[Federal Register Volume 71, Number 119 (Wednesday, June 21, 2006)]
[Notices]
[Pages 35677-35678]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-9755]


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FEDERAL HOUSING FINANCE BOARD

[No. 2006-N-03]


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 ``Federal Home Loan Bank 
Acquired Member Assets, Core Mission Activities, Investments and 
Advances'' to the Office of Management and Budget (OMB) for review and 
approval of a 3 year extension of the OMB control number, which is due 
to expire on March 31, 2007.
    Elsewhere in this issue of the Federal Register, the Finance Board 
is publishing a final rule that reorganizes the way it imposes certain 
reporting requirements on the Federal Home Loan Banks (Banks), 
including the reporting requirements in this information collection. 
The information collection has been moved from Finance Board 
regulations and into the Data Reporting Manual, which is an enforceable 
order issued pursuant to the Finance Board's investigatory powers.

DATES: Interested persons may submit comments on or before July 21, 
2006.

ADDRESSES: Submit 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 OR COPIES OF THE INFORMATION COLLECTION 
CONTACT: David Roderer, Office of Supervision, by e-mail at 
[email protected], by telephone at 202-408-2540, 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

    The Finance Board has authorized the Banks to acquire mortgage 
loans and other assets from their members or housing associates under 
certain

[[Page 35678]]

circumstances. 12 CFR part 955. The regulation refers to these assets 
as acquired member assets or AMA. As part of this regulatory 
authorization, each Bank that acquires residential mortgage loans must 
provide to the Finance Board certain loan-level data on a quarterly 
basis. The Finance Board uses this data to monitor the safety and 
soundness of the Banks and the extent to which the Banks are fulfilling 
their statutory housing finance mission through their AMA programs. See 
12 U.S.C. 1422a(a).
    While the Banks provide the AMA data directly to the Finance Board, 
each Bank initially must collect the information from the private-
sector member or housing associate from which the Bank acquires the 
mortgage loan. Bank members and housing associates already collect the 
vast majority of the data the Finance Board requires in order to do 
business with Fannie Mae and Freddie Mac under regulatory requirements 
issued by the Department of Housing and Urban Development and pursuant 
to the information collection requirements under the Home Mortgage 
Disclosure Act. Thus, the Finance Board's information collection 
imposes only a minor incremental additional burden on Bank members and 
housing associates.
    Elsewhere in this issue of the Federal Register, the Finance Board 
is publishing a final rule that reorganizes the way it imposes certain 
reporting requirements on the Banks, including the reporting 
requirements in this information collection. More specifically, the 
final rule removes the reporting requirements from 12 CFR part 955 
(specifically, Sec.  955.4 and Appendices A and B). At the same time it 
adopted the final rule, the Board of Directors added the AMA reporting 
requirements to the Data Reporting Manual (DRM), where they will appear 
as Chapter Three.\1\ The DRM is available electronically on the Finance 
Board Web site at: http://www.fhfb.gov/Default.aspx?Page=101.
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    \1\ See Resolution Number 2006-11 (June 14, 2006) (available 
electronically in the FOIA Reading Room of the Finance Board Web 
site at: http://www.fhfb.gov/Default.aspx?Page=59&Top=4).
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    The OMB control number for the information collection, which 
expires on March 31, 2007, is 3069-0058. The likely respondents are 
institutions that sell AMA assets to Banks.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
respondents at 600, with 4 responses per respondent. The estimate for 
the average hours per response is 24 hours. The estimate for the total 
annual hour burden is 57,600 hours (600 respondents x 4 responses per 
respondent x 24 hours).
    Bank members and housing associates could incur additional one-time 
costs to be able to collect and report the loan-level data elements 
needed to allow for better tracking and modeling of prepayment and 
default rates of mortgage portfolios. The Finance Board estimates this 
additional, one-time cost at $120,000 ($2,000 x 600 members/housing 
associates).

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding proposed 
changes to the AMA database and the burden estimates for this 
information collection in the Federal Register on November 2, 2005. See 
70 FR 66413 (Nov. 2, 2005). The 60-day comment period closed on January 
3, 2006. The Finance Board did not receive any comments.
    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's estimates of the burdens and costs 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. Submit comments to OMB in writing at the address listed 
above.

    Dated: June 14, 2006.

    By the Federal Housing Finance Board.
John P. Kennedy,
General Counsel.
 [FR Doc. E6-9755 Filed 6-20-06; 8:45 am]
BILLING CODE 6725-01-P