NCUA: 9.9 Million Hours for CUs Complying With Truth in Savings
The NCUA said on Tuesday that the data it provided in the Federal Register estimating the hours required for credit unions’ continued compliance with the Truth in Savings Act was incorrect.
The accurate data was submitted to the Office of Management and Budget on Nov. 7 to correct the Federal Register notices on Aug. 5 and Sept. 26 containing the wrong information, the agency said.
NCUA said it is also “submitting a technical correction to the Federal Register for publication.”
Credit Union Times pointed out the incorrect data reported in the Federal Register on Monday.
“The estimated number of annual periodic statements sent to members should be 380.1 million. The 380.1 million is the number of credit union members (95 million) multiplied by four statements per year. The error occurred when the 380.1 million was inadvertently multiplied by the total number of credit unions at the time (6,859),” NCUA said in a press release on Tuesday.
“Thus, the estimated hours required for compliance, which is based on the corrected number of estimated periodic statements, should be 6.3 million hours for this line item.”
The estimated amount of time necessary for continued compliance under the Truth in Savings Act totals 9.9 million hours with the revision, the NCUA reported.
The Federal Register entry did not include any changes to existing regulations.
“This estimate incorporates the 6.3 million hours for periodic statements, 803,654 hours for other continuing annual compliance requirements, and 2.8 million hours for one-time compliance requirements,” said the NCUA.
The NCUA is required to adopt rules to implement the Truth in Savings Act. Under the Paperwork Reduction Act, Congress mandated the NCUA to periodically issue an estimate of compliance with the rules.