[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 22327]]



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Part LVII



Federal Housing Finance Board



_______________________________________________________________________

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.

_______________________________________________________________________

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 12, 1999. 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 housing finance 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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4263. 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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/00/99
NPRM Comment Period End         06/00/99

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
_______________________________________________________________________




4264. 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:  12 CFR 910

Legal Deadline: None

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

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/11/99                     64 FR 6819
NPRM Comment Period End         04/12/99
Final Action                    09/00/99
Final Action Effective          10/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Charlotte A. Reid, Special Counsel, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2510
Fax: 202 408-2580

RIN: 3069-AA78
_______________________________________________________________________




4265.  FINANCIAL STATEMENTS OF THE BANKS

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 1422b(a)(1)

CFR Citation:  12 CFR 937.2; 12 CFR 941.5

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to amend 
part 937 of its regulations. The amendment would devolve to the OF the 
function of preparing the FHLBank System's annual and quarterly 
reports. Part 941 would also be amended to list the preparation of the 
Bank System's financial reports as an enumerated function of the OF.

[[Page 22329]]

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99
NPRM Comment Period End         06/00/99
Final Action                    07/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3069-AA81
_______________________________________________________________________




4266.  AMENDMENT OF AFFORDABLE HOUSING PROGRAM REGULATIONS

Priority:  Other Significant

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 a proposed rule to amend 
its Affordable Housing Program regulation to make certain technical 
changes to resolve operational issues that have arisen since its 
promulgation in 1997.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/00/99
NPRM Comment Period End         06/00/99

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-AA82
_______________________________________________________________________




4267.  FHLBANK FINANCIAL MANAGEMENT REGULATION

Priority:  Other Significant. 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(a); 12 USC 1431; 12 USC 1436(a)

CFR Citation:  Not yet determined

Legal Deadline: None

Abstract: The Finance Board intends to publish a proposed rule to 
codify a comprehensive regulation to govern the investments of the 
FHLBanks and other FHLBank financial management issues. Currently, 
FHLBank investments are governed by section 934.1 of the regulations 
and an uncodified ``Financial Management Policy.''

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/99
NPRM Comment Period End         08/00/99

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: James L. Bothwell, Chief Economist, Director, Policy, 
Research & Analysis, Federal Housing Finance Board, 1777 F Street NW., 
Washington, DC 20006
Phone: 202 408-2821
Fax: 202 408-2995

RIN: 3069-AA84
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                   Final Rule Stage




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4268. TECHNICAL AMENDMENTS TO AFFORDABLE HOUSING PROGRAM REGULATION

Priority:  Substantive, Nonsignificant

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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/20/98                    63 FR 27668
Final Action                    05/00/99
Final Action Effective          06/00/99

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-AA73
_______________________________________________________________________




4269. COLLATERAL ELIGIBLE TO SECURE FHLBANK ADVANCES

Priority:  Other Significant

Legal Authority:  12 USC 1430

CFR Citation:  12 CFR 935

Legal Deadline: None

Abstract: The Finance Board plans to issue a final rule amending its 
Advances regulation to permit FHLBanks to accept as security for 
advances both federally-guaranteed loans (to the extent of the 
guarantee), irrespective of such loans' delinquency status, and 
securities representing an equity interest in eligible mortgage or 
government securities collateral.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM Comment Period End         02/08/98
NPRM                            12/08/98                    63 FR 67625
Final Action                    04/00/99
Final Action Effective          04/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: No

Government Levels Affected: None

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

[[Page 22330]]

Fax: 202 408-2580

RIN: 3069-AA77
_______________________________________________________________________




4270.  AVAILABILITY OF UNPUBLISHED INFORMATION

Priority:  Substantive, Nonsignificant

Legal Authority:  5 USC 301; 12 USC 1422b(a)(1)

CFR Citation:  12 CFR 905

Legal Deadline: None

Abstract: The Finance Board intends to publish an interim final rule to 
add a new part to its regulations governing the availability of 
unpublished Finance Board information. The rule describes the 
procedures that must be followed when requesting unpublished Finance 
Board information either by document or by testimony of current or 
former Finance Board employees or agents and the practices and 
procedures the Finance Board will use in responding to such requests.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/00/99
Final Action                    09/00/99
Final Action Effective          10/00/99

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-AA79
_______________________________________________________________________




4271.  ADVANCE PARTICIPATIONS/TRANSFER OF ADVANCES

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 1430

CFR Citation:  12 CFR 935.16

Legal Deadline: None

Abstract: The Finance Board intends to publish a final rule to amend 
its Advances regulation to authorize the transfer of whole advances 
between FHLBanks in the event of the merger of consolidation of members 
on an interdistrict basis, or due to the relocation of a member to 
another district.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    06/00/99

