[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Pages 5161-5178]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1825]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2011-N-02]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: Submission of Information Collection for Emergency Approval
from the Office of Management and Budget.
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SUMMARY: The Federal Housing Finance Agency (FHFA) submitted to the
Office of Management and Budget (OMB) for emergency review, revisions
to the information collection, ``Federal Home Loan Bank Directors,''
OMB No. 2590-0006. The revisions were approved under the Paperwork
Reduction Act of 1995, Public Law 104-13. Specifically, FHFA requested
review of revisions to the 2008 OMB-approved Federal Home Loan Bank
Elective Director Eligibility Certification Form, the Federal Home Loan
Bank Appointive Director Application Form, and the Federal Home Loan
Bank Appointive Director Certification Form. Since 2008, when the
Federal Home Loan Banks' (Bank) former regulator, the Federal Housing
Finance Board (Finance Board), last obtained OMB approval for this
information collection, there have been statutory and regulatory
changes affecting the use of the forms. The passage of the Housing and
Economic Recovery Act of 2008 (HERA), Public Law 110-289 (2008) amended
section 7
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of the Federal Home Loan Bank Act (Bank Act) which provided for the
appointment of a portion of each Federal Home Loan Bank's board of
directors. The HERA amendments resulted in needed revisions to the
current OMB-approved forms associated with these appointments. The
first of the revisions to the forms includes renaming them
respectively, the Federal Home Loan Bank Member Director Eligibility
Certification Form, the Federal Home Loan Bank Independent Director
Application Form, and the Federal Home Loan Bank Independent Director
Annual Certification Form. A more detailed description of the remaining
revisions is discussed below in Overview of the Information Collection.
FHFA requested emergency review of these revisions because the revised
forms are being used in January 2011. These revisions did not result in
a change in burden.
To allow interested persons to comment on this information
collection, FHFA is publishing this notice and plans to submit a
request for a three-year extension of OMB's approval. Comments
regarding this information collection should be addressed to the Office
of Information and Regulatory Affairs of OMB, Attention: Desk Officer
for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 202-
395-6974, Email: [email protected]. Please also submit
comments to FHFA using any one of the following methods and include
``Comments: Federal Home Loan Bank Directors (No. 2011-N-02)'' as the
subject:
E-mail: [email protected];
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 FHFA.
U.S. Mail/Hand Delivery: Federal Housing Finance Agency,
Fourth Floor, 1700 G Street, NW., Washington, DC 20552.
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 website 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.
DATES: Interested persons may submit comments on or before March 28,
2011.
FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Management
Analyst, Division of FHLBank Regulation, [email protected],
(202) 408-2872 (this is not a toll-free number), Federal Housing
Finance Agency, 1625 Eye Street, NW., Washington, DC 20006; Eric M.
Raudenbush, Assistant General Counsel, [email protected], (202)
414-6421 (this is not a toll-free number); Federal Housing Finance
Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The
telephone number for the Telecommunications Device for the Hearing
Impaired is (800) 877-8339.
A. Overview of the Information Collection
Title of the Collection: Federal Home Loan Bank Directors.
OMB No.: 2590-0006.
Expires: July 31, 2011.
Need and Use of the Information Collection: Section 7 of the Bank
Act vests the management of each Bank in its board of directors. See 12
U.S.C. 1427(a)(1). As required by section 7, each Bank's board
comprises two types of directors: (1) Member directors, who are drawn
from the officers and directors of member institutions located in the
Bank's district and who are elected every four years to represent
members in a particular state; and (2) independent directors, who are
unaffiliated with any Bank member and who are elected every four years
on an at-large basis in each Bank district. See 12 U.S.C. 1427(b) and
(d). Section 7 and FHFA's implementing regulation, codified at 12 CFR
part 1261, establish the eligibility requirements for both types of
Bank directors and the qualifications for independent directors, and
set forth the procedures for their election.
