[Federal Register Volume 82, Number 245 (Friday, December 22, 2017)]
[Notices]
[Pages 60724-60741]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27629]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2017-N-10]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 30-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 January 22, 
2018.

ADDRESSES: 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) 395-3047, Email: [email protected]. Please also submit 
comments to FHFA, identified by ``Proposed Collection; Comment Request: 
`Federal Home Loan Bank Directors, (No. 2017-N-10)''' by any of the 
following methods:
     Agency Website: 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-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 website at 
http://www.fhfa.gov. In addition, copies of all comments received will 
be available for examination by the public through the electronic 
comment docket for this PRA Notice also located on the FHFA website.

FOR FURTHER INFORMATION CONTACT: Patricia Sweeney, Senior Management 
Analyst, Division of Bank Regulation, by email at 
[email protected] or

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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: (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).
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    \4\ See 12 CFR 1261.7(c) and (f); 12 CFR 1261.14(b).
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    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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    \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 eligibility 
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 their incumbent independent 
directors continue to meet the statutory eligibility requirements.
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    \6\ See 12 U.S.C. 1427(a)(3).
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    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 their incumbent member 
directors continue to meet the statutory eligibility requirements.
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    \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 
and the current PRA clearance expires on December 31, 2017. The likely 
respondents are individuals who are prospective and incumbent Bank 
directors. The three Bank director forms that FHFA will be submitting 
to OMB for review, copies of which appear at the end of this notice, 
are substantively identical to those that are currently approved under 
the PRA. However, FHFA is considering major revisions to each of the 
forms and expects to publish another set of PRA notices regarding the 
revised forms and to submit the revised forms to OMB for review and 
clearance under the PRA in the near future.

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

    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 October 12, 2017.\8\ The 60-day 
comment period closed on December 11, 2017. FHFA received two comments, 
neither of which addressed any aspect of this information collection or 
the PRA.
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    \8\ See 82 FR 47510 (Oct. 12, 2017).
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    In accordance with the requirements of 5 CFR 1320.10(a), FHFA is 
publishing this second notice to request comments regarding the 
following: (1) Whether the collection of information is necessary for 
the proper performance of FHFA

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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 
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technology.

    Dated: December 19, 2017.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
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[FR Doc. 2017-27629 Filed 12-21-17; 8:45 am]
 BILLING CODE 8070-01-C