[Federal Register Volume 63, Number 142 (Friday, July 24, 1998)]
[Rules and Regulations]
[Page 39702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19811]
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FEDERAL HOUSING FINANCE BOARD
12 CFR Part 934
[No. 98-32]
RIN 3069-AA70
Authority to Approve Federal Home Loan Bank Bylaws
AGENCY: Federal Housing Finance Board.
ACTION: Final rule.
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SUMMARY: The Federal Housing Finance Board (Finance Board) is adopting
the interim final rule that added a new provision to its regulation on
Federal Home Loan Bank (FHLBank) operations to devolve responsibility
for approving FHLBank bylaws or amendments thereto from the Finance
Board to the boards of directors of the FHLBanks as a final rule
without change. The rule is part of the Finance Board's continuing
effort to devolve management and governance responsibilities to the
FHLBanks and is consistent with the goals of the Regulatory Reinvention
Initiative of the National Performance Review.
EFFECTIVE DATE: The final rule will become effective on August 24,
1998.
FOR FURTHER INFORMATION CONTACT: Amy R. Maxwell, Compliance Assistance
Division, Office of Policy, 202/408-2882, or Janice A. Kaye, Attorney-
Advisor, Office of General Counsel, 202/408-2505, Federal Housing
Finance Board, 1777 F Street, N.W., Washington, DC 20006.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Background
Subject to the approval of the Finance Board, section 12(a) of the
Federal Home Loan Bank Act authorizes the board of directors of each
FHLBank to ``prescribe, amend, and repeal by-laws, rules, and
regulations governing the manner in which its affairs may be
administered.'' 12 U.S.C. 1432(a). In December 1997, the Finance Board
published an interim final rule with request for comments that added a
new section, designated as Sec. 934.16, to its regulation on FHLBank
operations. See 62 FR 65197 (Dec. 11, 1997), codified at 12 CFR 934.16.
The 30-day public comment period closed on January 12, 1998. See id.
This new provision authorizes the board of directors of each FHLBank to
prescribe, amend, or repeal bylaws or bylaws amendments governing the
manner in which the FHLBank administers its affairs without the prior
approval of the Finance Board provided that the bylaws or bylaws
amendments are consistent with applicable statutes, regulations, and
Finance Board policies.
II. Analysis of Public Comments and the Final Rule
The Finance Board received one comment in response to the interim
final rule. The commenter supports the rule because it promotes more
efficient operations that benefit the FHLBanks, their members, and
homebuyers. Accordingly, for the reasons set forth in detail in the
interim final rulemaking, the Finance Board is adopting the interim
final rule that devolves responsibility for approving FHLBank bylaws
and amendments thereto from the Finance Board to the boards of
directors of the FHLBanks without change.
III. Regulatory Flexibility Act
The Finance Board adopted this amendment to part 934 in the form of
an interim final rule and not as a proposed rule. Therefore, the
provisions of the Regulatory Flexibility Act do not apply. See 5 U.S.C.
601(2), 603(a).
IV. Paperwork Reduction Act
This final rule does not contain any collections of information
pursuant to the Paperwork Reduction Act of 1995. See 44 U.S.C. 3501 et
seq. Consequently, the Finance Board has not submitted any information
to the Office of Management and Budget for review.
List of Subjects in 12 CFR Part 934
Federal home loan banks, Securities, Surety bonds.
Accordingly, the Federal Housing Finance Board hereby adopts the
interim final rule amending 12 CFR part 934 that was published at 62 FR
65197 on December 11, 1997, as a final rule without any change.
Dated: July 8, 1998.
By the Board of Directors of the Federal Housing Finance Board.
Bruce A. Morrison,
Chairperson.
[FR Doc. 98-19811 Filed 7-23-98; 8:45 am]
BILLING CODE 6725-01-P
