Corporate Credit Unions, 12 CFR Part 704

Forms and Documents

Document	Type	Status	Availability
12CFR704 (1-1-16).pdf	Supplementary Document	Uploaded 2016-05-10	Available
3133-0129_SS_CorpCU_FINAL_05MAY2016.docx	Supporting Statement A	Uploaded 2016-05-13	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
32750	Capital Restoration Plans		Modified
196159	Notification of Late Filing		Modified
196158	Notice of Engagement or Termination of Accountants		Modified
196157	Corporate Credit Unions - Large Corporate Credit Union Management Report	Other-null	Removed
196120	Management Report		Modified
196119	Disclosure of Dual Employee Compensation		Modified
196118	Corporate Credit Unions - Conducting Special Meeting of a Corporate's Members to Expel a Member and Notifying NCUA of Result of Vote	Other-null	Removed
196117	Corporate Credit Unions - Preparation of List of Non-FICU Members of a Corporate and Providing List to NCUA		Removed
196116	Recorded Director Votes		Modified
195289	Corporate Credit Unions - Requests to Make Golden Parachute and Severance Payments		Removed
195288	Merger Related Disclosures		Modified
195287	Disclosure of Executive Compensation		Modified
195286	CUSO Approval Requests		Modified
195285	ALM Testing		Modified
195284	Investment Action Plans		Modified
195283	Corporate Credit Unions - Ratings Procurement		Removed
195282	Notice of PCA Category Change		Modified
195277	Notice of Intent to Redeem or Call Contributed Capital		Modified
195276	Retained Earnings Accumulation Plans		Modified

ICR Details

OMB Control No: 3133-0129	ICR Reference No: 201407-3133-001
Status: Historical Active	Previous ICR Reference No: 201102-3133-001
Agency/Subagency: NCUA	Agency Tracking No: ONES
Title: Corporate Credit Unions, 12 CFR Part 704
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/19/2016
	Date Received in OIRA: 05/13/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	05/31/2014
Responses	200	0	590
Time Burden (Hours)	483	0	5,682
Cost Burden (Dollars)	0	0	194,350

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Abstract: Part 704 of NCUA’s regulations established the regulatory framework for corporate credit unions. This includes various reporting and recordkeeping requirements as well as safety and soundness standards. NCUA has established and regulates corporate credit unions pursuant to its authority under sections 120, 201, and 209 of the Federal Credit Union Act, 12 U.S.C. 1766(a), 1781, and 1789. The collection of information is necessary to ensure that corporate credit unions operate in a safe and sound manner by limiting risk to their natural person credit union members and the National Credit Union Share Insurance Fund.

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Authorizing Statute(s): US Code: 12 USC 1766(a), 1781, 1789 Name of Law: Federal Credit Union Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 12131	03/08/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 29922	05/13/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 14

IC Title	Form No.	Form Name
Recorded Director Votes
Corporate Credit Unions - Preparation of List of Non-FICU Members of a Corporate and Providing List to NCUA
Disclosure of Dual Employee Compensation
Notification of Late Filing
Notice of Engagement or Termination of Accountants
CUSO Approval Requests
Corporate Credit Unions - Conducting Special Meeting of a Corporate's Members to Expel a Member and Notifying NCUA of Result of Vote
Corporate Credit Unions - Requests to Make Golden Parachute and Severance Payments
Corporate Credit Unions - Ratings Procurement
ALM Testing
Disclosure of Executive Compensation
Merger Related Disclosures
Corporate Credit Unions - Large Corporate Credit Union Management Report
Retained Earnings Accumulation Plans
Notice of Intent to Redeem or Call Contributed Capital
Capital Restoration Plans
Notice of PCA Category Change
Investment Action Plans
Management Report

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ICR Summary 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	200	590	0	-101	-289	0
Annual Time Burden (Hours)	483	5,682	0	-1,413	-3,786	0
Annual Cost Burden (Dollars)	0	194,350	0	-3,550	-190,800	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Changing Regulations

Short Statement: A reduction of 3,786 burden hours is attributed to an adjustment to the number of entities and a reduction of 1,413 burden hours is attributed to regulation changes. A total of 483 burden hours is requested.

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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: 05/13/2016

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