Section 741.12 establishes a three
tier framework for FICUs, based on asset size. FICUs with assets
under $50 million must maintain a basic policy, those with assets
of $50 million and over must maintain a contingency funding plan,
and those with assets over $250 million must maintain a contingency
funding plan and establish a federal liquidity contingency source.
The reviews will conclude if federally insured credit unions are
maintaining appropriate liquidity levels for the amount of balance
sheet risk exposure and help prevent losses to credit unions and
the NCUSIF.
US Code:
12
USC 1757 Name of Law: Federal Credit Union Act
US Code: 12
USC 1766(a) Name of Law: null
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.