[Federal Register Volume 69, Number 54 (Friday, March 19, 2004)]
[Notices]
[Page 13037]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-6196]


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

FEDERAL HOUSING FINANCE BOARD

[No. 2004-N-05]


Prices for Federal Home Loan Bank Services

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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

SUMMARY: The Federal Housing Finance Board (Finance Board) annually 
publishes the prices a Federal Home Loan Bank (Bank) may charge for 
processing and settlement of items such as negotiable order of 
withdrawal (NOW) and demand deposit (DDA) accounts offered to Bank 
members and other eligible institutions. Since no Banks currently offer 
item processing services directly to their members or other eligible 
institutions, the Finance Board is not publishing prices for Bank 
services for 2004.

EFFECTIVE DATE: March 19, 2004.

FOR FURTHER INFORMATION CONTACT: Gary Ternullo, Assistant Director, 
Office of Supervision, Risk Monitoring Division, by electronic mail at 
[email protected] or by telephone at (202) 408-2904, or Edwin J. 
Avila, Financial Analyst, by electronic mail at [email protected] or by 
telephone at (202) 408-2871 or by regular mail at the Federal Housing 
Finance Board, 1777 F Street, NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION: Section 11(e) of the Federal Home Loan Bank 
Act (Bank Act) (12 U.S.C. 1431(e)) authorizes the Banks to: (1) Accept 
demand deposits from member institutions; (2) be drawees of payment 
instruments; (3) engage in collection and settlement of payment 
instruments drawn on or issued by members and other eligible 
institutions; and (4) have such incidental powers as are necessary to 
the exercise of such authority. Section 11(e)(2)(B) of the Bank Act (12 
U.S.C. 1431(e)(2)(B)) requires the Finance Board to determine and 
regulate the charges the Banks must charge for these services. In 
accordance with section 11(e)(2)(B), the Finance Board annually 
publishes prices for Bank services in the Federal Register. See 12 CFR 
975.6(c).
    The Banks provide some correspondent services to their members or 
other eligible financial institutions, such as securities safekeeping, 
disbursements, coin and currency, settlement, and electronic funds 
transfer. However, the Banks do not provide services related to 
processing of items drawn against or deposited into third party 
accounts held by their members or other eligible financial 
institutions. Since no Banks currently offer item processing services 
directly to their members or other eligible financial institutions, the 
Finance Board is not publishing prices for Bank services for 2004. In 
addition, until a Bank resumes offering item processing services, the 
Finance Board will not publish a notice of prices in the Federal 
Register.

    Dated: March 12, 2004.

    By the Federal Housing Finance Board,
Stephen M. Cross,
Director, Office of Supervision.
[FR Doc. 04-6196 Filed 3-18-04; 8:45 am]
BILLING CODE 6725-01-P