Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
12/31/2016
36 Months From Approved
12/31/2016
193
0
193
2,830
0
2,830
82,214
0
82,214
12 CFR 701.36 currently requires that for a federal credit union (FCU) with $1,000,000 or more in assets, the aggregate of all its investments in fixed assets must not exceed five percent of its shares and retained earnings, unless it obtains a waiver from NCUA. It also requires a FCU to prepare a definitive plan for full use of premises acquired for future expansion if it has not fully occupied the premises within one year of acquisition, and that a FCU that has not at least partially occupied such premises within 3 years, or 6 years for unimproved property, obtain NCUA approval to continue without partial occupation. This section also requires that a FCU that does not dispose of abandoned property within five years of abandonment obtain NCUA approval to continue to hold the property. FCUs must also obtain NCUA approval prior to investing in property from a prohibited party. NCUA is proposing changes to the rule. The proposal would provide regulatory relief to FCUs by eliminating the five percent aggregate limit on investments in fixed assets. The proposed rule would also require partial occupancy of premises acquired for future expansion within 6 years, regardless of whether the property is improved or unimproved. The proposal does not impose new paperwork burdens. Instead, the proposed rule would relieve FCUs from the current requirement to obtain a waiver to exceed the five percent aggregate limit on investments in fixed assets.
The proposed rule would relieve federal credit unions (FCUs) from the current requirement to obtain a waiver to exceed the 5% aggregate limit on investments in fixed assets. The proposed rule eliminates the aggregate limit and therefore reduces the overall information collection burden associated with the rule.
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.
FINAL 3133-0040 Supporting Statement Fixed Assets.docx
Waiver of Five Percent Limitation