[Federal Register Volume 74, Number 102 (Friday, May 29, 2009)]
[Notices]
[Pages 25744-25748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-12400]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2009-N-06]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 60-day Notice of Submission of Information Collection for 
Approval from the Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking 
public comments concerning a currently approved information collection 
known as ``Community Support Requirements,'' which has been assigned 
control number 2590-0005 by the Office of Management and Budget (OMB). 
The FHFA intends to submit the information collection to OMB for review 
and approval of a three-year extension of the control number, which is 
due to expire on September 30, 2009.

DATES: Interested persons may submit comments on or before July 28, 
2009.
    Comments: Submit comments to the FHFA using any one of the 
following methods: E-mail: [email protected]. Please include 
Proposed Collection; Comment Request: Community Support Requirements 
(No. 2009-N-06) in the subject line of the message.
    Mail/Hand Delivery: Federal Housing Finance Agency, Fourth Floor, 
1700 G Street NW., Washington, DC 20552, Attention: Public Comments/
Proposed Collection; Comment Request: ``Community Support 
Requirements,'' (No. 2009-N-06). Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
    We will post all public comments we receive without change, 
including any personal information you provide, such

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as your name and address, on the FHFA Web site at http://www.fhfa.gov.

FOR FURTHER INFORMATION CONTACT: Reggie Ellison, Senior Program 
Analyst, 202-408-2968 (not a toll-free number), 
[email protected]. The telephone number for the 
Telecommunications Device for the Deaf is 800-877-8339.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the Information Collection

    Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) 
requires the FHFA to promulgate regulations establishing standards of 
community investment or service that Federal Home Loan Bank (Bank) 
members must meet in order to maintain access to long-term advances. 
See 12 U.S.C. 1430(g)(1). In establishing these community support 
requirements for Bank members, the FHFA must take into account factors 
such as the Bank member's performance under the Community Reinvestment 
Act of 1977 (CRA), 12 U.S.C. 2901, et seq., and record of lending to 
first-time homebuyers. 12 U.S.C. 1430(g)(2). 12 CFR part 944 implements 
section 10(g) of the Bank Act. See 12 CFR part 944. The rule provides 
uniform community support standards all Bank members must meet and 
review criteria FHFA staff must apply to determine compliance with 
section 10(g). More specifically, section 944.2 of the rule (12 CFR 
944.2) implements the statutory community support requirement and 
requires each member selected for review to submit a completed 
Community Support Statement Form to the FHFA. A copy of the Community 
Support Statement Form is attached to this Notice. Section 944.3 (12 
CFR 944.3) establishes community support standards for the two 
statutory factors--CRA and first-time homebuyer performance--and 
provides guidance to a respondent on how it may satisfy the standards. 
Sections 944.4 and 944.5 (12 CFR 944.4-5) establish the procedures and 
criteria the FHFA uses in determining whether Bank members satisfy the 
statutory and regulatory community support requirements.
    The information collection contained in the Community Support 
Statement Form and sections 944.2 through 944.5 of the rule are 
necessary to enable and are used by the FHFA to determine whether Bank 
members satisfy the statutory and regulatory community support 
requirements. Only Bank members that meet these requirements may 
maintain continued access to long-term Bank advances. See 12 U.S.C. 
1430(g).
    The OMB number for the information collection is 2590-0005. The OMB 
clearance for the information collection expires on September 30, 2009. 
The likely respondents are institutions that are Bank members.

B. Burden Estimate

    The FHFA estimates the total annual average number of respondents 
at 4100 Bank members, with 1 response per member. The estimate for the 
average hours per response is one hour. The estimate for the total 
annual hour burden is 4100 hours (4100 members x 1 response per member 
x 1 hour).

C. Comment Request

    The FHFA requests written comments on the following: (1) Whether 
the collection of information is necessary for the proper performance 
of FHFA functions, including whether the information has practical 
utility; (2) the accuracy of the FHFA 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, including through the use of 
automated collection techniques or other forms of information 
technology.

    Dated: May 21, 2009.
James B. Lockhart III,
Director, Federal Housing Finance Agency.
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[FR Doc. E9-12400 Filed 5-28-09; 8:45 am]
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