Notices. Notice and request for comments
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/register/2024/11/29/2024-28074A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 4510-CR-P NATIONAL CREDIT UNION ADMINISTRATION Renewal of Agency Information Collections for Comments Request: Proposed Collections AGENCY: National Credit Union Administration (NCUA). ACTION: Notice and request for comments. 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: Written comments should be received on or before January 28, 2025 to be assured consideration. ADDRESSES: Interested persons are invited to submit written comments on the information collection to Dacia Rogers, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314, Suite 5067; Fax No.
(703)519-8161; or email at *PRAComments@NCUA.gov.* FOR FURTHER INFORMATION CONTACT: Copies of the submission may be obtained by contacting Dacia Rogers at
(703)518-6547. SUPPLEMENTARY INFORMATION: *OMB Number:* 3133-0202. *Title:* Proof of Concept for New Charter Organizing Groups. *Type of Review:* Extension of a previously approved collection. *Abstract:* The Office of Credit Union Resources and Expansion
(CURE)is responsible for the review and approval of charter applications submitted by organizing groups. CURE has implemented a charter modernization process to improve the quality of charter applications received. This will help ensure organizing groups submit a well-thought out, well-developed charter plan to minimize the back and forth communication and improve overall chartering processing times. CURE management implemented the Proof of Concept
(POC)data collection through the CyberGrants system, which documents the four most critical elements for establishing a new charter. The information collection is needed to determine the adequacy of a group's chartering concept and provide guidance, as needed, and would identify the level of understanding an organizing group has before they make a formal charter application submission as prescribed by appendix B to 12 CFR part 701 (12 U.S.C. 1758, 1759). *Affected Public:* Private Sector: Not-for-profit institutions. *Estimated Total Annual Burden Hours:* 104. *OMB Number:* 3133-0207. *Title:* Subordinated Debt, 12 CFR Part 702, subpart D. *Type of Review:* Extension of a previously approved collection. *Abstract:* 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. *Affected Public:* Private Sector: Not-for-profit institutions. *Estimated Total Annual Burden Hours:* 5,662. *Request for Comments:* Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit comments concerning:
(a)whether the collection of information is necessary for the proper performance of the function of the agency, including whether the information will have practical utility;
(b)the accuracy of the agency's estimate of the burden of the collection of information, including the validity of the methodology and assumptions used;
(c)ways to enhance the quality, utility, and clarity of the information to be collected; and
(d)ways to minimize the burden of the collection of the information on the respondents, including the use of automated collection techniques or other forms of information technology. By the National Credit Union Administration Board. Melane Conyers-Ausbrooks, Secretary of the Board. [FR Doc. 2024-28074 Filed 11-27-24; 8:45 am]
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- 12 CFR 701
- 12 CFR 702
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