Regulatory Flexibility Analysis Required: Undetermined
Small Entities Affected: No

Government Levels Affected: Undetermined

Agency Contact: Jane S. Converse, Senior Attorney Advisor, Federal 
Housing Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2976
Fax: 202 408-2580

RIN: 3069-AA80
_______________________________________________________________________




4272.  AMENDMENT OF ADVANCES REGULATION

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(a)(3); 12 USC 1422b(a)(1); 12 USC 1426; 
12 USC 1429; 12 USC 1430; 12 USC 1430b; 12 USC 1431

CFR Citation:  12 CFR 935.15(b)

Legal Deadline: None

Abstract: The Finance Board is amending its regulation governing 
FHLBank advances to prohibit the FHLBanks from charging a fee to a 
member in lieu of redeeming the member's excess capital stock held in 
the Bank.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/00/99
Final Action Effective          04/00/99

Regulatory Flexibility Analysis Required: No
Small Entities Affected: 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-AA83
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                  Long-Term Actions




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4273. 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: Neil R. Crowley
Phone: 202 408-2990
Fax: 202 408-2580

RIN: 3069-AA62
_______________________________________________________________________




4274. FHLBANK SYSTEM MISSION REGULATION

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

Unfunded Mandates: Undetermined

CFR Citation:  12 CFR 937

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           04/09/97                    62 FR 17108

[[Page 22331]]

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


Next Action Undetermined

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Agency Contact: Mitchell Berns
Phone: 202 408-2562
Fax: 202 408-2854

RIN: 3069-AA65
_______________________________________________________________________




4275. 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: Neil R. Crowley
Phone: 202 408-2990
Fax: 202 408-2580

RIN: 3069-AA74
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                  Completed Actions




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4276. 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:  Not yet determined

Legal Deadline: None

Abstract: The Finance Board had intended to revise its Financial 
Management Policy (FMP) for the Federal Home Loan Bank System and to 
issue a proposed rule to codify the FMP as a regulation. This 
rulemaking has now been superseded by new plans to publish a 
comprehensive financial management regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Proposed Statement of Policy    03/19/97                    62 FR 13146
Comment Period End              04/18/97
Withdrawn                       02/22/99

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-AA50
_______________________________________________________________________




4277. 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 has adopted a final rule amending its 
regulation on the election of FHLBank directors to devolve the 
responsibility for administering the elections process from the Finance 
Board to the FHLBanks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/13/98                    63 FR 26532
Final Action                    11/30/98                    63 FR 65683
Final Action Effective          12/30/98

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
_______________________________________________________________________




4278. FHLBANK LETTER OF CREDIT ISSUANCE

Priority:  Other Significant

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

CFR Citation:  12 CFR 938

Legal Deadline: None

Abstract: The Finance Board published a final rule codifying policies 
governing issuance of standby letters of credit by FHLBanks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/08/98                    63 FR 25726
NPRM Comment Period End         08/08/98
Final Action                    11/30/98                    63 FR 65693
Final Action Effective          12/30/98

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

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

RIN: 3069-AA61
_______________________________________________________________________




4279. 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 revised 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:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              07/13/98                    63 FR 37483
Interim Final Rule Comment 
Period End                      09/11/98
Final Action                    02/08/99                     64 FR 5929
Final Action Effective          03/10/99

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

[[Page 22332]]

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
_______________________________________________________________________




4280. COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS

Priority:  Other Significant

Legal Authority:  12 USC 1426; 12 USC 1429; 12 USC 1430; 12 USC 1430b; 
12 USC 1431

CFR Citation:  12 CFR 935; 12 CFR 970

Legal Deadline: None

Abstract: The Finance Board issued a final rule establishing a general 
framework under which the FHLBanks may establish community investment 
cash advance (CICA) programs in addition to their Affordable Housing 
Programs (AHP) and Community Investment Programs (CIP). The rule does 
not require a FHLBank to establish CICA programs, but merely provides 
the FHLBanks with an outline of the types of FHLBank lending that the 
Finance Board has determined will meet the statutory requirement that 
CICA programs support community investment.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/08/98                    63 FR 25722
NPRM Comment Period End         08/08/98
Final Action                    11/27/98                    63 FR 65536
Final Action Effective          12/28/98

Regulatory Flexibility Analysis Required: No
Small Entities Affected: Businesses

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-AA75
[FR Doc. 99-7017 Filed 04-23-99; 8:45 am]
BILLING CODE 6725-01-F
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