Notice2024-06953
Revision of Agency Information Collection of a Previously Approved Collection; Request for Comments
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
April 2, 2024
Issuing agencies
National Credit Union Administration
Abstract
As required by the Paperwork Reduction Act of 1995, The National Credit Union Administration (NCUA) is submitting the following extensions and revisions of currently approved collections to the Office of Management and Budget (OMB) for renewal.
Full Text
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<title>Federal Register, Volume 89 Issue 64 (Tuesday, April 2, 2024)</title>
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[Federal Register Volume 89, Number 64 (Tuesday, April 2, 2024)]
[Notices]
[Pages 22749-22750]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-06953]
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NATIONAL CREDIT UNION ADMINISTRATION
Revision of Agency Information Collection of a Previously
Approved Collection; Request for Comments
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice of submission to the Office of Management and Budget.
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SUMMARY: As required by the Paperwork Reduction Act of 1995, The
National Credit Union Administration (NCUA) is submitting the following
extensions and revisions of currently approved collections to the
Office of Management and Budget (OMB) for renewal.
DATES: Written comments should be received on or before May 2, 2024 to
be assured 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 Mahala Vixamar at (703) 718-1155, emailing
<a href="/cdn-cgi/l/email-protection#11414350527e7c7c747f6562517f7264703f767e67"><span class="__cf_email__" data-cfemail="5b0b091a183436363e352f281b35382e3a753c342d">[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: 3133-0102.
Title: Truth in Lending (TILA); Regulation Z.
Type of Review: Revision of a currently 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 Number of Respondents: 4,622.
Estimated Number of Responses per Respondent: 9,239.392.
Estimated Total Annual Responses: 42,704,470.
Estimated Hours per Response: .08541.
Estimated Total Annual Burden Hours: 3,647,389.
Reason for Change: The number of responses per respondent increased
and the estimated hours per response increased.
OMB Number: 3133-0180.
Title: Liquidity and Contingency Funding Plans, 12 CFR 741.12.
Type of Review: Revision of a currently 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 Number of Respondents: 4,645.
Estimated Number of Responses per Respondent: 1.
Estimated Total Annual Responses: 4,645.
Estimated Hours per Response: .87589.
Estimated Total Annual Burden Hours: 4068.50.
Reason for Change: The number of respondents decreased.
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-
[[Page 22750]]
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 Number of Respondents: 1,879.
Estimated Number of Responses per Respondent: .46.
Estimated Total Annual Responses: 864.34
Estimated Hours per Response: .25.
Estimated Total Annual Burden Hours: 216.09.
Reason for Change: The number of respondents decreased.
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.
Ji Kwon,
Acting Secretary of the Board.
[FR Doc. 2024-06953 Filed 4-1-24; 8:45 am]
BILLING CODE 7535-01-P
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