[Federal Register Volume 88, Number 6 (Tuesday, January 10, 2023)]
[Notices]
[Pages 1385-1386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00211]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2023-N-1]


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: The Federal Housing Finance Agency (FHFA or Agency), as part 
of its continuing effort to reduce paperwork and respondent burden, 
invites public comments on a new information collection titled ``Tech 
Sprints,'' as required by the Paperwork Reduction Act of 1995 (PRA). 
This information collection has not yet been assigned a control number 
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 control number.

DATES: Interested persons may submit comments on or before February 9, 
2023.

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: 
`Tech Sprints, (No. 2023-N-1)' '' 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, Office 
of General Counsel, 400 Seventh Street SW, Washington, DC 20219, 
ATTENTION: Proposed Collection; Comment Request: ``Tech Sprints, (No. 
2023-N-1).'' Please note that all mail sent to FHFA via the U.S. Postal 
Service is routed through a national irradiation facility, a process 
that may delay delivery by approximately two weeks. For any time-
sensitive correspondence, please plan accordingly.
    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.
    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: Liang Jensen, Senior Financial 
Analyst, [email protected], (202) 649-3464; or Angela Supervielle, 
Counsel, [email protected], (202) 649-3973 (these are not 
toll-free numbers); Federal Housing Finance Agency, 400 Seventh Street 
SW, Washington, DC 20219. For TTY/TRS users with hearing and speech 
disabilities, dial 711 and ask to be connected to any of the contact 
numbers above.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of the Information Collection

    The Federal Housing Enterprises Financial Safety and Soundness Act 
of 1992 (Safety and Soundness Act), as amended by the Federal Housing 
Finance Regulatory Reform Act of 2008, Division A of the Housing and 
Economic Recovery Act of 2008, requires FHFA to ensure that the 
operations and activities of each regulated entity foster liquid, 
efficient, competitive, and resilient national housing finance 
markets.\1\ Recognizing the significant effects that the regulated 
entities' potential use of fintech products and innovations could have 
on the mortgage market and market participants, FHFA has an interest in 
learning about new and emerging technologies which may have 
applications in the mortgage space. To obtain information from the 
public, FHFA plans to conduct a series of competitions called ``Tech 
Sprints.'' The Tech Sprints will pose ``problem statements'' associated 
with fintech in the housing finance market and solicit innovative 
solutions from individuals and entities participating in the Tech 
Sprint. The Tech Sprint solutions will support the Agency in developing 
strategies for the regulated entities to advance housing finance 
fintech in a

[[Page 1386]]

safe and sound, responsible, and equitable manner.\2\
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    \1\ 12 U.S.C. 4513(a)(1)(B)(ii).
    \2\ See, e.g., 12 U.S.C. 4501(1) (Congressional recognition that 
the regulated entities have important public purposes and so need to 
be managed safely and soundly), and 12 U.S.C. 4501(7) (noting that 
those public purposes include an affirmative obligation to 
facilitate financing of affordable housing for low- and moderate-
income families).
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    For each Tech Sprint, FHFA intends to collect information from 
potential participants through a solicitation for expression of 
interest to participate in the Tech Sprint, as well as information 
collected during the Tech Sprint through the solutions to the problem 
statements presented. FHFA expects participation from market 
participants in the housing finance industry and other industries, 
including technology companies, mortgage companies, academics, industry 
groups, and other members of the public.

B. Burden Estimate

    FHFA estimates that two Tech Sprints will be conducted each year 
over the next three years. The total annualized hour burden imposed 
upon respondents by this information collection will be 8,200 hours, 
based on the following calculations:

1. Tech Sprint Applications

    FHFA estimates that the average number of individuals applying to 
participate in each Tech Sprint over the next three years will be 200, 
with one response per applicant. The estimated time to complete each 
application is half an hour. Therefore, the estimate for the total 
annual hour burden for all applications is 200 hours (200 applications 
x .5 hours per application x 2 Tech Sprints per year = 200 hours).

2. Tech Sprint Participation

    FHFA estimates that each Tech Sprint will have an average of 80 
participants. Each participant will spend an average of 50 hours 
participating in the Tech Sprint. Therefore, the estimate for the total 
annual hour burden for all Tech Sprint participants is 8,000 hours (80 
participants x 50 hours per participant x 2 Tech Sprints per year = 
8,000 hours).

C. Public Comments Request

    In accordance with the requirements of 5 CFR 1320.8(d), FHFA 
published an initial notice and request for public comments regarding 
this information collection in the Federal Register on November 2, 
2022.\3\ The 60-day comment period closed on January 3, 2023. FHFA 
received no comments.
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    \3\ See 87 FR 66183 (Nov. 2, 2022).

Shawn Bucholtz,
Chief Data Officer, Federal Housing Finance Agency.
[FR Doc. 2023-00211 Filed 1-9-23; 8:45 am]
BILLING CODE 8070-01-P