[The Regulatory Plan and Unified Agenda of Federal Regulatory and Deregulatory Actions]
[Federal Housing Finance Board Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


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Part LII





Federal Housing Finance Board





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Semiannual Regulatory Agenda

[[Page 63478]]



FEDERAL HOUSING FINANCE BOARD (FHFB)                                   


  



_______________________________________________________________________

FEDERAL HOUSING FINANCE BOARD

12 CFR Ch. IX

Agenda of Federal Regulatory and Deregulatory Actions

AGENCY: Federal Housing Finance Board.

ACTION: Semiannual regulatory agenda.

_______________________________________________________________________

SUMMARY: The Federal Housing Finance Board (Finance Board) hereby 
publishes items for the Unified Agenda of Federal Regulatory and 
Deregulatory Actions, as required by section 4 of Executive Order 
12866. These items reflect the status of the regulatory agenda of the 
Finance Board as of November 1, 1996. The Finance Board is an 
independent agency in the executive branch of the Government that is 
statutorily charged with supervising and regulating the Nation's 
Federal Home Loan Bank (FHLBank) System and the Financing Corporation 
(FICO). The FHLBank System consists of: Twelve regional FHLBanks that 
are each owned by their member financial institutions and that provide 
wholesale credit to members and certain nonmembers to be used for 
mortgage lending and related activities and the Office of Finance (OF), 
which issues FHLBank System consolidated obligations. FICO is a 
corporate entity separate from the FHLBank System that oversees 
outstanding debt issued to assist in resolving the savings and loan 
crisis of the 1980s. The Finance Board has an ongoing need to adopt 
various regulations dealing with the Agency's internal administration 
and with FHLBank System and FICO issues.

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

FOR FURTHER INFORMATION CONTACT: Eric M. Raudenbush, Attorney-Advisor, 
Office of General Counsel, Federal Housing Finance Board, 1777 F Street 
NW., Washington, DC 20006, (202) 408-2932.

SUPPLEMENTARY INFORMATION: For this edition of the Finance Board's 
regulatory agenda, the most important significant regulatory actions 
are included in The Regulatory Plan, which appears in Part II of this 
issue of the Federal Register. The Regulatory Plan entries are listed 
in the Table of Contents below and are denoted by a bracketed bold 
reference, which directs the reader to the appropriate Sequence Number 
in Part II.

Dated: September 20, 1996.

By the Federal Housing Finance Board.

Elaine L. Baker,

Executive Secretary.
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FEDERAL HOUSING FINANCE BOARD (FHFB)                Proposed Rule Stage


  



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4578. COMMUNITY INVESTMENT PROGRAM

Regulatory Plan:  This entry is Seq. No. 163 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA05
_______________________________________________________________________




4579. ADVANCES TO NONMEMBER MORTGAGEES

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

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 Finance Board will publish a proposed rule amending its 
regulation on advances to nonmember mortgagees. The amended regulation 
would delegate to the FHLBanks the authority to approve applicants as 
nonmember mortgagees and would set forth guidelines to govern the 
application and approval process.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/20/93                    58 FR 29474
NPRM                            10/08/96                    61 FR 52727
NPRM Comment Period End         12/09/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Janice A. Kaye, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2505
Fax: 202 408-2580

RIN: 3069-AA27
_______________________________________________________________________




4580. AFFORDABLE HOUSING PROGRAM

Regulatory Plan:  This entry is Seq. No. 164 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA28
_______________________________________________________________________




4581. MODIFICATION OF COMMUNITY SUPPORT REGULATION

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

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

CFR Citation:  12 CFR 936

Legal Deadline: None

Abstract: The Finance Board issued an advance notice of proposed 
rulemaking (ANPRM) requesting public comment to assist the Finance 
Board in amending its Community Support regulations to provide 
standards for the community support requirements for all members of the 
FHLBank System. The Finance Board will publish a notice of proposed 
rulemaking that incorporates input received pursuant to the ANPRM.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/02/93                    58 FR 46469
ANPRM Comment Period End        12/31/93                    58 FR 58305
NPRM                            11/00/96
NPRM Comment Period End         01/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Janice A. Kaye, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2505

RIN: 3069-AA35

[[Page 63479]]

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4582. SELECTION AND COMPENSATION OF FEDERAL HOME LOAN BANK EMPLOYEES

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1432(a)

