[Unified Agenda of Federal Regulations]
[Federal Housing Finance Board Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


[[Page 24315]]


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Part LV





Federal Housing Finance Board





_______________________________________________________________________



Semiannual Regulatory Agenda

Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda


Federal Register / Vol. 60, No. 88 / Monday, May 8, 1995 / 
Unified Agenda
[[Page 24316]]

=======================================================================

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FEDERAL HOUSING FINANCE BOARD (FHFB)                                  
  
______________________________________________________________________

FEDERAL HOUSING FINANCE BOARD

12 CFR Ch. IX

Agenda of Federal Regulations

AGENCY: Federal Housing Finance Board.

ACTION: Publication of agenda items.

______________________________________________________________________

SUMMARY: The Federal Housing Finance Board (Finance Board) hereby 
publishes items for the Unified Agenda of Federal Regulations. These 
items reflect the status of the regulatory agenda of the Finance Board 
as of April 1, 1995. The Finance Board is an independent agency in the 
executive branch of Government and is the regulator of the Federal Home 
Loan Bank System and the Financing Corporation. The Finance Board has 
an ongoing need to adopt various regulations dealing with its internal 
administration and the Federal Home Loan Bank System.

ADDRESSES: Executive Secretariat, Federal Housing Finance Board, 1777 F 
Street NW., Washington, DC 20006, (202) 408-2837.

FOR FURTHER INFORMATION CONTACT: Brandon B. Straus, Attorney-Advisor, 
Office of Legal and External Affairs, Room 326, Federal Housing Finance 
Board, 1777 F Street NW., Washington, DC 20006, (202) 408-2589.

By the Federal Housing Finance Board.

Elaine L. Baker,

Executive Secretary.



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FEDERAL HOUSING FINANCE BOARD (FHFB)                     Prerule Stage
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4825. COMMUNITY INVESTMENT PROGRAM

Priority:  Regulatory Plan

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1430(i)

CFR Citation:  12 CFR 961

Legal Deadline: None

Abstract: Pursuant to section 721 of the Financial Institutions Reform, 
Recovery and Enforcement Act of 1989, Public Law 101-73, 103 Stat. 423, 
the Federal Home Loan Banks (FHLBanks) must establish a Community 
Investment Program (CIP) which will provide funds through FHLBank 
advances (loans) to a FHLBank's member institutions at interest rates 
equal to interest rates on FHLBank consolidated bonds or notes having 
comparable maturity dates with the advances. These advances will be 
used by the member institutions to provide funding for community-
oriented development projects or housing. These regulations will 
continue the commitment of the FHLBanks to community development 
lending.

Statement of Need: The CIP has operated for 5 years without any 
clarifying regulations. During this time, operational issues have 
arisen. A regulation or guidelines may be necessary to address these 
issues in order to establish a more specific framework for the 
operation of the CIP.

Summary of the Legal Basis: Section 2B(a)(1) of the Federal Home Loan 
Bank Act (Bank Act) authorizes the Federal Housing Finance Board 
(Finance Board) to promulgate regulations necessary to carry out the 
provisions of the Bank Act. See 12 U.S.C. 1422b(a)(1). Section 10(i) of 
the Bank Act requires the FHLBanks to establish a CIP, pursuant to the 
general statutory criteria set forth in section 10(i). The Finance 
Board therefore has the authority, under its general authority to issue 
regulations implementing the Bank Act, to issue clarifying regulatory 
standards governing the CIP.

Alternatives: Because consideration of additional CIP guidance is in a 
very preliminary stage, including the issue of whether such guidance 
will be established by regulation or guidelines, the Finance Board has 
not yet analyzed the alternative approaches to the issues expected to 
be addressed in this initiative.

Anticipated Costs and Benefits: Because the Finance Board has not yet 
analyzed the alternative approaches to the issues expected to be 
addressed in the CIP regulation or guidelines, the Finance Board is not 
yet able to identify the expected costs and benefits of any such CIP 
regulation or guidelines.

Risks: The CIP regulation or guidelines will not address issues of 
financial risk to the FHLBanks. The advances made by the FHLBanks 
through the CIP, like all FHLBank advances, are governed by the Finance 
Board's Advances regulation, which addresses the safety and soundness 
issues involved in making advances. Since advances made through the CIP 
are overcollateralized, there is a low magnitude of risk of loss to the 
FHLBanks in making such advances.

