[ 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 LVI





Federal Housing Finance Board





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Semiannual Regulatory Agenda

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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 October 1, 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.

    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.

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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4482. FHLBANK FINANCIAL MANAGEMENT

Regulatory Plan:  This entry is Seq. No. 168 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA50
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4483. 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 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                            02/00/99
NPRM Comment Period End         04/00/99

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Deborah F. Silberman, 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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4484.  COLLATERAL ELIGIBLE TO SECURE FHLBANK ADVANCES

Regulatory Plan:  This entry is Seq. No. 169 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA77
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4485.  JOINT AND SEVERAL LIABILITY OF THE FHLBANKS

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

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

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Finance Board plans to issue a proposed rule to codify 
guidelines implementing statutory requirements regarding the joint and 
several liability of the FHLBanks for System debt.

Timetable:
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Action                            Date                      FR Cite

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NPRM                            12/00/98
NPRM Comment Period End         02/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3069-AA78

[[Page 62715]]

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FEDERAL HOUSING FINANCE BOARD (FHFB)             Final Rule Stage
  
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4486. ELECTION OF FHLBANK DIRECTORS

Priority:  Other Significant

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

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board plans to finalize its proposed rule 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                            05/13/98                    63 FR 26532
Final Action                    11/00/98
Final Action Effective          12/00/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Neil R. Crowley, Deputy 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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4487. FHLBANK LETTER OF CREDIT ISSUANCE

Regulatory Plan:  This entry is Seq. No. 170 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA61
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4488. 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              07/13/98                    63 FR 37483
Interim Final Rule Comment 
Period End                      09/11/98
Final Action                    03/00/99
Final Action Effective          04/00/99

Regulatory Flexibility Analysis Required: No

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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4489. 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 finalize an interim final rule 
that made technical and other amendments to its Affordable Housing 
Program regulation to resolve several minor issues that had arisen 
since its promulgation in 1997.

Timetable:
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Action                            Date                      FR Cite

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Interim Final Rule              05/20/98                    63 FR 27668
Final Action                    12/00/98
Final Action Effective          01/00/99

Regulatory Flexibility Analysis Required: 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
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4490.  COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS

Regulatory Plan:  This entry is Seq. No. 171 in Part II of this issue 
of the Federal Register.

RIN: 3069-AA75
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FEDERAL HOUSING FINANCE BOARD (FHFB)            Long-Term Actions
  
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4491. 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.

CFR Citation:  12 CFR 932; 12 CFR 941

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: David A. Guy
Phone: 202 408-2536
Fax: 202 408-2580

RIN: 3069-AA62
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4492. 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

[[Page 62716]]

ANPRM Comment Period End        06/09/97                    62 FR 25563


Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Deborah F. Silberman
Phone: 202 408-2570
Fax: 202 408-2580

RIN: 3069-AA65
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4493. CAPS ON BASE SALARIES OF FHLBANK PRESIDENTS

Priority:  Substantive, Nonsignificant

CFR Citation:  12 CFR 932

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Deborah F. Silberman
Phone: 202 408-2570
Fax: 202 408-2580

RIN: 3069-AA74
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FEDERAL HOUSING FINANCE BOARD (FHFB)            Completed Actions
  
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4494. 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 published a final rule amending its 
Membership Regulation to resolve several minor issues that had 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                    07/27/98                    63 FR 40018
Final Action Effective          08/26/98

Regulatory Flexibility Analysis Required: No

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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4495. 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 final rule amending 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, 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                    06/29/98                    63 FR 35117
Final Action Effective          07/29/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4496. 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 a 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                    07/24/98                    63 FR 39702
Final Action Effective          08/24/98

Regulatory Flexibility Analysis Required: No

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
_______________________________________________________________________

4497. 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 published a final rule amending 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.

[[Page 62717]]

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                    07/24/98                    63 FR 39702
Final Action Effective          08/24/98

Regulatory Flexibility Analysis Required: No

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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4498.  COMPENSATION AND CONFLICTS-OF-INTEREST RULES FOR FHLBANK 
EMPLOYEES

Priority:  Substantive, Nonsignificant

Legal Authority:  12 USC 1426; 12 USC 1427; 12 USC 1432

CFR Citation:  12 CFR 932

Legal Deadline: None

Abstract: The Finance Board published a final rule amending its 
regulation on Compensation of FHLBank Employees to lift certain 
restrictions on incentive payments and bonuses. The final rule also 
amended the Finance Board's regulation on Conflicts of Interest of 
FHLBank Employees by adding an exception for non-exempt hourly FHLBank 
employees.

Timetable:
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Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    06/05/98                    63 FR 30584
Final Action Effective          06/05/98

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: David A. Guy, Deputy General Counsel, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2536
Fax: 202 408-2580

RIN: 3069-AA76
[FR Doc. 98-27063 Filed 11-06-98; 8:45 am]
BILLING CODE 6725-01-F