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board is proposing to amend its regulations on 
Organization of the FHLBanks and the OF to transfer to the FHLBanks and 
the OF specific responsibilities for selection and compensation of 
their employees.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/16/96                    61 FR 42570
NPRM Comment Period End         10/15/96
Final Action                    12/00/96
Final Action Effective          01/00/97

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
Phone: 202 408-2536
Fax: 202 408-2580

RIN: 3069-AA42
_______________________________________________________________________




4583. FEDERAL HOME LOAN BANK DIVIDENDS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1436

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule amending 
its regulations to establish the standards and conditions under which 
the FHLBanks may pay dividends without prior Finance Board approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/00/97
NPRM Comment Period End         04/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas D. Sheehan, Acting Director, Office of Policy, 
Federal Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2870

RIN: 3069-AA46
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4584.  FEDERAL HOME LOAN BANK FINANCIAL MANAGEMENT

Regulatory Plan:  This entry is Seq. No. 165 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA50
_______________________________________________________________________




4585.  FEDERAL HOME LOAN BANK ADVANCES

Priority:  Other Significant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  12 USC 1422b; 12 USC 1429; 12 USC 1430; 12 USC 1430b

CFR Citation:  12 CFR 935

Legal Deadline: None

Abstract: The Finance Board is considering amending its regulation on 
FHLBank advances to allow FHLBanks to accept, without limitation, 
appropriate mutual fund shares as collateral for advances and to 
address FHLBanks' issuance of letters of credit.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/96
NPRM Comment Period End         02/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Thomas D. Sheehan, Acting Director, Office of Policy, 
Federal Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2870

RIN: 3069-AA53
_______________________________________________________________________




4586.  APPOINTMENT AND ELECTION OF FEDERAL HOME LOAN BANK 
DIRECTORS

Priority:  Substantive, Nonsignificant. Major status under 5 USC 801 is 
undetermined.

Legal Authority:  12 USC 1422b(a); 12 USC 1427

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board is considering amending its regulation on 
the election and appointment of FHLBank directors to address procedural 
issues that have arisen since the adoption of the regulation and to 
update and streamline the election process.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/97
NPRM Comment Period End         06/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Janice A. Kaye, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2505
Fax: 202 408-2580

RIN: 3069-AA55

[[Page 63480]]

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FEDERAL HOUSING FINANCE BOARD (FHFB)                   Final Rule Stage


  



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4587.  FEDERAL HOME LOAN BANK ASSESSMENTS

Priority:  Info./Admin./Other

Major: Undetermined

Legal Authority:  12 USC 1422b; 12 USC 1438(b)

CFR Citation:  12 CFR 902.2

Legal Deadline: None

Abstract: The Finance Board is considering amending its regulation on 
assessments on the FHLBanks to tie such assessments to the fiscal year 
of the U.S. government, as opposed to the calendar year.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/00/96
Final Action Effective          01/00/97

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
Phone: 202 408-2536
Fax: 202 408-2580

RIN: 3069-AA51
_______________________________________________________________________




4588.  BOOK ENTRY PROCEDURE FOR FEDERAL HOME LOAN BANK 
SECURITIES

Priority:  Info./Admin./Other

Major: Undetermined

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1431

CFR Citation:  12 CFR 912

Legal Deadline: None

Abstract: The Finance Board will promulgate an interim final rule 
amending its regulation governing FHLBank book-entry securities to 
incorporate recent and significant changes in commercial law addressing 
the holding of securities in book-entry form through financial 
intermediaries.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              11/00/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Eric M. Raudenbush, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2932
Fax: 202 408-2580

RIN: 3069-AA54
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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Completed Actions


  



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4589. PRACTICE BEFORE THE BOARD OF DIRECTORS

Priority:  Info./Admin./Other

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 considered adopting a regulation setting 
forth the rules for adjudicatory proceedings before the Finance Board, 
but decided against adopting such a regulation at this time.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       07/25/96

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
Phone: 202 408-2536

RIN: 3069-AA31
_______________________________________________________________________




4590. MODIFICATION OF DEFINITION OF DEPOSITS IN BANKS OR TRUST COMPANIES

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 931.5

Legal Deadline: None

Abstract: The Finance Board issued a final 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 FHLBanks' 
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
Final Action                    08/02/96                    61 FR 40311
Final Action Effective          09/03/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Janice A. Kaye, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2505

RIN: 3069-AA33
_______________________________________________________________________




4591. MEMBERS OF THE FEDERAL HOME LOAN BANKS

Priority:  Other Significant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1424; 12 USC 1426; 
12 USC 1442

