[Federal Register Volume 67, Number 199 (Tuesday, October 15, 2002)]
[Notices]
[Pages 63660-63661]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-26056]


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FEDERAL HOUSING FINANCE BOARD

[No. 2002-N-11]


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 currently 
known as ``Advances to Housing Associates'' 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 November 30, 2002. 
The information collection formerly was titled ``Advances to Nonmember 
Mortgagees.''

DATES: Interested persons may submit comments on or before November 14, 
2002.

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: Jonathan F. Curtis, Senior Financial 
Analyst, Financial and Quantitative Analysis Division, Office of 
Supervision, 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 the Information Collection

    Section 10b of the Federal Home Loan Bank Act (Bank Act) authorizes 
the Federal Home Loan Banks (FHLBanks) to make advances under certain 
circumstances to certified nonmember mortgagees.\1\ The Finance Board 
refers to nonmember mortgagees as housing associates. In order to be 
certified as a housing associate, an applicant must meet the 
eligibility requirements set forth in section 10b of the Bank Act. Part 
926 of the Finance Board regulations implements the statutory 
eligibility requirements and establishes uniform review criteria an 
applicant must meet in order to be certified as a housing associate by 
an FHLBank.\2\

[[Page 63661]]

More specifically, sections 926.3 and 926.4 of the rule implement the 
statutory eligibility requirements and provide guidance to an applicant 
on how it may satisfy such requirements.\3\ Section 926.5 authorizes 
the FHLBanks to approve or deny all applications for certification as a 
housing associate, subject to the statutory and regulatory 
requirements.\4\ Section 926.6 permits an applicant to appeal an 
FHLBank decision to deny certification to the Finance Board.\5\
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    \1\ See 12 U.S.C. 1430b.
    \2\ See 12 CFR 926.1-926.6. Formerly codified at 12 CFR 935.22-
935.23. See 65 FR 8253, at 8256 (Feb. 18, 2000) and 65 FR 44414, at 
44424-25, 44426-28 (July 18, 2000).
    \3\ See 12 CFR 926.3-926.4. Formerly codified at 12 CFR 935.22. 
See 65 FR at 8256 and 65 FR at 44427.
    \4\ See 12 CFR 926.5. Formerly codified at 12 CFR 935.23(a). See 
65 FR at 8256 and 65 FR at 44427.
    \5\ See 12 CFR 926.6. Formerly codified at 12 CFR 935.23(c)(4). 
See 65 FR at 8256 and 65 FR at 44428.
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    Section 950.17 of the Finance Board regulations establishes the 
terms and conditions under which an FHLBank may make advances to a 
certified housing associate. Section 950.17 also imposes a continuing 
obligation on a housing associate to provide information necessary for 
the FHLBank to determine if the housing associate remains in compliance 
with applicable statutory and regulatory requirements.\6\
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    \6\ See 12 CFR 950.17. Formerly codified at 12 CFR 935.24. See 
65 FR at 8256 and 65 FR at 444330-31.
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    The information collection contained in sections 926.1 through 
926.6 and section 950.17 of the Finance Board regulations is necessary 
to enable the FHLBanks to determine whether an applicant satisfies the 
statutory and regulatory requirements to be certified initially and to 
maintain its status as a housing associate eligible to receive FHLBank 
advances. The Finance Board requires and uses the information 
collection to determine whether to uphold or overrule an FHLBank 
decision to deny housing associate certification to an applicant.
    The OMB control number for the information collection is 3069-0005. 
The OMB clearance for the information collection expires on November 
30, 2002.
    The likely respondents include applicants for housing associate 
certification and current housing associates.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
applicants at five, with one response per applicant. The estimate for 
the average hours per application is 15 hours. The estimate for the 
annual hour burden for applicants is 75 hours (5 applicants x 1 
response per applicant x 15 hours).
    The Finance Board estimates the total annual average number of 
maintenance respondents, that is, certified housing associates, at 57, 
with 1 response per housing associate. The estimate for the average 
hours per maintenance response is 0.5 hours. The estimate for the 
annual hour burden for certified housing associates is 28.5 hours (57 
certified housing associates x 1 response per associate x 0.5 hours).
    The estimate for the total annual hour burden is 103.5 hours (57 
housing associates x 1 response per associate x 0.5 hours + 5 
applicants x 1 response per applicant x 15 hours).

C. Comment Request

    In accordance with 5 CFR 1320.8(d), the Finance Board published a 
request for public comments regarding this information collection in 
the Federal Register on June 28, 2002. See 67 FR 43602 (June 28, 2002). 
The 60-day comment period closed on August 27, 2002. 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 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 applicants and housing associates, 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: October 2, 2002.
Donald Demitros,
Chief Information Officer.
[FR Doc. 02-26056 Filed 10-11-02; 8:45 am]
BILLING CODE 6725-01-P