[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Pages 47510-47526]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22014]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2017-N-08]


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 (PRA), the Federal Housing Finance Agency (FHFA or the 
Agency) is seeking public comments concerning an 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 December 31, 2017.

DATES: Interested persons may submit comments on or before December 11, 
2017.

ADDRESSES: Submit comments to FHFA, identified by ``Proposed 
Collection; Comment Request: `Federal Home Loan Bank Directors, (No. 
2017-N-08)' '' 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: ``Federal Home Loan Bank 
Directors, (No. 2017-N-08)''.
    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.

FOR FURTHER INFORMATION CONTACT: Patricia Sweeney, Senior Management 
Analyst, Division of Bank Regulation, by email at 
[email protected] or by telephone at (202) 649-3311; or Eric 
Raudenbush, Associate General Counsel, [email protected], (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

    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:

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(1) Member directors, who are drawn from the officers and directors of 
member institutions located in the Bank's district and who are elected 
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 on an at-large basis.\2\ Both types of directors serve four-
year terms, which are staggered so that approximately one-quarter of a 
Bank's total directorships are up for election every year.\3\ 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 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).
    \3\ See 12 U.S.C. 1427(d).
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    Part 1261 of the regulations requires that each Bank administer its 
own annual director election process. As part of this process, a Bank 
must require each nominee for both types of directorship, including any 
incumbent that may be a candidate for re-election, 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.\4\ 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). Each 
Bank must also require all of its incumbent directors to certify 
annually that they continue to meet all eligibility requirements.\5\ 
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 1261.7(c) and (f); 12 CFR 1261.14(b).
    \5\ See 12 CFR 1261.12.
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    The Banks use the information collection contained in the 
Independent Director Application Form and part 1261 to determine 
whether individuals who wish to stand for election or re-election as 
independent directors satisfy the statutory eligibility requirements 
and possess the professional qualifications required under the statute 
and regulations. Only individuals meeting those requirements and 
qualifications may serve as an independent director.\6\ On an annual 
basis, the Banks use the information collection contained in the 
Independent Director Annual Certification Form and part 1261 to 
determine whether its incumbent independent directors continue to meet 
the statutory eligibility requirements. The Banks use the information 
collection contained in the Member Director Eligibility Certification 
Form and part 1261 to determine whether individuals who wish to stand 
for election or re-election as member directors satisfy the statutory 
eligibility requirements. Only individuals meeting these requirements 
may serve as a member director.\7\ On an annual basis, the Banks also 
use the information collection contained in the Member Director 
Eligibility Certification Form and part 1261 to determine whether its 
incumbent member directors continue to meet the statutory eligibility 
requirements.
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    \6\ See 12 U.S.C. 1427(a)(3).
    \7\ See 12 U.S.C. 1427(a)(3) and (b)(1).
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    The OMB control number for this information collection is 2590-
0006. The current clearance for the information collection expires on 
December 31, 2017. The likely respondents are individuals who are 
prospective and incumbent Bank directors. A copy of the current version 
of each of the three forms appears at the end of this notice. FHFA is 
considering some minor revisions to the forms for use going forward and 
will publish the revised versions of the forms with the second PRA 
notice.

B. Burden Estimate

    FHFA estimates the total annual hour burden imposed upon 
respondents by the three Bank director forms comprising this 
information collection to be 145 hours (37 hours + 75 hours + 33 hours 
= 145 hours, as detailed below).
    The Agency 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 to be 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).
    The Agency estimates the total annual hour burden on all 
independent director candidates associated with review and completion 
of the Independent Director Application Form to be 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).
    The Agency estimates the total annual hour burden on all incumbent 
independent directors associated with review and completion of the 
Independent Director Annual Certification Form to be 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. Comments 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: October 3, 2017.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
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[FR Doc. 2017-22014 Filed 10-11-17; 8:45 am]
 BILLING CODE 8070-01-C