The NCUA is seeking public comment on the renewal of two key information collection requirements, according to a notice published in the Federal Register on July 29. The request is part of the agency’s compliance with the Paperwork Reduction Act of 1995.
The first collection concerns real estate appraisals under 12 CFR Part 722. In accordance with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, NCUA regulations require credit unions to obtain written appraisals or documented market value estimates for federally related transactions. The agency estimated this requirement results in an annual burden of 215,621 hours across federally insured credit unions. The goal is to reduce risk of financial loss due to inaccurate valuations and to safeguard the National Credit Union Share Insurance Fund.
The second collection covers corporate credit union reporting and recordkeeping under 12 CFR Part 704. This regulatory framework, based on the Federal Credit Union Act, is designed to maintain safety and soundness standards for institutions that serve natural person credit unions.
The estimated annual burden is 230 hours.
The NCUA invited comments on the necessity, accuracy and potential improvements to both data collection processes. Stakeholders have 60 days from publication to submit written feedback by mail, fax or email.
All comments will be reviewed before the agency seeks final approval from the Office of Management and Budget.
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