[Federal Register Volume 72, Number 152 (Wednesday, August 8, 2007)]
[Notices]
[Pages 44540-44556]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-3862]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-N-11]


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 a 3 year extension by the Office of 
Management and Budget (OMB) of its approval of the information 
collection entitled ``Federal Home Loan Bank Directors.'' OMB has been 
assigned control number 3069-0002, which is due to expire on November 
30, 2007.

DATES: Interested persons may submit comments on or before October 9, 
2007.
    Comments: Submit comments by any one 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: Federal Home Loan Bank Directors. 
2007-N-11.
    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&Top=93.

FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Program Analyst, 
Office of Supervision, by electronic mail at [email protected], by 
telephone at 202-408-2872, or by regular mail to the Federal Housing 
Finance Board, 1625 Eye Street, NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

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A. Need for and Use of Information Collection

    Section 7 of the Federal Home Loan Bank Act (Bank Act) (12 U.S.C. 
1427) and the Finance Board's implementing regulation, codified at 12 
CFR part 915, establish the eligibility requirements and the procedures 
for electing and appointing Federal Home Loan Bank (Bank) directors. 
Under part 915, the Banks determine the eligibility of elective 
directors and director nominees and run the annual director election 
process. To determine eligibility, the Banks use the Federal Home Loan 
Bank Elective Director Eligibility Certification Form, which has not 
changed since the information collection was last cleared in 2004. A 
copy of the Form is attached to this Notice. The Finance Board welcomes 
comments on the Form.
    In 2007, the Finance Board published two rules affecting the 
eligibility and selection of appointive Bank directors. The first rule, 
published in April 2007, requires the boards of directors of the Banks 
to submit to the Finance Board a list of individuals that includes 
information regarding each individual's eligibility and qualifications 
to serve as a Bank director. The Finance Board uses the list provided 
by each Bank to select well-qualified individuals to serve on the 
Bank's board of directors. See 72 FR 15600 (Apr. 2, 2007). The second 
rule, published in June 2007, clarifies the types of financial 
interests an appointive Bank director may maintain in a member of the 
Bank on whose board the director serves. See 72 FR 33637 (June 19, 
2007). As a result of these regulatory changes, the Finance Board has 
revised the form the Banks and the Finance Board use to determine 
whether prospective appointive directors satisfy the statutory and 
regulatory eligibility requirements and renamed it the Federal Home 
Loan Bank Appointive Director Application Form (Application Form). The 
revised Application Form asks individuals for information about their 
background and qualifications to serve as an appointive Bank director 
as well as compliance with statutory eligibility requirements. It also 
conforms the information about prohibited financial interests to the 
new rule. In addition, to reduce the burden on incumbent appointive 
directors, the Finance Board has created a new Federal Home Loan Bank 
Appointive Bank Director Annual Certification Form (Annual Form) that 
allows individuals simply to certify that they continue to meet the 
director eligibility requirements. Copies of both the revised 
Application Form and the new Annual Form are attached to this Notice. 
The Finance Board welcomes comments on both forms.
    The likely respondents include Banks, Bank members, and prospective 
and incumbent Bank directors. The OMB number for the information 
collection is 3069-0002. The OMB clearance for the information 
collection expires on November 30, 2007.

B. Burden Estimate

    The Finance Board estimates that the total number of respondents is 
4,351, which includes 12 Banks, 4,000 Bank members, and 339 prospective 
and incumbent Bank directors. As explained below, the Finance Board 
estimates that the total annual hour burden for all respondents is 
4,501.5 hours.

1. Elections and Elective Directors

a. Banks
    The Finance Board estimates the total annual average hour burden 
for each Bank to conduct the election of directors and to process 
Elective Director Eligibility Certification Forms is 235 hours. The 
estimate for the average hour burden for all Banks is 2,820 hours (12 
Banks x 235 hours).
b. Members
    The Finance Board estimates the total annual average hour burden 
for all Bank members to participate in the election process is 1,075 
hours. This includes the time necessary to consider elective director 
candidates and to cast votes. The Finance Board estimates that Bank 
members will consider 300 elective director candidates annually for a 
total of 75 hours (300 individuals x 15 minutes = 75 hours). The 
Finance Board estimates the total annual average hour burden for a Bank 
member to vote in the director election is 15 minutes for a total of 
1,000 hours (4,000 voting members x 15 minutes = 1,000 hours).
c. Prospective and Incumbent Elective Directors
    The Finance Board estimates the total annual average hour burden 
for all prospective and incumbent elective directors is 75 hours. This 
includes a total annual average of 100 prospective elective directors 
(out of the 300 individuals the Banks consider), with 1 response per 
individual taking an average of 30 minutes (100 individuals x 30 
minutes = 50 hours). It also includes a total annual average of 100 
incumbent elective directors, with 1 response per individual taking an 
average of 15 minutes (100 individuals x 15 minutes = 25 hours).

2. Appointive Directors

a. Banks
    The Finance Board estimates the total annual average hour burden 
for each Bank to recruit, review, and recommend individuals to be 
appointed as Bank directors is 28 hours. The estimate for the average 
hour burden for all Banks is 336 hours (12 Banks x 28 hours).
b. Prospective and Incumbent Appointive Directors
    The Finance Board estimates the total annual average hour burden 
for all prospective and incumbent appointive directors is 195.5 hours. 
This includes a total annual average number of 84 prospective 
appointive directors with 1 response per individual taking an average 
of 2 hours (84 individuals x 2 hours = 168 hours). It also includes a 
total annual average of 55 incumbent appointive directors, with 1 
response per individual taking an average of 30 minutes (55 individuals 
x 30 minutes = 27.5 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: August 2, 2007.

    By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
BILLING CODE 6725-01-P

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[FR Doc. 07-3862 Filed 8-7-07; 8:45 am]
BILLING CODE 6725-01-C