Secondary Capital for Low-Income-Designated Credit Unions

Forms and Documents

Document Name	Status
FINAL_3133-0140_SS_0140_Secondary Capital for LICU_4222020.docx Supporting Statement A	2020-04-22

IC Document Collections

IC ID	Document Title	Status
32772	Secondary Capital Plan Approval	Modified
222079	Disclosure and Acknowledgement	Modified
222078	Request to Redeem Secondary Capital	Modified

ICR Details

OMB Control No: 3133-0140	ICR Reference No: 202004-3133-006
Status: Active	Previous ICR Reference No: 201606-3133-007
Agency/Subagency: NCUA	Agency Tracking No: E&I
Title: Secondary Capital for Low-Income-Designated Credit Unions
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: 06/01/2020
	Date Received in OIRA: 04/28/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2023	36 Months From Approved	05/31/2020
Responses	45	0	55
Time Burden (Hours)	1,020	0	1,100
Cost Burden (Dollars)	0	0	0

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Abstract: Low-income-designated credit unions that offer secondary capital accounts must adopt a written plan, send a copy of the plan to their NCUA regional director, and have account contract documents and disclosure forms.

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Authorizing Statute(s): US Code: 12 USC Chapter 14 Name of Law: Federal Credit Union Act
   PL: Pub.L. 109 - 351 120 Stat Name of Law: FINANCIAL SERVICES REGULATORY RELIEF ACT OF 2006
  

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:
	85 FR 9809	02/20/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 23536	04/28/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Request to Redeem Secondary Capital
Disclosure and Acknowledgement
Secondary Capital Plan Approval

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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	45	55	0	0	-10	0
Annual Time Burden (Hours)	1,020	1,100	0	0	-80	0
Annual Cost Burden (Dollars)	0	0	0	0	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: No

Burden Reduction Due to:

Short Statement: An adjustment has been made due to a decrease in the number of credit unions requesting redemption of secondary capital. A total of 80 burden hours has been removed as result of the adjustment. A total of 1,020 burden hours is requested.

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Annual Cost to Federal Government: $38,400

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? No

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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: 04/28/2020

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