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

Forms and Documents

Document	Type	Status	Availability
Supporting Statement IRRP_FINAL.docx	Supporting Statement A	Uploaded 2015-01-15	Available

IC Document Collections

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

ICR Details

OMB Control No: 3133-0184	ICR Reference No: 201410-3133-003
Status: Historical Active	Previous ICR Reference No: 201202-3133-001
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: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/09/2015
	Date Received in OIRA: 01/23/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2018	36 Months From Approved	04/30/2015
Responses	225	0	800
Time Burden (Hours)	3,600	0	12,800
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 1766(a) Name of Law: Federal Credit Union Act
   US Code: 12 USC 1781 - 1790 Name of Law: Federal Credit Union Act
   US Code: 12 USC 1790(d) Name of Law: Federal Credit Union Act
   US Code: 12 USC 1757 Name of Law: Federal Credit Union Act
   US Code: 31 USC 3717 Name of Law: United States Code, 2006 Edition, Supplement 4, Title 31 - MONEY AND FINANCE
  

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:
	79 FR 65711	11/05/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 3257	01/22/2015
Did the Agency receive public comments on this ICR? No

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

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

	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	225	800	0	-575	0	0
Annual Time Burden (Hours)	3,600	12,800	0	-9,200	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	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: Miscellaneous Actions

Short Statement: Reduction reflects credit unions currently in compliance and the reduction of the number of credit unions affected.

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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: 01/23/2015

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