[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]



[[Page 22661]]



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Part LIII



Federal Housing Finance Board



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Semiannual Regulatory Agenda

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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 April 1, 1997. The Finance Board is an independent 
agency in the executive branch of the Government that is charged by 
statute 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.

By the Federal Housing Finance Board.

Elaine L. Baker,

Executive Secretary.
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                      Prerule Stage


  



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4126.  FHLBANK SYSTEM MISSION REGULATION

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

Unfunded Mandates: Undetermined

Legal Authority:  12 USC 1422a

CFR Citation:  12 CFR 937

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to add 
to its regulations a requirement that each FHLBank's board of directors 
prepare annually a report on that FHLBank's fulfillment of its housing 
finance mission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/00/97
ANPRM Comment Period End        06/00/97
NPRM                            08/00/97
NPRM Comment Period End         10/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Brandon B. Straus, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2589
Fax: 202 408-2580

RIN: 3069-AA65
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                Proposed Rule Stage


  



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4127. COMMUNITY INVESTMENT CASH ADVANCES

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

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1430(i); 12 USC 
1430(j)(10)

CFR Citation:  12 CFR 970

Legal Deadline: None

Abstract: The Finance Board intends to propose a regulation to 
establish guidelines governing all community investment cash advance 
programs, including the community investment program, established by a 
FHLBank.

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: Diane Dorius, Associate Director, Program Development 
Division, Office of Policy, Federal Housing Finance Board, 1777 F 
Street NW., Washington, DC 20006
Phone: 202 408-2576
Fax: 202 408-2580

RIN: 3069-AA05
_______________________________________________________________________




4128. FEDERAL HOME LOAN BANK FINANCIAL MANAGEMENT

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

Legal Authority:  12 USC 1422b(a); 12 USC 1431; 12 USC 1436(a)

CFR Citation:  12 CFR Not yet determined

Legal Deadline: None

Abstract: The Finance Board will revise its Financial Management Policy 
for the Federal Home Loan Bank System and will publish it as a policy 
statement.

[[Page 22663]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Proposed Statement of Policy    03/19/97                    62 FR 13146
Comment Period End              04/18/97
Final Statement of Policy       06/00/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3069-AA50
_______________________________________________________________________




4129.  FHLBANK LETTER OF CREDIT ISSUANCE

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

Unfunded Mandates: Undetermined

Legal Authority:  12 USC 1430(a); 12 USC 1431(a)

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to 
codify regulations governing issuance of standby letters of credit by 
FHLBanks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/97
NPRM Comment Period End         07/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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-AA61
_______________________________________________________________________




4130.  COMPENSATION OF FHLBANK AND OFFICE OF FINANCE OFFICERS 
AND EMPLOYEES

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; 12 USC 1422b; 12 USC 1432(a)

CFR Citation:  12 CFR 932; 12 CFR 941

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to amend 
its regulations to establish guidelines for compensation of OF 
employees and for provision of benefits to FHLBank employees.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/00/97
NPRM Comment Period End         09/00/97

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-AA62
_______________________________________________________________________




4131.  DEVOLUTION OF GOVERNANCE AUTHORITIES TO THE FHLBANKS

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

Unfunded Mandates: 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 1422b; 12 USC 1432(a)

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to amend 
its regulations to devolve corporate governance authority with respect 
to certain matters from the Finance Board to the FHLBanks and to set 
forth guidelines regarding the exercise of these authorities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/97
NPRM Comment Period End         08/00/97

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Deborah F. Silberman, Acting General Counsel, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2570
Fax: 202 408-2580

RIN: 3069-AA64
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                   Final Rule Stage


  



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4132. AFFORDABLE HOUSING PROGRAM

Priority:  Economically 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 1422b(a)(1); 12 USC 1430(j)

CFR Citation:  12 CFR 960

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/10/94                     59 FR 1323
NPRM Comment Period End         03/11/94
Second NPRM                     11/08/96                    61 FR 57799

[[Page 22664]]

Second NPRM Comment Period End  02/06/97
Final Action                    07/00/97
Final Action Effective          08/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Charles McLean, Deputy Director, Market Research 
Division, Office of Policy, Federal Housing Finance Board, 1777 F 
Street NW., Washington, DC 20006
Phone: 202 408-2537

RIN: 3069-AA28
_______________________________________________________________________




4133. 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 published a proposed rule to amend its 
Community Support regulations to provide standards for the community 
support requirements for all members of the FHLBank System and to 
establish review criteria that the Finance Board must apply in 
determining members' compliance.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           09/02/93                    58 FR 46469
ANPRM Comment Period End        12/31/93                    58 FR 58305
NPRM                            11/27/96                    61 FR 20229
NPRM Comment Period End         01/27/97
Final Action                    04/00/97
Final Action Effective          05/00/97

