[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 LV





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 October 15, 2000. 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 (Bank) System and the Financing Corporation (FICO). The 
Bank System comprises 12 regional Federal Home Loan Banks 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 community lending activities. The Bank System also 
includes the Office of Finance, which issues Bank System consolidated 
obligations. FICO is a corporate entity separate from the Bank 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 Bank 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, Senior Attorney-
Advisor, Office of General Counsel, Federal Housing Finance Board, 1777 
F Street NW., Washington, DC 20006, (202) 408-2932; e-mail: 
[email protected].

    By the Federal Housing Finance Board.

 James L. Bothwell,

Managing Director.

                               Federal Housing Finance Board--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4640         Amendment of Community Investment Cash Advance Regulation..........................     3069-AA99
4641         Minimum Capital Requirements for the Federal Home Loan Banks (Reg Plan Seq No. 170)     3069-AB01
----------------------------------------------------------------------------------------------------------------
References in boldface appear in the Regulatory Plan in Part II of this issue of the Federal Register.


                                Federal Housing Finance Board--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4642         Amendment of Advances Regulation...................................................     3069-AA83
4643         Restructuring the Office of Finance................................................     3069-AA88
4644         Powers and Responsibilities of Federal Home Loan Bank Boards of Directors and           3069-AA90
            Senior Management...................................................................
4645         Determination of Appropriate Present Value Factors Associated with Payments Made by     3069-AA92
            the Federal Home Loan Banks to the Resolution Trust Corporation.....................
4646         Amendment of Membership and Advances Regulations...................................     3069-AA94
4647         Devolution of Corporate Governance Responsibilities................................     3069-AA96
4648         Amendments to Advances Regulation..................................................     3069-AA97
4649         Acquired Member Assets, Core Mission Activities, Investments and Advances..........     3069-AA98
4650         Election of Federal Home Loan Bank Directors.......................................     3069-AB00
4651         Amendments to the Freedom of Information Act Regulation............................     3069-AB02
----------------------------------------------------------------------------------------------------------------


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Federal Housing Finance Board (FHFB)                Proposed Rule Stage


  



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4640. AMENDMENT OF COMMUNITY INVESTMENT CASH ADVANCE REGULATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1422b(a)(1); 12 USC 1430

CFR Citation: 12 CFR 952

Legal Deadline: None

Abstract: The Finance Board intends to adopt a proposed rule amending 
the Community Investment Cash Advance (CICA) regulation to make certain 
technical revisions clarifying CICA program requirements and improving 
the operation of CICA programs.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/00
NPRM Comment Period Ends        02/00/01

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
Email: [email protected]

RIN: 3069-AA99
_______________________________________________________________________




4641. MINIMUM CAPITAL REQUIREMENTS FOR THE FEDERAL HOME LOAN BANKS

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

RIN: 3069-AB01
_______________________________________________________________________


Federal Housing Finance Board (FHFB)                  Completed Actions


  



_______________________________________________________________________




4642. AMENDMENT OF ADVANCES REGULATION

Priority: Substantive, Nonsignificant

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 950.15(b)

Legal Deadline: None

Abstract: The Finance Board planned to finalize an interim final rule 
amending its Advances regulation to prohibit the Banks from charging a 
fee to a member in lieu of redeeming the member's excess capital stock 
held in the Bank. However, the subject matter of this rulemaking was 
mooted by rules issued in response to the Federal Home Loan Bank System 
Modernization Act of 1999.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/06/99                    64 FR 16788
Withdrawn                       06/30/00

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
Email: [email protected]

RIN: 3069-AA83
_______________________________________________________________________




4643. RESTRUCTURING THE OFFICE OF FINANCE

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1422b; 12 USC 1431

CFR Citation: 12 CFR 900; 12 CFR 905; 12 CFR 965; 12 CFR 966; 12 CFR 
969; 12 CFR 985; 12 CFR 989

Legal Deadline: None

Abstract: The Finance Board issued a final rule to authorize the 
issuance of consolidated obligations by the Banks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/04/00                      65 FR 324
NPRM Comment Period End         03/06/00
Final Rule                      06/07/00                    65 FR 36290
Final Rule Effective            07/01/00

