Federal Credit Union Ownership of Fixed Assets (12 CFR 701.36)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
NPRM_80FR16595_30MAR15_12CFR701.pdf	Supplementary Document	Uploaded 2016-03-21	Available
NPRM_79FR46727_11AUG14_12CFR701.pdf	Supplementary Document	Uploaded 2016-03-21	Available
3133-0040_SS_FinalRule_Fix_Assets_FINAL.docx	Supporting Statement A	Uploaded 2016-03-21	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
32689	Waiver of Five Percent Limitation		Removed
208939	Waiver Of Prohibited Transaction		Unchanged
208938	Waiver Of Requirement To Dispose Of Abandoned Property		Unchanged
208937	Waiver Of Requirement For Partial Occupation		Unchanged
208936	Plan For Full Occupation Of Premises		Unchanged

ICR Details

OMB Control No: 3133-0040	ICR Reference No: 201509-3133-002
Status: Historical Active	Previous ICR Reference No: 201503-3133-002
Agency/Subagency: NCUA	Agency Tracking No: E&I
Title: Federal Credit Union Ownership of Fixed Assets (12 CFR 701.36)
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: 04/25/2016
	Date Received in OIRA: 03/21/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2019	36 Months From Approved	12/31/2016
Responses	43	0	193
Time Burden (Hours)	580	0	2,830
Cost Burden (Dollars)	18,496	0	82,214

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Abstract: Section 107(4) of the Federal Credit Union Act authorizes a federal credit union (FCU) to purchase, hold, and dispose of property necessary or incidental to its operations. Section 701.36 of NCUA Rules and Regulations interprets and implements this provision of the FCU Act by establishing occupancy, planning, and disposal requirements for acquired and abandoned premises. It also prohibits certain transactions. In addition, this section includes provisions in which an FCU may seek a waiver from certain requirements of the rule. NCUA reviews written waiver requests and makes a determination on the request based on safety and soundness considerations.

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Authorizing Statute(s): US Code: 12 USC 1751 Name of Law: FCU Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AE39	Final or interim final rulemaking	80 FR 45844	08/08/2015

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

table that charts list of burden

IC Title	Form No.	Form Name
Plan For Full Occupation Of Premises
Waiver Of Requirement To Dispose Of Abandoned Property
Waiver Of Requirement For Partial Occupation
Waiver Of Prohibited Transaction
Waiver of Five Percent Limitation

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ICR Summary of Burden

table that charts list 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	43	193	0	-150	0	0
Annual Time Burden (Hours)	580	2,830	0	-2,250	0	0
Annual Cost Burden (Dollars)	18,496	82,214	0	-63,718	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: Changing Regulations

Short Statement: The rule results in a reduction in overall burden attributed to a program change. The removal of a provision of §701.36, which places an aggregate limit on the ownership of fixed assets, reduces the estimated burden by 2,250 hours.

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Annual Cost to Federal Government: $23,650

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: 03/21/2016

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