Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 13139 

February statement period, because the fee 

was not assessed in the February statement 

period. If a credit union assesses and then 

waives and credits a fee within the same 

cycle, the credit union may, at its option, 

reflect the adjustment in the total disclosed 

for fees imposed during the current statement 

period and for the total for the calendar yearto-date. Thus, if the credit union assesses and 

waives the fee in the February statement 

period, the February fee total could reflect a 

total net of the waived fee. 

* * * * * 

(a)(3) Time Period Covered by Disclosures 

1. Periodic statement disclosures. The 

disclosures under § 707.11(a) must be 

included on periodic statements provided by 

a credit union starting with the first 

statement period that begins after January 1, 

2010. For example, if a member’s statement 

period typically closes on the 15th of each 

month, a credit union must provide the 

disclosures required by § 707.11(a)(1) on 

subsequent periodic statements for that 

member beginning with the statement 

reflecting the period from January 16, 2010 

to February 15, 2010. 

* * * * * 

(c) Disclosure of Account Balances 

1. Balance that does not include additional 

amounts. For purposes of the balance 

disclosure requirement in § 707.11(c), if a 

credit union discloses balance information to 

a member through an automated system, it 

must disclose a balance that excludes any 

funds the credit union may provide to cover 

an overdraft pursuant to a discretionary 

overdraft service that will be paid by the 

credit union under a service subject to part 

226 of this title (Regulation Z) or that will be 

transferred from another account held 

individually or jointly by a member. The 

balance may, but need not, include funds 

that are deposited in the member’s account, 

such as from a check, that are not yet made 

available for withdrawal in accordance with 

the funds availability rules under part 229 of 

the title (Regulation CC). In addition, the 

balance may, but need not, include funds 

that are held by the credit union to satisfy a 

prior obligation of the member, for example, 

to cover a hold for an ATM or debit card 

transaction that has been authorized but for 

which the credit union has not settled. 

2. Additional balance. The credit union 

may disclose additional balances 

supplemented by funds that may be provided 

by the credit union to cover an overdraft, 

whether pursuant to a discretionary overdraft 

service, a service subject to part 226 of this 

title (Regulation Z), or a service that transfers 

funds from another account held 

individually or jointly by the member, so 

long as the credit union prominently states 

that any additional balance includes these 

additional overdraft amounts. The credit 

union may not simply state, for instance, that 

the second balance is the member’s 

‘‘available balance,’’ or contains ‘‘available 

funds.’’ Rather, the credit union should 

provide enough information to convey that 

the second balance includes these amounts. 

For example, the credit union may state that 

the balance includes ‘‘overdraft funds.’’ 

Where a member has opted out of the credit 

union’s discretionary overdraft service, any 

additional balance disclosed should not 

include funds credit unions provide under 

that service. Where a member has opted out 

of the credit union’s discretionary overdraft 

service for some, but not all transactions, e.g., 

the member has opted out of overdraft 

services for ATM and debit card transactions, 

a credit union that includes funds from its 

discretionary overdraft service in the balance 

should convey that the overdraft funds are 

not available for all transactions. For 

example, the credit union could state that 

overdraft funds are not available for ATM 

and debit card transactions. 

3. Automated systems. The balance 

disclosure requirement in § 707.11(c) applies 

to any automated system through which the 

member requests a balance, including, but 

not limited to, a telephone response system, 

the credit union’s internet site, or an ATM. 

The requirement applies whether the credit 

union discloses a balance through an ATM 

owned or operated by the credit union or 

through an ATM not owned or operated by 

the credit union, including an ATM operated 

by an entity that is not a financial institution. 

If the balance is obtained at an ATM, the 

requirement also applies whether the balance 

is disclosed on the ATM screen or on a paper 

receipt. 

* * * * * 

By the National Credit Union 

Administration Board, on March 19, 2009. 

Mary F. Rupp, 

Secretary of the Board. 

[FR Doc. E9–6728 Filed 3–25–09; 8:45 am] 

BILLING CODE 7535–01–P 

NATIONAL CREDIT UNION 

ADMINISTRATION 

12 CFR Parts 741, 748, and 749 

RIN 3133–AD56 

Credit Union Reporting 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Proposed rule. 