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
Email: [email protected]

RIN: 3069-AA88
_______________________________________________________________________




4644. POWERS AND RESPONSIBILITIES OF FEDERAL HOME LOAN BANK BOARDS OF 
DIRECTORS AND SENIOR MANAGEMENT

Priority: Other Significant

Legal Authority: 12 USC 1422a; 12 USC 1422b; 12 USC 1427; 12 USC 1432; 
12 USC 1436; 12 USC 1440

CFR Citation: 12 CFR 917

Legal Deadline: None

Abstract: The Finance Board issued a final rule to set forth the 
responsibilities of the boards of directors and senior management of 
the Banks, as a means of ensuring that they fulfill their duties to 
operate the Banks in a safe and sound manner and in furtherance of the 
Banks' housing finance and community lending mission.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            01/03/00                       65 FR 81
NPRM Comment Period End         02/02/00
Final Action                    05/01/00                    65 FR 25267
Final Action Effective          05/31/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

[[Page 74922]]

Email: [email protected]

RIN: 3069-AA90
_______________________________________________________________________




4645. DETERMINATION OF APPROPRIATE PRESENT VALUE FACTORS ASSOCIATED WITH 
PAYMENTS MADE BY THE FEDERAL HOME LOAN BANKS TO THE RESOLUTION TRUST 
CORPORATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1422b(a); 12 USC 1441b(f); 12 USC 1430(j)

CFR Citation: 12 CFR 997; 12 CFR 951.1

Legal Deadline: None

Abstract: The Finance Board issued a final rule to implement amendments 
to the Bank Act required by the Federal Home Loan Bank System 
Modernization Act of 1999. These amendments changed the statutory 
obligation of the Bank System to pay funds annually to the Resolution 
Funding Corporation (REFCORP) from a fixed $300 million to 20 percent 
of the net earnings of each Bank. In addition, the rule altered the 
term of the Bank System's obligation depending on whether the payments 
made under the new assessment method exceed or fall short of $300 
million per year. This rulemaking sets forth the calculations that will 
be used to determine the new term of the Banks' obligation and make 
other conforming changes to the regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            02/04/00                     65 FR 5447
NPRM Comment Period End         03/06/00
Final Action                    04/03/00                    65 FR 17435
Final Action Effective          04/03/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas E. Joseph, Attorney-Advisor, Federal Housing 
Finance Board, 1777 F Street NW., Washington, DC 20006
Phone: 202 408-2512
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AA92
_______________________________________________________________________




4646. AMENDMENT OF MEMBERSHIP AND ADVANCES REGULATIONS

Priority: Other Significant

Legal Authority: 12 USC 1422; 12 USC 1422a; 12 USC 1422b; 12 USC 1423; 
12 USC 1424; 12 USC 1426; 12 USC 1429; 12 USC 1430; 12 USC 1430b; 12 
USC 1431; 12 USC 1442

CFR Citation: 12 CFR 925; 12 CFR 950

Legal Deadline: None

Abstract: The Finance Board adopted a final rule amending its 
membership regulation and advances regulation to conform certain 
provisions to the requirements of the Federal Home Loan Bank System 
Modernization Act of 1999, and to make certain technical revisions to 
the membership regulation that are not related to the Modernization 
Act, in order to clarify the treatment of de novo members that fail to 
meet the 10 percent residential mortgage loans requirement within the 
required one-year time frame.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              03/15/00                    65 FR 13866
Interim Final Rule Comment 
Period End                      04/14/00
Final Action                    07/03/00                    65 FR 40979
Final Action Effective          07/03/00

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
Email: [email protected]

RIN: 3069-AA94
_______________________________________________________________________




4647. DEVOLUTION OF CORPORATE GOVERNANCE RESPONSIBILITIES

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 1426; 12 USC 1427; 
12 USC 1429; 12 USC 1430; 12 USC 1430b; 12 USC 1431; 12 USC 1432; 12 
USC 1442

CFR Citation: 12 CFR 917; 12 CFR 918; 12 CFR 950

Legal Deadline: None

Abstract: The Finance Board adopted a final rule amending its 
regulations to devolve certain corporate governance responsibilities 
from the Finance Board to the Banks, pursuant to the requirements of 
the Federal Home Loan Bank System Modernization Act of 1999.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/21/99                    64 FR 71275
Interim Final Rule Comment 
Period End                      01/20/00
Final Action                    03/14/00                    65 FR 13663
Final Action Effective          03/14/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Additional Information: When the interim final rule was published in 
the December 21, 1999 issue of the Federal Register (64 FR 71275), the 
RIN number was mistakenly listed as 3069-AA89.

