[Federal Register Volume 81, Number 195 (Friday, October 7, 2016)]
[Notices]
[Pages 69820-69822]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-24345]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2016-N-10]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-Day notice of submission of information collection for
approval from 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 or the Agency) is
seeking public comments concerning the currently-approved information
collection known as ``Members of the Banks,'' which has been assigned
control number 2590-0003 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 December 31, 2016.
DATES: Interested persons may submit comments on or before December 6,
2016.
ADDRESSES: Submit comments to FHFA, identified by ``Proposed
Collection; Comment Request: `Members of the Banks, (No. 2016-N-10)' ''
by any 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 20219, ATTENTION:
Proposed Collection; Comment Request: ``Members of the Banks, (No.
2016-N-10)''.
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 20219. To make an
appointment to inspect comments, please call the Office of General
Counsel at (202) 649-3804.
[[Page 69821]]
FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Financial Analyst,
Division of Federal Home Loan Bank Regulation, by email at
[email protected] or by telephone at (202) 649-3321; or Eric
Raudenbush, Associate General Counsel, by email at
[email protected] or by telephone at (202) 649-3084, (these are
not toll-free numbers), Federal Housing Finance Agency, 400 Seventh
Street SW., Washington, DC 20219. The Telecommunications Device for the
Hearing Impaired is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information Collection
The Federal Home Loan Bank System consists of eleven regional
Federal Home Loan Banks (Banks) and the Office of Finance (a joint
office that issues and services the Banks' debt securities). The Banks
are wholesale financial institutions, organized under authority of the
Federal Home Loan Bank Act (Bank Act) to serve the public interest by
enhancing the availability of residential housing finance and community
lending credit through their member institutions and, to a limited
extent, through certain eligible nonmembers. Each Bank is structured as
a regional cooperative that is owned and controlled by member
institutions located within its district, which are also its primary
customers. The Banks carry out their public policy functions primarily
by providing low cost loans, known as advances, to their members. With
limited exceptions, an institution may obtain advances and access other
products and services provided by a Bank only if it is member of that
Bank.
The Bank Act limits membership in any Bank to specific types of
financial institutions located within the Bank's district that meet
specific eligibility requirements. Section 4 of the Bank Act specifies
the types of institutions that may be eligible for membership and
establishes eligibility requirements that each type of applicant must
meet in order to become a Bank member.\1\ That provision also specifies
that (with limited exceptions) an eligible institution may become a
member only of the Bank of the district in which the institution's
``principal place of business'' is located.\2\ With respect to the
termination of Bank membership, section 6(d) of the Bank Act sets forth
requirements pursuant to which an institution may voluntarily withdraw
from membership or a Bank may terminate an institution's membership for
cause.\3\
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\1\ 12 U.S.C. 1424(a).
\2\ 12 U.S.C. 1424(b).
\3\ 12 U.S.C. 1426(d).
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FHFA's regulation entitled ``Members of the Banks,'' located at 12
CFR part 1263, implements those statutory provisions and otherwise
establishes substantive and procedural requirements relating to the
initiation and termination of Bank membership. Many of the provisions
in the membership regulation require that an institution submit
information to a Bank or to FHFA, in most cases to demonstrate
compliance with statutory or regulatory requirements or to request
action by the Bank or Agency.
In total, there are four types of information collections that may
occur under part 1263. First, the regulation provides that (with
limited exceptions) no institution may become a member of a Bank unless
it has submitted to that Bank an application that documents the
applicant's compliance with the statutory and regulatory membership
eligibility requirements and that otherwise includes all required
information and materials.\4\ Second, the regulation provides
applicants that have been denied membership by a Bank the option of
appealing the decision to FHFA. To file such an appeal, an applicant
must submit to FHFA a copy of the Bank's decision resolution denying
its membership application and a statement of the basis for the appeal
containing sufficient facts, information, and analysis to support the
applicant's position.\5\ Third, the regulation provides that, in order
to initiate a voluntary withdrawal from Bank membership, a member
submit to its Bank a written notice of intent to withdraw.\6\ Fourth,
under certain circumstances, the regulation permits a member of one
Bank to transfer its membership to a second Bank ``automatically''
without either initiating a voluntary withdrawal from the first Bank or
submitting a membership application to the second Bank. Despite the
regulatory reference to such a transfer as being ``automatic,'' a
member meeting the criteria for an automatic transfer must initiate the
transfer process by filing a request with its current Bank, which will
then arrange the details of the transfer with the second Bank.\7\
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\4\ 12 CFR 1263.2(a), 1263.6-1263.9, 1263.11-1263.18.
\5\ 12 CFR 1263.5.
\6\ 12 CFR 1263.26.
\7\ 12 CFR 1263.4(b), 1263.18(d), (e).
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The Banks use most of the information collected under part 1263 to
determine whether an applicant satisfies the statutory and regulatory
requirements for Bank membership and should be approved as a Bank
member. The Banks may use some of the information collected under part
1263 as a means of learning that a member wishes to withdraw or to
transfer its membership to a different Bank so that the Bank can begin
to process those requests. In rare cases, FHFA may use the collected
information to determine whether an institution that has been denied
membership by a Bank should be permitted to become a member of that
Bank.
The OMB control number for this information collection is 2590-
0003, which is due to expire on December 31, 2016. The likely
respondents are financial institutions that are, or are applying to
become, Bank members.
B. Burden Estimate
FHFA has analyzed the time burden imposed on respondents by the
four collections under this control number and estimates that the
average annual burden imposed on all respondents by those collections
over the next three years will be 2,193 hours. This estimate is derived
from the following calculations:
I. Membership Applications
FHFA estimates that the average number of applications for Bank
membership submitted annually will be 151 and that the average time to
prepare and submit an application and supporting materials will be 11.7
hours. Accordingly, the estimate for the annual hour burden associated
with preparation and submission of applications for Bank membership is
(151 applications x 11.7 hours per application) = 1,767 hours.
II. Appeals of Membership Denial
FHFA estimates that the average number of applicants that have been
denied membership by a Bank that will appeal such a denial to FHFA will
be 1 and that the average time to prepare and submit an application for
appeal will be 10 hours. Accordingly, the estimate for the annual hour
burden associated with the preparation and submission of membership
appeals is (1 appellants x 10 hours per application) = 10 hours.
III. Notices of Intent To Withdraw From Membership
FHFA estimates that the average number of Bank members submitting a
notice of intent to withdraw from membership annually will be 276 and
that the average time to prepare and submit a notice will be 1.5 hours.
Accordingly, the estimate for the annual hour burden associated with
[[Page 69822]]
preparation and submission of notices of intent to withdraw is (276
withdrawing members x 1.5 hours per application) = 414 hours.
IV. Requests for Automatic Transfer of Membership
FHFA estimates that the average number of Bank members submitting a
request for automatic transfer to another Bank will be 1 and that the
average time to prepare and submit a request will be 1.5 hours.
Accordingly, the estimate for the annual hour burden associated with
preparation and submission of requests for automatic transfer is (1
transferring member x 1.5 hours per request) = 1.5 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 survey respondents,
including through the use of automated collection techniques or other
forms of information technology.
Dated: September 30, 2016.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2016-24345 Filed 10-6-16; 8:45 am]
BILLING CODE 8070-01-P