Under part 1261 of the regulations, the Banks determine the
eligibility of nominees for member and independent directorships and
administer the annual director election process. As part of this
process, candidates for both types of directorship, including
incumbents, are required to complete and return to the Bank a form that
solicits information about the candidate's statutory eligibility to
serve and, in the case of independent director candidates, about his or
her qualifications for the directorship being sought. See 12 CFR
1261.7(c) and (f); 12 CFR 1261.14(b). Specifically, member director
candidates are required to complete the Federal Home Loan Bank Member
Director Eligibility Certification Form (Member Director Eligibility
Certification Form), while independent director candidates must
complete the Federal Home Loan Bank Independent Director Application
Form (Independent Director Application Form). Part 1261 also requires
that all directors certify annually that they continue to meet all
eligibility requirements. See 12 CFR 1261.12. Member directors do this
by completing the Member Director Eligibility Certification Form again
every year, while Independent Directors complete the abbreviated
Federal Home Loan Bank Independent Director Annual Certification Form
(Independent Director Annual Certification Form) to certify their
ongoing eligibility. (These three forms are hereinafter referred to
collectively as the ``Bank Director Forms.'')
Since 2008, when the Banks' former regulator, the Finance Board,
last obtained OMB approval for this information collection, there have
been statutory and regulatory changes affecting the use of the forms.
Prior to the passage of HERA, section 7 of the Bank Act provided for
the appointment of a portion of each Bank's board of directors by the
Finance Board. HERA amended section 7 by replacing this ``appointive
director'' requirement with the current requirement that independent
directors be elected by each Bank's membership on an at-large basis.
Because the eligibility requirements and qualifications that HERA
established for independent directors are similar to those that
previously applied to appointive directors, FHFA made some minor
revisions to the OMB-approved Federal Home Loan Bank Appointive
Director Application Form to create the Independent Director
Application Form. Similarly, FHFA made some minor revisions to the OMB-
approved Federal Home Loan Bank Appointive Director Certification Form
to create the Independent Director Annual Certification Form. Although
no significant changes were made, FHFA also revised the OMB-approved
Federal Home Loan Bank Elective Director Eligibility Certification Form
in order to conform to the new nomenclature established by HERA and
thereby created the Member Director Eligibility Certification Form.
None of these revisions resulted in any change in the burden associated
with the completion of any of the Bank Director Forms.
Affected Public: Private Sector.
Costs: FHFA estimates that there will be no annualized capital/
start-up costs
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for the respondents to collect and submit the information.
Type of Respondents: Individuals who are prospective and incumbent
Bank Directors.
B. Burden Estimate
FHFA estimates the total number of respondents is 295, which
includes 160 prospective directors (100 member and 60 independent) and
135 incumbent directors (80 member and 55 independent). As explained
below, FHFA estimates that the total annual hour burden for all
respondents is 278 hours.
1. Prospective and Incumbent Member Directors
FHFA estimates the total annual average hour burden for all the
prospective and incumbent member directors is 70 hours. This includes a
total annual average of 100 prospective member directors, with 1
response per individual taking an average of 30 minutes (.5 hours) (100
individuals x .5 hours = 50 hours). It also includes a total annual
average of 80 incumbent member directors, with 1 response per
individual taking an average of 15 minutes (.25 hours) (80 individuals
x .25 hours = 20 hours).
2. Prospective and Incumbent and Independent Directors
FHFA estimates the total annual average hour burden for all the
prospective and incumbent independent directors is 208. This includes a
total annual average of 60 prospective independent directors, with 1
response per individual taking an average of 3 hours (60 individuals x
3 hours = 180 hours). It also includes a total annual average of 55
incumbent independent directors, with 1 response per individual taking
an average of 30 minutes (.5 hours) (55 individuals x .5 hours = 28
hours).
C. Comment Request
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: January 19, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
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[FR Doc. 2011-1825 Filed 1-27-11; 8:45 am]
BILLING CODE 8070-01-C