[Federal Register Volume 66, Number 63 (Monday, April 2, 2001)]
[Notices]
[Pages 17557-17558]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-8043]


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FEDERAL HOUSING FINANCE BOARD

[No. 2001-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 ``Federal Home Loan 
Bank Directors.''

DATES: Interested persons may submit comments on or before June 1, 
2001.

ADDRESSES: Address written comments and requests for copies of the 
information collection to Elaine L. Baker, Secretary to the Board, 202/
408-2837, [email protected], Federal Housing Finance Board, 1777 F 
Street, NW., Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Program Analyst, 
Program Assistance Division, Office of Policy, Research and Analysis, 
by telephone at 202/408-2872, by electronic mail at [email protected], 
or by regular mail to the Federal Housing Finance Board, 1777 F Street, 
NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of Information Collection

    Section 7 of the Federal Home Loan Bank Act (Bank Act) and the 
Federal Housing Finance Board's (Finance Board) implementing regulation 
establish the eligibility requirements and the procedures for electing 
and appointing Federal Home Loan Bank (FHLBank) directors. See 12 
U.S.C. 1427; 12 CFR part 915. Under part 915 (formerly codified at 12 
CFR part 932), the FHLBanks determine the eligibility of elective 
directors and director nominees and run the director election process. 
The Finance Board determines the eligibility of and selects all 
appointive directors. To determine director eligibility, the FHLBanks 
use the elective director eligibility certification form (Form E-1), 
and the Finance Board uses the appointive director eligibility 
certification form (Form A-1). Both forms permit individuals to certify 
that no changes have occurred since they last submitted required 
information rather than completing anew the entire form.
    The Gramm-Leach-Bliley Act, Pub. L. 106-102, 133 Stat. 1338, 1453 
(Nov. 12, 1999) amended section 7(a) of the Bank Act to provide that a 
director of an FHLBank must be either a bona fide resident of the 
FHLBank or an officer or director of a member located in the district. 
Accordingly, the Finance Board amended part 915, effective August 7, 
2000, to address specifically the statutory change with regard to the 
term ``bona fide resident'' of an FHLBank district as it applies to 
elective directors. In effect, an elective director no longer needs to 
be a bona fide resident of the district if he or she is an officer or 
director of a member located in the district. The elective director 
eligibility certification form has been revised to reflect this change.
    There is no statutory change in director eligibility as applied to 
appointive directors. Thus, an appointive director will continue to be 
considered a bona fide resident of the district if he or she maintains 
a principal residence within the district or owns or leases a residence 
in his or her own name within the district and also is employed within 
the district.
    The Finance Board uses the information collection contained in the 
appointive director eligibility certification form and part 915 to 
determine whether prospective and incumbent appointive directors 
satisfy the statutory and regulatory eligibility and reporting 
requirements. Only individuals meeting these requirements may serve as 
appointive directors of the FHLBanks. See 12 U.S.C. 1427(a) and (f)(2).
    The FHLBanks use the information collection in the elective 
director eligibility certification form and part 915 to determine 
whether elective directors and director nominees satisfy the statutory 
and regulatory eligibility and reporting requirements. Only individuals 
meeting these requirements may serve as elective directors of the 
FHLBanks. See 12 U.S.C. 1427(a), (b) and (f)(3).
    The likely respondents include prospective and incumbent FHLBank 
directors.
    The OMB number for the information collection is 3069-0002. The OMB 
clearance for the information collection expires on June 30, 2001.

A. Burden Estimate

    The Finance Board estimates that the total annual average number of 
prospective appointive directors and incumbent appointive directors at 
88, with 1 response per person. The estimate for the average hours per 
person is .35 hours. The Finance Board estimates the total annual 
average number of prospective elective directors and incumbent elective 
directors at 172, with 1 response per person. The estimate for the 
average hours per person is .35 hours. The estimate for the annual hour 
burden for prospective and incumbent directors is 91 hours.

[[Page 17558]]

    The Finance Board estimates that the total annual average hour 
burden for each FHLBank to run a director election, to process and 
review prospective elective director and incumbent elective director 
forms, and to distribute and collect incumbent appointive director 
forms is 160 hours, with 1 response per person. The estimate for the 
average hour burden for all FHLBanks is 1,920 hours.
    The Finance Board estimates that the total annual hour burden for 
FHLBank System membership participation in the director elections is 
960 hours.

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 and FHLBank functions, including whether 
the information has practical utility; (2) the accuracy of the Finance 
Board's estimates of the burden 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.

    Dated: March 23, 2001.

    By the Federal Housing Finance Board.
James L. Bothwell,
Managing Director.
[FR Doc. 01-8043 Filed 3-30-01; 8:45 am]
BILLING CODE 6725-01-P