Subordinated Debt, 12 CFR Part 702, Subpart D

ICR 202011-3133-001

OMB: 3133-0207

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-07-18
IC Document Collections
IC ID
Document
Title
Status
239656
Unchanged
ICR Details
3133-0207 202011-3133-001
Received in OIRA 202001-3133-007
NCUA E&I FR
Subordinated Debt, 12 CFR Part 702, Subpart D
New collection (Request for a new OMB Control Number)   No
Regular 07/18/2022
  Requested Previously Approved
36 Months From Approved
3,703 0
5,662 0
0 0

Subpart D of Part 702 addresses limits on loans to other credit unions; an expansion of the borrowing rule to clarify that federal credit unions (FCUs) can borrow from any source; revisions to the risk-based capital (RBC) rule, and the payout priorities in an involuntary liquidation rule to account for Subordinated Debt and Grandfathered Secondary Capital; and cohering changes to part 741 to account for the other changes proposed in this rule that apply to federally insured, state-chartered credit unions (FISCUs). The borrowing authority granted to FCUs by the FCU Act, along with FCUs’ statutory authority to enter into contracts and exercise incidental powers necessary or required to enable the FCUs to effectively carry on their business, supports the legal analysis that FCUs are authorized to incur indebtedness through the issuance of debt securities of the type contemplated by this proposed rule. This rule would permit LICUs, Complex Credit Unions, and New Credit Unions to issue Subordinated Debt Notes for purposes of regulatory capital treatment. It contains a series of requirements in respect of the Subordinated Debt and Subordinated Debt Note, disclosures and offering materials, repayment (including prepayment), and regulatory capital treatment.

US Code: 12 USC 1757(9) Name of Law: Federal Credit Union Act
  
None

3133-AF08 Final or interim final rulemaking 86 FR 11060 02/23/2021

No

1
IC Title Form No. Form Name
Subordinated Debt

  Total Request 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 3,703 0 0 3,703 0 0
Annual Time Burden (Hours) 5,662 0 0 5,662 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
This is new collection.

$1,000,000
No
    No
    No
No
No
No
No
Tom Fay 703 518-6019 [email protected]

  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.
07/18/2022


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