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View ICR - OIRA Conclusion

OMB Control No: 3133-0149	ICR Reference No: 202111-3133-001
Status: Historical Active	Previous ICR Reference No: 202103-3133-005
Agency/Subagency: NCUA	Agency Tracking No: Final Rule E&I
Title: Credit Union Service Organizations (CUSOs) 12 CFR Part 712
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: 12/28/2021
	Date Received in OIRA: 11/15/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2024	36 Months From Approved	02/28/2022
Responses	1,840	0	1,603
Time Burden (Hours)	3,318	0	2,666
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	1,840	1,603	217	20
Annual Time Burden (Hours)	3,318	2,666	625	27
Annual Cost Burden (Dollars)	0	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: No

Burden Reduction Due to:

Short Statement: CUSOs would be permitted to originate, purchase, sell, and hold any type of loan permissible for FCU’s to originate, purchase, sell, and hold. Accordingly, CUSOs could originate categories of loans previously prohibited under the CUSO rule. NCUA estimated 60 new CUSOs would enter into an agreement with a FICU (§ 712.3(d)); which would also require the FICU to obtain a written legal opinion prior to investing in a CUSO as prescribed by § 712.4(b), and that these CUSO would be categorized as complex and be required to complete the expanded information via the CUSO Registry (§ 712.3(d)(5)). NCUA estimates that the increase in the number of respondents would increase total burden hours by 652.

Annual Cost to Federal Government: $300,000

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. Yes

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. Yes

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

Agency Contact: Victoria Nahrwold 703 548-2633

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