[Federal Register Volume 67, Number 199 (Tuesday, October 15, 2002)]
[Notices]
[Pages 63659-63660]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-26057]


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FEDERAL HOUSING FINANCE BOARD

[No. 2002-N-10]


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) is 
seeking public comments concerning a three-year extension by the Office 
of Management and Budget (OMB) of the

[[Page 63660]]

previously approved information collection entitled ``Community Support 
Requirements.''

DATES: Interested persons may submit comments on or before December 16, 
2002.

ADDRESSES: Address comments and requests for copies of the information 
collection 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: Emma Fitzgerald, Program Analyst, 
Community Investment and Affordable Housing Division, Office of 
Supervision, by telephone at 202/408-2874, 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 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 944 of the Finance Board's regulations implements 
section 10(g) of the Bank Act. See 12 CFR part 944. 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, section 944.2 of the rule 
implements the statutory community support requirement. 12 CFR 944.2. 
Section 944.3 establishes community support standards for the two 
statutory factors--CRA and first-time homebuyer performance--and 
provides guidance to a respondent on how it may satisfy the standards. 
12 CFR 944.3. Sections 944.4 and 944.5 establish the procedures and 
criteria the Finance Board uses in determining whether FHLBank members 
satisfy the statutory and regulatory community support requirements. 12 
CFR 944.4 and 944.5.
    The information collection contained in Form 96-01, the Community 
Support Statement Form, and sections 944.2 through 944.5 of the rule 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 3069-0003. The OMB 
clearance for the information collection expires on January 31, 2003.
    The likely respondents are institutions that are members of an 
FHLBank.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
respondents at 3970 FHLBank members, with one response per member. The 
estimate for the average hours per response is one hour. The estimate 
for the total annual hour burden is 3970 hours (3970 members x 1 
response per member x 1 hour).

C. 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 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.

    By the Federal Housing Finance Board.

    Dated: October 2, 2002.
Donald Demitros,
Chief Information Officer.
[FR Doc. 02-26057 Filed 10-11-02; 8:45 am]
BILLING CODE 6725-02-P