[Federal Register Volume 65, Number 243 (Monday, December 18, 2000)]
[Notices]
[Pages 79103-79104]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32110]


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FEDERAL HOUSING FINANCE BOARD

[No. 2000-N-7]


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 
``Federal Home Loan Bank Acquired Member Assets, Core Mission 
Activities, Investments and Advances'' 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, 2000.

DATES: Interested persons may submit comments on or before January 17, 
2001.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of OMB, 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: Eric M. Raudenbush, Senior Attorney-
Advisor, Office of General Counsel, by telephone at 202/408-2932, by 
electronic mail at [email protected], 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 Information Collection

    In July 2000, the Finance Board promulgated a final rule that, 
among other things, authorizes the Federal Home Loan Banks (Banks), on 
a permanent program basis, to acquire residential mortgage loans from 
or through their members and housing associates and to hold these 
mortgages as investments. See 65 FR 43969 (July 17, 2000). The 
regulations governing the acquisition of these mortgages, known as 
``acquired member assets,'' or ``AMA,'' are now codified in part 955 of 
the Finance Board's regulations. 12 CFR part 955. Under this AMA 
regulation, Banks engaging in AMA transactions are required to collect 
and maintain, and report to the Finance Board on a quarterly basis, 
certain loan-level data on each residential mortgage held. See 12 CFR 
955.4. While this data is provided directly to the Finance Board by the 
Banks (which are government-sponsored enterprises), each Bank must 
initially collect the information from the private-sector member or 
housing associate institution from which the Bank acquires the 
mortgage.
    Under the Federal Home Loan Bank Act (Bank Act), the Finance Board 
is charged with the duty to ``ensure that the * * * Banks carry out 
their housing finance mission.'' 12 U.S.C. 1422a(a). The Bank Act also 
authorizes the Finance Board to promulgate and enforce such regulations 
and orders as are necessary * * * to carry out the provisions'' of the 
Bank Act. Id. 1422b(a)(1). The Finance Board believes that the loan-
level data reporting is essential in order to monitor the extent to 
which the Banks are fulfilling their statutory housing finance mission 
through their AMA programs.

[[Page 79104]]

    The Finance Board uses the information collection to create a 
database and reporting infrastructure for monitoring the Banks' 
achievement of the public purpose of their residential mortgage 
purchase programs on a par with that currently imposed on entities 
entering into secondary mortgage market transactions with the other 
housing government-sponsored enterprises (i.e., Fannie Mae and Freddie 
Mac).
    The OMB number for the information collection is 3069-0058. The OMB 
clearance for the information collection expires on December 31, 2000.
    The likely respondents and/or recordkeepers include the Banks, 
institutions that are members or housing associates of a Bank and the 
Finance Board.

B. Burden Estimate

    The estimated annual reporting and recordkeeping hour burden is:
    a. Number of respondents--412.
    b. Total annual responses--1600.
     Percentage of these responses collected electronically--75%.
    c. Total annual hours requested--38,632.
    d. Current OMB inventory--264,400.
    e. Difference--(225,768).
    The estimated annual reporting and recordkeeping cost burden is:
    a. Total annualized capital/startup costs--$300,000.00.
    b. Total annual costs (O&M)--0.
    c. Total annualized cost requested--$1,196,768.72.
    d. Current OMB inventory $2,524,697.92.
    e. Difference--($1,327,929.20).

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding the information 
collection as part of the final AMA rulemaking, which appeared in the 
Federal Register on July 17, 2000. See 65 FR 43969 (July 17, 2000). The 
60-day comment period closed on September 15, 2000. 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: December 1, 2000.
James L. Bothwell,
Managing Director.
[FR Doc. 00-32110 Filed 12-15-00; 8:45 am]
BILLING CODE 6725-01-P