View Information Collection Request (ICR) Package

OMB Control No: 3133-0127	ICR Reference No: 202004-3133-005
Status: Historical Active	Previous ICR Reference No: 201606-3133-010
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: Emergency	Approval Requested By: 04/22/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/23/2020
	Date Received in OIRA: 04/22/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2020	6 Months From Approved	01/31/2021
Responses	48,403	0	38,332
Time Burden (Hours)	12,748	0	10,540
Cost Burden (Dollars)	0	0	0

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

Emergency Justfication: Pursuant to the Office of Management and Budget (OMB) procedures established at 5 CFR § 1320.13, the National Credit Union Administration (NCUA) requests emergency OMB approval of information collection requirements under §701.22, Organization and Operation of Federal Credit Union – Loan Participation; §701.23, Purchase, Sale, and Pledge of Eligible Obligations, and §701.36, Federal Credit Union Occupancy, Planning, and disposal of Acquired and Abandoned Premises of part 701 “Organization and Operation of Federal Credit Unions.” The NCUA has determined that certain information collection requirements must be temporarily modified and must be collected prior to the expiration of time periods established under Part 1320, and is essential to the NCUA’s ability to help ensure that federally insured credit unions (FICUs) remain operational and liquid for the duration of the economic disruption stemming from the threat posed by the Novel (new) Coronavirus (“2019-nCoV”). NCUA is temporarily raising the maximum aggregate amount of loan participation that a FICU may purchase from a single originating lender that will help safeguard the stability of FICUs during the crisis. The NCUA is also temporarily suspending limitations on eligible obligations that a Federal Credit Union (FCU) may purchase and hold, and by doing so, it recognizes the urgent need to encourage the extension of credit and facilitate downstream loan purchases. In addition, the NCUA is suspending the required timeframes for the occupancy or disposition of properties not being used for FCU business or that have been abandoned due to the physical distancing measures put in place by many states and localities. These temporary modifications will be in place through December 31, 2020, unless extended. Given the inability to seek public comment during such a short timeframe, NCUA requests a waiver from the requirement to publish a notice in the Federal Register seeking public comment during the period of OMB review. To avoid any substantial delay, NCUA will publish a separate notice and seek public comment on the revisions to the information collection requirements currently covered by OMB control numbers 3133-0141, 3133-0127 and 3133-0040, Organization and Operation of FCUs.

Authorizing Statute(s): US Code: 12 USC 1757 Name of Law: Federal Credit Union Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3133-AF15	Final or interim final rulemaking	85 FR 22010	04/21/2020

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

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	48,403	38,332	10,071
Annual Time Burden (Hours)	12,748	10,540	2,208
Annual Cost Burden (Dollars)	0	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to: Changing Regulations

Short Statement: This information collection request is being submitted as an emergency request for OMB approval. The NCUA has determined that certain information collection requirements must be temporarily modified and must be collected prior to the expiration of time periods established under Part 1320, and is essential to the NCUA’s ability to help ensure that federally insured credit unions (FICUs) remain operational and liquid for the duration of the economic disruption stemming from the threat posed by the Novel (new) Coronavirus (“2019-nCoV”). NCUA estimates a minimal increase in the number of respondents from the suspension of the limitations and in the number of agreements. The recordkeeping requirement to retain and maintain these records would increase based on this estimate. Due to the expanded authority, waivers would not be necessary and appeals to the waivers are null during this period. An estimated increase of 2,208 burden hours is due to this change, for a total of 12,748 burden hours requested.

Annual Cost to Federal Government: $23,800

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? Uncollected

Agency Contact: Amanda Parkhill 703 518-6385

View ICR - OIRA Conclusion