SUMMARY: NCUA is modernizing the 

way insured credit unions submit 

reports and other important information 

and has developed an online, Webbased system to make reporting more 

efficient and cost effective. The new 

system will also enhance the accuracy 

of information by providing a means for 

updating certain data outside the 

financial reporting cycle. NCUA is 

proposing revisions to its regulations 

involving reporting procedures and 

record retention requirements to 

conform regulatory provisions to the 

new online system. The proposal 

incorporates into the regulation a 

statutory requirement on reporting 

changes in senior officials resulting 

from election or appointments and 

would clarify requirements on when 

credit unions file reports with NCUA 

online. The proposal also includes 

provisions that provide alternative 

reporting methods for credit unions 

unable to submit online reports. 

DATES: Comments must be received on 

or before May 26, 2009. 

ADDRESSES: You may submit comments 

by any of the following methods (Please 

send comments by one method only): 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• NCUA Web Site: http:// 

www.ncua.gov/news/proposed_regs/ 

proposed_regs.html. Follow the 

instructions for submitting comments. 

• E-mail: Address to 

regcomments@ncua.gov. Include ‘‘[Your 

name] Comments on Proposed Rule— 

Parts 741, 748 and 749’’ in the e-mail 

subject line. 

• Fax: (703) 518–6319. Use the 

subject line described above for e-mail. 

• Mail: Address to Mary Rupp, 

Secretary of the Board, National Credit 

Union Administration, 1775 Duke 

Street, Alexandria, Virginia 22314– 

3428. 

• Hand Delivery/Courier: Same as 

mail address. 

Public inspection: All public 

comments are available on the agency’s 

Web site at http://www.ncua.gov/ 

RegulationsOpinionsLaws/ 

proposed_regs/comments.html as 

submitted, except as may not be 

possible for technical reasons. Public 

comments will not be edited to remove 

any identifying or contact information. 

Paper copies of comments may be 

inspected in NCUA’s law library at 1775 

Duke Street, Alexandria, Virginia 22314, 

by appointment weekdays between 9 

a.m. and 3 p.m. To make an 

appointment, call (703) 518–6540 or 

send an e-mail to ogcmail@ncua.gov. 

FOR FURTHER INFORMATION CONTACT: 

Amber Gravius, Risk Management 

Officer, Office of Examination and 

Insurance, (703) 518–6360; George 

Curtis, Corporate Program Specialist, 

Office of Corporate Credit Unions, (703) 

518–6640; or Moisette Green, Staff 

Attorney, Office of General Counsel, 

(703) 518–6540, National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, Virginia 22314. 

SUPPLEMENTARY INFORMATION: NCUA is 

modernizing the way insured credit 

unions submit reports and other 

important information. The current 

software used to submit the Report of 

Officials and financial reports will be 

replaced with an integrated, Web-based 

information management system. The 

online system will make reporting more 

13140 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 

efficient and cost effective, and enhance 

the accuracy of credit union data. As 

discussed below, the new online system 

will require revisions to current 

regulations on reporting. Final 

amendments will not become effective 

until the online system is implemented. 

Legal Authority and Current 

Regulations 

The Federal Credit Union Act (Act) 

grants NCUA broad authority to require 

federally-insured credit unions (FICUs), 

including corporate credit unions, to 

submit financial data and other 

information as required by the NCUA 

Board (Board). 12 U.S.C. 1761, 1766, 

1781, and 1782. Federal credit unions 

must file the names and addresses of 

senior management officials and 

volunteer officials with NCUA within 

10 days after their election or 

appointment. 12 U.S.C. 1761(b). 

NCUA has implemented this 

authority in various regulatory 

provisions. NCUA requires FICUs to 

submit financial reports, reports of 

officials, and other reports. 12 CFR 

704.1, 741.6, and 748.1. Section 741.6(a) 

prescribes the requirements for 

financial, statistical, and other reports 

and, currently, requires natural person 

credit unions to file a Financial and 

Statistical Report quarterly, also referred 

to as a Call Report and identified as 

NCUA Form 5300. The provisions in 

§ 741.6 currently do not specify the form 

corporate credit unions use; corporate 

credit unions file Call Reports monthly 

using NCUA Form 5310. Further, FICUs 

must file a Report of Officials, NCUA 

Form 4501, with NCUA annually after 

the election of officials. 12 CFR 748.1(a). 

In addition to information about a credit 

union’s main location and branches, 

hours of operation, and identity of and 

contact information for senior officials, 

NCUA Form 4501 also contains a 

certification of FICU compliance with 

the requirements of part 748, which 

includes catastrophic act reporting, 

suspicious activity reporting, and 

security program and Bank Secrecy Act 

requirements. Id. The front page of the 

NCUA Form 4501 states the Report of 

Officials must be filed with the regional 

director no later than 10 days after the 

election of officials. 

