[Federal Register Volume 64, Number 125 (Wednesday, June 30, 1999)]
[Notices]
[Page 35157]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16689]
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FEDERAL HOUSING FINANCE BOARD
[No. 99-N-7]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Board.
ACTION: Notice.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Board (Finance Board) hereby
gives notice that it is seeking public comments concerning a three-year
extension by the Office of Management and Budget (OMB) of the
previously approved information collection entitled ``Community Support
Requirements.''
DATES: Interested persons may submit comments on or before August 30,
1999.
ADDRESSES: Address comments and requests for copies of the information
collection to Elaine L. Baker, Secretary to the Board, by telephone at
202/408-2837, by electronic mail at bakere@fhfb.gov, or by regular mail
at the Federal Housing Finance Board, 1777 F Street, NW, Washington, DC
20006.
FOR FURTHER INFORMATION CONTACT: Amy Maxwell, Program Analyst, Program
Assistance Division, Office of Policy, Research and Analysis, by
telephone at 202/408-2882, by electronic mail at maxwella@fhfb.gov, or
by regular mail at the Federal Housing Finance Board, 1777 F Street,
N.W., Washington, D.C. 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 Federal Housing Finance Board (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 936 of the Federal
Housing Finance Board's (Finance Board) regulations implements section
10(g) of the Bank Act. See 12 CFR part 936. 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 936.2 of the rule implements
the statutory community support requirement. 12 CFR 936.2. Section
936.3 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. 12 CFR
936.3. Sections 936.4 and 936.5 establish the procedures and criteria
the Finance Board uses in determining whether FHLBank members satisfy
the statutory and regulatory community support requirements. 12 CFR
936.4 and 936.5.
The information collection contained in Form 96-01, the Community
Support Statement Form, and sections 936.2 through 936.5 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 3069-003. The OMB
clearance for the information collection expires on December 31, 1999.
The likely respondents are institutions that are members of a
FHLBank.
B. Burden Estimate
The Finance Board estimates the total annual average number of
respondents at 3002, with one response per respondent. The estimate for
the average hours per response is one hour. The estimate for the total
annual hour burden is 3002 hours (3002 respondents x 1 response per
respondent x approximately 1.0 hours).
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'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.
By the Federal Housing Finance Board.
Dated: June 24, 1999.
William W. Ginsberg,
Managing Director.
[FR Doc. 99-16689 Filed 6-29-99; 8:45 am]
BILLING CODE 6725-01-P
