[Federal Register Volume 66, Number 64 (Tuesday, April 3, 2001)]
[Notices]
[Pages 17710-17711]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-8079]


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FEDERAL HOUSING FINANCE BOARD

[No. 2001-N-8]


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 
``Members of the Banks'' 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 April 30, 2001.

DATES: Interested persons may submit comments on or before May 3, 2001.

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: Jonathan F. Curtis, Senior Financial 
Analyst, Market Research and System Analysis Division, Office of 
Policy, Research and Analysis, by telephone at 202/408-2866, 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 4 of the Federal Home Loan Bank Act (Bank Act) establishes 
the eligibility requirements for an institution to become a member of a 
Federal Home Loan Bank (FHLBank). See 12 U.S.C. 1424. Part 925 of the 
Finance Board's regulations (membership regulation) implements section 
4 of the Bank Act. See 12 CFR part 925. The membership regulation 
provides uniform application requirements an applicant for FHLBank 
membership must meet and review criteria a FHLBank, and where 
appropriate, the Finance Board, must apply to determine whether the 
applicant satisfies the statutory and regulatory membership 
requirements. More specifically, the membership regulation implements 
the statutory eligibility requirements and provides guidance to an 
applicant on how it may satisfy the requirements. The regulation 
authorizes a FHLBank to approve or deny each membership application and 
permits an applicant to appeal a FHLBank denial to the Finance Board.
    The information collection, which is contained in Sec. 925.2 
through Sec. 925.31 of the membership regulation, 12 CFR 925.2-925.31, 
is necessary to enable the FHLBanks and, where appropriate, the Finance 
Board, to determine whether: (i) An institution satisfies the statutory 
and regulatory membership requirements; (ii) an annual adjustment to a 
member's minimum FHLBank stockholding requirement is necessary; (iii) a 
member may withdraw; and (iv) a member can transfer to a different 
FHLBank district.
    The OMB number for the information collection is 3069-0004. The OMB 
clearance for the information collection expires on April 30, 2001.
    The likely respondents are institutions that are or want to become 
members of a FHLBank.

B. Burden Estimate

    The Finance Board estimates that a total annual average of 865 
institutions will apply for FHLBank membership, with 1 application per 
institution. The estimate for the average hours per application is 21 
hours. The Finance Board estimates that a total annual average of 1 
institution will submit an appellate application to the Finance Board. 
The estimate for the annual hour burden for institutions applying for 
FHLBank membership is 18,175 hours (865 applicants  x  1 application 
x  21 hours + 1 appellate application  x  10 hours).
    The Finance Board estimates a total annual average of 7,577 FHLBank 
members will submit a capital stock calculation worksheet, with 1 
response per member. The estimate for the average hours per worksheet 
is 0.6 hours. The estimate for the annual hour burden for capital stock 
calculation

[[Page 17711]]

worksheets is 4,547 hours (7, 577 members  x  1 worksheet  x  0.6 
hours).
    The Finance Board estimates a total annual average of 5 members 
will file a notice of intent to withdraw from membership, with 1 notice 
per member. The estimate for the average hours per notice is 0.6 hours. 
The estimate for the annual hour burden for withdrawal notices is 3 
hours (5 members  x  1 notice  x  0.6 hours).
    The Finance Board estimates a total annual average of 5 members 
will request a transfer of membership to another FHLBank district, with 
1 request per member. The estimate for the average hours per request is 
3.5 hours. The estimate for the annual hour burden for transfer 
requests is 17.5 hours (5 members  x  1 request  x  3.5 hours).
    The Finance Board estimates that the total annual hour burden for 
all respondents is 22,742.5 hours.

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 December 22, 2000. 
See 65 FR 80863 (Dec. 22, 2000). The 60-day comment period closed on 
February 20, 2001. 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.

    Dated: March 28, 2001.
    By the Federal Housing Finance Board.
James L. Bothwell,
Managing Director.
[FR Doc. 01-8079 Filed 4-2-01; 8:45 am]
BILLING CODE 6725-01-P