[Federal Register Volume 69, Number 71 (Tuesday, April 13, 2004)]
[Notices]
[Pages 19420-19421]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-8254]


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FEDERAL HOUSING FINANCE BOARD

[No. 2004-N-07]


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 ``Members of the 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 May 31, 2004.

DATES: Interested persons may submit comments on or before May 13, 
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 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 4 of the Federal Home Loan Bank Act (Bank Act) establishes 
the eligibility requirements an institution must meet in order to 
become a member of a Federal Home Loan Bank (Bank). See 12 U.S.C. 1424. 
Part 925 of the Finance Board regulations--the membership rule--
implements section 4 of the Bank Act. See 12 CFR part 925. The 
membership rule provides uniform requirements an applicant for Bank 
membership must meet and review criteria a Bank must apply to determine 
if an applicant satisfies the statutory and regulatory membership 
eligibility requirements.
    More specifically, the membership rule implements the statutory 
eligibility requirements and provides guidance to an applicant on how 
it may satisfy such requirements. The rule authorizes a Bank to approve 
or deny each membership application subject to the statutory and 
regulatory requirements and permits an applicant to appeal to the 
Finance Board a Bank's decision to deny certification as a Bank member. 
The rule also imposes a continuing obligation on a current Bank member 
to provide information necessary to determine if it remains in 
compliance with applicable statutory and regulatory eligibility 
requirements.
    The information collection, which is contained in Sec. Sec.  925.2 
through 925.31 of the membership rule, 12 CFR 925.2-925.31, is 
necessary to enable a Bank to determine if a respondent satisfies the 
statutory and regulatory requirements to be certified initially and 
maintain its status as a member eligible to obtain

[[Page 19421]]

Bank advances. The Finance Board requires and uses the information 
collection to determine whether to uphold or overrule a Bank's decision 
to deny member certification to an applicant.
    The OMB number for the information collection is 3069-0004. The OMB 
clearance for the information collection expires on May 31, 2004.
    The likely respondents are institutions that are or want to become 
members of a Bank.

B. Burden Estimate

    The Finance Board has analyzed the cost and hour burden for the 
four facets of the information collection--membership application 
process, minimum capital stock calculation, membership withdrawals and 
transfer of membership to another Bank district. The first notice 
inadvertently omitted the burden estimates for two of the four facets 
of the information collection. As explained in more detail below, the 
estimate for the total annual hour burden is 12,346 hours.

1. Membership Application Process

    The Finance Board estimates the total annual average number of 
applicants for Bank membership at 300, with 1 response per applicant. 
The estimate for the average hours per application is 24.5 hours. The 
Finance Board estimates the total annual average number of applications 
appealed to the Finance Board at one. The estimate for the average 
hours per appellate application is 10 hours. The estimate for the total 
annual hour burden for the membership application process is 7450 hours 
(300 applicants x 1 application x 24.5 hours + 1 appellant x 1 appeal x 
10 hours).

2. Minimum Capital Stock Calculation

    The Finance Board estimates the total annual average number of Bank 
members that must calculate the minimum capital stock requirement at 
8,100, with 1 response per member. The estimate for the average hours 
per maintenance response is 0.6 hours. The estimate for the total 
annual hour burden for the minimum capital stock calculation is 4860 
hours (8100 members x 1 response x 0.6 hours).

3. Membership Withdrawals

    The Finance Board estimates the total annual average number of 
members that will file to withdraw from Bank membership at 30, with 1 
filing per member. The estimate for the average hours per filing is 0.6 
hours. The estimate for the total annual hour burden for membership 
withdrawals is 18 hours (30 members x 1 filing x 0.6 hours).

4. Transfer of Membership to Another Bank District

    The Finance Board estimates the total annual average number of 
members that will file to transfer membership to another Bank district 
at 5, with 1 filing per member. The estimate for the average hours per 
filing is 3.5 hours. The estimate for the total annual hour burden for 
membership transfers is 18 hours (5 members x 1 filing x 3.5 hours).

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 February 5, 2004. See 
69 FR 5546 (Feb. 5, 2004). The 60-day comment period closed on April 5, 
2004. The Finance Board received one comment urging increased use of 
electronic information. The Finance Board encourages the use of 
information technology to reduce the information collection burden. 
However, the extent of use is determined by each Bank. The comment is 
available on the Finance Board Web site at http://www.fhfb.gov/pressroom/pressroom_regs.htm.
    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: April 5, 2004.

    By the Federal Housing Finance Board.
Donald Demitros,
Chief Information Officer.
[FR Doc. 04-8254 Filed 4-12-04; 8:45 am]
BILLING CODE 6725-01-P