Notice2024-28074
Renewal 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
November 29, 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 230 (Friday, November 29, 2024)</title>
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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94766-94767]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28074]
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NATIONAL CREDIT UNION ADMINISTRATION
Renewal 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 January 28,
2025 to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dacia Rogers, National Credit Union
Administration, 1775 Duke Street, Alexandria, Virginia 22314, Suite
5067; Fax No. (703) 519-8161; or email at <a href="/cdn-cgi/l/email-protection#2b7b796a684446464e455f586b65687e6a054c445d"><span class="__cf_email__" data-cfemail="71212330321e1c1c141f0502313f3224305f161e07">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Copies of the submission may be
obtained by contacting Dacia Rogers at (703) 518-6547.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0202.
Title: Proof of Concept for New Charter Organizing Groups.
Type of Review: Extension of a previously approved collection.
Abstract: The Office of Credit Union Resources and Expansion (CURE)
is responsible for the review and approval of charter applications
submitted by organizing groups. CURE has implemented a charter
modernization process to improve the quality of charter applications
received. This will help ensure organizing groups submit a well-thought
out, well-developed charter plan to minimize the back and forth
communication and improve overall chartering processing times. CURE
management implemented the Proof of Concept (POC) data collection
through the CyberGrants system, which documents the four most critical
elements for establishing a new charter. The information collection is
needed to determine the adequacy of a group's chartering concept and
provide guidance, as needed, and would identify the level of
understanding an organizing group has before they make a formal charter
application submission as prescribed by appendix B to 12 CFR part 701
(12 U.S.C. 1758, 1759).
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 104.
OMB Number: 3133-0207.
Title: Subordinated Debt, 12 CFR Part 702, subpart D.
Type of Review: Extension of a previously approved collection.
Abstract: Subpart D of part 702 addresses limits on loans to other
credit unions; an expansion of the borrowing rule to clarify that
federal credit unions
[[Page 94767]]
(FCUs) can borrow from any source; revisions to the risk-based capital
(RBC) rule, and the payout priorities in an involuntary liquidation
rule to account for Subordinated Debt and Grandfathered Secondary
Capital; and cohering changes to part 741 to account for the other
changes proposed in this rule that apply to federally insured, state-
chartered credit unions (FISCUs). The borrowing authority granted to
FCUs by the FCU Act, along with FCUs' statutory authority to enter into
contracts and exercise incidental powers necessary or required to
enable the FCUs to effectively carry on their business, supports the
legal analysis that FCUs are authorized to incur indebtedness through
the issuance of debt securities of the type contemplated by this
proposed rule. This rule would permit LICUs, Complex Credit Unions, and
New Credit Unions to issue Subordinated Debt Notes for purposes of
regulatory capital treatment. It contains a series of requirements in
respect of the Subordinated Debt and Subordinated Debt Note,
disclosures and offering materials, repayment (including prepayment),
and regulatory capital treatment.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 5,662.
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. 2024-28074 Filed 11-27-24; 8:45 am]
BILLING CODE 7535-01-P
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