[Federal Register: October 14, 2005 (Volume 70, Number 198)]
[Notices]
[Page 60079-60083]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14oc05-44]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE BOARD
[No. 2005-N-06]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Board.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Board (Finance Board) is
seeking public comments concerning the information collection known as
``Community Support Requirements,'' which has been assigned control
number 3069-0003 by the Office of Management and Budget (OMB). The
Finance Board intends to submit the information collection to OMB for
review and approval of a 3 year extension of the control number, which
is due to expire on February 28, 2006.
DATES: Interested persons may submit comments on or before December 13,
2005.
[[Page 60080]]
Comments: Submit comments by any of the following methods:
E-mail: comments@fhfb.gov.
Fax: 202-408-2580.
Mail/Hand Delivery: Federal Housing Finance Board, 1625 Eye Street
NW., Washington, DC 20006, ATTENTION: Public Comments.
Federal eRulemaking Portal: http://www.regulations.gov. Follow the
instructions for submitting comments. If you submit your comment to the
Federal eRulemaking Portal, please also send it by e-mail to the
Finance Board at comments@fhfb.gov to ensure timely receipt by the
agency.
Include the following information in the subject line of your
submission: Federal Housing Finance Board. Proposed Collection; Comment
Request: Community Support Requirements. 2005-N-06.
We will post all public comments we receive on this notice without
change, including any personal information you provide, such as your
name and address, on the Rules, Notices, and Public Comments chart on
the Finance Board Web site at http://www.fhfb.gov/Default.aspx?Page=93&Top=93
.
FOR FURTHER INFORMATION CONTACT: Emma Fitzgerald, Program Analyst,
Office of Supervision, by telephone at 202-408-2874, by electronic mail
at fitzgeralde@fhfb.gov, or by regular mail at the Federal Housing
Finance Board, 1625 Eye Street NW., Washington, DC 20006.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information Collection
Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act)
requires the Finance Board to promulgate regulations establishing
standards of community investment or service that Federal Home Loan
Bank (FHLBank) members must meet in order to maintain access to long-
term advances. See 12 U.S.C. 1430(g)(1). In establishing these
community support requirements for FHLBank members, the Finance Board
must take into account factors such as the FHLBank member's performance
under the Community Reinvestment Act of 1977 (CRA), 12 U.S.C. 2901, et
seq., and record of lending to first-time homebuyers. 12 U.S.C.
1430(g)(2). Part 944 of the Finance Board regulations implements
section 10(g) of the Bank Act. See 12 CFR part 944. The rule provides
uniform community support standards all FHLBank members must meet and
review criteria Finance Board staff must apply to determine compliance
with section 10(g). More specifically, section 944.2 of the rule (12
CFR 944.2) implements the statutory community support requirement and
requires each member selected for review to submit a completed
Community Support Statement Form to the Finance Board. A copy of the
Community Support Statement Form is attached to this Notice. Section
944.3 (12 CFR 944.3) establishes community support standards for the
two statutory factors--CRA and first-time homebuyer performance--and
provides guidance to a respondent on how it may satisfy the standards.
Sections 944.4 and 944.5 (12 CFR 944.4-5) establish the procedures and
criteria the Finance Board uses in determining whether FHLBank members
satisfy the statutory and regulatory community support requirements.
The information collection contained in the Community Support
Statement Form and sections 944.2 through 944.5 of the rule is
necessary to enable and is used by the Finance Board to determine
whether FHLBank members satisfy the statutory and regulatory community
support requirements. Only FHLBank members that meet these requirements
may maintain continued access to long-term FHLBank advances. See 12
U.S.C. 1430(g).
The OMB number for the information collection is 3069-0003. The OMB
clearance for the information collection expires on February 28, 2006.
The likely respondents are institutions that are members of an FHLBank.
B. Burden Estimate
The Finance Board estimates the total annual average number of
respondents at 5155 FHLBank members, with one response per member. The
estimate for the average hours per response is one hour. The estimate
for the total annual hour burden is 5155 hours (5155 members x 1
response per member x 1 hour).
C. Comment Request
The Finance Board requests written comments on the following: (1)
Whether the collection of information is necessary for the proper
performance of Finance Board functions, including whether the
information has practical utility; (2) the accuracy of the Finance
Board estimates of the burdens of the collection of information; (3)
ways to enhance the quality, utility and clarity of the information
collected; and (4) ways to minimize the burden of the collection of
information on applicants and housing associates, including through the
use of automated collection techniques or other forms of information
technology.
Dated: October 7, 2005.
By the Federal Housing Finance Board.
John P. Kennedy,
General Counsel.
BILLING CODE 6725-01-P
[[Page 60081]]
[GRAPHIC] [TIFF OMITTED] TN14OC05.001
[[Page 60082]]
[GRAPHIC] [TIFF OMITTED] TN14OC05.002
[[Page 60083]]
[FR Doc. 05-20575 Filed 10-13-05; 8:45 am]
BILLING CODE 6725-01-C