[Federal Register Volume 75, Number 134 (Wednesday, July 14, 2010)]
[Notices]
[Pages 40835-40837]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-17122]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2010-N-09]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 30-day Notice of Submission of Information Collection for
Approval from the Office of Management and Budget.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning the information collection known as
``Members of the Banks,'' which has been assigned control number 2590-
0003 by the Office of Management and Budget (OMB). FHFA will submit the
information collection to OMB for review and approval of a three-year
extension of the control number, which is due to expire on July 31,
2010.
DATES: Interested persons may submit comments on or before August 13,
2010.
Comments: Submit comments to the Office of Information and
Regulatory Affairs of the Office of Management and Budget, Attention:
Desk Officer for the Federal Housing Finance Agency,
[[Page 40836]]
Washington, DC 20503, Fax: 202-395-6974, E-mail: [email protected]. Please also submit comments to FHFA using any
one of the following methods:
E-mail: [email protected]. Please include Proposed
Collection; Comment Request: ``Members of the Banks, (No. 2010-N-09)''
in the subject line of the message.
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 FHFA at [email protected] to ensure timely receipt by the
agency. Please include Proposed Collection; Comment Request: ``Members
of the Banks, (No. 2010-N-09)'' in the subject line of the message.
U.S. Mail/Hand Delivery: Federal Housing Finance Agency,
Fourth Floor, 1700 G Street, NW., Washington, DC 20552, ATTENTION:
Public Comments/Proposed Collection; Comment Request: ``Members of the
Banks, (No. 2010-N-09).''
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, on the FHFA Web site at http://www.fhfa.gov. In addition,
copies of all comments received will be available for examination by
the public on business days between the hours of 10 a.m. and 3 p.m., at
the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW.,
Washington, DC 20552. To make an appointment to inspect comments,
please call the Office of General Counsel at 202-414-6924.
FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Financial Analyst,
Division of Federal Home Loan Bank Regulation, by telephone at 202-408-
2866 (not a toll-free number), by e-mail at [email protected],
or by regular mail at the Federal Housing Finance Agency, 1625 Eye
Street, NW., Washington, DC 20006. The telephone number for the
Telecommunications Device for the Deaf is 800-877-8339.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information Collection
Section 4 of the Federal Home Loan Bank Act (Bank Act) establishes
the eligibility requirements an institution must meet in order to
become a member of a Federal Home Loan Bank (Bank).\1\ The membership
rule, which implements section 4 of the Bank Act, provides uniform
requirements an applicant for Bank membership must meet and review
criteria a Bank must apply to determine if an applicant satisfies the
statutory and regulatory membership eligibility requirements.\2\
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\1\ 12 U.S.C. 1424.
\2\ 12 CFR part 1263 (former part 925). See 75 FR 678, 690 (Jan.
5, 2010).
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More specifically, the membership rule implements the statutory
eligibility requirements and provides guidance on how an applicant may
satisfy such requirements. The Banks, and where appropriate, FHFA, use
the information collection to determine: (i) If an institution
satisfies the statutory and regulatory membership requirements; (ii) a
member's initial capital stock purchase in a Bank; (iii) member
withdrawals; and (iv) where a member transfers to a different Bank
district. The rule authorizes a Bank to approve or deny each membership
application subject to the statutory and regulatory requirements, and
permits an applicant to appeal to FHFA a Bank's decision to deny
certification as a Bank member. The rule also imposes a continuing
obligation on a current Bank member to provide information necessary to
determine if it remains in compliance with applicable statutory and
regulatory eligibility requirements.
The provisions governing this information collection are found in
Sec. Sec. 1263.2 through 1263.31 of the membership rule, 12 CFR
1263.2--1263.31. The information collection is necessary to enable a
Bank to determine whether prospective and current Bank members satisfy
the statutory and regulatory requirements to be certified initially and
maintain their status as members eligible to obtain Bank advances. FHFA
requires and uses the information collection to determine whether to
uphold or overrule a Bank's decision to deny member certification to an
applicant.
The OMB control number for the information collection is 2590-0003,
which is due to expire on July 31, 2010. The likely respondents are
institutions that want to be certified as or are members of a Bank
seeking continued certification.
B. Burden Estimate
FHFA has analyzed the cost and hour burden for the four facets of
the information collection: (1) Membership Application Process, (2)
Minimum initial capital stock calculation for applicants, (3)
Membership withdrawals, and (4) Transfer of membership to another Bank
district. The estimate for the total annual hour burden for all
respondents is 5,564 hours. The estimate for the total annual cost
burden is $535,549. These estimates are based on the following
calculations:
Membership Application and Appeal Process
FHFA estimates the total annual average number of member applicants
at 283, with 1 response per applicant. Of those 283 applicants, FHFA
estimates that 1 applicant will appeal a Bank's membership
determination to FHFA. The estimate for the average hours per
application is 19.25 hours. The estimate for the average hours per
appeal is 10 hours. The estimate for the total annual hour burden to
applicants for the membership application and appeal process is 5,458
hours (283 applicants x 1 response per applicant x 19.25 hours per
response + 1 appellant x 1 appeal x 10 hours). The estimate for the
total annual cost burden to applicants for the membership application
and appeal process is $521,136.
Initial Capital Stock Calculation for Applicants
FHFA estimates the total annual average number of applicant initial
capital stock subscription calculations at 283, with 1 response per
applicant. The estimate for the average hours per application is 0.25
hours. The estimate for the annual hour burden for applicants' initial
capital stock subscription calculations is 71 hours (283 applicants x 1
response per applicant x 0.25 hours per response). The estimate for the
total annual cost burden to applicants of initial capital stock
calculation is $9,727.
Membership Withdrawals
FHFA estimates the total annual average number of membership
withdrawals at 8, with 1 response per withdrawing member. The estimate
for the average hours per member withdrawal is 3.5 hours. The estimate
for the annual hour burden for membership withdrawals is 28 hours (8
membership withdrawals x 1 response per member x 3.5 hours per
response). The estimate for the total annual cost burden to members for
withdrawals from membership is $3,836.
Transfers of Membership to Another Bank District
FHFA estimates the total annual average number of transfers of
membership at 2, with 1 response per transferring member. The estimate
for the average hours per member transfer is 3.5 hours. The estimate
for the annual hour burden for membership transfers is 7 hours (2
membership transfers x 1
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response per member x 3.5 hours per response). The estimate for the
total annual cost burden to member respondents of the transfer of
membership process is $850.
C. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), FHFA
published a request for public comments regarding this information
collection in the Federal Register on March 29, 2010. See 75 FR 15431
(Mar. 29, 2010). The 60-day comment period closed on May 28, 2010. FHFA
received one public comment from a consumer that referred to another
proposed collection of information that was not related to this
collection.
FHFA requests written comments on the following: (1) Whether the
collection of information is necessary for the proper performance of
FHFA functions, including whether the information has practical
utility; (2) the accuracy of FHFA's 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 respondents, including
through the use of automated collection techniques or other forms of
information technology.
Dated: July 6, 2010.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2010-17122 Filed 7-13-10; 8:45 am]
BILLING CODE 8070-01-P