The NCUA said on Tuesday that the data it provided in theFederal Register estimating the hours required for creditunions’ continued compliance with the Truth in Savings Act wasincorrect.

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The accurate data was submitted to the Office of Management andBudget on Nov. 7 to correct the Federal Register notices on Aug. 5and Sept. 26 containing the wrong information, the agency said.

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NCUA said it is also “submitting a technical correction to theFederal Register for publication.”

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Credit Union Times pointedout the incorrect data reported in the Federal Register onMonday.

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“The estimated number of annual periodic statements sent tomembers should be 380.1 million. The 380.1 million is the number ofcredit union members (95 million) multiplied by four statements peryear. The error occurred when the 380.1 million was inadvertentlymultiplied by the total number of credit unions at the time(6,859),” NCUA said in a press release on Tuesday.

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“Thus, the estimated hours required for compliance, which isbased on the corrected number of estimated periodic statements,should be 6.3 million hours for this line item.”

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The estimated amount of time necessary for continued complianceunder the Truth in Savings Act totals 9.9 million hours with therevision, the NCUA reported.

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The Federal Register entry did not include any changesto existing regulations.

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“This estimate incorporates the 6.3 million hours for periodicstatements, 803,654 hours for other continuing annual compliancerequirements, and 2.8 million hours for one-time compliancerequirements,” said the NCUA.

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The NCUA is required to adopt rules to implement the Truth inSavings Act. Under the Paperwork Reduction Act, Congress mandatedthe NCUA to periodically issue an estimate of compliance with therules.

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