[Federal Register Volume 76, Number 166 (Friday, August 26, 2011)]
[Notices]
[Pages 53458-53474]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-21834]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2011-N-09]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 30-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 Paperwork Reduction Act of 1995, Public 
Law 104-13, the Federal Housing Finance Agency (FHFA) is submitting the 
information collection titled ``Federal Home Loan Bank Directors,'' to 
the Office of Management and Budget (OMB) for review and approval of a 
three-year extension of the OMB Control number, 2590-0006, which is due 
to expire on August 31, 2011.

DATES: Interested persons may submit comments on or before September 
26, 2011.

COMMENTS: 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 Agency, Washington, DC 20503, Fax: 202-
395-6974, E-mail: [email protected]. Please also submit the 
comments to FHFA using any one of the following methods:
     E-mail: [email protected]. Please include Proposed 
Collection; Comment Request: ``Federal Home Loan Bank Directors,'' (No. 
2011-N-09) in the subject line of the message.
     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 the 
agency.
     Mail/Hand Delivery: Federal Housing Finance Agency, Fourth 
Floor,

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1700 G Street NW., Washington, DC 20552, ATTENTION: Public Comments/
Proposed Collection; Comment Request: ``Federal Home Loan Bank 
Directors,'' (No. 2011-N-09).
    FHFA will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, on the FHFA Web site 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.

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

SUPPLEMENTARY INFORMATION: 

A. Need for and Use of the Information Collection

    Section 7 of the Federal Home Loan Bank Act (Bank Act) vests the 
management of each Federal Home Loan Bank (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, 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. 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 
to certify their ongoing eligibility.
    Affected Public: Private Sector.
    Costs: FHFA estimates that there will be no annualized capital/
start-up costs 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

    In accordance with the requirements of 5 CFR 1320.8(d), FHFA 
published a request for public comments regarding this information 
collection in the Federal Register on May 25, 2011. See 76 FR 30344 
(May 25, 2011). The 60-day comment period closed on July 25, 2011. FHFA 
received one comment which questioned whether the instructions to 
questions 4-6 on the Member Director Eligibility Certification Form 
were phrased so as to accurately reflect one of the statutory 
requirements pertaining to the eligibility of an individual to serve as 
a member director of a Bank. In response to this comment, FHFA has 
revised question 6 of that form and its related instruction so that 
they more accurately state the statutory standard. These revisions have 
not resulted in any changes to the cost and burden estimates. The 
agency determined that the instructions to questions 4-5 of the form do 
not need to be revised. FHFA received no comments addressing the cost 
and hour burden estimates.
    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: August 22, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
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[FR Doc. 2011-21834 Filed 8-25-11; 8:45 am]
BILLING CODE 8070-01-C