Purchase, Sale, and Pledge of Eligible Obligations - 12 CFR 701.23

Forms and Documents

Document	Type	Status	Availability
3133-0127_Supporting Statement_122023.docx	Supporting Statement A	Uploaded 2023-12-13	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
263921	Internal written purchase policies		New
222148	Written Incentive and Bonus Policy		Modified
222147	Written Agreement and Schedule in Credit Union Office When Pledging Eligible Obligations		Modified
222146	Original Loan Documents for Pledged Obligations		Modified
222145	Written Agreement and Schedule in Sellers Office		Modified
222143	Written approval to Purchase Eligible Obligations of a Liquidating Credit Union		Unchanged
222142	Written Agreement and Schedule in Puchasers Office		Modified
154766	Written Policy on Purchase, Sale, or Pledge of Eligible Obligations		Modified

ICR Details

OMB Control No: 3133-0127	ICR Reference No: 202311-3133-003
Status: Active	Previous ICR Reference No: 202009-3133-006
Agency/Subagency: NCUA	Agency Tracking No: E&I
Title: Purchase, Sale, and Pledge of Eligible Obligations - 12 CFR 701.23
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: 02/09/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/13/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2027	36 Months From Approved	02/29/2024
Responses	27,150	0	48,403
Time Burden (Hours)	10,918	0	12,748
Cost Burden (Dollars)	0	0	0

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Abstract: Section 701.23 authorizes Federal Credit Unions to sell and pledge loans and purchase eligible obligations from other institutions.

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Authorizing Statute(s): US Code: 12 USC 1757 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 62604	09/12/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 85327	12/07/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Internal written purchase policies
Original Loan Documents for Pledged Obligations
Written Agreement and Schedule in Credit Union Office When Pledging Eligible Obligations
Written Agreement and Schedule in Puchasers Office
Written Agreement and Schedule in Sellers Office
Written Incentive and Bonus Policy
Written Policy on Purchase, Sale, or Pledge of Eligible Obligations
Written approval to Purchase Eligible Obligations of a Liquidating Credit Union

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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	27,150	48,403	0	-21,253	0	0
Annual Time Burden (Hours)	10,918	12,748	0	-1,830	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: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: Burden decreased due to the number of respondents decreasing.

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Annual Cost to Federal Government: $19,800

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: 12/13/2023

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