[Federal Register Volume 72, Number 70 (Thursday, April 12, 2007)]
[Notices]
[Pages 18479-18480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-6890]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-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 ``Capital Requirements 
for the Federal Home Loan Banks'' to the Office of Management and 
Budget (OMB) for review and approval of a 3-year extension of the OMB 
control number, 3069-0059, which is due to expire on May 31, 2007.

DATES: Interested persons may submit comments on or before May 14, 
2007.

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 CONTACT: Jonathan 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, 1625 Eye Street, NW., 
Washington DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the Information Collection

    Section 6 of the Federal Home Loan Bank Act establishes the capital 
structure for the Federal Home Loan Banks (Banks) and requires the 
Finance Board to issue regulations prescribing uniform capital 
standards applicable to each Bank. 12 U.S.C. 1426. To implement the 
statutory capital structure for the Banks, the Finance Board added 
parts 930, 931, 932, and 933 to its regulations. 12 CFR parts 930, 931, 
932, and 933. Part 930 establishes definitions applicable to risk 
management and the capital regulations; part 931 concerns Bank capital 
stock; part 932 establishes Bank capital requirements; and part 933 
sets forth the requirements for Bank capital structure plans. The 
implementing regulations also include conforming changes to parts 917, 
925, and 956, which concern, respectively, the powers and 
responsibilities of Bank boards of directors and senior management, 
Bank members, and Bank investments. 12 CFR parts 917, 925, and 956.
    The Banks use the information collection contained in the rules 
implementing section 6 to determine the amount of capital stock a 
member must purchase to maintain membership in and to obtain services 
from a Bank. More specifically, sections 931.3 and 933.2(a) of the 
Finance Board rules authorize a Bank to offer its members several 
options to satisfy required investments in capital stock as activity-
based and/or membership stock purchase requirements. 12 CFR 931.3 and 
933.2(a). The information collection is necessary to provide the Banks 
with the flexibility to meet the statutory and regulatory capital 
structure requirements while allowing Bank members to choose the option 
best suited to their business requirements.
    The OMB control number for the information collection is 3069-0059, 
and it is due to expire on May 31, 2007. The likely respondents include 
Bank members.

B. Burden Estimate

    While the number of member respondents and the volume of 
information have increased, the overall burden has decreased 
significantly because the Banks can access almost all of the data 
required by the information collection electronically from call reports 
the members already must file with their primary regulator. The 
estimate for the total annual hour burden for all member respondents is 
8,953 hours. The estimate for the total annual cost burden is $367,073. 
These estimates are based on the following calculations:
    The Banks determine members' activity-based stock purchase 
requirements on a daily basis. Based on input from the Banks, we 
estimated the cost and hour burden of the activity-based stock purchase 
requirement information collection using a daily average of 564 member 
respondents submitting 1 report for each of the 260 business days 
during the year. The estimate for the average hours per response is .05 
hours. The estimate for

[[Page 18480]]

member respondents' annual hour burden related to activity-based stock 
purchase requirements is 7,332 hours (564 average daily activity-based 
member respondents x 260 responses per member x 0.05 hours per 
response). The estimate for the annual cost burden is $300,612 (7,332 
hours x $41 hourly rate).
    The Finance Board estimates the total annual average number of 
member respondents for membership stock purchase requirements at 8,105, 
with 4 responses per member. The estimate for the average hours per 
response is 0.05 hours. The estimate for member respondents' annual 
hour burden related to membership stock purchase requirements is 1,621 
hours (8,105 membership investment member respondents x 4 responses per 
member x 0.05 hours per response). The estimate for the annual cost 
burden is $66,461 (1,621 hours x $41 hourly rate).

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 January 26, 2007. See 
72 FR 3848 (Jan. 26, 2007). The 60-day comment period closed on March 
27, 2007. The Finance Board received no public comments.
    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 6, 2007.

    By the Federal Housing Finance Board.

Neil R. Crowley,
Acting General Counsel.
 [FR Doc. E7-6890 Filed 4-11-07; 8:45 am]
BILLING CODE 6725-01-P