[Federal Register Volume 60, Number 159 (Thursday, August 17, 1995)]
[Rules and Regulations]
[Page 42779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20218]
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FEDERAL HOUSING FINANCE BOARD
12 CFR Part 934
[95-17]
Procedures for Federal Home Loan Bank Access to Nonpublic
Information of Federal Financial Regulatory Agencies
AGENCY: Federal Housing Finance Board.
ACTION: Final rule.
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SUMMARY: The Federal Housing Finance Board (Finance Board) is
promulgating a final rule on the procedures by which the Federal Home
Loan Banks (FHLBanks) request, receive and store sensitive, nonpublic
financial data from the Department of the Treasury, the Comptroller of
the Currency, the Board of Governors of the Federal Reserve System, the
Office of Thrift Supervision, the Federal Deposit Insurance Corporation
and the National Credit Union Administration (federal financial
regulatory agencies).
EFFECTIVE DATE: August 17, 1995.
FOR FURTHER INFORMATION CONTACT: David A. Guy, Associate General
Counsel, Office of General Counsel, Federal Housing Finance Board, 1777
F Street NW., Washington, D.C. 20006, 202-408-2536.
SUPPLEMENTARY INFORMATION: Pursuant to section 22 of the Federal Home
Loan Bank Act (Bank Act), 12 U.S.C. 1442, the FHLBanks periodically
request confidential financial data from the federal financial
regulatory agencies regarding FHLBank member institutions. On December
7, 1990, the Finance Board promulgated an interim final rule detailing
the procedures by which the FHLBanks request, receive, and maintain
this information. See 55 FR 50545 (Dec. 7, 1990). The interim final
rule provided for a comment period. The Finance Board received just one
comment letter from a savings bank, which objected to giving the
FHLBanks access to nonpublic financial information about their members
on the ground that such access gives the FHLBanks an unfair advantage
over private enterprise competitors. However, Congress has specifically
provided for the FHLBanks to have access to this information, see 12
U.S.C. 1442, and the final rule simply sets forth procedures for access
and maintaining confidentiality. Further, the Finance Board believes
that access to this information is necessary because it allows the
FHLBanks to make credit and other decisions in a more safe and sound
manner. Accordingly, the Finance Board is adopting the interim final
rule as a final rule, without change.
Because this rule initially was published as an interim final rule
and not as a proposed rule, the provisions of the Regulatory
Flexibility Act (5 U.S.C. 601, et seq.) do not apply. See id.
Sec. 603(a).
List of Subjects in 12 CFR Part 934
Federal home loan banks, Privacy, Securities, Surety bonds.
PART 934--OPERATIONS OF THE BANKS
Accordingly, the interim rule adding 12 CFR 934.15 which was
published at 55 FR 50545 on December 7, 1990, is adopted as a final
rule without change.
Dated: August 9, 1995.
By the Federal Housing Finance Board.
Bruce A. Morrison,
Chairman.
[FR Doc. 95-20218 Filed 8-16-95; 8:45 am]
BILLING CODE 6725-01-P
