[Federal Register: March 28, 2007 (Volume 72, Number 59)]
[Notices]
[Page 14619-14620]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28mr07-128]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement; Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
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SUMMARY: The NCUA intends to submit the following information
collection to the Office of Management and Budget (OMB) for review and
clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44
U.S.C. Chapter 35). This information collection is published to obtain
comments from the public.
DATES: Comments will be accepted until May 29, 2007.
ADDRESSES: Interested parties are invited to submit written comments to
NCUA Clearance Officer or OMB Reviewer listed below:
Clearance Officer: Mr. Neil McNamara, National Credit Union
Administration 1775 Duke Street, Alexandria, Virginia 22314-3428, Fax
No. 703-837-2861, E-mail: OCIOmail@ncua.gov.
OMB Reviewer: NCUA Desk Officer, Office of Management and Budget,
Room 10226, New Executive Office Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
a copy of the information collection request should be directed to
Tracy Sumpter at the National Credit Union Administration, 1775 Duke
Street, Alexandria, VA 22314-3428 or at (703) 518-6444.
SUPPLEMENTARY INFORMATION: Proposal for the following collection of
information:
[[Page 14620]]
OMB Number: 3133-0125.
Form Number: N/A.
Type of Review: Reinstatement, with change, of a previously
approved collection for which approval has expired.
Title: 12 CFR, Part 722 of NCUA's Rules and Regulations,
Appraisals.
Description: Title XI of the Financial Institutions, Reform,
Recovery and Enforcement Act of 1989 (FIRREA) was enacted to protect
federal financial and public policy interests in real estate related
transactions. To achieve this purpose, the statute directed the
National Credit Union Administration (NCUA), as one of the federal
financial institution regulatory agencies, to adopt standards for the
performance of real estate appraisals in connection with federally
related transactions. FIRREA requires that appraisals be in writing and
meet certain minimum standards. NCUA's regulation carries out the
statutory requirements. The information collection activities
attributable to the regulation are a direct consequence of the
legislative intent and statutory requirements. Each federally-insured
credit union uses the information in determining whether and upon what
terms to enter into a federally related transaction, such as making a
loan secured by real estate. In addition, NCUA uses this information in
its examinations of federally-insured credit unions to ensure that
extensions of credit by the federally-insured credit union that are
collateralized by real estate are undertaken in accordance with
appropriate safety and soundness principles. The use of this
information by credit unions and the NCUA helps ensure that federally-
insured credit unions are not exposed to risk of loss from inadequate
appraisals. A federally-insured credit union must obtain an appraisal
for real estate-related financial transactions valued in excess of
$250,000, unless otherwise exempt.
Estimated No. of Respondents/Recordkeepers: 5,000.
Estimated Burden Hours Per Response: 15 minutes.
Frequency of Response: On occasion, at the time of each appraisal.
Estimated Total Annual Burden Hours: 187,500.
Estimated Total Annual Cost: $ 0.
By the National Credit Union Administration Board on March 22,
2007.
Mary Rupp,
Secretary of the Board.
[FR Doc. E7-5648 Filed 3-27-07; 8:45 am]
BILLING CODE 7535-01-P