Investment and Deposit Activities, 12 CFR Part 703

Forms and Documents

Document Name	Status
FINAL_SS_3133-0133_FR-Derivatives_052721.docx Supporting Statement A	2021-05-27
12CFR703_(1-1-20 ED).pdf Supplementary Document	2020-12-17

IC Document Collections

IC ID	Document Title	Status
32756	12 CFR 703 - Subpart A - General Investments and Deposit Activties	Unchanged
219760	12 CFR 703, Subpart B - Derivatives Authority	Modified

ICR Details

OMB Control No: 3133-0133	ICR Reference No: 202105-3133-002
Status: Received in OIRA	Previous ICR Reference No: 202009-3133-010
Agency/Subagency: NCUA	Agency Tracking No: E&I Final
Title: Investment and Deposit Activities, 12 CFR Part 703
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/27/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2022
Responses	176,364	175,350
Time Burden (Hours)	54,501	53,959
Cost Burden (Dollars)	0	0

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Abstract: The National Credit Union Administration (NCUA) Federal Credit Union Act, 12 U.S.C. 1757(7), 1757(8), 1757(15), lists securities, deposits, and other obligations in which a Federal Credit Union (FCU) may invest. The regulations related to these areas are contained in Part 703 and Section 721.3 of the NCUA Rules and Regulations which set forth requirements related to maintaining an adequate investment program. The information collected is used by the NCUA to determine compliance with the appropriate sections of the NCUA Rules and Regulations and Federal Credit Union Act, which governs investment and deposit activities on the basis of safety and soundness concerns. It is used to determine the level of risk that exists within a credit union, the actions taken by the credit union to mitigate such risk, and helps prevent losses to federal credit unions and the National Credit Union Share Insurance Fund (NCUSIF).

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Authorizing Statute(s): US Code: 12 USC 1761b Name of Law: Board of Directors; meetings; powers and duties, etc.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AF29	Final or interim final rulemaking	86 FR 28241	05/26/2021

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
12 CFR 703 - Subpart A - General Investments and Deposit Activties
12 CFR 703, Subpart B - Derivatives Authority

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ICR Summary of Burden

	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	176,364	175,350	0	947	67	0
Annual Time Burden (Hours)	54,501	53,959	0	254	288	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The NCUA anticipates more FCUs to engage in derivatives, which would increase the recordkeeping requirement under §§703.105 and 703.106(c). Section 703.108(a) provides for FCUs the meet certain requirements to provide notification of its readiness to engage in derivatives in lieu of an application. An increase is estimated in the number of FCUs that would engage and does not anticipate any change in the number of FCUs that will require an application under §703.108(b). It is estimated that program changes to the information collection requirements associated with this rule increases the burden by 254 hours. Adjustments to the information collection burden is also being made to include information collection requirements not previously captured, remove duplicate burden, and update respondents and response times to reflect a more accurate and up-to-date accounting of the burden. Adjustments to the information collection requirements will increase the burden by 288 hours.

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Annual Cost to Federal Government: $283,444

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: 05/27/2021

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