2022-18629. Agency Information Collection Activities: Proposed Collections, Bank Conversions and Mergers

AGENCY:

National Credit Union Administration (NCUA).

ACTION:

Notice and request for comment.

SUMMARY:

The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995.

DATES:

Written comments should be received on or before October 31, 2022 to be assured consideration.

ADDRESSES:

Interested persons are invited to submit written comments on the information collection to Dawn Wolfgang, National Credit Union Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 22314; email at [e-mail]. Given the limited in-house staff because of the COVID-19 pandemic, email comments are preferred.

FOR FURTHER INFORMATION CONTACT:

Address requests for additional information to Dawn Wolfgang at the address above or telephone [phone].

SUPPLEMENTARY INFORMATION:

OMB Number: 3133-0182.

Title: Bank Conversions and Mergers, 12 CFR part 708a.

Type of Review: Extension of a currently approved collection.

Abstract: Part 708a of NCUA's Rules and Regulations covers the conversion of federally insured credit unions (credit unions) to mutual savings banks (MSBs) and mergers of credit unions into both mutual and stock banks (banks). Part 708a requires credit unions that intend to convert to MSBs or merge into banks to provide notice and disclosure of their intent to convert or merge to their members and NCUA, and to conduct a membership vote. In addition, Subpart C requires credit unions that intend to merge into banks to determine the merger value of the credit union. The information collection allows NCUA to ensure compliance with statutory and regulatory requirements for conversions and mergers and ensures that members of credit unions have sufficient and accurate information to exercise an informed vote concerning a proposed conversion or merger.

Affected Public: Private Sector: Not-for-profit institutions.

Estimated No. of Respondents: 1.

Estimated No. of Responses per Respondent: 13.

Estimated Total Annual Responses: 13.

Estimated Burden Hours per Response: 30.

Estimated Total Annual Burden Hours: 391.

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 execution 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 Melane Conyers-Ausbrooks, Secretary of the Board, the National Credit Union Administration, on August 24, 2022.

Dated: August 25, 2022.

Dawn D. Wolfgang,

NCUA PRA Clearance Officer.