```

[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94766-94767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28074]

=======================================================================
-----------------------------------------------------------------------

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.

-----------------------------------------------------------------------

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 [email protected].

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
```