Federally insured credit unions are required by statute and by 12 CFR Part 760 to make disclosures and keep records. Borrowers use the information to make valid purchase decisions. The NCUA uses the records to verify compliance.
Please see Request for Emergency Clearance letter.
US Code:
42 USC 4001-4129
Name of Law: Flood Disaster Protection Act of 1973
This is a reinstatement of a previously approved collection. There have been no changes to the program requirements, however, the burden hours have changed due to changes in the number of credit unions.
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:
(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;
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.