Appendix A to Part 749 set out 

guidelines for record retention and 

identifies key operational records FICUs 

should retain permanently. 12 CFR Part 

749, Appendix A, para. E.2. NCUA 

Form 5300 or its equivalent is currently 

identified as an example of these key 

operational records. Id. at para. E(2)(b). 

Current Reporting Process 

The NCUA Call Report System, 

including the Report of Officials, is the 

primary means by which NCUA 

collects, validates, stores, and reports 

financial and operational data for 

FICUs. NCUA provides internally 

developed software to all FICUs for 

preparing their Call Report submission. 

The software contains calculation 

features and data entry controls to help 

minimize errors in reporting. Natural 

person credit unions submit Call Report 

data quarterly and corporate credit 

unions submit their data monthly. 

NCUA also provides internally 

developed software for FICUs to submit 

their Report of Officials and certify 

compliance with the requirements of 

part 748 in the Report of Officials. A 

credit union may submit the Call Report 

and Report of Officials data one of four 

ways: (1) Transmit via the internet using 

the eSend feature in the software; (2) 

Send via e-mail as an attachment; (3) 

Save the file to CD–Rom; or, (4) 

Complete and forward the hardcopy 

form to NCUA. 

NCUA currently makes a substantial 

amount of financial data and other 

information about individual credit 

unions available on the agency Web site. 

The agency Web site generates Financial 

Performance Reports and users can 

obtain these reports on individual credit 

unions or aggregate data on multiple 

credit unions. In addition, NCUA 

publishes a report on Federally Insured 

Credit Unions Financial Trends. 

Online Process 

The genesis for change comes from 

NCUA’s interest in increasing 

efficiency, reducing costs, enhancing 

accuracy of data, and providing a 

secure, single access portal where credit 

unions can submit, edit, and view data 

NCUA collects. NCUA has developed a 

new information management tool 

allowing FICUs to submit financial 

reports, information regarding officials, 

and other information to NCUA through 

a secure, Web-based system. Credit 

unions will access the online system via 

the internet from NCUA’s Web site at 

http://www.ncua.gov. For credit unions 

to use the online system, they must have 

a computer, Internet connectivity, 

Internet Explorer 6.0 or higher, and a 

valid e-mail address. All users of the 

online system will have a login and 

password they can self-manage and 

change, and credit union users will only 

have access to their own credit union’s 

confidential information. The public 

will continue to have access to nonconfidential information without the 

need for a login or password. 

To ensure information is protected, 

users will identify themselves using an 

authentication process requiring a 

unique login and password. Once 

identified, authenticated users will only 

be able to access information they are 

authorized to view. In addition, all 

communication of sensitive information 

between the credit union’s browser and 

NCUA’s Web servers will be encrypted 

using the industry-standard Secure 

Sockets Layer (SSL) technology to 

prevent others from intercepting and 

accessing confidential credit union 

information. 

NCUA will no longer issue software to 

submit data; the online system will 

permit credit unions to submit data to 

NCUA from any computer. 

Additionally, the online system will 

eliminate mailing and printing delays, 

missing pieces to the Call Report packet, 

and damaged software CDs. Similar to 

the current process, the online system 

will provide real-time warnings 

throughout the input process to ensure 

data integrity. NCUA projects 

implementing the new system during 

the third quarter of 2009 for natural 

person credit unions. The system will 

be implemented for corporate credit 

unions in 2010. 

The Report of Officials and Call 

Report software will be eliminated, and 

all data will be submitted and viewed 

through an online Credit Union Profile 

and Call Report. The online profile will 

include information NCUA maintains 

about a credit union that infrequently 

changes, for example, the credit union 

address(es), phone number(s), list of 

officials, hours of operation, etc. It will 

also contain some information currently 

collected on the Call Reports, including 

disaster recovery information, and 

information systems and technology 

information, to eliminate the 

requirement for credit unions to report 

redundant information each Call Report 

cycle. NCUA will provide a real-time 

environment for updating information. 

After profile data is entered, subsequent 

input will only be required for 

additions, deletions, or changes to the 

data. 

For efficiency and to make reporting 

less burdensome, credit unions will be 

able to have multiple users to enhance 

the likelihood that profile information is 

accurate and updated when necessary 

and the Call Report is submitted timely. 

Additionally, multiple users will be able 

to access the system and complete 

different sections of the Call Report and 

profile simultaneously. Credit unions 

unable to use the online system will use 

a process similar to current practice and 

submit their information on a paper 

form. 

Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 13141 

Periodically, the system will require 

users to verify the accuracy of FICU 

information and complete a series of 

edit checks to ensure all required 

information has been entered into the 

profile. If any information is missing or 

is incomplete, the user will receive an 

error message. To assist credit unions 

with this process, all required areas of 

the profile will be outlined in the online 

instructions as well as the paper form 

instructions. 

NCUA has been providing 

information about the transition to the 

online system since early 2008. These 

initiatives include presentations at trade 

association conferences, credit union 

workshops, credit union league events, 

an NCUA Newsletter article, an alert on 

the NCUA Credit Union Data Web page, 

and a Frequently Asked Questions 

posted on NCUA’s Web site at http:// 

www.ncua.gov/OnlineFAQ.pdf. 

Additionally, NCUA has consulted with 

the National Association of State Credit 

Union Supervisors while developing the 

online system. NCUA intends to 

conduct presentations about the online 

system throughout 2009 similar to the 

2008 initiatives. 

The Proposal 

To clarify reporting procedures and 

record retention requirements, NCUA is 

proposing revisions to §§ 741.6 and 

748.1, and Appendix A to part 749. 

Section 741.6 would clarify when FICUs 

must update their Credit Union Profiles 

and add a provision addressing 

corporate credit unions and the NCUA 

Form 5310. Additionally, the proposed 

rule would amend § 748.1 to clarify the 

compliance report filing requirements 

for FICUs using the online system and 

for FICUs filing reports manually. FICUs 

that cannot certify compliance online 

would certify compliance in writing on 

the new Credit Union Profile form, 

NCUA Form 4501A. Finally, the 

proposed rule would update the record 

retention guidelines in Appendix A of 

Part 749 and include the new Credit 

Union Profile form as a key operational 

record that should be retained 

permanently. 

Natural person and corporate credit 

unions will continue to file Call Report 

data in the same time frames as they 

currently do, and credit unions with 

access to the internet will submit their 

data online. If a credit union has 

computer interruptions or does not have 

access to the internet, it will be required 

to complete paper forms and return 

them to NCUA or, for federally insured 

state chartered credit unions, their State 

Supervisory Authority, for input into 

the online system. If submitted Call 

Report data is not accurate, credit 

unions will be required to submit a 

corrected Call Report upon notification 

or the discovery of a need for correction. 

Credit unions with access to the internet 

will make these submissions in the 

online system. Credit unions filing 

manually will complete the paper form. 

The proposal requires credit unions to 

update the information in the profile 

within 10 days of the election or 

appointment of senior management or 

volunteer officials or within 30 days of 

any change of information in the profile. 

After the Credit Union Profile data is 

initially entered, subsequent input will 

only be required for additions, 

deletions, or changes to the data. The 

Act requires federal credit unions to file 

a record of the names and addresses of 

the executive officers, loan officers, and 

supervisory and credit committee 

members with NCUA within 10 days 

after their election or appointment. 12 

U.S.C. 1761(b). This requirement has 

been part of the Report of Officials; 

however, the proposed rule would 

incorporate the requirement expressly 

in the regulation. Additionally, to 

ensure the accuracy of the information 

when there is a change in the profile 

information unrelated to an election or 

appointment of officials, the proposal 

would require FICUs to update their 

Credit Union Profile within 30 days of 

any change to its contents. Credit 

unions with access to the internet will 

make these corrections using the online 

system, and credit unions filing 

manually will complete the paper form. 

FICUs will continue to certify 

compliance with Part 748. Under the 

current § 748.1(a), the president or other 

managing official of a FICU must sign 

and date the compliance statement in 

the Report of Officials. NCUA adopted 

this requirement to improve the 

detection, investigation, and 

prosecution of fraud in FICUs. 50 FR 

53294 (December 31, 1985). The 

proposed rule retains this requirement 

and clarifies compliance reporting will 

be completed within the Credit Union 

Profile. A president or managing official 

may direct any of the FICU’s online 

system users to certify the compliance 

statement; the Board notes, however, the 

president or managing official is 

personally responsible for ensuring and 

certifying the FICU has complied with 

the security program, disaster recovery, 

Bank Secrecy Act, and other 

requirements in Part 748. 

Finally, the proposed rule would 

address the record retention guidelines. 

Appendix A to Part 749 set out 

guidelines for record retention and 

identifies the Call Report as a key 

operational record that FICUs should 

retain permanently. 12 CFR Part 749, 

Appendix A, para. E.2(b). The record 

retention guidelines do not list the 

Report of Officials as a key operational 

record, but the proposed would include 

the Credit Union Profile as a record that 

FICUs should retain permanently. 