Timetable: Next Action Undetermined

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Sylvia Martinez, Director, Office of Housing Finance, 
Federal Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 
202 408-2825

RIN: 3069-AA05



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FEDERAL HOUSING FINANCE BOARD (FHFB)               Proposed Rule Stage
  
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4826. PAPERWORK REDUCTION ACT--COLLECTION OF INFORMATION CONTROL 
NUMBERS

Legal Authority:  44 USC 3506

CFR Citation:  12 CFR 908

Legal Deadline: None

Abstract: The Finance Board will adopt a new part 908 to its general 
regulations that will display its current information control numbers 
issued by the Office of Management and Budget for the Finance Board's 
forms that require the collection of data. [[Page 24317]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95
NPRM Comment Period End         06/00/95

Small Entities Affected: Businesses

Government Levels Affected: None

Agency Contact: David A. Guy, Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2536

RIN: 3069-AA25
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)               Proposed Rule Stage
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4827. PRACTICE BEFORE THE BOARD OF DIRECTORS

Legal Authority:  12 USC 1422b; 5 USC 504; 5 USC 554 to 557

CFR Citation:  12 CFR 914

Legal Deadline: None

Abstract: The Finance Board is proposing to adopt a regulation setting 
forth the rules for adjudicatory proceedings before the Finance Board.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95
NPRM Comment Period End         06/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David A. Guy, Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2536

RIN: 3069-AA31
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)               Proposed Rule Stage
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4828. PRICING OF COMMUNITY INVESTMENT PROGRAM ADVANCES

Legal Authority:  12 USC 1422b; 12 USC 1430

CFR Citation:  12 CFR 935

Legal Deadline: None

Abstract: The Finance Board is proposing to amend its regulations to 
establish guidelines for pricing Community Investment Program advances.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            04/00/95
NPRM Comment Period End         06/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James H. Gray Jr., Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2552

RIN: 3069-AA32
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)               Proposed Rule Stage
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4829. MODIFICATION OF COMMUNITY SUPPORT REGULATION

Legal Authority:  12 USC 1430(g)

CFR Citation:  12 CFR 936

Legal Deadline: None

Abstract: The Finance Board issued an advance notice of proposed 
rulemaking requesting public comment to assist the Finance Board in 
amending its Community Support regulations to provide standards for the 
community support requirements for insurance company and credit union 
members of the Federal Home Loan Bank System.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

ANPRM                           09/02/93                    58 FR 46469
ANPRM Comment Period End        12/31/93                    58 FR 58305
NPRM                            04/00/95
NPRM Comment Period End         06/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brandon B. Straus, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006, 202 408-2589

RIN: 3069-AA35



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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
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4830. BANK REQUEST FOR INFORMATION

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1442

CFR Citation:  12 CFR 934.15

Legal Deadline: None

Abstract: Section 719 of the Financial Institutions Reform, Recovery 
and Enforcement Act of 1989, Pub. L. 101-73, 103 Stat. 422, amended 
section 22 of the Federal Home Loan Bank Act (12 USC 1442) and mandates 
that the Federal Deposit Insurance Corporation, Board of Governors of 
the Federal Reserve System, Office of Thrift Supervision, Comptroller 
of the Currency, National Credit Union Administration, and the Treasury 
Department share examination reports or other records or data, in 
confidence, with the Federal Home Loan Banks at their request. The 
agency is proposing to promulgate regulations which will establish a 
procedure regarding the confidentiality of these examination reports 
and other records or data while in the possession of a Federal Home 
Loan Bank.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Interim Final Rule              12/07/90                    55 FR 50545
Final Action                    04/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David A. Guy, Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2536

RIN: 3069-AA06
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
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4831. ADVANCES TO NONMEMBER MORTGAGEES

Legal Authority:  12 USC 1422a(a)(3); 12 USC 1422b(a)(1); 12 USC 1430b

CFR Citation:  12 CFR 935

Legal Deadline: None

Abstract: The Federal Housing Finance Board adopted an interim 
regulation amending its regulation on Federal Home Loan Bank advances 
to establish revised and new requirements governing advances to 
nonmember mortgagees and to implement provisions of the Housing and 
Community Development Act of 1992 regarding special advances to 
qualified nonmember mortgagees that are state housing finance agencies. 
[[Page 24318]] 

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Interim Final Rule              05/20/93                    58 FR 29474
Final Action                    04/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James H. Gray Jr., Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2552

RIN: 3069-AA27
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
______________________________________________________________________

4832. AFFORDABLE HOUSING PROGRAM

Priority:  Regulatory Plan

Legal Authority:  12 USC 1422b(a)(1); 12 USC 1430(j)

CFR Citation:  12 CFR 960

Legal Deadline: None

Abstract: The Federal Housing Finance Board (Finance Board) issued a 
proposed rule revising its regulation governing the Affordable Housing 
Program (AHP) in order to simplify and clarify the AHP's requirements 
for the Federal Home Loan Banks (FHLBanks) and their members.

Statement of Need: The Finance Board is revising its AHP Regulation in 
order to address operational issues that have arisen during the 5 years 
the program has been in existence. The proposed AHP amendments will 
help enhance the AHP's compatibility with various State and Federal 
housing programs that provide funds in conjunction with AHP funds. In 
addition, the amendments would make the AHP more responsive to local 
low-income housing needs in each of the 12 FHLBank districts and 
increase efficiency in administration of the program.

Summary of the Legal Basis: Section 10(j) of the Federal Home Loan Bank 
Act requires the Finance Board to promulgate regulations governing the 
AHP. See 12 U.S.C. 1430(j).

