[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 LV





Federal Housing Finance Board





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Semiannual Regulatory Agenda

[[Page 22984]]



FEDERAL HOUSING FINANCE BOARD (FHFB)                                   


  



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FEDERAL HOUSING FINANCE BOARD

12 CFR Ch. IX

Agenda of Federal Regulatory and Deregulatory Actions

AGENCY: Federal Housing Finance Board.

ACTION: Semiannual regulatory agenda.

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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 6, 1998. 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.
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FEDERAL HOUSING FINANCE BOARD (FHFB)                Proposed Rule Stage


  



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4243. FHLBANK 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 
(FMP) for the Federal Home Loan Bank System and will codify it as a 
regulation.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

Proposed Statement of Policy    03/19/97                    62 FR 13146
Comment Period End              04/18/97
NPRM                            06/00/98
NPRM Comment Period End         08/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: James Bothwell, Director, Office of Policy, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2821
Fax: 202 408-2850

RIN: 3069-AA50
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4244. ELECTION OF FHLBANK DIRECTORS

Priority:  Other Significant. 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 proposing to amend 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:
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Action                            Date                      FR Cite

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NPRM                            04/00/98
NPRM Comment Period End         06/00/98

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3069-AA55
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4245. 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:  12 CFR 938

Legal Deadline: None

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

Timetable:
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Action                            Date                      FR Cite

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NPRM                            05/00/98
NPRM Comment Period End         07/00/98

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

[[Page 22985]]

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4246. 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:
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Action                            Date                      FR Cite

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NPRM                            10/00/98
NPRM Comment Period End         12/00/98

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
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4247. 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:  12 CFR Not yet determined

Legal Deadline: None

Abstract: The Finance Board intends to publish one or more proposed 
rules 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:
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Action                            Date                      FR Cite

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NPRM                            10/00/98
NPRM Comment Period End         12/00/98

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
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4248.  CAPS ON BASE SALARIES OF FHLBANK PRESIDENTS

Priority:  Substantive, Nonsignificant

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

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to amend 
technically its regulation governing the calculation of FHLBank 
Presidents' base salary caps.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            10/00/98
NPRM Comment Period End         12/00/98

Small Entities Affected: None

Government Levels Affected: None

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

RIN: 3069-AA74
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FEDERAL HOUSING FINANCE BOARD (FHFB)                   Final Rule Stage


  



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4249. TECHNICAL AMENDMENTS TO MEMBERSHIP REGULATION

Priority:  Info./Admin./Other

Legal Authority:  12 USC 1422a; 12 USC 1424

CFR Citation:  12 CFR 933

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to amend 
its Membership Regulation to resolve several minor issues that have 
arisen since its promulgation in 1996.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            02/19/98                     63 FR 8364
NPRM Comment Period End         03/23/98
Final Action                    06/00/98

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-AA67
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4250.  ELIGIBILITY OF RURAL BANKS FOR MEMBERSHIP AND ADVANCES

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1424; 12 USC 1426; 
12 USC 1430; 12 USC 1432

CFR Citation:  12 CFR 933; 12 CFR 935

Legal Deadline: None

Abstract: The Finance Board issued a proposed rule to amend its 
regulations relating to combination business or farm properties on 
which a residence is located to assist smaller depository institutions, 
located in rural areas, to qualify for FHLBank membership and,

[[Page 22986]]

once admitted, to provide the collateral necessary to obtain advances.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            10/14/97                    62 FR 53251
NPRM Comment Period End         11/13/97
Final Action                    05/00/98
Final Action Effective          06/00/98

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-AA69
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4251.  AUTHORITY TO APPROVE FHLBANK BYLAWS

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 1431(g); 12 USC 
1432(a); 12 USC 1442

CFR Citation:  12 CFR 934

Legal Deadline: None

Abstract: The Finance Board published an interim final rule adding a 
new provision to its regulation on FHLBank Operations to devolve 
responsibility for approving FHLBank bylaws or amendments thereto, 
subject to certain conditions, from the Finance Board to the boards of 
directors of the FHLBanks.

