12 C.F.R. Part 712, Credit Union Service Organizations (CUSOs)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
CUSO Registry Screen Shots 10-7-2015.docx	Supplementary Document	Uploaded 2015-10-13	Available
Dec2015Rev SSFINAL.docx	Supporting Statement A	Uploaded 2015-12-11	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
32793	Written Agreement Relating to Accounting and Access to Information		Removed
218529	4b. CUSO Reporting to NCUA - Expanded Information		New
218528	4a. CUSO Reporting to NCUA - Basic Information		New
218527	1b. FCUs Changing the Written Agreement Relating to Certain Reporting Requirements		New
218526	1a. FISCUs Changing the Written Agreement Relating to Certain Accounting and Reporting Requirements		New
209479	3. Obtaining Regulatory Approval		Modified
209478	2. Obtaining Written Legal Opinion		Modified

ICR Details

OMB Control No: 3133-0149	ICR Reference No: 201510-3133-001
Status: Historical Active	Previous ICR Reference No: 201311-3133-008
Agency/Subagency: NCUA	Agency Tracking No:
Title: 12 C.F.R. Part 712, Credit Union Service Organizations (CUSOs)
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: 12/11/2015
	Date Received in OIRA: 10/13/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2018	36 Months From Approved	02/28/2017
Responses	4,116	0	281
Time Burden (Hours)	11,559	0	562
Cost Burden (Dollars)	76,177	0	0

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Abstract: Part 712 of NCUA's rules and regulations regulates the relationship between federally insured credit unions (FICUs) and credit union service organizations (CUSOs). The rule requires that FICUs enter into a written agreement with a CUSO (prior to investing in or loaning money to) which stipulates the CUSO will: follow GAAP, prepare quarterly financial statements, grant NCUA access to the CUSO books/records and submit data to NCUA via a new CUSO registry.

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Authorizing Statute(s): US Code: 12 USC 1751 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 38475	07/06/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 58314	09/28/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 6

table that charts list of burden

IC Title	Form No.	Form Name
Written Agreement Relating to Accounting and Access to Information
2. Obtaining Written Legal Opinion
3. Obtaining Regulatory Approval
4a. CUSO Reporting to NCUA - Basic Information
1a. FISCUs Changing the Written Agreement Relating to Certain Accounting and Reporting Requirements
1b. FCUs Changing the Written Agreement Relating to Certain Reporting Requirements
4b. CUSO Reporting to NCUA - Expanded Information

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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	4,116	281	0	3,968	-133	0
Annual Time Burden (Hours)	11,559	562	0	11,263	-266	0
Annual Cost Burden (Dollars)	76,177	0	0	76,177	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Changes in burden since last submission are detailed by IC. IC 1a: Increase due to extension of recordkeeping burden to all FISCUs with loan or investment in a CUSO. IC 1b: Increase due to change in recordkeeping burden from an annual average number of FCUs to all FCUs with a loan to, or investment in, a CUSO. IC 2.: Unchanged. IC 3.: Reduction in burden due to change in estimated number of respondents. IC 4a: New collection item. IC 4b: New collection item. In addition, upon successful completion of the CUSO Registry System, NCUA will reduce the FICU reporting requirement under the 5300 Call Report and CU Online Profile (3133-0004) as detailed in the supporting statement.

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Annual Cost to Federal Government:

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: 10/13/2015

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