[Federal Register Volume 70, Number 198 (Friday, October 14, 2005)]
[Notices]
[Pages 60079-60083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-20575]


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FEDERAL HOUSING FINANCE BOARD

[No. 2005-N-06]


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) is 
seeking public comments concerning the information collection known as 
``Community Support Requirements,'' which has been assigned control 
number 3069-0003 by the Office of Management and Budget (OMB). The 
Finance Board intends to submit the information collection to OMB for 
review and approval of a 3 year extension of the control number, which 
is due to expire on February 28, 2006.

DATES: Interested persons may submit comments on or before December 13, 
2005.

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    Comments: Submit comments by any of the following methods:
    E-mail: [email protected].
    Fax: 202-408-2580.
    Mail/Hand Delivery: Federal Housing Finance Board, 1625 Eye Street 
NW., Washington, DC 20006, ATTENTION: Public Comments.
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
instructions for submitting comments. If you submit your comment to the 
Federal eRulemaking Portal, please also send it by e-mail to the 
Finance Board at [email protected] to ensure timely receipt by the 
agency.
    Include the following information in the subject line of your 
submission: Federal Housing Finance Board. Proposed Collection; Comment 
Request: Community Support Requirements. 2005-N-06.
    We will post all public comments we receive on this notice without 
change, including any personal information you provide, such as your 
name and address, on the Rules, Notices, and Public Comments chart on 
the Finance Board Web site at http://www.fhfb.gov/Default.aspx?Page=93&Top=93.

FOR FURTHER INFORMATION CONTACT: Emma Fitzgerald, Program Analyst, 
Office of Supervision, by telephone at 202-408-2874, by electronic mail 
at [email protected], or by regular mail at the Federal Housing 
Finance Board, 1625 Eye Street NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the Information Collection

    Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) 
requires the Finance Board to promulgate regulations establishing 
standards of community investment or service that Federal Home Loan 
Bank (FHLBank) members must meet in order to maintain access to long-
term advances. See 12 U.S.C. 1430(g)(1). In establishing these 
community support requirements for FHLBank members, the Finance Board 
must take into account factors such as the FHLBank member's performance 
under the Community Reinvestment Act of 1977 (CRA), 12 U.S.C. 2901, et 
seq., and record of lending to first-time homebuyers. 12 U.S.C. 
1430(g)(2). Part 944 of the Finance Board regulations implements 
section 10(g) of the Bank Act. See 12 CFR part 944. The rule provides 
uniform community support standards all FHLBank members must meet and 
review criteria Finance Board staff must apply to determine compliance 
with section 10(g). More specifically, section 944.2 of the rule (12 
CFR 944.2) implements the statutory community support requirement and 
requires each member selected for review to submit a completed 
Community Support Statement Form to the Finance Board. A copy of the 
Community Support Statement Form is attached to this Notice. Section 
944.3 (12 CFR 944.3) establishes community support standards for the 
two statutory factors--CRA and first-time homebuyer performance--and 
provides guidance to a respondent on how it may satisfy the standards. 
Sections 944.4 and 944.5 (12 CFR 944.4-5) establish the procedures and 
criteria the Finance Board uses in determining whether FHLBank members 
satisfy the statutory and regulatory community support requirements.
    The information collection contained in the Community Support 
Statement Form and sections 944.2 through 944.5 of the rule is 
necessary to enable and is used by the Finance Board to determine 
whether FHLBank members satisfy the statutory and regulatory community 
support requirements. Only FHLBank members that meet these requirements 
may maintain continued access to long-term FHLBank advances. See 12 
U.S.C. 1430(g).
    The OMB number for the information collection is 3069-0003. The OMB 
clearance for the information collection expires on February 28, 2006. 
The likely respondents are institutions that are members of an FHLBank.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
respondents at 5155 FHLBank members, with one response per member. The 
estimate for the average hours per response is one hour. The estimate 
for the total annual hour burden is 5155 hours (5155 members x 1 
response per member x 1 hour).

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 
Board 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 applicants and housing associates, including through the 
use of automated collection techniques or other forms of information 
technology.

    Dated: October 7, 2005.

    By the Federal Housing Finance Board.
John P. Kennedy,
General Counsel.
BILLING CODE 6725-01-P

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[FR Doc. 05-20575 Filed 10-13-05; 8:45 am]
BILLING CODE 6725-01-C