Federal Register / Vol. 80, No. 14 / Thursday, January 22, 2015 / Notices 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 

OCIOPRA@ncua.gov. 

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 

NATIONAL CREDIT UNION 

ADMINISTRATION 

Agency Information Collection 

Activities: Submission for Office of 

Management and Budget Review; 

Comment Request; for Extension of a 

Currently Approved Collection; 

Requirement for Insurance—Interest 

Rate Risk Policy 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Request for comment. 

SUMMARY: NCUA is announcing that a 

proposed collection of information has 

been submitted to the Office of 

Management and Budget (OMB) for 

review and clearance under the 

Paperwork Reduction Act of 1995 (PRA) 

(Pub. L. 104–13, 44 U.S.C. Chapter 35). 

The purpose of this notice is to allow for 

30 days of public comment. Federally 

insured credit unions with more than 

$50 million in assets are required to 

have a written interest rate risk (IRR) 

policy and an effective IRR management 

program as a condition for insurance of 

accounts. The information collection is 

currently authorized under OMB 

Control Number 3133–0184. The 

information collection allows NCUA to 

determine whether a credit union’s 

financial condition and policies 

regarding interest rate risk are both safe 

and sound and meet the requirements 

for insurance of accounts. 

DATES: Comments will be accepted until 

February 23, 2015. 

ADDRESSES: Interested persons are 

invited to submit comments to: (i) Desk 

Officer for the National Credit Union 

Administration, 3133–0184, U.S. Office 

of Management and Budget, 725 17th 

Street NW., #10102, Washington, DC 

20503, or by email to: oirasubmission@

omb.eop.gov; and (ii) Jessica Khouri by 

mail at the National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, VA 22314–3428, by fax at 

Fax No. 703–837–2861, or by email at 

OCIOPRA@ncua.gov. 

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 by mail at the National Credit 

Union Administration, 1775 Duke 

Street, Alexandria, VA 22314–3428, by 

fax at Fax No. 703–837–2861, or by 

email at OCIOPRA@ncua.gov. 

SUPPLEMENTARY INFORMATION: 

I. Abstract and Request for Comments 

Section 741.3(b)(5) of NCUA Rules 

and Regulations (12 CFR 741.3(b)(5)) 

requires federally insured credit unions 

with more than $50 million in assets to 

have a written IRR policy and an 

effective IRR management program as a 

condition for insurance. In the 

appendix, the rule also provides 

guidance on how to establish an IRR 

policy and an effective program. 

In the Federal Register of November 

5, 2014 (79 FR 65711), NCUA published 

a 60-day notice requesting public 

comment on the proposed collection of 

information. NCUA received no 

comments. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid OMB 

control number. 

NCUA requests that you send your 

comments on the information collection 

requirements to the locations 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 


tkelley on DSK3SPTVN1PROD with NOTICES
3258 Federal Register / Vol. 80, No. 14 / Thursday, January 22, 2015 / Notices 

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: Requirement for Insurance— 

Interest Rate Risk Policy. 

OMB Number: 3133–0184. 

Form Number: None. 

Type of Review: Extension of a 

currently approved collection. 

Description: Section 741.3(b)(5) of 

NCUA Rules and Regulations (12 CFR 

741.3(b)(5)) requires federally insured 

credit unions with more than $50 

million in assets to have a written IRR 

policy and an effective IRR management 

program as a condition for insurance. 

NCUA uses the information to evaluate 

credit unions’ compliance with the rule 

and to determine credit unions’ risk 

tolerances and consistency with their 

business strategies. 

Respondents: Federally insured credit 

unions with assets of more than $50 

million. 

Estimated No. of Respondents/Record 

keepers: 225. 

Frequency of Response: Once, then 

annual review. 

Estimated Burden Hours per 

Response: 16. 

Estimated Total Annual Burden 

Hours: 3,600. 

Estimated Total Annual Cost: None. 

By the National Credit Union 

Administration Board on January 14, 2015. 

Gerard Poliquin, 

Secretary of the Board. 

[FR Doc. 2015–00975 Filed 1–21–15; 8:45 am] 

BILLING CODE 7535–01–P 

NATIONAL CREDIT UNION 

ADMINISTRATION 

Agency Information Collection 

Activities: Submission for Office of 

Management and Budget Review; 

Comment Request; for Extension of a 

Previously Approved Collection; 

Golden Parachutes and 

Indemnification Payments 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Request for comment. 