CFR Citation:  12 CFR 933

Legal Deadline: None

Abstract: The Finance Board amended its regulation on members of the 
FHLBanks to allow the 12 FHLBanks, rather than the Finance Board, to 
approve applications for FHLBank membership.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            10/27/95                    60 FR 54958
NPRM Comment Period End         12/26/95
Final Action                    08/16/96                    61 FR 42531
Final Action Effective          09/16/96

Small Entities Affected: None

[[Page 63481]]

Government Levels Affected: None

Agency Contact: Amy R. Maxwell, Associate Director, District Banks 
Secretariat, Federal Housing Finance Board, 1777 F Street NW., 
Washington, DC 20006
Phone: 202 408-2882

RIN: 3069-AA41
_______________________________________________________________________




4592. AFFORDABLE HOUSING PROGRAM APPLICATION SUBSIDY LIMITS

Priority:  Routine and Frequent

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

CFR Citation:  12 CFR 960

Legal Deadline: None

Abstract: The Finance Board is amending its Affordable Housing Program 
(AHP) Regulation to permit the Federal Home Loan Banks to establish 
uniform limits on the amount of AHP subsidy available to Bank members 
under a Bank's AHP.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            11/01/95                    60 FR 55487
NPRM Comment Period End         12/18/95
Merged with RIN 3069-AA28       07/25/96

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
Phone: 202 408-2930
Fax: 202 408-2580

RIN: 3069-AA45
_______________________________________________________________________




4593. FEDERAL HOME LOAN BANK DIRECTORS FEES AND EXPENSES

Priority:  Substantive, Nonsignificant

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

Legal Authority:  12 USC 1422b; 12 USC 1427

CFR Citation:  12 CFR 932.27; 12 CFR 941.7

Legal Deadline: None

Abstract: The Finance Board published a final rule promulgating a new 
regulation governing fees and expenses for FHLBank directors. The new 
regulation replaces the existing Finance Board policy on directors fees 
and expenses and allows the FHLBanks more freedom in developing 
policies on payment of fees and expenses to their board directors.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/22/96                    61 FR 17603
NPRM Comment Period End         06/21/96
Final Action                    08/21/96                    61 FR 43151
Final Action Effective          09/20/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Eric M. Raudenbush, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2932
Fax: 202 408-2580

RIN: 3069-AA49
_______________________________________________________________________




4594.  TERMS AND CONDITIONS FOR ADVANCES

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1422b; 12 USC 1430

CFR Citation:  12 CFR 935.6

Legal Deadline: None

Abstract: The Finance Board published a final rule amending its 
regulation on terms and conditions for advances. The amended regulation 
requires a FHLBank that wants to make putable advances available to 
member institutions to provide appropriate disclosures and to offer 
replacement advance funding if the FHLBank terminates the putable 
advance prior to its stated maturity date.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/02/96                    61 FR 40364
NPRM Comment Period End         09/03/96
Final Action                    10/08/96                    61 FR 52686
Final Action Effective          11/07/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Christine M. Freidel, Assistant Director, Financial 
Management Division, Office of Policy, Federal Housing Finance Board, 
1777 F Street NW., Washington, DC 20006
Phone: 202 408-2976

RIN: 3069-AA52
_______________________________________________________________________




4595.  FEDERAL HOME LOAN BANK BUDGETS

Priority:  Other Significant. Major status under 5 USC 801 is 
undetermined.

Reinventing Government: This rulemaking is part of the Reinventing 
Government effort. It will revise text in the CFR to reduce burden or 
duplication, or streamline requirements.

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

CFR Citation:  12 CFR 934.6

Legal Deadline: None

Abstract: The Finance Board published a proposed rule to amend its 
regulation governing approval of FHLBank budgets by removing the 
requirement that budgets be approved by the Finance Board, and by 
establishing specific requirements for the FHLBanks' preparation and 
reporting of both budget and other financial information to the Finance 
Board.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            08/09/96                    61 FR 41535
NPRM Comment Period End         09/09/96
Final Action                    10/30/96                    61 FR 55877
Final Action Effective          11/29/96

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Sharon B. Like, Senior Attorney-Advisor, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2930
Fax: 202 408-2580

RIN: 3069-AA56
[FR Doc. 96-25329 Filed 11-27-96; 8:45 am]
BILLING CODE 6725-01-F