[Federal Register Volume 64, Number 219 (Monday, November 15, 1999)]
[Notices]
[Pages 61877-61878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-29722]


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FEDERAL HOUSING FINANCE BOARD

[No. 99-N-17]


Submission for OMB Review; 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 has submitted the information collection entitled 
``Community Support Requirements'' to the Office of Management and 
Budget (OMB) for review and approval of a three-year extension of the 
OMB control number, which is due to expire on December 31, 1999.

DATES: Interested persons may submit comments on or before December 15, 
1999.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of the Office of Management and Budget, Attention: Desk Officer 
for the Federal Housing Finance Board, Washington, DC 20503. Address 
requests for copies of the information collection and supporting 
documentation to Elaine L. Baker, Secretary to the Board, by telephone 
at 202/408-2837, by electronic mail at [email protected], or by regular 
mail at the Federal Housing Finance Board, 1777 F Street, NW, 
Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Amy R. Maxwell, Housing Finance 
Officer, Program Assistance Division, Office of Policy, Research and 
Analysis, by telephone at 202/408-2882, by electronic mail at 
[email protected], or by regular mail at the Federal Housing Finance 
Board, 1777 F Street, NW, Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of Information Collection

    Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) 
requires the 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 Finance Board's 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, Sec. 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 FHLBank member 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. Section 936.6 requires the 
FHLBanks to establish and maintain a community support program that, 
among other things, provides technical assistance to members and 
promotes community lending and affordable housing activities. 12 CFR 
936.6.

[[Page 61878]]

    The information collection contained in Form 96-01, the Community 
Support Statement Form, and part 936 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 that a total annual average of 3000 
members will file a Community Support Statement, with one submission 
per member. The estimate for the average hours per submission is one 
hour. The estimate for the annual hour burden for members that must 
file a Community Support Statement is 3000 hours (3000 members  x  1 
Community Support Statement per member  x  approximately 1.0 hour). The 
Finance Board estimates a total annual average of 15 members will 
submit a request to remove a restriction on access to long-term 
advances, with 1 request per member. The estimate for the average hours 
per request is one hour. The estimate for the annual hour burden for 
reinstatement requests is 15 hours (15 members  x  1 reinstatement 
request per member  x  approximately 1.0 hour). The Finance Board 
estimates that the total annual hour burden for all respondents is 3015 
hours ((3000 members  x  1 Community Support Statement per member +15 
members  x  1 reinstatement request per member)  x  approximately 1.0 
hour).

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding this 
information collection in the Federal Register on June 30, 1999. See 64 
FR 35157 (June 30, 1999). The 60-day comment period closed on August 
30, 1999. The Finance Board received no public comments. Written 
comments are requested on: (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. Comments may be submitted to OMB in writing at 
the address listed above.

    By the Federal Housing Finance Board.

    Dated: November 5, 1999.
William W Ginsberg,
Managing Director.
[FR Doc. 99-29722 Filed 11-12-99; 8:45 am]
BILLING CODE 6725-01-P