Regulatory Procedures 

Regulatory Flexibility Act 

The Regulatory Flexibility Act 

requires NCUA to prepare an analysis to 

describe any significant economic 

impact any regulation may have on a 

substantial number of small entities. 5 

U.S.C. 603(a). For purposes of this 

analysis, NCUA considers credit unions 

having under $10 million in assets as 

small entities. Interpretive Ruling and 

Policy Statement 03–2, 68 FR 31949 

(May 29, 2003). As of December 31, 

2008, NCUA estimates there are 

approximately 7,860 federally-insured, 

natural person credit unions. 

Approximately 3,318 of them have less 

than $10 million in assets. NCUA 

estimates out of 28 corporate credit 

unions, one is a small entity. This 

proposed rule would directly affect all 

small FICUs. Therefore, NCUA has 

determined this proposed rule will have 

an impact on a substantial number of 

small entities. 

NCUA has determined, however, the 

economic impact on entities affected by 

the proposed rule will not be 

significant. The proposed rule will 

reduce the regulatory burden on FICUs 

that submit their financial reports, 

Credit Union Profile, and other 

information online. NCUA is also 

proposing alternate methods, similar to 

the current practices, for FICUs without 

internet access to submit information. 

Additionally, NCUA’s Office of Small 

Credit Union Initiatives has reviewed 

the proposal and concluded it would 

have a moderate impact on small credit 

unions, but contained sufficient 

provisions to mitigate the impact and 

would result in greater efficiencies for 

all credit unions. Accordingly, NCUA 

certifies the proposed rule would not 

have a significant economic impact on 

small entities, but invites comment on 

the proposal’s economic impact and 

suggestions on how to minimize it. 

Paperwork Reduction Act 

In accordance with section 3512 of 

the Paperwork Reduction Act of 1995, 

44 U.S.C. 3501–3521 (PRA), NCUA may 

not conduct or sponsor, and the 

respondent is not required to respond 

to, an information collection unless it 

displays a currently valid Office of 

Management and Budget (OMB) control 

number. The information collection 

requirements contained in this proposed 

13142 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 

rule have been submitted to OMB for 

review and approval under section 3507 

of the PRA and § 1320.11 of OMB’s 

implementing regulations. 5 CFR 

1320.11. The requirements are found in 

12 CFR 741.6, 748.1, and Appendix A 

to Part 749. Comments are invited on: 

a. Whether the collection of 

information is necessary for the proper 

performance of the NCUA’s functions, 

including whether the information has 

practical utility; 

b. The accuracy of the estimates of the 

burden of the information collection, 

including the validity of the 

methodology and assumptions used; 

c. Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

d. Ways to minimize the burden of the 

information collection on respondents, 

including through the use of automated 

collection techniques or other forms of 

information technology; and 

e. Estimates of capital or start up costs 

and costs of operation, maintenance, 

and purchase of services to provide 

information. 

All comments will become a matter of 

public record. 

Comments should be addressed to 

Jeryl Fish, Paperwork Clearance Officer, 

National Credit Union Administration, 

1775 Duke Street, Alexandria, VA 

22314–3428; send a facsimile to (703) 

518–6319; or send an e-mail to 

regcomments@ncua.gov. Please submit 

information collection comments by one 

method. NCUA will post comments on 

its Web site at http://www.ncua.gov/ 

RegulationsOpinionsLaws/ 

proposedregs/proposedregs.html. 

Interested persons may inspect the 

comments at NCUA, 1775 Duke Street, 

Alexandria, Virginia 22314, by 

appointment. To make an appointment, 

call (703) 518–6540, send an e-mail to 

ogcmail@ncua.gov, or send a facsimile 

transmission to (703) 518–6667. 

Under the Act, FICUs must submit 

certain reports and information to 

NCUA, as required by the Board. 12 

U.S.C. 1761, 1766, 1781, and 1782. The 

information collections in the proposed 

rule involve financial reports, Credit 

Union Profiles containing names and 

addresses of volunteer and management 

officials, a regulatory compliance 

certification, and record retention 

guidelines. These information 

collections have previously been 

approved by OMB, but will require 

revisions due to this rulemaking. 