SUMMARY: NCUA is announcing that a 

proposed collection of information has 

been submitted to the Office of 

Management and Budget (OMB) for 

review and clearance under the 

Paperwork Reduction Act of 1995 (PRA) 

(Pub. L. 104–13, 44 U.S.C. Chapter 35). 

The purpose of this notice is to allow for 

30 days of public comment. This is 

related to NCUA’s regulation that 

prohibits, in certain circumstances, a 

federally insured credit union (FICU) 

from making golden parachute and 

indemnification payments to an 

institution-affiliated party (IAP). The 

regulation requires requests for a 

troubled FICU to make a severance or 

golden parachute payment to an IAP to 

be submitted in writing to NCUA. 

DATES: Comments will be accepted until 

February 23, 2015. 

ADDRESSES: Interested persons are 

invited to submit comments to: (i) Desk 

Officer for the National Credit Union 

Administration, 3133–0183, U.S. Office 

of Management and Budget, 725 17th 

Street NW., #10102, Washington, DC 

20503, or by email to: oirasubmission@

omb.eop.gov; and (ii) Jessica Khouri by 

mail at the National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, VA 22314–3428, by fax at 

Fax No. 703–837–2861, or by email at 

OCIOPRA@ncua.gov. 

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 by mail at the National Credit 

Union Administration, 1775 Duke 

Street, Alexandria, VA 22314–3428, by 

fax at Fax No. 703–837–2861, or by 

email at OCIOPRA@ncua.gov. 

SUPPLEMENTARY INFORMATION: 

I. Abstract and Request for Comments 

NCUA is extending a previously 

approved collection of information for 

12 CFR 750, Golden Parachute and 

Indemnification Payments. Part 750 is 

NCUA’s regulation that prohibits, in 

certain circumstances, a FICU from 

making golden parachute and 

indemnification payments to an IAP. 

The collection of information 

requirement applies to troubled FICUs 

seeking approval to make a severance or 

golden parachute payment to an IAP. 

Specifically, § 750.6 requires requests 

for an FICU to make nondiscriminatory 

severance plan payments under 

§ 750.1(e)(2)(v) and golden parachute 

payments permitted by § 750.4 to be 

submitted in writing to NCUA. 

In NCUA’s experience, FICU requests 

to make severance and golden parachute 

payments within the scope of the rule 

do not occur often. NCUA estimates 

that, as of June 30, 2014, there are 6,429 

FICUs. Of those, there were 278 problem 

FICUs with CAMEL 4 or 5 ratings. Of 

those, 229 FICUs had less than $50 

million in total assets and an additional 

22 FICUs had less than $100 million in 

total assets. These smaller FICUs are 

unlikely to seek NCUA approval to 

make severance or golden parachute 

payments because these payments are 

more typically seen in the executive 

compensation of larger, more complex 

FICUs. Of the remaining 27 larger 

problem FICUs, NCUA anticipates no 

more than 20 percent would seek NCUA 

approval to make a severance or golden 

parachute payment. Accordingly, NCUA 

estimates that on an annual basis and 

across all FICUs, only approximately 

five FICUs will need to solicit NCUA 

approval in advance of making a 

severance or golden parachute payment 

within the scope of the rule and that 

preparing the request for approval may 

take four hours. Five FICUs times four 

hours per respondent equals 20 annual 

burden hours. 

In the Federal Register of November 

5, 2014 (79 FR 65711), NCUA published 

a 60-day notice requesting public 

comment on the proposed collection of 

information. NCUA received no 

comments during that period. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid OMB 

control number. 

NCUA requests that you send your 

comments on the information collection 

requirements to the locations 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: Golden Parachutes and 

Indemnification Payments. 

OMB Number: 3133–0183. 

Form Number: None. 

Type of Review: Extension of a 

previously approved collection. 

Description: Part 750 is NCUA’s 

regulation prohibit, in certain 

circumstances, a FICU from making 

golden parachute and indemnification 

payments to an IAP. The collection of 

information requirement only affects 

troubled FICUs seeking approval to 

make a severance or golden parachute 

payment to an IAP. Specifically, § 750.6 


tkelley on DSK3SPTVN1PROD with NOTICES