nonaffiliated third parties. Credit unions are required
to provide an initial privacy notice to customers that is clear and
conspicuous, an annual notice of the privacy policies and practices of
the institution, a revised notice to customers if triggered by specific
changes to the existing policy, and a notice of the right of the
customer to opt out of the institution's information sharing practices.
Consumers who choose to exercise their opt-out right document this
choice by returning an opt-out form or other permissible method.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 433,620.
OMB Number: 3133-0181.
Type of Review: Extension of currently approved collection.
Title: Registration of Mortgage Loan Originators.
Abstract: The Secure and Fair Enforcement for Mortgage Licensing
Act (S.A.F.E. Act), 12 U.S.C. 5101 et seq., as codified by 12 CFR part
1007, requires an employee of a bank, savings association, or credit
union or a subsidiary regulated by a Federal banking agency or an
employee of an institution regulated by the Farm Credit Administration
(FCA), (collectively, Agency-regulated Institutions) who engages in the
business of a residential mortgage loan originator (MLO) to register
with the Nationwide Mortgage Licensing System and Registry (Registry)
and obtain a unique identifier. Agency-regulated institutions must also
adopt and follow written policies and procedures to assure compliance
with the S.A.F.E. Act. The Registry is intended to aggregate and
improve the flow of information to and between regulators; provide
increased accountability and tracking of mortgage loan originators;
enhance consumer protections; reduce fraud in the residential mortgage
loan origination process; and provide consumers with easily accessible
information at no charge regarding the employment history of, and the
publicly adjudicated disciplinary and enforcement actions against MLOs.
Affected Public: Private Sector: Not-for-profit institutions;
Individuals or households.
Estimated Total Annual Burden Hours: 86,423.
OMB Number: 3133-0187.
Type of Review: Extension currently approved collection.
Title: Reverse Mortgage Products--Guidance for Managing Reputation
Risks, 12 CFR 1002, 1005, 1013, and 229.
Abstract: The Reverse Mortgage Guidance sets forth standards
intended to ensure that financial institutions effectively assess and
manage the compliance and reputation risks associated with reverse
mortgage products. The information collection will allow NCUA to
evaluate the adequacy of a federally-insured credit union's internal
policies and procedures as they relate to reverse mortgage products.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 160.
By Melane Conyers-Ausbrooks, Secretary of the Board, the National
[[Page 18353]]
Credit Union Administration, on March 20, 2023.
Dated: March 23, 2023.
Nina DiPadova,
NCUA PRA Clearance Officer.
[FR Doc. 2023-06383 Filed 3-27-23; 8:45 am]
BILLING CODE 7535-01-P
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