Call Reports. The information 

collection in Call Reports for natural 

person credit unions, NCUA Form 5300, 

is currently approved under OMB 

Control Number 3133–0004. Credit 

unions with access to the internet 

would submit the Call Report quarterly 

using a Web-based information 

management system. For efficiency, 

credit unions can have multiple users to 

ensure the Call Report is submitted 

timely. A one-time training burden is 

added for training employees or 

volunteers on the online system. Credit 

unions unable to use the online system 

would submit the NCUA Form 5300 in 

accordance with the form’s instructions. 

The burden associated with this 

information collection is summarized as 

follows: 

Current Estimate Difference 

Respondents .............................................................. 8,871 7,860 (7,100 online; 760 manually) .......................... ¥1,011 

Annual responses ...................................................... 35,484 31,440 ........................................................................ ¥4,044 

Time per response (hours) ........................................ 6.6 3 (online) ...................................................................

6.6 (manual) ..............................................................

¥3.6 

Total time per respondent (hours) ...................... 26.4 14–26.4 ...................................................................... ¥12.4 

Total annual burden (hours) ............................... 234,194 20,064–99,400 ........................................................... ¥134,794 

Total annual cost ($) .......................................... 5,548,000 2,670,000 ................................................................... ¥2,878,000 

One-time training (hours) ........................................... 2 

The change in burden is due to a 

decrease in the number of natural 

person credit unions and the use of 

online methods to submit the NCUA 

Form 5300. 

The information collection in Call 

Reports for corporate credit unions, 

NCUA Form 5310, is currently approved 

under OMB Control Number 3133–0067. 

Corporate credit unions would submit 

the Call Report monthly using the Webbased, information management system 

beginning in 2010. For efficiency, credit 

unions can have multiple users to 

ensure the Call Report is submitted 

timely. A one-time training burden is 

added for training employees or 

volunteers on the online system. If a 

corporate credit union is unable to use 

the online system, it would submit the 

NCUA Form 5310 in accordance with 

the form’s instructions. The burden 

associated with this information 

collection is summarized as follows: 

Current Estimate Difference 

Respondents ............................................................................................................................................ 30 28 ¥2 

Annual responses .................................................................................................................................... 360 336 ¥24 

Time per response (hours) ...................................................................................................................... 2 1 ¥1 

Total time per respondent (hours) .................................................................................................... 24 12 ¥12 

Total annual burden (hours) ............................................................................................................. 720 336 ¥384 

Total annual cost ($) ........................................................................................................................ 10,800 5,400 ¥5,400 

One-time training (hours) ......................................................................................................................... 2 

Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 13143 

The change in burden is due to the 

decrease in the number of corporate 

credit unions due to mergers. 

Report of Officials/Credit Union 

Profile. The Report of Officials, NCUA 

Form 4501, is currently approved under 

OMB Control Number 3133–0053. The 

NCUA Form 4501 will be revised to 

include all information collected in the 

online Credit Union Profile. The Credit 

Union Profile Form, NCUA Form 

4501A, will replace NCUA Form 4501 

when the corporate credit unions begin 

using the online system in 2010. To 

enhance the accuracy of critical 

information NCUA maintains and 

comply with the statutory requirement, 

all FICUs with access to the internet 

would update the new Credit Union 

Profile within 10 days of an election or 

appointment of volunteer officials or 30 

days of any profile information changes. 

NCUA is unable to know exactly how 

often FICUs will update the Credit 

Union Profile and estimates FICUs will 

update the profile information no more 

than four times a year. 

Currently, the Report of Officials 

contains a statement of compliance 

regarding the security requirements in 

part 748. The Credit Union Profile will 

contain a similar certification, and the 

president or managing official of each 

FICU will be required to complete the 

certification annually. 

For efficiency, credit unions can have 

multiple users to ensure profile 

information is updated. A one-time 

training burden is added for training 

employees or volunteers on the online 

system and a one-time initial input 

burden is added for credit unions to 

enter their officials, main office and 

branch information, and other required 

data. FICUs that are unable to update 

the profile online could submit the 

NCUA Form 4501 or its equivalent in 

accordance with the instructions. The 

credit union president or managing 

official would be required to sign and 

date the NCUA Form 4501 or its 

equivalent. The burden associated with 

this information collection is 

summarized as follows: 

Current Estimate Difference 

Respondents ............................................................... 8,871 7,888 (7,128 online; 760 manually) ............................ ¥983 

Annual responses ....................................................... 8,871 31,552 ......................................................................... 22,681 

Time per response (hours) ......................................... 1 .5–1 ............................................................................. ¥.5 

Total time per respondent (hours) ....................... 8,871 15,776–31,552 ............................................................ 6,905–22,681 

Total annual burden (hours) ................................ 8,871 35,496–102,544 .......................................................... 26.625–93,673 

One-time training (hours) ............................................ .5–1 

One-time input (hours) ................................................ 2–8 

The change in burden is due to the 

frequency credit unions will submit and 

update Credit Union Profile information 

and the time required for initial input of 

data into the system. NCUA estimates it 

will take the majority of credit unions 

two hours or less to enter their profile 

data. To enhance the accuracy of critical 

information NCUA maintains, credit 

unions would be required to update 

profile information within 10 days of an 

election or appointment of volunteer 

officials, or 30 days of any change. 

