[Federal Register Volume 76, Number 19 (Friday, January 28, 2011)]
[Notices]
[Pages 5161-5178]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-1825]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2011-N-02]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: Submission of Information Collection for Emergency Approval 
from the Office of Management and Budget.

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SUMMARY: The Federal Housing Finance Agency (FHFA) submitted to the 
Office of Management and Budget (OMB) for emergency review, revisions 
to the information collection, ``Federal Home Loan Bank Directors,'' 
OMB No. 2590-0006. The revisions were approved under the Paperwork 
Reduction Act of 1995, Public Law 104-13. Specifically, FHFA requested 
review of revisions to the 2008 OMB-approved Federal Home Loan Bank 
Elective Director Eligibility Certification Form, the Federal Home Loan 
Bank Appointive Director Application Form, and the Federal Home Loan 
Bank Appointive Director Certification Form. Since 2008, when the 
Federal Home Loan Banks' (Bank) former regulator, the Federal Housing 
Finance Board (Finance Board), last obtained OMB approval for this 
information collection, there have been statutory and regulatory 
changes affecting the use of the forms. The passage of the Housing and 
Economic Recovery Act of 2008 (HERA), Public Law 110-289 (2008) amended 
section 7

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of the Federal Home Loan Bank Act (Bank Act) which provided for the 
appointment of a portion of each Federal Home Loan Bank's board of 
directors. The HERA amendments resulted in needed revisions to the 
current OMB-approved forms associated with these appointments. The 
first of the revisions to the forms includes renaming them 
respectively, the Federal Home Loan Bank Member Director Eligibility 
Certification Form, the Federal Home Loan Bank Independent Director 
Application Form, and the Federal Home Loan Bank Independent Director 
Annual Certification Form. A more detailed description of the remaining 
revisions is discussed below in Overview of the Information Collection. 
FHFA requested emergency review of these revisions because the revised 
forms are being used in January 2011. These revisions did not result in 
a change in burden.
    To allow interested persons to comment on this information 
collection, FHFA is publishing this notice and plans to submit a 
request for a three-year extension of OMB's approval. Comments 
regarding this information collection should be addressed to the Office 
of Information and Regulatory Affairs of OMB, Attention: Desk Officer 
for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 202-
395-6974, Email: [email protected]. Please also submit 
comments to FHFA using any one of the following methods and include 
``Comments: Federal Home Loan Bank Directors (No. 2011-N-02)'' as the 
subject:
     E-mail: [email protected];
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at [email protected] to ensure timely receipt by FHFA.
     U.S. Mail/Hand Delivery: Federal Housing Finance Agency, 
Fourth Floor, 1700 G Street, NW., Washington, DC 20552.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, on the FHFA website at http://www.fhfa.gov. In addition, 
copies of all comments received will be available for examination by 
the public on business days between the hours of 10 a.m. and 3 p.m., at 
the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., 
Washington, DC 20552. To make an appointment to inspect comments, 
please call the Office of General Counsel at 202-414-6924.

DATES: Interested persons may submit comments on or before March 28, 
2011.

FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Management 
Analyst, Division of FHLBank Regulation, [email protected], 
(202) 408-2872 (this is not a toll-free number), Federal Housing 
Finance Agency, 1625 Eye Street, NW., Washington, DC 20006; Eric M. 
Raudenbush, Assistant General Counsel, [email protected], (202) 
414-6421 (this is not a toll-free number); Federal Housing Finance 
Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The 
telephone number for the Telecommunications Device for the Hearing 
Impaired is (800) 877-8339.

