[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3256-3257]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-00972]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Extension of a 
Previously Approved Collection; for Prompt Corrective Action; Comment 
Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: The NCUA intends to submit the following proposed collection 
of information to the Office of Management and Budget (OMB) for review 
and clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-
13, 44 U.S.C. Chapter 35). This information collection notice is 
published to obtain comments from the public. This is related to NCUA's 
Prompt Corrective Action (PCA) regulation. NCUA uses the information 
provided to ensure the purpose of PCA is being carried out and that 
credit unions build adequate levels of net worth within a reasonable 
time.

DATES: Comments will be accepted until March 23, 2015.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Jessica Khouri, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428, Fax 
No. 703-837-2861, Email: <a href="/cdn-cgi/l/email-protection#1b545852544b495a5b75786e7a357c746d"><span class="__cf_email__" data-cfemail="622d212b2d323023220c0117034c050d14">[email protected]</span></a>

[[Page 3257]]


FOR FURTHER INFORMATION CONTACT: Requests for additional information, a 
copy of the information collection request, or a copy of submitted 
comments should be directed to Jessica Khouri at the National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or 
at <a href="/cdn-cgi/l/email-protection#83ccc0caccd3d1c2c3ede0f6e2ade4ecf5"><span class="__cf_email__" data-cfemail="aae5e9e3e5faf8ebeac4c9dfcb84cdc5dc">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is requesting extension of the previously approved collection 
of information related to NCUA's regulation on PCA, 12 CFR part 702 
(Part 702), which provides the requirements for PCA for federally 
insured credit unions (FICUs). Section 216 of the Federal Credit Union 
Act (12 U.S.C. 1790d) mandates the requirements of PCA. Section 216 
requires the NCUA Board to (1) adopt, by regulation, a system of PCA to 
restore the net worth of inadequately capitalized FICUs; and (2) 
develop an alternative system of PCA for new credit unions that carries 
out the purpose of PCA while allowing reasonable time to build net 
worth to an adequate level. Part 702 implements the statutory mandate 
by establishing a system of PCA to restore the net worth of 
inadequately capitalized FICUs. To achieve this, various information 
collections are required on occasion as the circumstances require.
    NCUA requests that you send your comments on this information 
collection to the location listed in the ADDRESSES section. Your 
comments should address: (a) The necessity of the information 
collection for the proper performance of NCUA, including whether the 
information will have practical utility; (b) the accuracy of our 
estimate of the burden (hours and cost) of the collection of 
information, including the validity of the methodology and assumptions 
used; (c) ways we could enhance the quality, utility, and clarity of 
the information to be collected; and (d) ways we could minimize the 
burden of the collection of the information on the respondents such as 
through the use of automated collection techniques or other forms of 
information technology. It is NCUA's policy to make all comments 
available to the public for review.

II. Data

    Title: Prompt Corrective Action, 12 CFR part 702.
    OMB Number: 3133-0154.
    Form Number: None.
    Type of Review: Extension of a previously approved collection.
    Description: Part 702 provides for a system of PCA. To comply with 
Part 702, a FICU may be subject to reporting requirements based on its 
net worth classification. Additionally, the rule allows FICUs to 
request waivers from certain requirements to which they may otherwise 
be subject. NCUA uses the information provided to ensure the purpose of 
PCA is being carried out and that FICUs build adequate levels of net 
worth within a reasonable time.
    Respondents: Federally insured credit unions.
    Estimated No. of Respondents: 642 FICUs.
    Estimated Burden Hours per Response: Varies by collection.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden Hours: 3,847 hours.
    Estimated Total Annual Cost: $122,680.33.

    By the National Credit Union Administration Board on January 14, 
2015.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2015-00972 Filed 1-21-15; 8:45 am]
BILLING CODE 7535-01-P


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