[Federal Register Volume 69, Number 1 (Friday, January 2, 2004)]
[Notices]
[Page 77]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-32308]


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FEDERAL HOUSING FINANCE BOARD

[No. 2003-N-10]


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) has 
submitted the information collection entitled ``Capital Requirements 
for the Federal Home Loan Banks'' 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 December 31, 2003.

DATES: Interested persons may submit comments on or before February 2, 
2004.

ADDRESSES: Send 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. For copies 
of the information collection or public comments, contact Mary 
Gottlieb, by e-mail at [email protected], by facsimile at 202/408-
2580, by telephone at 202/408-2826, or by regular mail to the Federal 
Housing Finance Board, 1777 F Street, NW., Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Jonathon F. Curtis, Senior Financial 
Analyst, Regulations & Research Division, Office of Supervision, by e-
mail at [email protected], by telephone at 202/408-2866, 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 6 of the Federal Home Loan Bank Act (Bank Act) establishes 
the capital structure for the Federal Home Loan Banks (Banks) and 
requires the Finance Board to issue regulations prescribing uniform 
capital standards applicable to each Bank. 12 U.S.C. 1426. In 
compliance with the requirements of section 6, the Finance Board added 
parts 930, 931, 932 and 933 to its regulations to implement the 
statutory capital structure for the Banks. 12 CFR parts 930, 931, 932 
and 933. Part 930 establishes definitions applicable to risk management 
and the capital regulations; part 931 concerns Bank capital stock; part 
932 establishes Bank capital requirements; and part 933 sets forth the 
requirements for Bank capital structure plans. The implementing 
regulations also include conforming changes to parts 917, 925 and 956, 
which concern, respectively, the powers and responsibilities of Bank 
boards of directors and senior management, Bank members, and Bank 
investments. 12 CFR parts 917, 925 and 956.
    The Banks use the information collection contained in the rules 
implementing section 6 of the Bank Act to determine the amount of 
capital stock a member must purchase to maintain membership in and to 
obtain services from a Bank. More specifically, sections 931.3 and 
933.2(a) authorize a Bank to offer its members several options to 
satisfy a membership investment in capital stock and an activity-based 
stock purchase requirement. 12 CFR 931.3 and 933.2(a). The information 
collection is necessary to provide the Banks with the flexibility to 
meet the statutory and regulatory capital structure requirements while 
allowing Bank members to choose the option best suited to their 
business requirements.
    The OMB number for the information collection is 3069-0059. The OMB 
clearance for the information collection expires on December 31, 2003. 
The likely respondents include Banks and Bank members.

B. Burden Estimate

    While the number of member respondents has increased, the burden 
has decreased significantly because the Banks can access most of the 
data required by the information collection electronically from call 
reports the members already must file with their primary regulator. The 
estimate for the total annual hour burden for all member respondents is 
35,100 hours. The estimate for the total annual cost burden is 
$1,508,598. These estimates are based on the following calculations:
    The Finance Board estimates the total annual average number of 
activity-based stock purchase requirement member respondents at 5,500, 
with 4 responses per member. The estimate for the average hours per 
response is 0.65 hours. The estimate for the annual hour burden for 
activity-based stock purchase requirement member respondents is 14,300 
hours (5,500 activity-based member respondents x 4 responses per member 
x 0.65 hours per response). The estimate for the annual cost burden is 
$614,614 (14,300 hours x $42.98 hourly rate).
    The Finance Board estimates the total annual average number of 
membership investment in capital stock member respondents at 8,000, 
with 4 responses per member. The estimate for the average hours per 
response is 0.65 hours. The estimate for the annual hour burden for 
membership investment in capital stock member respondents is 20,800 
hours (8,000 membership investment member respondents x 4 responses per 
member x 0.65 hours per response). The estimate for the annual cost 
burden is $893,984 (20,800 hours x $42.98 hourly rate).

C. Comment Request

    In accordance with the requirements of 5 CFR Sec.  1320.8(d), the 
Finance Board published a request for public comments regarding this 
information collection in the Federal Register on September 22, 2003. 
See 68 FR 55056 (Sept. 22, 2003). The 60-day comment period closed on 
November 21, 2003. 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'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.

    Dated: December 29, 2003.

    By the Federal Housing Finance Board.
Donald Demitros,
Chief Information Officer.
[FR Doc. 03-32308 Filed 12-31-03; 8:45 am]
BILLING CODE 6725-01-P