Rules and Regulations. Notice
462 words·~2 min read·
/register/2022/08/30/2022-18633·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 7535-01-P NATIONAL CREDIT UNION ADMINISTRATION Submission for OMB Review; Comment Request AGENCY: National Credit Union Administration (NCUA). ACTION: Notice. SUMMARY: The National Credit Union Administration
(NCUA)will submit the following information collection requests to the Office of Management and Budget
(OMB)for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. DATES: Comments should be received on or before September 29, 2022 to be assured of consideration. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to *www.reginfo.gov/public/do/PRAMain.* Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. FOR FURTHER INFORMATION CONTACT: Copies of the submission may be obtained by contacting Dawn Wolfgang at
(703)548-2279, emailing *PRAComments@ncua.gov,* or viewing the entire information collection request at *www.reginfo.gov.* SUPPLEMENTARY INFORMATION: *OMB Number:* 3133-0039. *Type of Review:* Extension of a currently approved collection. *Title:* Borrowed Funds from Natural Persons, 12 CFR 701.38. *Abstract:* Section 701.38 of the NCUA regulations grants federal credit unions the authority to borrow funds from a natural person as long as they maintain a signed promissory note which includes the terms and conditions of maturity, repayment, interest rate, method of computation and method of payment; and the promissory note and any advertisements for borrowing have clearly visible language stating that the note represents money borrowed by the credit union and does not represent shares and is not insured by the National Credit Union Insurance Fund (NCUSIF). NCUA will use this information to ensure a credit union's natural person borrowings are in compliance and address all regulatory and safety and soundness requirements. *Affected Public:* Private Sector: Not-for-profit institutions. *Estimated Total Annual Burden Hours:* 31. *OMB Number:* 3133-0129. *Type of Review:* Extension of a currently approved collection. *Title:* Corporate Credit Union, 12 CFR 704. *Abstract:* Part 704 of NCUA's regulations established the regulatory framework for corporate credit unions. This includes various reporting and recordkeeping requirements as well as safety and soundness standards. NCUA has established and regulates corporate credit unions pursuant to its authority under §§ 120, 201, and 209 of the Federal Credit Union Act, 12 U.S.C. 1766(a), 1781, and 1789. The collection of information is necessary to ensure that corporate credit unions operate in a safe and sound manner by limiting risk to their natural person credit union members and the National Credit Union Share Insurance Fund. *Affected Public:* Private Sector: Not-for-profit institutions. *Estimated Total Annual Burden Hours:* 230. By Melane Conyers-Ausbrooks, Secretary of the Board, the National Credit Union Administration, on August 24, 2022. Dated: August 25, 2022. Dawn D. Wolfgang, NCUA PRA Clearance Officer. [FR Doc. 2022-18633 Filed 8-29-22; 8:45 am]
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- 12 CFR 704
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