[Federal Register Volume 68, Number 180 (Wednesday, September 17, 2003)]
[Proposed Rules]
[Page 54396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23762]


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 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 68, No. 180 / Wednesday, September 17, 2003 / 
Proposed Rules  

[[Page 54396]]



FEDERAL HOUSING FINANCE BOARD

12 CFR Parts 900, 932, and 955

[No. 2003-21]
RIN 3069-AB18


Federal Home Loan Bank Acquired Member Assets

AGENCY: Federal Housing Finance Board.

ACTION: Withdrawal of proposed rule.

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SUMMARY: The Federal Housing Finance Board (Finance Board) is 
withdrawing its proposed rule that would have amended its Acquired 
Member Assets (AMA) regulation to place greater responsibility with 
each Federal Home Loan Bank (Bank) to manage its AMA program, subject 
to ongoing supervisory review by the Finance Board.

FOR FURTHER INFORMATION CONTACT: Scott Smith, Associate Director, 
Office of Supervision; [email protected] or (202) 408-2991; Sharon Like, 
Senior Attorney Advisor, Office of General Counsel, [email protected] or 
(202) 408-2930, Federal Housing Finance Board, 1777 F Street, NW., 
Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

I. Background

    The Finance Board proposed a rule in the Federal Register of July 
1, 2003, to amend its AMA regulation to place greater responsibility 
with each Bank to manage its AMA program, subject to ongoing 
supervisory review by the Finance Board. See 68 FR 39027 (July 1, 
2003). The proposed rule would have maintained the core provisions in 
the current rule relating to safety and soundness, but would have been 
less prescriptive and simpler than the current rule. The proposed rule 
also would have codified the authority of a Bank to acquire as AMA 
instruments that are created by Bank members or housing associates in 
cooperation with a Bank and that represent an interest in loans that 
individually could qualify as AMA. The proposed rule provided for a 60-
day public comment period, which closed September 2, 2003.

II. Reasons for Withdrawal of the Proposed Rule

    All twelve Banks as well as other interested parties have requested 
that the Finance Board extend the original 60-day public comment period 
for an additional 90 days, to provide additional time to submit 
comments on a number of complex issues raised by the proposed rule.
    The Finance Board recognizes that the proposed rule could better 
reflect the intent of the Finance Board if it were written with greater 
clarity, and that a greater degree of clarity would facilitate the 
submission of informed and meaningful comments to the Finance Board. 
The Finance Board believes that the rulemaking process would be better 
advanced by the withdrawal of the proposed rule and subsequent issuance 
of a revised proposed rule, than by a simple extension of the comment 
period. Therefore, the Finance Board is withdrawing the proposed rule. 
The Finance Board will retain the comment letters received on the 
proposed rule and will incorporate them into the public record of a 
subsequent proposed rule addressing the AMA regulation.

List of Subjects

12 CFR Part 900

    Credit, Federal home loan banks, Reporting and recordkeeping 
requirements.

12 CFR Part 932

    Capital, Credit, Federal home loan banks, Housing, Investments, 
Reporting and recordkeeping requirements.

12 CFR Part 955

    Credit, Federal home loan banks, Housing, Reporting and 
recordkeeping requirements.

    Accordingly, the Finance Board hereby withdraws the Proposed Rule 
published at 68 FR 39027 on July 1, 2003.

    Dated: September 11, 2003.

    By the Board of Directors of the Federal Housing Finance Board.
John T. Korsmo,
Chairman.
[FR Doc. 03-23762 Filed 9-16-03; 8:45 am]
BILLING CODE 6725-01-P