Notice2024-00182
Revisions of Agency Information Collections for Comments Request: Proposed Collections
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
January 9, 2024
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 89 Issue 6 (Tuesday, January 9, 2024)</title>
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[Federal Register Volume 89, Number 6 (Tuesday, January 9, 2024)]
[Notices]
[Pages 1130-1131]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00182]
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NATIONAL CREDIT UNION ADMINISTRATION
Revisions of Agency Information Collections for Comments Request:
Proposed Collections
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comments.
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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: Written comments should be received on or before March 11, 2024
to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Mahala Vixamar, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314, Suite
5067; Fax No. 703-519-8579; or Email at <a href="/cdn-cgi/l/email-protection#23737162604c4e4e464d5750636d6076620d444c55"><span class="__cf_email__" data-cfemail="6f3f3d2e2c0002020a011b1c2f212c3a2e41080019">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Copies of the submission may be
obtained by contacting Mahala Vixamar at (703) 718-1155.
[[Page 1131]]
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0102.
Title: Truth in Lending (TILA); Regulation Z.
Type of Review: Extension of a previously approved collection.
Abstract: The Truth in Lending Act (TILA) was enacted to foster
comparison credit shopping and informed credit decision making by
requiring accurate disclosure of the costs and terms of credit to
consumers and to protect consumers against inaccurate and unfair credit
billing practices. TILA has been revised numerous times since it took
effect, notably by passage of the Fair Credit Billing Act of 1974, the
Consumer Leasing Act of 1976, the Truth in Lending Simplification and
Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of
1988, and the Home Equity Loan Consumer Protection Act of 1988.
Historically, TILA was implemented by the Board of Governors of the
Federal Reserve System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred FRB's
rulemaking authority for TILA to the Consumer Financial Protection
Bureau (CFPB).
Regulation Z contains several provisions that impose information
collection requirements: The information collection requirements for
open-end credit products; the information collection requirements for
closed-end credit; the information collection requirements that apply
to both open- and closed-end mortgage credit; the information
collection requirements for specific residential mortgage types-namely,
reverse mortgages and high cost mortgages with rates and fees above
specified thresholds; the information collection requirements for
private education loans; and information collection requirements
related to Regulation Z's advertising and record retention rules.
The collection of information pursuant to Part 1026 is triggered by
specific events and disclosures and must be provided to consumers
within the time periods established under the regulation. To ease the
compliance cost (particularly for small credit unions), model forms and
clauses are appended to the regulation.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 2,906,986.
OMB Number: 3133-0180.
Title: Liquidity and Contingency Funding Plans, 12 CFR 741.12.
Type of Review: Extension of a previously approved collection.
Abstract: Section 741.12 establishes a three-tier framework for
FICUs, based on asset size. FICUs with assets under $50 million must
maintain a basic policy, those with assets of $50 million and over must
maintain a contingency funding plan, and those with assets over $250
million must maintain a contingency funding plan and establish a
federal liquidity contingency source. The reviews will conclude if
federally insured credit unions are maintaining appropriate liquidity
levels for the amount of balance sheet risk exposure and help prevent
losses to credit unions and the NCUSIF.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 4,248.
OMB Number: 3133-0186.
Title: Higher-Risk Mortgage Appraisals.
Type of Review: Revision 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. This statutory requirement
is promulgated in 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 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 Total Annual Burden Hours: 236.
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
performance 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 the National Credit Union Administration Board.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2024-00182 Filed 1-8-24; 8:45 am]
BILLING CODE 7535-01-P
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