National Credit Union Administration (NCUA).
The National Credit Union Administration (NCUA) will be submitting the following information collection request 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.
Comments should be received on or before September 16, 2020 to be assured of consideration.
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.
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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.
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OMB Number: 3133-0154.
Title: Prompt Corrective Action, 12 CFR 702 (Subparts A-D).
Abstract: Section 216 of the Federal Credit Union Act (12 U.S.C. 1790d) mandates prompt corrective action (PCA) requirements for federally insured credit unions (FICUs) that become less than well capitalized. Section 216 requires the NCUA Board to (1) adopt, by regulation, a system of prompt corrective action to restore the net worth of inadequately capitalized FICUs; and (2) develop an alternative system of prompt corrective action for new credit unions that carries out the purpose of PCA while allowing an FICU reasonable time to build its net worth to an adequately capitalized level. The purpose of PCA is to resolve the problems of FICUs at the least possible long-term loss to the National Credit Union Share Insurance Fund (NCUSIF).
This is an extension of emergency revisions to the PCA that provide regulatory relief in response to COVID-19. The waiver requirement for each quarterly transfer made from undivided earning to its regular reserve account until well capitalized was temporary suspended for adequately capitalized credit unions and a FICU that becomes undercapitalized may submit a significantly simpler Net Worth Restoration Plan to NCUA.
Type of Review: Extension of a currently approved collection.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Total Annual Burden Hours: 569.
By Gerard Poliquin, Secretary of the Board, the National Credit Union Administration, on August 11, 2020.
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Dated: August 11, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-17819 Filed 8-14-20; 8:45 am]
BILLING CODE 7535-01-P