[Federal Register Volume 68, Number 239 (Friday, December 12, 2003)]
[Notices]
[Pages 69405-69406]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-30743]


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FEDERAL HOUSING FINANCE BOARD

[No. 2003-N-09]


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) hereby 
gives notice that it is seeking public comments concerning a three-year 
extension by the Office of Management and Budget (OMB) of the 
information collection entitled ``Federal Home Loan Bank Acquired 
Member Assets, Core Mission Activities, Investments and Advances.''

DATES: Interested persons may submit comments on or before February 10, 
2004.

ADDRESSES: Send comments by electronic mail to [email protected], by 
facsimile to 202/408-2580, or by regular mail to the Federal Housing 
Finance Board, 1777 F Street, NW., Washington, DC 20006 ATTN: Public 
Comments.

FOR FURTHER INFORMATION CONTACT: David Roderer, Financial Analyst, 
Office of Supervision, by electronic mail at [email protected], by 
telephone at 202/408-2540, 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

    The Finance Board has authorized the Federal Home Loan Banks 
(FHLBanks) to acquire mortgage loans and other assets from their 
members or housing associates under certain circumstances. 12 CFR part 
955. The regulation refers to these assets as acquired member assets or 
AMA. As part of this regulatory authorization, each FHLBank that 
acquires residential mortgage loans must provide to the Finance Board 
certain loan-level data elements on a quarterly basis. While the 
FHLBanks provide this data directly to the Finance Board, each FHLBank 
initially must collect the information from the private-sector member 
or housing associate from which the FHLBank acquires the mortgage loan.
    FHLBank members and housing associates already collect the vast 
majority of the data elements the Finance Board rule requires as part 
of their customary and usual business practices. They must collect this 
data in order to do business with the Federal National Mortgage 
Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation 
(Freddie Mac) under regulatory requirements issued by the Department of 
Housing and Urban Development (HUD) and pursuant to the information 
collection requirements under the Home Mortgage Disclosure Act (HMDA). 
Thus, this information collection imposes only a minor incremental 
additional burden on FHLBank members and housing associates.
    The primary duty of the Finance Board is to ensure that the 
FHLBanks operate in a safe and sound manner. 12 U.S.C. 1422a(a)(3)(A). 
To the extent consistent with the safety and soundness charge, the 
Finance Board also ensures that the FHLBanks carry out their housing 
finance mission. 12 U.S.C. 1422a(a)(3)(B). The Finance Board believes 
that the information collection is essential in order to monitor the 
safety and soundness of the FHLBanks. The Finance Board also believes 
that the information collection is necessary to monitor the extent to 
which the FHLBanks are fulfilling their statutory housing finance 
mission through their acquired member asset programs.
    The OMB number for the information collection is 3069-0058. The OMB 
clearance for the information collection expires on February 29, 2004.
    The likely respondents are institutions that sell acquired member 
assets to the FHLBanks.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
respondents at 600, with 12 responses per respondent. The estimate for 
the average hours per response is 8 hours. The estimate for the total 
annual hour burden is 57,600 hours (600 respondents x 12 responses per 
respondent x 8 hours).

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

[[Page 69406]]

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.

    Dated: December 8, 2003.

    By the Federal Housing Finance Board.
Donald Demitros,
Chief Information Officer.
[FR Doc. 03-30743 Filed 12-11-03; 8:45 am]
BILLING CODE 6725-01-P