OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.
Inventory as of this Action
Requested
Previously Approved
06/30/2020
36 Months From Approved
06/30/2020
7
0
7
7
0
7
0
0
0
The Federal Credit Union Act (at 12 U.S.C. 1761b(2)) requires that the boards of federal credit unions (FCU) arrange for adequate fidelity coverage for officers and employees having custody of or responsibility for handling funds. Part 704 and Part 713 of the National Credit Union Administrationâs (NCUA) regulations implement these requirements by, among other things, describing the responsibilities of credit union boards of directors in this area and establishing coverage and deductible limits. The collection of information enables the NCUA to ensure the fidelity bond coverage meets the minimal regulatory requirements established by NCUA and provides adequate protection against potential losses due to insider abuse such as fraud and embezzlement.
US Code:
12 USC 1761b(2)
Name of Law: Board of directors; meetings; powers and duties; executive committee; membership officers; membershi
The new information collection burden associated with obtaining NCUA approval on all bond forms expired after a period of 10 years from the date of NCUA approval or reapproved of its use is minimal, affecting an estimated four entities annually; for an increase of four hours attributed to this program change. Adjustments have been made to this information collection to capture current fidelity bond coverage requirements codified under §704.18 and 713. Total burden requested is 19 hours.
$1,568
No
No
No
No
No
No
Uncollected
Kathryn Metzker 703 518-6360
No
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.
12CFR713_(1-1-18 ED).pdf
NPRM_SS_3133-0170_121118_Final.docx
Fidelity Bond and Insurance Coverage