[Federal Register Volume 89, Number 111 (Friday, June 7, 2024)]
[Notices]
[Pages 48612-48636]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-12506]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2024-N-6]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: Federal Home Loan Bank Director--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 July 31, 2024.

DATES: Interested persons may submit comments on or before August 6, 
2024.

ADDRESSES: Submit comments to FHFA, identified by ``Proposed 
Collection; Comment Request: `Federal Home Loan Bank Directors, (No. 
2024-N-6)' '' 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, Fourth 
Floor, 400 Seventh Street SW, Washington, DC 20219, ATTENTION: Proposed 
Collection; Comment Request: ``Federal Home Loan Bank Directors, (No. 
2024-N-6).'' Please note that all mail sent to FHFA via U.S. Mail 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.
    FHFA will post all public comments on the FHFA public website at 
http://www.fhfa.gov, except as described below. Commenters should 
submit only information that the commenter wishes to make available 
publicly. FHFA may post only a single representative example of 
identical or substantially identical comments, and in such cases will 
generally identify the number of identical or substantially identical 
comments represented by the posted example. FHFA may, in its 
discretion, redact or refrain from posting all or any portion of any 
comment that contains content that is obscene, vulgar, profane, or 
threatens harm. All comments, including those that are redacted or not 
posted, will be retained in their original form in FHFA's internal file 
and considered as required by all applicable laws. Commenters that 
would like FHFA to consider any portion of their comment exempt from 
disclosure on the basis that it contains trade secrets, or financial, 
confidential or proprietary data or information, should follow the 
procedures in section IV.D. of FHFA's Policy on Communications with 
Outside Parties in Connection with FHFA Rulemakings, see https://www.fhfa.gov/sites/default/files/documents/Ex-Parte-Communications-Public-Policy_3-5-19.pdf. FHFA cannot guarantee that such data or 
information, or the identity of the commenter, will remain confidential 
if disclosure is sought pursuant to an applicable statute or 
regulation. See 12 CFR 1202.8, 12 CFR 1214.2. and https://www.fhfa.gov/about/foia-reference-guide for additional information.

FOR FURTHER INFORMATION CONTACT: Kenya Bryant, Financial Analyst, 
[email protected], (202) 649-3938; or Angela Supervielle, Senior 
Counsel, [email protected], (202) 649-3973 (these are not 
toll-free numbers); Federal Housing Finance Agency, 400 Seventh Street 
SW, Washington, DC

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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

    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). 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 will expire 
on July 31, 2024. The likely respondents are individuals who are 
prospective and incumbent Bank directors.

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 269 hours (39 hours + 200 hours + 30 hours 
= 269 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 39 hours. This includes a total annual average of 72 member 
director nominees (24 open seats per year with three nominees for each) 
completing the form as an application, with 1 response per nominee 
taking an average of 15 minutes (.25 hours) (72 respondents x .25 hours 
= 18 hours). It also includes a total annual average of 84 incumbent 
member directors not up for election completing the form as an annual 
certification, with 1 response per individual taking an average of 15 
minutes (.25 hours) (84 individuals x .25 hours = 21 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 200 hours. This 
includes a total annual average of 100 applications for independent 
director positions with 1 response per individual taking an average of 
2.0 hours (100 applications x 2.0 hours = 200 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 30 hours. This 
includes a total annual average of 60 incumbent independent directors 
not up for election, with 1 response per individual taking an average 
of 30 minutes (.5 hours) (60 individuals x .5 hours = 30 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.

Shawn Bucholtz,
Chief Data Officer, Federal Housing Finance Agency.
BILLING CODE 8070-01-P

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[FR Doc. 2024-12506 Filed 6-6-24; 8:45 am]
BILLING CODE 8070-01-C