[Federal Register Volume 72, Number 30 (Wednesday, February 14, 2007)]
[Notices]
[Pages 7036-7037]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-2574]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-N-04]


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 
``Members of the Banks,'' which has been assigned control 3069-0004 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 May 31, 
2007.

DATES: Interested persons may submit comments on or before April 16, 
2007.
    Comments: Submit comments only once 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.
    Include the following information in the subject line of your 
submission: Federal Housing Finance Board. Proposed Collection; Comment 
Request: Members of the Banks. 2007-N-04.
    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 Finance Board Web site at http://www.fhfb.gov/Default.aspx?Page=93.

FOR FURTHER INFORMATION CONTACT: Jonathon F. Curtis, Senior Financial 
Analyst, Supervisory & Regulatory Policy, 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, 1625 Eye 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 is contained in sections 925.2 through 
925.31 of the membership rule, 12 CFR 925.2-925.31, and chapter 2 of 
the Data Reporting Manual, which contains instructions addressing data 
definitions as well as requirements concerning data elements, reporting 
format, reporting method (e.g., electronic or paper), record retention, 
timeliness, reporting

[[Page 7037]]

frequency, and certification.\1\ This information collection 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 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.
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    \1\ The Data Reporting Manual is available electronically on the 
Finance Board Web site: http://www.fhfb.gov/Default.aspx?Page=101.
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    The OMB control number for the information collection is 3069-0004, 
which is due to expire on May 31, 2007. The likely respondents are 
institutions that want to be certified as or are members of a Bank.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
applicants at 300, with 1 response per applicant. The estimate for the 
average hours per application is 21.5 hours. The estimate for the 
annual hour burden for applicants is 6,450 hours (300 applicants x 1 
response per applicant x 21.5 hours per response).
    The Finance Board estimates the total annual average number of 
maintenance respondents, i.e., current Bank members, 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 annual hour burden for Bank 
members is 4,860 hours (8,100 members x 1 response per member x 0.6 
hours per response). The estimate for the total annual hour burden for 
all respondents is 11,310 hours.

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'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.

    Dated: February 9, 2007.
    By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
[FR Doc. E7-2574 Filed 2-13-07; 8:45 am]
BILLING CODE 6725-01-P