Requirements for Insurance - Interest Rate Risk Policy, 12 C.F.R. Part 741.3(b)(5)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
741 Justification Statement 2011 IRR.docx	Supporting Statement A	Uploaded 2012-02-06	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
199951	Requirements for Insurance - Interest Rate Risk Policy, 12 C.F.R. 741.3(b)(5)		Unchanged

ICR Details

OMB Control No: 3133-0184	ICR Reference No: 201202-3133-001
Status: Historical Active	Previous ICR Reference No: 201110-3133-001
Agency/Subagency: NCUA	Agency Tracking No:
Title: Requirements for Insurance - Interest Rate Risk Policy, 12 C.F.R. Part 741.3(b)(5)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/24/2012
	Date Received in OIRA: 02/14/2012
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2015	36 Months From Approved
Responses	800	0	0
Time Burden (Hours)	12,800	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Proposed 741.3(b)(5) requires credit unions greater than $50 million, and credit unions $10-50 million with total first mortgages and investments >5 years that are 100% net worth, to have a written interest rate risk policy and an effective interest rate risk management program as a condition for insurance. In the appendix, the rule also provides guidance on how to establish interest rate risk policy and an effective program.

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Authorizing Statute(s): US Code: 12 USC 44 Name of Law: Paperwork Reduction Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AD66	Final or interim final rulemaking	77 FR 5155	02/02/2012

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Requirements for Insurance - Interest Rate Risk Policy, 12 C.F.R. 741.3(b)(5)

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	800	0	0	800	0	0
Annual Time Burden (Hours)	12,800	0	0	12,800	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There has been no change to collection from the previous submission based on the proposed rule in October 2011.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/14/2012

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