[Federal Register Volume 61, Number 250 (Friday, December 27, 1996)]
[Rules and Regulations]
[Pages 68129-68130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32373]
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FEDERAL HOUSING FINANCE BOARD
12 CFR Part 900
[No. 96-92]
Description of Organization and Functions
AGENCY: Federal Housing Finance Board.
ACTION: Final rule.
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SUMMARY: The Federal Housing Finance Board (Finance Board) is amending
the description of the agency's organization and functions contained in
its regulations, as required by the Freedom of Information Act (FOIA).
The changes have been made to further the efficiency and productivity
of the agency.
DATES: This final rule shall be effective on December 27, 1996.
FOR FURTHER INFORMATION CONTACT: David A. Guy, Associate General
Counsel, Office of General Counsel, (202) 408-2536, Federal Housing
Finance Board, 1777 F Street, NW. Washington DC 20006.
SUPPLEMENTARY INFORMATION: Pursuant to section 552(a) of the FOIA, the
Finance Board is required to publish in the Federal Register a
description of the agency's organization and functions. See 5 U.S.C.
552(a)(1)(A)-(B). A description of the Finance Board's organizations
and functions appears in part 900 of the Code of Federal Regulations.
See 12 CFR Part 900. This final rule is intended to give public notice
of changes to the Finance Board's organization and allocation of
functions. The changes have been made to further the efficiency and
productivity of the agency.
The public notice-and-comment requirements of the Administrative
Procedure Act (APA) do not apply to the regulatory amendments contained
in this final rule because the amendments relate exclusively to the
organization of the agency. See 5 U.S.C. 553(b)(1)(A). Therefore, these
amendments are being adopted as a final rule, effective on the date of
publication.
Because this rule will be not be issued in the form of a notice of
proposed rulemaking, the provisions of the Regulatory Flexibility Act
do not apply. See 5 U.S.C. 601.
List of Subjects in 12 CFR Part 900
Organization and functions (Government agencies).
Accordingly, title 12, chapter IX, part 900, Code of Federal
Regulations, is hereby amended as follows:
PART 900--DESCRIPTION OF ORGANIZATION AND FUNCTIONS
1. The authority citation for part 900 continues to read as
follows:
Authority: 5 U.S.C. 552; 12 U.S.C. 1422b(a).
2. Sections 900.12 through 900.19 are revised to read as follows:
Sec. 900.12 Office of the Managing Director.
(a) The Managing Director is the Finance Board's chief operating
officer. By order of the Chairperson, the Managing Director has been
delegated the authority and power necessary and convenient to effect
the day-to-day management, functioning, and organization of the Finance
Board, including the authority to appoint, remove, promote, direct, set
compensation for, and pay Finance Board personnel. The Managing
Director is authorized to execute documents on behalf of the Board of
Directors, including regulations, resolutions, or orders duly passed by
the Board of Directors. The Managing Director is also the Finance
Board's Chief Information Officer.
(b) The Executive Secretariat is a division within the Office of
the Managing Director. The Executive Secretary is the recording officer
for the Board of Directors and is responsible for maintaining the
Finance Board's records, including copies of all resolutions and rules
adopted by the Board of Directors and orders issued by the Chairperson.
The Executive Secretary also is responsible for the preparation and
maintenance of the minutes or other records of all official actions and
proceedings of the Board of Directors, and is responsible for the
official seals of the Finance Board. This division also is responsible
for the agency's Freedom of Information Act, Privacy Act, and Records
Management Programs. The Executive Secretary is the primary liaison
with the Office of the Federal Register.
(c) The District Banks Secretariat is a division within the Office
of the Managing Director responsible for administering the election of
directors of the Banks and for maintaining records on each of the
Banks' policies and marketing activities.
[[Page 68130]]
Sec. 900.13 Office of Policy.
(a) The Office of Policy coordinates the Finance Board's policy
development activities and provides advice to the Chairperson and the
Board of Directors on the economic, financial, housing and community
and economic development, and competitive environments in which the
Bank System and its members operate. The responsibilities of the Office
of Policy include:
(1) Analysis and modeling of the financial performance of the
Banks;
(2) Collection and analysis of financial data in order to prepare
the Bank System's annual combined financial reports and other periodic
reports on Bank System operations;
(3) Collection and analysis of data on the housing and community
and economic development activities of the Banks;
(4) Analysis of the Banks' performance under the Affordable Housing
Program and the Community Investment Program;
(5)Analysis of policy issues arising under the Affordable Housing
Program and the Community Investment Program;
(6) Preparation of the Monthly Survey of Rates and Terms of
Conventional One-Family Nonfarm Mortgage Loans and determination of the
conforming loan limit for Federal National Mortgage Association (Fannie
Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) purchases
and guarantees; and
(7) Review of the Banks' quarterly dividend recommendations.
