The National Credit Union Administration (NCUA) is announcing a notice of submission to the Office of Management and Budget (OMB) regarding the renewal of their information collection practices under the Paperwork Reduction Act of 1995. This involves collecting data from federally insured credit unions (FICUs) that must request approval before purchasing assets or assuming liabilities from other institutions. The public is invited to comment on this collection process, focusing on the need, accuracy, and ways to improve this data collection process. Comments should be submitted by January 27, 2025, to ensure they are considered.
Simple Explanation
The government is checking to see if credit unions, which are like special banks, are doing their paperwork right when buying or taking over parts of other banks. They want people to say what they think about this plan by the end of January.