View Information Collection Request (ICR) Package

OMB Control No: 3133-0040	ICR Reference No: 201503-3133-002
Status: Historical Inactive	Previous ICR Reference No: 201310-3133-007
Agency/Subagency: NCUA	Agency Tracking No:
Title: Federal Credit Union Ownership of Fixed Assets (12 C.F.R. 701.36)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 09/14/2015
	Date Received in OIRA: 05/01/2015
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2016	36 Months From Approved	12/31/2016
Responses	193	0	193
Time Burden (Hours)	2,830	0	2,830
Cost Burden (Dollars)	82,214	0	82,214

Abstract: 12 CFR 701.36 currently requires that for a federal credit union (FCU) with $1,000,000 or more in assets, the aggregate of all its investments in fixed assets must not exceed five percent of its shares and retained earnings, unless it obtains a waiver from NCUA. It also requires a FCU to prepare a definitive plan for full use of premises acquired for future expansion if it has not fully occupied the premises within one year of acquisition, and that a FCU that has not at least partially occupied such premises within 3 years, or 6 years for unimproved property, obtain NCUA approval to continue without partial occupation. This section also requires that a FCU that does not dispose of abandoned property within five years of abandonment obtain NCUA approval to continue to hold the property. FCUs must also obtain NCUA approval prior to investing in property from a prohibited party. NCUA is proposing changes to the rule. The proposal would provide regulatory relief to FCUs by eliminating the five percent aggregate limit on investments in fixed assets. The proposed rule would also require partial occupancy of premises acquired for future expansion within 6 years, regardless of whether the property is improved or unimproved. The proposal does not impose new paperwork burdens. Instead, the proposed rule would relieve FCUs from the current requirement to obtain a waiver to exceed the five percent aggregate limit on investments in fixed assets.

Authorizing Statute(s): US Code: 12 USC 1751 Name of Law: FCU Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AE39	Proposed rulemaking	80 FR 16595	03/30/2015

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

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

Burden Increase Due to:

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

Burden Reduction Due to: Changing Regulations

Short Statement: The proposed rule would relieve federal credit unions (FCUs) from the current requirement to obtain a waiver to exceed the 5% aggregate limit on investments in fixed assets. The proposed rule eliminates the aggregate limit and therefore reduces the overall information collection burden associated with the rule.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

Agency Contact: Jacob McCall 703 518-6624 jmccall@ncua.gov

View ICR - OIRA Conclusion