Prompt Corrective Action Regulation, 12 CFR Part 702

Forms and Documents

Document Name	Status
0154 SupportingStatementFINAL.docx Supporting Statement A	2015-09-18

IC Document Collections

IC ID	Document Title	Status
32802	IC 1. Requests for NCUA Approval Prior to Taking Specific Actions when Operating Under a Discretionary Supervisory Action	Modified
215814	IC 9. Approval of Risk Mitigation Credit	New
215813	IC 8. New Credit Union Submission of a Revised Business Plan if the Credit Union's Net Worth Classification Declines or a Revised Business Plan is Denied by NCUA	New
215812	IC 7. Written Notice from a New Credit Union if its Net Worth Classification Declines	New
215811	IC 6. Request for Waiver of Earnings Transfer Requirement	New
215809	IC 5. Request from a Small Credit Union or New Credit Union for Assistance in Developing a NWRP or Revised Business Plan	New
215808	IC 4. Submission of a NWRP and Resubmission of a NWRP That Has been denied by NCUA or Because There Was a Change in the Credit Union's Net Worth Category	New
215807	IC 3. Request for Approval to Charge Regular Reserves or Pay Dividends if the Action Would Cause the Credit Union's Net Worth to Fall Below the Adequately Capitalized Classification and the Action...	New
215805	IC 2. Appeal to the NCUA Board of Certain Mandatory Conservatorship, Liquidation or Other Corrective Action	New

ICR Details

OMB Control No: 3133-0154	ICR Reference No: 201503-3133-003
Status: Historical Active	Previous ICR Reference No: 199906-3133-005
Agency/Subagency: NCUA	Agency Tracking No:
Title: Prompt Corrective Action Regulation, 12 CFR Part 702
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: 09/21/2015
	Date Received in OIRA: 07/31/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2018	36 Months From Approved
Responses	642	0	0
Time Burden (Hours)	3,847	0	0
Cost Burden (Dollars)	122,681	0	0

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Abstract: Section 216 of the Federal Credit Union Act 12 U.S.C. 1790d requires the NCUA Board to adopt by regulation a system of prompt corrective action indexed to five capital categories which section 216 establishes. The regulation issued to meet this mandate includes mandates for collection of information in certain cases.

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Authorizing Statute(s): US Code: 12 USC 1790(d) 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:
	80 FR 3256	01/22/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 45558	07/30/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 9

IC Title	Form No.	Form Name
IC 1. Requests for NCUA Approval Prior to Taking Specific Actions when Operating Under a Discretionary Supervisory Action
IC 2. Appeal to the NCUA Board of Certain Mandatory Conservatorship, Liquidation or Other Corrective Action
IC 3. Request for Approval to Charge Regular Reserves or Pay Dividends if the Action Would Cause the Credit Union's Net Worth to Fall Below the Adequately Capitalized Classification and the Action...
IC 4. Submission of a NWRP and Resubmission of a NWRP That Has been denied by NCUA or Because There Was a Change in the Credit Union's Net Worth Category
IC 8. New Credit Union Submission of a Revised Business Plan if the Credit Union's Net Worth Classification Declines or a Revised Business Plan is Denied by NCUA
IC 5. Request from a Small Credit Union or New Credit Union for Assistance in Developing a NWRP or Revised Business Plan
IC 6. Request for Waiver of Earnings Transfer Requirement
IC 7. Written Notice from a New Credit Union if its Net Worth Classification Declines
IC 9. Approval of Risk Mitigation Credit

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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	642	0	0	-248	0	890
Annual Time Burden (Hours)	3,847	0	0	-19,953	0	23,800
Annual Cost Burden (Dollars)	122,681	0	0	122,681	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated burden hours have decreased due to the decreasing number of credit unions. This submission shows an increase in costs to respondents and NCUA because cost to respondents and NCUA were not included in the previous submission.

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Annual Cost to Federal Government: $241,423

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: 07/31/2015

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