A. Overview of the Information Collection

    Title of the Collection: Federal Home Loan Bank Directors.
    OMB No.: 2590-0006.
    Expires: July 31, 2011.
    Need and Use of the Information Collection: Section 7 of the Bank 
Act vests the management of each Bank in its board of directors. See 12 
U.S.C. 1427(a)(1). As required by section 7, each Bank's board 
comprises two types of directors: (1) Member directors, who are drawn 
from the officers and directors of member institutions located in the 
Bank's district and who are elected every four years to represent 
members in a particular state; and (2) independent directors, who are 
unaffiliated with any Bank member and who are elected every four years 
on an at-large basis in each Bank district. See 12 U.S.C. 1427(b) and 
(d). Section 7 and FHFA's implementing regulation, codified at 12 CFR 
part 1261, establish the eligibility requirements for both types of 
Bank directors and the qualifications for independent directors, and 
set forth the procedures for their election.
    Under part 1261 of the regulations, the Banks determine the 
eligibility of nominees for member and independent directorships and 
administer the annual director election process. As part of this 
process, candidates for both types of directorship, including 
incumbents, are required to complete and return to the Bank a form that 
solicits information about the candidate's statutory eligibility to 
serve and, in the case of independent director candidates, about his or 
her qualifications for the directorship being sought. See 12 CFR 
1261.7(c) and (f); 12 CFR 1261.14(b). Specifically, member director 
candidates are required to complete the Federal Home Loan Bank Member 
Director Eligibility Certification Form (Member Director Eligibility 
Certification Form), while independent director candidates must 
complete the Federal Home Loan Bank Independent Director Application 
Form (Independent Director Application Form). Part 1261 also requires 
that all directors certify annually that they continue to meet all 
eligibility requirements. See 12 CFR 1261.12. Member directors do this 
by completing the Member Director Eligibility Certification Form again 
every year, while Independent Directors complete the abbreviated 
Federal Home Loan Bank Independent Director Annual Certification Form 
(Independent Director Annual Certification Form) to certify their 
ongoing eligibility. (These three forms are hereinafter referred to 
collectively as the ``Bank Director Forms.'')
    Since 2008, when the Banks' former regulator, the Finance Board, 
last obtained OMB approval for this information collection, there have 
been statutory and regulatory changes affecting the use of the forms. 
Prior to the passage of HERA, section 7 of the Bank Act provided for 
the appointment of a portion of each Bank's board of directors by the 
Finance Board. HERA amended section 7 by replacing this ``appointive 
director'' requirement with the current requirement that independent 
directors be elected by each Bank's membership on an at-large basis. 
Because the eligibility requirements and qualifications that HERA 
established for independent directors are similar to those that 
previously applied to appointive directors, FHFA made some minor 
revisions to the OMB-approved Federal Home Loan Bank Appointive 
Director Application Form to create the Independent Director 
Application Form. Similarly, FHFA made some minor revisions to the OMB-
approved Federal Home Loan Bank Appointive Director Certification Form 
to create the Independent Director Annual Certification Form. Although 
no significant changes were made, FHFA also revised the OMB-approved 
Federal Home Loan Bank Elective Director Eligibility Certification Form 
in order to conform to the new nomenclature established by HERA and 
thereby created the Member Director Eligibility Certification Form. 
None of these revisions resulted in any change in the burden associated 
with the completion of any of the Bank Director Forms.
    Affected Public: Private Sector.
    Costs: FHFA estimates that there will be no annualized capital/
start-up costs

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for the respondents to collect and submit the information.
    Type of Respondents: Individuals who are prospective and incumbent 
Bank Directors.

B. Burden Estimate

    FHFA estimates the total number of respondents is 295, which 
includes 160 prospective directors (100 member and 60 independent) and 
135 incumbent directors (80 member and 55 independent). As explained 
below, FHFA estimates that the total annual hour burden for all 
respondents is 278 hours.

1. Prospective and Incumbent Member Directors

    FHFA estimates the total annual average hour burden for all the 
prospective and incumbent member directors is 70 hours. This includes a 
total annual average of 100 prospective member directors, with 1 
response per individual taking an average of 30 minutes (.5 hours) (100 
individuals x .5 hours = 50 hours). It also includes a total annual 
average of 80 incumbent member directors, with 1 response per 
individual taking an average of 15 minutes (.25 hours) (80 individuals 
x .25 hours = 20 hours).

2. Prospective and Incumbent and Independent Directors

    FHFA estimates the total annual average hour burden for all the 
prospective and incumbent independent directors is 208. This includes a 
total annual average of 60 prospective independent directors, with 1 
response per individual taking an average of 3 hours (60 individuals x 
3 hours = 180 hours). It also includes a total annual average of 55 
incumbent independent directors, with 1 response per individual taking 
an average of 30 minutes (.5 hours) (55 individuals x .5 hours = 28 
hours).

C. Comment Request

    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 FHFA'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: January 19, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
BILLING CODE 8070-01-P

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[FR Doc. 2011-1825 Filed 1-27-11; 8:45 am]
BILLING CODE 8070-01-C