[April 30, 2007 (Volume 72, Number 82)] [Unified Agenda] From the Federal Register Online via GPO Access [frwais.access.gpo.gov] [DOCID: f:ua070452.wais] [Page 23552-23554] Federal Housing Finance Board ----------------------------------------------------------------------- Part LII ----------------------------------------------------------------------- Semiannual Regulatory Agenda [[Page 23552]] FEDERAL HOUSING FINANCE BOARD (FHFB) _______________________________________________________________________ FEDERAL HOUSING FINANCE BOARD 12 CFR Ch. IX Agenda of Federal Regulatory and Deregulatory Actions AGENCY: Federal Housing Finance Board. ACTION: Semiannual regulatory agenda. _______________________________________________________________________ SUMMARY: The Federal Housing Finance Board (Finance Board) hereby publishes items for the Unified Agenda of Federal Regulatory and Deregulatory Actions, as required by section 4 of Executive Order 12866. The Finance Board is an independent agency in the executive branch of the Government that is charged by statute with supervising and regulating the Nation's Federal Home Loan Bank (Bank) System and the Financing Corporation (FICO). The Bank System comprises 12 regional Federal Home Loan Banks that are each owned by their member financial institutions and that provide wholesale credit to members and certain nonmembers to be used for mortgage lending and related community lending activities. The Bank System also includes the Office of Finance, which issues Bank System consolidated obligations. FICO is a corporate entity separate from the Bank System that oversees outstanding debt issued to assist in resolving the savings and loan crisis of the 1980s. The Finance Board has an ongoing need to adopt various regulations dealing with the Agency's internal administration and with Bank System and FICO issues. ADDRESSES: Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006. FOR FURTHER INFORMATION CONTACT: Shelia S. Willis, Office of General Counsel, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006; (202) 408-2876; e-mail: williss@fhfb.gov. Dated: March 2, 2007. By the Federal Housing Finance Board. Neil R. Crowley, Acting General Counsel. Federal Housing Finance Board--Long-Term Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3601 Community Support Requirements........................................................ 3069-AB21 3602 Federal Home Loan Bank Anti-Money Laundering Programs................................. 3069-AB27 ---------------------------------------------------------------------------------------------------------------- Federal Housing Finance Board--Completed Actions ---------------------------------------------------------------------------------------------------------------- Regulation Sequence Title Identifier Number Number ---------------------------------------------------------------------------------------------------------------- 3603 Board Governance...................................................................... 3069-AB19 3604 New Business Activities............................................................... 3069-AB20 3605 Affordable Housing Program............................................................ 3069-AB26 3606 Minimum Retained Earnings Requirement and Limitations on Excess Stock................. 3069-AB30 3607 Privacy Act and Freedom of Information Act; Implementation............................ 3069-AB32 3608 Federal Home Loan Bank Appointive Directors........................................... 3069-AB33 ---------------------------------------------------------------------------------------------------------------- _______________________________________________________________________ Federal Housing Finance Board (FHFB) Long-Term Actions _______________________________________________________________________ 3601. COMMUNITY SUPPORT REQUIREMENTS Priority: Other Significant CFR Citation: 12 CFR 944 Timetable: Next Action Undetermined Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Janice A. Kaye Phone: 202 408-2505 Fax: 202 408-2580 Email: kayej@fhfb.gov RIN: 3069-AB21 _______________________________________________________________________ 3602. FEDERAL HOME LOAN BANK ANTI-MONEY LAUNDERING PROGRAMS Priority: Substantive, Nonsignificant. Major status under 5 USC 801 is undetermined. CFR Citation: 12 CFR 979 Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM To Be Determined Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Thomas P. Jennings Phone: 202 408-2553 Fax: 202 408-2580 Email: jenningst@fhfb.gov RIN: 3069-AB27 [[Page 23553]] _______________________________________________________________________ Federal Housing Finance Board (FHFB) Completed Actions _______________________________________________________________________ 3603. BOARD GOVERNANCE Priority: Other Significant Legal Authority: 12 USC 1422a; 12 USC 1422b; 12 USC 1426 to 1427; 12 USC 1432; . . . CFR Citation: 12 CFR 915; 12 CFR 917 to 918 Legal Deadline: None Abstract: The Finance Board is considering a rulemaking that would more clearly delineate the composition, responsibilities, and accountability of the board of directors for governance of a Bank. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Withdrawn 03/02/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Neil R. Crowley, Acting Deputy General Counsel, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006 Phone: 202 408-2990 Fax: 202 408-2580 Email: crowleyn@fhfb.gov RIN: 3069-AB19 _______________________________________________________________________ 3604. NEW BUSINESS ACTIVITIES Priority: Other Significant Legal Authority: 12 USC 1422a; 12 USC 1422b; 12 USC 1431 to 1432 CFR Citation: 12 CFR 980 Legal Deadline: None Abstract: The Finance Board is considering a rulemaking to streamline its review of new business activities proposed by a Bank to more clearly focus the regulatory review process on ensuring that a new product, service, or activity will not endanger the continued safe and sound operation of the Bank. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Withdrawn 03/02/07 Regulatory Flexibility Analysis Required: No Government Levels Affected: None Agency Contact: Neil R. Crowley, Acting Deputy General Counsel, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006 Phone: 202 408-2990 Fax: 202 408-2580 Email: crowleyn@fhfb.gov RIN: 3069-AB20 _______________________________________________________________________ 3605. AFFORDABLE HOUSING PROGRAM Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1430(j) CFR Citation: 12 CFR 951 Legal Deadline: None Abstract: The Finance Board has adopted comprehensive amendments to its Affordable Housing Program regulation. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 12/28/05 70 FR 76938 NPRM Comment Period End 04/27/06 Final Action 09/13/06 71 FR 59262 Final Action Effective 01/01/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Sharon B. Like, Senior Attorney-Advisor, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006 Phone: 202 408-2930 Fax: 202 408-2580 Email: likes@fhfb.gov RIN: 3069-AB26 _______________________________________________________________________ 3606. MINIMUM RETAINED EARNINGS REQUIREMENT AND LIMITATIONS ON EXCESS STOCK Priority: Substantive, Nonsignificant Legal Authority: 12 USC 1422a(a)(3); 12 USC 1422b(a)(1); 12 USC 1426(a)(4); 12 USC 1436(a) CFR Citation: 12 CFR 900; 12 CFR 917; 12 CFR 925; 12 CFR 930 Legal Deadline: None Abstract: In March 2006, the Federal Housing Finance Board proposed a rule that would limit the amount of excess stock that a Federal Home Loan Bank (Bank) can have outstanding and that would prescribe a minimum amount of retained earnings for each Bank. The proposed amendments also would prohibit a Bank from selling excess stock to its members and paying dividends in the form of stock, and would restrict a Bank's ability to pay dividends when its retained earnings are below the prescribed minimum and require that a Bank declare and pay its dividends only after the close of the quarter to which the dividend relates. The final rule limited a Bank's right to pay dividends in the form of stock or to sell excess stock whenever its total excess stock exceeded one percent of its total assets. The rule also required the Banks to declare and pay dividends based on actual earnings and only after the close of the quarter to which the dividend relates. The proposed requirements for retained earnings were not adopted. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ NPRM 03/15/06 71 FR 13306 NPRM Comment Period End 07/13/06 Final Action 12/22/06 71 FR 78046 Final Action Effective 01/29/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Thomas E. Joseph, Senior Attorney Advisor, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006 Phone: 202 408-2512 Fax: 202 408-2580 Email: josepht@fhfb.gov RIN: 3069-AB30 _______________________________________________________________________ 3607. [bull] PRIVACY ACT AND FREEDOM OF INFORMATION ACT; IMPLEMENTATION Priority: Info./Admin./Other Legal Authority: 5 USC 552; 5 USC 552a CFR Citation: 12 CFR 910; 12 CFR 915 Legal Deadline: None Abstract: As part of a comprehensive review of agency practices related to the collection, use, and protection of personally identifiable information, the Federal Housing Finance Board is updating both its systems of records and implementing rule under the Privacy Act of 1974. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 10/17/06 71 FR 60810 Interim Final Rule Comment Period End 11/16/06 [[Page 23554]] Interim Final Rule Effective 10/17/06 Final Action 01/08/07 72 FR 645 Final Action Effective 02/07/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Janice A. Kaye, Senior Attorney Advisor, Federal Housing Finance Board, 1625 I Street NW., Washington, DC 20006 Phone: 202 408-2505 Fax: 202 408-2580 Email: kayej@fhfb.gov RIN: 3069-AB32 _______________________________________________________________________ 3608. [bull] FEDERAL HOME LOAN BANK APPOINTIVE DIRECTORS Priority: Info./Admin./Other Legal Authority: 12 USC 1422a(a)(3); 12 USC 1422b(a); 12 USC 1426 to 1427; 12 USC 1432 CFR Citation: 12 CFR 915 Legal Deadline: None Abstract: Established process for appointing directors to the boards of the Federal Home Loan Banks. Timetable: ________________________________________________________________________ Action Date FR Cite ________________________________________________________________________ Interim Final Rule 01/24/07 72 FR 3028 Interim Final Rule Effective 01/24/07 Interim Final Rule Comment Period End 02/23/07 Final Action 04/02/07 72 FR 15600 Final Action Effective 04/02/07 Regulatory Flexibility Analysis Required: No Small Entities Affected: No Government Levels Affected: None Agency Contact: Thomas P. Jennings, Senior Attorney Advisor, Federal Housing Finance Board, 1625 I Street NW, Washington, DC 20006 Phone: 202 408-2553 Fax: 202 408-2580 Email: jenningst@fhfb.gov RIN: 3069-AB33 [FR Doc. 07-01248 Filed 04-27-07; 8:45 am] BILLING CODE 6725-01-S