Records Preservation. Part 749 

requires all FICUs to have a records 

preservation program. Appendix A to 

Part 749 contains guidelines for the 

retention of key operating records. 

FICUs should permanently retain 

certain key operating records, including 

one copy of each NCUA 5300, 5310, or 

its equivalent. The current information 

collection is approved under OMB 

Control Number 3133–0032. The 

proposed rule would add the Credit 

Union Profile, NCUA Form 4501 or its 

equivalent, to the list of key operational 

records and update the guidelines in 

Appendix A to clarify that FICUs should 

permanently retain one copy of each 

Credit Union Profile report quarterly. 

FICUs are not required to submit any 

information to NCUA under the records 

preservation program, but may incur a 

cost for storage of information. NCUA 

estimates the cost of storage is $10—$25 

per credit union. The burden associated 

with this information collection is 

summarized as follows: 

Current Estimate Difference 

Respondents ............................................................... 8,420 7,888 ........................................................................... ¥532 

Time for recordkeeping (hours) .................................. 2 1–2 .............................................................................. ¥1 

Total annual burden (hours) ................................ 16,930 7,888–15,776 .............................................................. ¥9,042–¥1,154 

Total annual cost ($) ............................................ 84,200 78,880–197,200 .......................................................... 113,000 

The change in burden is due to a 

change in the number of FICUs and the 

cost of storing vital and key operating 

records. The annual cost will vary per 

institution based on the cost to store 

these records electronically or hardcopy. NCUA estimates the majority of 

credit unions will store these records 

electronically and there will be no 

additional burden on credit unions. 

Executive Order 13132 

Executive Order 13132 encourages 

independent regulatory agencies to 

consider the impact of their actions on 

state and local interests. In adherence to 

fundamental federalism principles, 

NCUA, an independent regulatory 

agency as defined in 44 U.S.C. 3502(5), 

voluntarily complies with the executive 

order. The proposed rule would not 

have a substantial direct effect on the 

states, on the connection between the 

national government and the states, or 

on the distribution of power and 

responsibilities among the various 

levels of government. NCUA has 

determined this proposed rule does not 

constitute a policy that has federalism 

implications for purposes of the 

executive order. 

13144 Federal Register / Vol. 74, No. 57 / Thursday, March 26, 2009 / Proposed Rules 

The Treasury and General Government 

Appropriations Act, 1999—Assessment 

of Federal Regulations and Policies on 

Families 

NCUA has determined that this 

proposed rule would not affect family 

well-being within the meaning of 

section 654 of the Treasury and General 

Government Appropriations Act, 1999, 

Public Law 105–277, 112 Stat. 2681 

(1998). 

Agency Regulatory Goal 

NCUA’s goal is to promulgate clear 

and understandable regulations that 

impose minimal regulatory burden. We 

request your comments on whether the 

proposed amendment is understandable 

and minimally intrusive, if 

implemented as proposed. 

List of Subjects 

12 CFR Part 741 

Credit unions, Reporting and 

recordkeeping requirements, Share 

insurance. 

12 CFR Part 748 

Credit unions, Reporting and 

recordkeeping requirements, Security 

measures. 

12 CFR Part 749 

Archives and records, Credit unions, 

Reporting and recordkeeping 

requirements. 

By the National Credit Union 

Administration Board, on March 19, 2009. 

Mary F. Rupp, 

Secretary of the Board. 

For the reasons stated above, NCUA 

proposes to amend 12 CFR parts 741, 

748, and 749 as follows: 

PART 741—REQUIREMENTS FOR 

INSURANCE 

1. The authority for part 741 

continues to read as follows: 

Authority: 12 U.S.C. 1757, 1766(a), 1781– 

1790, and 1790d; 31 U.S.C. 3717. 

2. Amend § 741.6 by removing 

paragraph (d) and revising paragraph (a) 

to read as follows: 

§ 741.6 Financial and statistical and other 

reports. 

