Public Information Collection Requirement Submitted to OMB for Review

NATIONAL CREDIT UNION ADMINISTRATION

Public Information Collection Requirement Submitted to OMB for

Review

July 13, 1994.

The National Credit Union Administration submitted the following

public information collection requirement to OMB for review and

clearance under the Paperwork Reduction Act of 1980, Pub. L. 96-511.

Copies of the submission may be obtained by calling the NCUA Clearance

Officer listed. Comments regarding information collections should be

addressed to the OMB reviewer listed and to the NCUA Clearance Officer,

NCUA, Office of Administration, Room 5107, 1775 Duke Street,

Alexandria, VA 22314-3428.

National Credit Union Administration

OMB Number: New Collection

Form Number: None

Type of Review: Clearance of new collection required by statute and

regulation.

Title: Truth-In-Savings--12 CFR Part 707

Description: The Truth In Savings Act of 1991 (TISA) sets forth a

comprehensive scheme of written disclosures to be provided under

various circumstances by credit unions to their members and potential

members. The statute and the regulation require credit unions to

provide specific disclosures in the following instances: upon request

or when an account is opened (12 CFR Part 707); when a disclosure term

changes or when certain term share accounts are close to renewal (12

CFR 707.5); on periodic statements of account activity (12 CFR 707.6);

and in advertisements (12 CFR 707.8). The purpose of TISA is to enable

consumers to make informed decisions about accounts at credit unions.

Respondents: All credit unions.

Estimated Number of Respondents: 12,967

Estimated Burden Hours per Response: 1 minute.

Frequency of Response: On occasion.

Estimated Total Reporting Burden: 10,467,679 hours.

Clearance Officer: Wilmer A. Theard (703) 518-6410, National Credit

Union Administration, Room 5107, 1775 Duke Street, Alexandria, VA

22314-3428.

OMB Reviewer: Gary Waxman (202) 395-7340, Office of Management and

Budget, Room 3208, New Executive Office Building, Washington, DC 20503.

Becky Baker,

Secretary of the NCUA Board.

[FR Doc. 94-17369 Filed 7-15-94; 8:45 am]

BILLING CODE 7535-01-M