Timetable:
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Action                            Date                      FR Cite

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Interim Final Rule              12/11/97                    62 FR 65197
Interim Final Rule - Comment 
Period End                      01/12/98
Interim Final Rule - Effective  01/12/98
Final Action                    06/00/98
Final Action Effective          06/00/98

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-AA70
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4252.  REVISIONS TO THE FREEDOM OF INFORMATION ACT REGULATION

Priority:  Info./Admin./Other

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:  5 USC 552

CFR Citation:  12 CFR 904

Legal Deadline: None

Abstract: The Finance Board is revising its Freedom of Information Act 
Regulation to comply with new statutory requirements and to reorganize 
and streamline the regulation to clarify the Finance Board's practices 
and procedures in responding to requests for information.

Timetable:
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Action                            Date                      FR Cite

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Interim Final Rule              06/00/98
Interim Final Rule - Comment 
Period End                      08/00/98

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-AA71
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4253.  FINANCIAL DISCLOSURE BY FHLBANKS

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1422a; 12 USC 1422b; 12 USC 1426; 12 USC 1431; 
12 USC 1440

CFR Citation:  12 CFR 937

Legal Deadline: None

Abstract: The Finance Board is proposing to amend its regulations to 
add a requirement that the FHLBanks provide annual audited financial 
statements, and quarterly unaudited financial statements, to their 
members, both in conformance with the requirements promulgated by the 
Securities and Exchange Commission.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            02/02/98                     63 FR 5315
NPRM Comment Period End         03/19/98
Final Action                    05/00/98
Final Action Effective          06/00/98

Small Entities Affected: None

Government Levels Affected: None

Agency Contact: Joseph A. McKenzie, Director, Financial Reporting and 
Analysis Div., Office of Policy, Federal Housing Finance Board, 1777 F 
Street NW., Washington, DC 20006
Phone: 202 408-2845
Fax: 202 408-2915

RIN: 3069-AA72
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4254.  TECHNICAL AMENDMENTS TO AFFORDABLE HOUSING PROGRAM 
REGULATION

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

Unfunded Mandates: Undetermined

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

CFR Citation:  12 CFR 960

Legal Deadline: None

Abstract: The Finance Board intends to publish an interim final rule to 
make technical and other amendments to its Affordable Housing Program 
regulation to resolve several minor issues that have arisen since its 
promulgation in 1997.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              07/00/98

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

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-AA73

[[Page 22987]]

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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Long-Term Actions


  



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4255. FHLBANK SYSTEM MISSION REGULATION

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

Unfunded Mandates: Undetermined

CFR Citation:  12 CFR 937

Timetable:
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Action                            Date                      FR Cite

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ANPRM                           04/09/97                    62 FR 17108
ANPRM Comment Period End        06/09/97                    62 FR 25563
NPRM                            00/00/00

Small Entities Affected: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Brandon B. Straus
Phone: 202 408-2589
Fax: 202 408-2580

RIN: 3069-AA65
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FEDERAL HOUSING FINANCE BOARD (FHFB)                  Completed Actions


  



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4256. BOOK ENTRY PROCEDURE FOR FHLBANK 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 promulgated 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:
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Action                            Date                      FR Cite

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Interim Final Rule              12/03/96                    61 FR 64021
Final Action                    02/18/98                     63 FR 8057
Final Action Effective          03/20/98

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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4257. AMENDMENT OF DEFINITION OF ``STATE'' IN MEMBERSHIP REGULATION

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1422a; 12 USC 1424

CFR Citation:  12 CFR 933.1(cc)

Legal Deadline: None

Abstract: The Finance Board issued a final rule amending the definition 
of the term ``state'' in its Membership Regulation to include American 
Samoa and the Northern Mariana Islands, thereby making financial 
institutions located in these places eligible for FHLBank membership.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            09/24/97                    62 FR 49943
NPRM Comment Period End         10/24/97
Final Action                    01/23/98                     63 FR 3453
Final Action Effective          02/23/98

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-AA66
[FR Doc. 98-6274 Filed 04-24-98; 8:45 am]
BILLING CODE 6725-01-F