Organization and Operations of Federal Credit Unions - Loan Participation, 12 CFR 701.22

Forms and Documents

Document Name	Status
12CFR701-22 (1-1-18 ED).pdf Supplementary Document	2019-02-14
FINAL_3133-0141_Supporting Statement_021419.docx Supporting Statement A	2019-02-14

IC Document Collections

IC ID	Document Title	Status
234843	Loan Participation	New
219243	IC 3. Appeals Process	Removed
219242	IC 2. Waiver	Removed
219235	IC 1. Update Loan Participation Policies	Removed

ICR Details

OMB Control No: 3133-0141	ICR Reference No: 201810-3133-002
Status: Historical Active	Previous ICR Reference No: 201504-3133-001
Agency/Subagency: NCUA	Agency Tracking No: EI
Title: Organization and Operations of Federal Credit Unions - Loan Participation, 12 CFR 701.22
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/28/2019
	Date Received in OIRA: 02/14/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2022	36 Months From Approved	03/31/2019
Responses	3,806	0	1,526
Time Burden (Hours)	3,045	0	4,589
Cost Burden (Dollars)	0	0	146,344

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Abstract: NCUA Rules and Regulations, sections 701.22 and 741.225, outline the requirements for a loan participation program. FICUs are required to execute a written loan participation agreement with the lead lender. Additionally, the rule requires all FICUs to maintain a loan participation policy that establishes underwriting standards and maximum concentration limits. Credit unions may apply for waivers on certain key provisions of the rule.

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Authorizing Statute(s): US Code: 12 USC 1751, 1766, 1781, 1782, 1789 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:
	83 FR 58303	11/19/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 3503	02/12/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Loan Participation
IC 2. Waiver
IC 3. Appeals Process
IC 1. Update Loan Participation Policies

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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	3,806	1,526	0	0	2,280	0
Annual Time Burden (Hours)	3,045	4,589	0	0	-1,544	0
Annual Cost Burden (Dollars)	0	146,344	0	0	-146,344	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: No

Burden Reduction Due to:

Short Statement: This is an extension of a currently approved collections. Adjustments are being made to the number of credit unions reporting, as provided on the most current call report.

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Annual Cost to Federal Government: $3,876

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 02/14/2019

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