(a) Upon written notice from the 

Board, Regional Director, or Director of 

the Office of Corporate Credit Unions, 

insured credit unions must file financial 

and other reports in accordance with the 

instructions in the notice. Credit unions 

with the capacity to do so must use 

NCUA’s information management 

system to submit their data online. If a 

credit union is unable to use the 

information system, it must file written 

reports in accordance with the 

instructions. 

(1) Credit Union Profile. Insured 

credit unions must submit to NCUA a 

Credit Union Profile, NCUA Form 4501 

or its equivalent, within 10 days after an 

election or appointment of senior 

management or volunteer officials or 

within 30 days of any change of the 

information in the profile. 

(2) Financial and statistical report. 

Natural person credit unions must file a 

Call Report with NCUA quarterly in 

accordance with the instructions in the 

NCUA Form 5300. Corporate credit 

unions must file a Corporate Credit 

Union Call Report with NCUA monthly 

in accordance with the instructions in 

the NCUA Form 5310. Credit unions 

must submit a corrected Call Report 

upon notification or the discovery of a 

need for correction. 

* * * * * 

PART 748—SECURITY PROGRAM, 

REPORT OF SUSPECTED CRIMES, 

SUSPICIOUS TRANSACTIONS, 

CATASTROPHIC ACTS AND BANK 

SECRECY ACT COMPLIANCE 

3. The authority for part 748 

continues to read as follows: 

Authority: 12 U.S.C. 1766(a), 1786(q); 15 

U.S.C. 6801 and 6805(b); 31 U.S.C. 5311 and 

5318. 

4. Amend § 748.1 by revising 

paragraph (a) to read as follows: 

§ 748.1 Filing of reports. 

(a) The president or managing official 

of each federally-insured credit union 

must certify compliance with the 

requirements of this Part in its Credit 

Union Profile annually. Credit unions 

that cannot update their profile online 

must certify compliance in writing in 

accordance with the instructions on 

NCUA Form 4501 or its equivalent. The 

credit union president or managing 

official must sign and date the written 

certification. 

* * * * * 

PART 749—RECORDS 

PRESERVATION PROGRAM AND 

APENDICES—RECORD RETENTION 

GUIDELINES; CATASTROPHIC ACT 

PREPAREDNESS GUIDELINES 

5. The authority for part 749 

continues to read as follows: 

Authority: 12 U.S.C. 1766, 1783, and 1789; 

15 U.S.C. 7001(d). 

Appendix A to Part 749 [Amended] 

6. Amend Appendix A to Part 749 by 

revising paragraph E.2.(b) to read as 

follows: 

* * * * * 

E. * * * 

2. * * * 

(b) One copy of each financial report, 

NCUA Form 5300 or 5310, or their 

equivalent, and the Credit Union Profile 

report, NCUA Form 4501, or its equivalent as 

submitted to NCUA at the end of each 

quarter. 

* * * * * 

[FR Doc. E9–6727 Filed 3–25–09; 8:45 am] 

BILLING CODE 7535–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2009–0262; Directorate 

Identifier 2008–NM–208–AD] 

RIN 2120–AA64 

Airworthiness Directives; Airbus Model 

A330–201, –202, –203, –223, –243, 

–301, –302, –303, –321, –322, –323, 

–341, –342, and –343 Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed rulemaking 

(NPRM). 

SUMMARY: We propose to adopt a new 

airworthiness directive (AD) for the 

products listed above. This proposed 

AD results from mandatory continuing 

airworthiness information (MCAI) 

originated by an aviation authority of 

another country to identify and correct 

an unsafe condition on an aviation 

product. The MCAI describes the unsafe 

condition as: 

During receipt of spare parts at the final 

assembly line, it was discovered that lugs of 

the assembly nut * * * had been inverted 

(wrong orientation of the braking pin) during 

manufacturing process at the supplier. 

* * * This lug inversion could give the 

illusion of correct torque whereas the 

affected parts are not properly connected. 

Loose connection could lead to loss of the 

fire extinguishing system integrity and 

therefore inability to ensure the adequate 

agent concentration. In combination with an 

engine fire event, it could result in a 

temporary uncontrolled engine fire, which 

constitutes an unsafe condition. 

* * * * * 

The proposed AD would require 

actions that are intended to address the 

unsafe condition described in the MCAI. 

DATES: We must receive comments on 

this proposed AD by April 27, 2009. 

ADDRESSES: You may send comments by 

any of the following methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

• Fax: (202) 493–2251.