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
_______________________________________________________________________




4134. 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 intends to amend 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                    07/00/97
Final Action Effective          08/00/97

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
_______________________________________________________________________




4135. BOOK ENTRY PROCEDURE FOR FEDERAL HOME LOAN BANK SECURITIES

Priority:  Info./Admin./Other

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 a 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              12/03/96                    61 FR 64021
Final Action                    04/00/97
Final Action Effective          05/00/97

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
_______________________________________________________________________




4136. 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 set 
guidelines for the operation of the election process by the FHLBanks 
themselves.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/00/97

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
_______________________________________________________________________




4137.  AMENDMENT OF FINANCING CORPORATION REGULATION

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 1441

CFR Citation:  12 CFR 950

Legal Deadline: None

Abstract: The Finance Board intends to promulgate a final rule amending 
its regulation on Financing Corporation operations to comply with new 
statutory requirements and to eliminate provisions that have been 
rendered obsolete by statutory changes.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              11/22/96                    61 FR 59311
Final Action                    07/00/97
Final Action Effective          08/00/97

[[Page 22665]]

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-AA57
_______________________________________________________________________




4138.  QUALIFIED THRIFT LENDER TEST

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 935

Legal Deadline: None

Abstract: In conjunction with statutory changes in thrifts' Qualified 
Thrift Lender (QTL) formula, the Finance Board adopted an interim final 
rule amending its Advances Regulation to broaden the universe of assets 
that non-savings association FHLBank members may use to satisfy their 
QTL requirements.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              02/27/97                     62 FR 8868
Interim Final Rule Comment 
Period End                      03/31/97
Final Action                    07/00/97
Final Action Effective          08/00/97

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Neil R. Crowley, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2990
Fax: 202 408-2580

RIN: 3069-AA60
_______________________________________________________________________




4139.  TECHNICAL AMENDMENT OF DEFINITION OF DEPOSITS IN BANKS 
AND TRUST COMPANIES

Priority:  Economically Significant

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

CFR Citation:  12 CFR 931.5

Legal Deadline: None

Abstract: The Finance Board intends to publish a final rule amending 
its regulations to include within the definition of ``deposits in banks 
and trust companies'' deposits in a branch or agency of a foreign bank 
located in the U.S. and supervised by the Federal Reserve Board.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              02/14/97                     62 FR 6860
Final Action                    06/00/97
Final Action Effective          07/00/97

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-AA63
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                  Completed Actions


  



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4140. 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 published a proposed rule to amend its 
regulation on FHLBank advances to nonmember mortgagees. The regulation, 
as amended, 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
Final Action                    03/14/97                    62 FR 12073
Final Action Effective          04/14/97

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-AA27
_______________________________________________________________________




4141. SELECTION AND COMPENSATION OF FEDERAL HOME LOAN BANK EMPLOYEES

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; 12 USC 1422b; 12 USC 1432(a)

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board amended 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                    01/02/97                        62 FR 4
Final Action Effective          01/02/97

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

[[Page 22666]]

_______________________________________________________________________




4142. 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 intended 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. It will now be published as part of a more comprehensive 
regulation on FHLBank financial management.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Merged with RIN 3069-AA50       02/19/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3069-AA46
_______________________________________________________________________




4143. 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 considered publishing a proposed rule to 
amend 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. The 
Finance Board now intends to address advances as part of a more 
comprehensive regulation on FHLBank financial management, and to 
address letters of credit in a separate rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Merged With RIN 3069-AA50       02/19/97

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3069-AA53
_______________________________________________________________________




4144.  DESCRIPTION OF ORGANIZATION AND FUNCTIONS

Priority:  Info./Admin./Other

Legal Authority:  5 USC 552; 12 USC 1422b(a)

CFR Citation:  12 CFR 900

Legal Deadline: None

Abstract: The Finance Board published a final rule amending the 
description of the agency's organization and functions, as required by 
the Freedom of Information Act.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/27/96                    61 FR 68129
Final Action Effective          12/27/96

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
Fax: 202 408-2580

RIN: 3069-AA58
_______________________________________________________________________




4145.  PROCEDURE FOR CONSIDERATION OF REGULATORY WAIVERS

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1422b

CFR Citation:  12 CFR 902.6

Legal Deadline: None

Abstract: The Finance Board adopted a final rule amending its agency 
operations regulation to include a provision setting forth guidelines 
for requesting waivers of Finance Board regulations not required by 
statute in appropriate circumstances.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    12/06/96                    61 FR 64613
Final Action Effective          01/06/97

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-AA59
[FR Doc. 97-5809 Filed 04-24-97; 8:45 am]
BILLING CODE 6725-01-F