(b) The Office of Policy is the Finance Board's primary liaison
with the Banks' Chief Financial Officers concerning financial
management issues, the Banks' Community Investment Officers concerning
community and economic development, the Banks' Advisory Councils
concerning Bank System support of affordable housing, and the Bank
System's fiscal agent, the Office of Finance. It prepares the annual
reports to Congress and to the Banks' Advisory Councils concerning Bank
System support for low-income housing and community development.
Sec. 900.14 Office of Supervision.
The Office of Supervision oversees the Banks, the Office of Finance
and the Financing Corporation to ensure that they operate in a
financially safe and sound manner, that the Banks are carrying out
their housing and community and economic development finance mission
and are in compliance with applicable statutes and regulations, as well
as Finance Board policies and orders. The responsibilities of the
Office of Supervision include:
(a) The conduct of examinations, at least annually, of the Banks,
the Office of Finance and the Financing Corporation and the furnishing
of reports thereon to the Chairpersons of their Boards of Directors;
(b) The follow-up and resolution of outstanding examination issues;
(c) Liaison with each Bank's audit committee and the review and
evaluation of the work of each Bank's internal audit staff;
(d) The monitoring of Bank and System interest rate risk, financial
trends and mission-related activities; and
(e) The review of Community Support Statements of Bank System
members.
Sec. 900.15 Office of General Counsel.
The General Counsel is the chief legal officer of the Finance
Board. The Office of General Counsel provides advice to the Board of
Directors, the Chairperson, and other Finance Board officials, on
interpretations of statutes and regulations. The Office of General
Counsel prepares all legal documents on behalf of the Finance Board and
prepares opinions, regulations, and memoranda of law. It represents the
Finance Board in all administrative adjudicatory proceedings before the
Board of Directors. The Chairman appoints the Finance Board's
Designated Agency Ethics Official from the staff of the Office of
General Counsel.
Sec. 900.16 Office of Inspector General.
The Inspector General is subject to, and operates under, the
provisions of the Inspector General Act of 1978, as amended (5 U.S.C.
app. 3). The Inspector General reports to and is under the general
supervision of the Chairperson. The Inspector General's
responsibilities under the Inspector General Act include providing
policy direction for, and conducting, supervising, and coordinating
audits and investigations relating to the programs and operations of
the Finance Board, and recommending policies for promoting economy and
efficiency in the administration of, or preventing and detecting fraud
and abuse in, the Finance Board's programs and operations. The
Inspector General prepares and furnishes to the Chairman for
transmittal to the Congress semiannual reports on the activities of the
Office of Inspector General.
Sec. 900.17 Office of Congressional Affairs.
The Office of Congressional Affairs is responsible for ensuring the
effective coordination and communication with the Congress and interest
groups, and for briefing the Chairperson, the other Directors, and the
Managing Director, on legislative issues before Congress pertaining to
the Finance Board, the Bank System, and the Financing Corporation.
Sec. 900.18 Office of Public Affairs.
The Office of Public Affairs is responsible for the dissemination
of information about the Finance Board to the public and the news
media. The Office of Public Affairs is the Finance Board's primary
liaison with news reporters. It also responds to general inquiries
about the activities of the Finance Board.
Sec. 900.19 Office of Resource Management.
The Office of Resource Management advises the Chairperson and the
Board of Directors on internal agency management and organization and
provides support services to the agency and to individual employees.
The responsibilities of the Office of Resource Management include:
(a) Developing and managing agency policies and procedures
governing employment and personnel action requirements, compensation
and agency payroll requirements, travel, awards, insurance, retirement
benefits, and other employee benefits;
(b) Providing support for all facility and supply requirements;
(c) Agency procurement and contracting programs;
(d) Agency financial management, budgeting and accounting; and
(e) Coordinating the design, programming, operation, and
maintenance of the Finance Board's electronic data systems.
Secs. 900.20, 900.21 [Removed]
3. Sections 900.20 and 900.21 are removed.
Dated: December 11, 1996.
By the Board of Directors of the Federal Housing Finance Board.
Bruce A. Morrison,
Chairman.
[FR Doc. 96-32373 Filed 12-26-96; 8:45 am]
BILLING CODE 6725-01-U
