[Federal Register Volume 68, Number 10 (Wednesday, January 15, 2003)]
[Notices]
[Pages 2053-2054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-870]


=======================================================================
-----------------------------------------------------------------------

FEDERAL HOUSING FINANCE BOARD

[No. 2003-N-1]


Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

-----------------------------------------------------------------------

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 
``Community Support Requirements'' 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 January 31, 2003.

DATES: Interested persons may submit comments on or before February 14, 
2003.

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,

[[Page 2054]]

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 Information Collection

    Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) 
requires the Federal Housing Finance Board (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 a 
FHLBank.

B. Burden Estimate

    The Finance Board estimates that a total annual average of 3970 
FHLBank members will file a Community Support Statement, with one 
submission per member. The estimate for the average hours per 
submission is one hour. The estimate for the total annual hour burden 
for members that must file a Community Support Statement is 3970 hours 
(3970 members x 1 submission per member x 1 hour).
    The Finance Board estimates a total annual average of 15 FHLBank 
members will submit a request to remove a restriction on access to 
long-term advances, with 1 request per member. The estimate for the 
average hours per reinstatement request is one hour. The estimate for 
the annual hour burden for reinstatement requests is 15 hours (15 
members x 1 request per member x approximately 1.0 hour).
    The Finance Board estimates that the total annual hour burden for 
all respondents is 3985 hours ((3970 members x 1 Community Support 
Statement per member +15 members x 1 reinstatement request per member) 
x 1.0 hour).

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 October 15, 2002. See 
67 FR 63660 (Oct. 15, 2002). The 60-day comment period closed on 
December 16, 2002. The Finance Board received one comment suggesting 
that it obtain CRA ratings from the Federal Financial Institution 
Examination Council (FFIEC) website instead of from members to reduce 
the reporting burden on members and eliminate in its entirety the 
reporting requirement for members with an ``outstanding'' CRA rating. 
At this time, obtaining CRA ratings from the FFIEC website is not an 
option because FFIEC generally reports CRA ratings three to six months 
after a CRA examination is completed while members receive the CRA 
rating immediately after an examination. Because of the delay in 
reporting on the FFIEC website, the Finance Board will continue to 
require members to report their most recent CRA rating on the Community 
Support Statement.
    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: January 8, 2003.
Donald Demitros,
Chief Information Officer.
[FR Doc. 03-870 Filed 1-14-03; 8:45 am]
BILLING CODE 6725-01-P