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
Email: [email protected]

RIN: 3069-AA96
_______________________________________________________________________




4648. AMENDMENTS TO ADVANCES REGULATION

Priority: Other Significant

Legal Authority: 12 USC 1430

CFR Citation: 12 CFR 900; 12 CFR 917; 12 CFR 926; 12 CFR 944; 12 CFR 
950; 12 CFR 952; 12 CFR 961; 12 CFR 980

Legal Deadline: None

Abstract: The Finance Board published a final rule to amend part 950 of 
its regulations, add a new part 980 and make related amendments to 
other parts. The amendment implements changes to the Banks' authority 
to make advances to members mandated by the Federal Home Loan Bank 
System Modernization Act of 1999 and expands the types of collateral 
that may be accepted to secure advances. The rule also sets forth the 
procedure for regulatory approval of new business

[[Page 74923]]

activities to be undertaken by the Banks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/08/00                    65 FR 26518
NPRM Comment Period End         06/07/00
Final Rule                      07/18/00                    65 FR 44414
Final Rule Effective            08/17/00

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
Email: [email protected]

RIN: 3069-AA97
_______________________________________________________________________




4649. ACQUIRED MEMBER ASSETS, CORE MISSION ACTIVITIES, INVESTMENTS AND 
ADVANCES

Priority: Other Significant

Legal Authority: 12 USC 1422a; 12 USC 1430; 12 USC 1431

CFR Citation: 12 CFR 900; 12 CFR 940; 12 CFR 950; 12 CFR 955; 12 CFR 
956; 12 CFR 966

Legal Deadline: None

Abstract: The Finance Board issued a final rule to authorize the Banks 
to hold acquired member assets, and to amend its regulations to 
enumerate the types of core mission assets that must be addressed in 
the Banks' strategic business plans. The rule also makes related 
changes to regulations governing Banks' investment, advances and debt 
issuance authorities.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            05/03/00                    65 FR 25676
NPRM Comment Period End         06/15/00
Final Rule                      07/17/00                    65 FR 43969
Final Rule Effective            07/17/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

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

RIN: 3069-AA98
_______________________________________________________________________




4650. ELECTION OF FEDERAL HOME LOAN BANK DIRECTORS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1427

CFR Citation: 12 CFR 915

Legal Deadline: None

Abstract: The Finance Board issued a final rule to amend its 
regulations to address the status of the 1999 and 2000 elections of 
directors at each Bank, and to provide standards regarding the manner 
in which the Banks must stagger their boards.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            04/03/00                    65 FR 17458
NPRM Comment Period End         05/03/00
Final Rule                      07/06/00                    65 FR 41560
Final Rule Effective            08/07/00

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
Email: [email protected]

RIN: 3069-AB00
_______________________________________________________________________




4651.  AMENDMENTS TO THE FREEDOM OF INFORMATION ACT REGULATION

Priority: Info./Admin./Other

Legal Authority: 5 USC 552

CFR Citation: 12 CFR 910

Legal Deadline: None

Abstract: The Finance Board issued a direct final rule to amend its 
Freedom of Information Act (FOIA) regulations to reflect redesignated 
FOIA responsibilities arising from an agency reorganization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Final Action                    04/17/00                    65 FR 20345
Final Action Effective          04/17/00

Regulatory Flexibility Analysis Required: No

Small Entities Affected: 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
Email: [email protected]

RIN: 3069-AB02
[FR Doc. 00-23753 Filed 11-29-00]
BILLING CODE 6725-01-S