Alternatives: During the development of the proposed AHP amendments, 
the Finance Board considered various alternative approaches to dealing 
with the operational issues that have arisen over the 5 years of the 
AHP's existence. In addition, the Finance Board will consider all 
alternatives suggested by the public during the notice-and-comment 
process. The Finance Board expects to address these alternatives in its 
final AHP regulation.

Anticipated Costs and Benefits: At this time, it is not possible to 
quantify the expected costs and benefits of the revised AHP regulation. 
In general, the Finance Board expects the revised AHP regulation to 
reduce the FHLBanks' administrative costs of operating the AHP.

Risks: The revised AHP regulation does not address issues of financial 
risk to the FHLBanks. The advances made by the FHLBanks through the 
AHP, like all FHLBank advances, are governed by the Finance Board's 
Advances regulation, which addresses the safety and soundness issues 
involved in making advances. Since advances made through the AHP are 
overcollateralized, there is a low magnitude of risk of loss to the 
FHLBanks in making such advances.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            01/10/94                     59 FR 1323
NPRM Comment Period End         03/11/94                     59 FR 1323
Final Action                    04/00/95
Final Action Effective          05/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Diane E. Dorius, Deputy Director, Office of Housing 
Finance, Federal Housing Finance Board, 1777 F Street NW., Washington, 
DC 20006, 202 408-2576

RIN: 3069-AA28
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
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4833. CLAIMS REGULATION

Legal Authority:  12 USC 1422b; 12 USC 1438(b); 12 USC 1833e; 31 USC 
3711(e); 31 USC 3721

CFR Citation:  12 CFR 902

Legal Deadline: None

Abstract: The Finance Board is proposing to issue a regulation 
governing the procedures and standards for the administrative 
collection, compromise, and termination of agency collection, and the 
referral of claims to the General Accounting Office of the Department 
of Justice for litigation of civil claims. The regulation also 
establishes the Finance Board's procedures and standards governing 
claims filed against the Finance Board by employees for loss or damage 
to personal property.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Interim Final Rule              04/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: David A. Guy, Associate General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006, 202 
408-2536

RIN: 3069-AA30
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
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4834. MODIFICATION OF DEFINITION OF DEPOSITS IN BANKS OR TRUST 
COMPANIES

Legal Authority:  12 USC 1422b; 12 USC 1431(g)

CFR Citation:  12 CFR 931.5

Legal Deadline: None

Abstract: The Finance Board issued a proposed rule amending the 
definition of ``deposits in banks or trust companies'' in section 931.5 
of its regulations in order to include sales of Federal funds to banks 
in the category of investments that are eligible to fulfill the Federal 
Home Loan Banks' liquidity requirement contained in section 11(g) of 
the Federal Home Loan Bank Act.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            09/29/93                    58 FR 50867
NPRM Comment Period End         11/29/93                    58 FR 50867
Final Action                    04/00/95
Final Action Effective          05/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brandon B. Straus, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006, 202 408-2589

RIN: 3069-AA33
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
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4835. AFFORDABLE HOUSING MAXIMUM SUBSIDY LIMITATIONS

Legal Authority:  12 USC 1422b; 12 USC 1430(j)

CFR Citation:  12 CFR 960.9

Legal Deadline: None

Abstract: The Finance Board has adopted an interim rule which amends 
its Affordable Housing Program (AHP) [[Page 24319]] regulation by 
revising the maximum subsidy requirements applicable to projects 
receiving subsidized advances or other assistance from the Federal Home 
Loan Banks under the AHP.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

Interim Final Rule              04/07/93                    58 FR 17968
Final Action                    05/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Sharon B. Like, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006, 202 408-2930

RIN: 3069-AA34
______________________________________________________________________




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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Final Rule Stage
  
______________________________________________________________________


4836. AMENDMENT OF AFFORDABLE HOUSING PROGRAM AND COMMUNITY SUPPORT 
REQUIREMENTS REGULATIONS

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1429; 12 USC 
1430(a); 12 USC 1430(g); 12 USC 1430(j)

CFR Citation:  12 CFR 936; 12 CFR 960

Legal Deadline: None

Abstract: The Federal Housing Finance Board issued a proposed rule 
amending the definitions of ``very low-income household'' and ``low- or 
moderate-income household'' in its Affordable Housing Program (AHP) and 
Community Support Requirements (CSR) regulations. The proposed rule 
also adds a definition of ``adjustment for family size'' to the AHP and 
CSR regulations as well as removes the definition of ``median income'' 
from the AHP and CSR regulations.

Timetable:
_______________________________________________________________________

Action                            Date                      FR Cite

_______________________________________________________________________

NPRM                            11/05/93                    58 FR 58988
NPRM Comment Period End         01/04/94                    58 FR 58988
Final Action                    05/00/95
Final Action Effective          06/00/95

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Brandon B. Straus, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006, 202 408-2589

RIN: 3069-AA38
[FR Doc. 95-5214 Filed 05-05-95; 8:45 am]
BILLING CODE 6725-01-F