Prompt Corrective Action, 12 CFR 702 (Subparts A-D)

Forms and Documents

Document	Type	Status	Availability
3133-0154 Supporting Statement as of 09-2023.docx	Supporting Statement A	Uploaded 2023-09-12	Repair queued
Final_Rule_12CFR702_85FR31952_28MAY20.pdf	Supplementary Document	Uploaded 2020-08-19	Repair queued
12CFR702_Sub-B (1-1-20 ED).pdf	Supplementary Document	Uploaded 2020-05-05	Repair queued
12CFR702_SubA-D_(1-1-18 ED).pdf	Supplementary Document	Uploaded 2018-09-28	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
32802	Prompt Corrective Action		Modified

ICR Details

OMB Control No: 3133-0154	ICR Reference No: 202308-3133-007
Status: Received in OIRA	Previous ICR Reference No: 202008-3133-001
Agency/Subagency: NCUA	Agency Tracking No: E&I
Title: Prompt Corrective Action, 12 CFR 702 (Subparts A-D)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/12/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	09/30/2023
Responses	157	155
Time Burden (Hours)	2,433	569
Cost Burden (Dollars)	0	0

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Abstract: Section 216 of the Federal Credit Union Act (12 U.S.C. §1790d) mandates prompt corrective action requirements for federally insured credit unions (FICUs) that become less than well capitalized. The NCUA Board is required to (1) adopt, by regulation, a system of prompt corrective action to restore the net worth of inadequately capitalized FICUs; and (2) develop an alternative system of prompt corrective action for new credit unions that carries out the purpose of prompt corrective actions while allowing an FICU reasonable time to build its net worth to an adequately capitalized level. Part 702 implements the statutory requirements and, to achieve this, various information collections to meet the purpose of prompt corrective action as circumstances require.

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Authorizing Statute(s): US Code: 12 USC 1790(d) 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:
	88 FR 42967	07/05/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 62606	09/12/2023
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
Prompt Corrective Action

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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	157	155	0	2	0	0
Annual Time Burden (Hours)	2,433	569	0	1,864	0	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: Burden increased due to the number of hours per response increasing.

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Annual Cost to Federal Government: $49,086

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? Yes

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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: 09/12/2023

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