[Federal Register Volume 79, Number 154 (Monday, August 11, 2014)]
[Notices]
[Pages 46801-46816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18829]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2014-N-11]


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 Paperwork Reduction Act of 1995, the 
Federal Housing Finance Agency (FHFA) is seeking public comments 
concerning the information collection known as ``Federal Home Loan Bank 
Directors,'' which has been assigned control number 2590-0006 by the 
Office of Management and Budget (OMB). 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 October 31, 
2014.

DATES: Interested persons may submit comments on or before October 10, 
2014.

ADDRESSES: Submit comments to FHFA using any one of the following 
methods:
     Agency Web site: www.fhfa.gov/open-for-comment-or-input.
     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 email 
to FHFA at [email protected] to ensure timely receipt by the agency.
     Mail/Hand Delivery: Federal Housing Finance Agency, Eighth 
Floor, 400 Seventh Street SW., Washington, DC 20024, ATTENTION: Public 
Comments/Proposed Collection; Comment Request: ``Federal Home Loan Bank 
Directors (No. 2014-N-11).''
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, email address, and telephone number, 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, 
Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. To make an 
appointment to inspect comments, please call the Office of General 
Counsel at (202) 649-3804.

FOR FURTHER INFORMATION CONTACT: Patricia Sweeney, Management Analyst, 
Division of Bank Regulation, by email at

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[email protected] or by telephone at (202) 649-3311or Eric 
Raudenbush, Assistant General Counsel, by email at 
[email protected] or by telephone at (202) 649-3084 (not toll-
free numbers); or by regular mail at Federal Housing Finance Agency, 
Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. 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.\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 in that district; and (2) independent directors, who 
are unaffiliated with any of the Bank's member institutions, but who 
reside in the Bank's district and are elected every four years on an 
at-large basis.\2\ 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 required professional 
qualifications for independent directors, and set forth the procedures 
for their election.
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    \1\ See 12 U.S.C. 1427(a)(1).
    \2\ See 12 U.S.C. 1427(b) and (d).
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    Part 1261 of the regulations requires each Bank, as part of its 
responsibility to administer its annual director election process, to 
determine the eligibility of candidates to serve as member and 
independent directors on its board. Specifically, each Bank must 
require each candidate for either type of directorship, including any 
incumbent that may be a candidate for reelection, 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 professional 
qualifications for the directorship being sought.\3\ 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).
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    \3\ See 12 CFR 1261.7(c) and (f); 12 CFR 1261.14(b).
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    Under part 1261, each Bank must also require each of its incumbent 
directors to certify annually that he or she continues to meet all of 
the applicable statutory eligibility requirements.\4\ 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.
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    \4\ See 12 CFR 1261.12.
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    The OMB control number for the information collection is 2590-0006, 
which is due to expire on October 31, 2014. The likely respondents are 
individuals who are prospective and incumbent Bank directors. Copies of 
each of the forms appear at the end of this notice.

B. Burden Estimate

    FHFA estimates the total annual hour burden imposed upon 
respondents by this information collection is 145 hours. This estimate 
is based on the following calculations:

1. Member Director Eligibility Certification Form

    FHFA estimates the total annual hour burden on all member director 
candidates and incumbent member directors associated with review and 
completion of the Member Director Eligibility Certification Form is 37 
hours. This includes a total annual average of 68 member director 
candidates, with 1 response per individual taking an average of 15 
minutes (.25 hours) (68 respondents x .25 hours = 17 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. Independent Director Application Form

    FHFA estimates the total annual hour burden on all independent 
director candidates associated with review and completion of the 
Independent Director Application Form is 75 hours. This includes a 
total annual average of 25 independent director candidates, with 1 
response per individual taking an average of 3 hours (25 individuals x 
3 hours = 75 hours).

3. Independent Director Annual Certification Form

    FHFA estimates the total annual hour burden on all incumbent 
independent directors associated with review and completion of the 
Independent Director Annual Certification Form is 33 hours. This 
includes a total annual average of 66 incumbent independent directors, 
with 1 response per individual taking an average of 30 minutes (.5 
hours) (66 individuals x .5 hours = 33 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.

Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.

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[FR Doc. 2014-18829 Filed 8-8-14; 8:45 am]
BILLING CODE 8070-01-C