[Federal Register Volume 72, Number 89 (Wednesday, May 9, 2007)]
[Notices]
[Pages 26386-26387]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8833]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-N-08]


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 3 year extension of the OMB control number, 3069-0004, which is due 
to expire on May 31, 2007.

DATES: Interested persons may submit comments on or before June 8, 
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 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 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 has analyzed the cost and hour burden for the 
four facets of the information collection: Membership application 
process, minimum capital stock calculation for applicants, membership 
withdrawals, and transfer of membership to another Bank district. The 
first notice inadvertently omitted the burden estimates for the last 
two of these four facets of the information collection. The estimate 
for the total annual hour burden for all applicant/member respondents 
is 4,770 hours. The estimate for the total annual cost burden is 
$789,285. These estimates are based on the following calculations:

[[Page 26387]]

Membership Application Process

    The Finance Board estimates the total annual average number of 
applicants at 240, with 1 response per applicant. Of these 240 
applicants, the Finance Board estimates that 1 applicant will appeal a 
Bank's membership determination to the Finance Board. The estimate for 
the average hours per application is 19.5 hours. The estimate for the 
average hours per appeal is 10 hours. The estimate for the annual hour 
burden for applicants is 4,690 hours (240 applicants x 1 response per 
applicant x 19.5 hours per response + 1 appellant x 1 appeal x 10 
hours). The estimate for the total annual cost burden to applicants of 
the membership application process is $778,830.

Minimum Capital Stock Calculation for Applicants

    The Finance Board has excluded minimum capital stock calculations 
for current Bank members from this information collection because the 
data already is compiled and accounted for in the information 
collection titled ``Capital Requirements for the Federal Home Loan 
Banks.'' See 72 FR 7036 (Feb. 14, 2007) and 72 FR 18479 (April 12, 
2007). The Finance Board estimates the total annual average number of 
applicants at 240, with 1 response per applicant. The estimate for the 
average hours per capital stock calculation is 0.1 hours. The estimate 
for the annual hour burden for applicants is 24 hours (240 applicants x 
1 response per applicant x 0.1 hours per response). The estimate for 
the total annual cost burden to applicants of the minimum capital stock 
calculation is $3,168.

Membership Withdrawals

    The Finance Board estimates the total annual average number of 
members that will file to withdraw from Bank membership at 14, 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 
withdrawals is 49 hours (14 members x 1 filing x 3.5 hours). The 
estimate for the total annual cost burden to members of the withdrawal 
from membership process is $6,468.

Transfer of Membership to Another Bank District

    The Finance Board estimates the total annual average number of 
members that may file to transfer membership to another Bank district 
at 2, 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 7 hours (2 members x 1 filing x 3.5 hours). The 
estimate for the total annual cost burden to applicants of the transfer 
of membership process is $819.

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 14, 2007. 
See 72 FR 7036 (Feb. 14, 2007). The 60-day comment period closed on 
April 16, 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: May 3, 2007.

    By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
[FR Doc. E7-8833 Filed 5-8-07; 8:45 am]
BILLING CODE 6725-01-P