[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 26549]]

Part LIV





Federal Housing Finance Board





_______________________________________________________________________



Semiannual Regulatory Agenda

[[Page 26550]]



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 15, 2001. 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.

ADDRESSES:  Secretary to the Board, 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--Prerule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4290        Capital Requirements for Federal Home Loan Banks....................................     3069-AB06
4291        Multiple Bank Membership............................................................     3069-AB09
----------------------------------------------------------------------------------------------------------------


                               Federal Housing Finance Board--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4292        Amendment of Community Investment Cash Advance Regulation...........................     3069-AA99
4293        Affordable Housing Program Amendments...............................................     3069-AB04
4294        Federal Home Loan Bank Securities Offerings.........................................     3069-AB08
4295        Unsecured Credit Limits.............................................................     3069-AB11
----------------------------------------------------------------------------------------------------------------


                                 Federal Housing Finance Board--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4296        Rules of Practice and Procedures....................................................     3069-AB03
4297        Maintenance of Effort - Minimum Number of Annual Bank Board of Directors Meetings...     3069-AB05
4298        Amendments to Privacy Act Regulation................................................     3069-AB07
4299        Definition of ``Non-Mortgage Assets''...............................................     3069-AB10
4300        Technical Corrections Related to Regulatory Reorganization..........................     3069-AB12
----------------------------------------------------------------------------------------------------------------


                                Federal Housing Finance Board--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4301        Minimum Capital Requirements for the Federal Home Loan Banks........................     3069-AB01
----------------------------------------------------------------------------------------------------------------


[[Page 26551]]

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FEDERAL HOUSING FINANCE BOARD (FHFB)                      Prerule Stage


  



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4290.  CAPITAL REQUIREMENTS FOR FEDERAL HOME LOAN BANKS

Priority: Other Significant

Legal Authority: 12 USC 1426; 12 USC 1422b(a); 12 USC 1422a(a)(3); 12 
USC 1440; 12 USC 1443; 12 USC 1446

CFR Citation: 12 CFR 915; 12 CFR 917; 12 CFR 925; 12 CFR 930; 12 CFR 
931; 12 CFR 932; 12 CFR 933; 12 CFR 956; 12 CFR 966

Legal Deadline: None

Abstract: On December 20, 2000, the Finance Board adopted regulations 
implementing a new capital structure for the Banks as required by the 
Federal Home Loan Bank System Modernization Act of 1999. To help assure 
smooth implementation of the new capital structure, the Finance Board 
intends to issue an Advanced Notice of Proposed Rulemaking (ANPR) to 
seek information as to whether recent actions by other regulatory 
bodies, changes in the economy, or issues not previously identified by 
the Banks may require additions or amendments to the capital 
regulations. The Finance Board will only take further action if the 
information collected through the ANPR indicates a need for such 
action.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/09/01                    66 FR 14093
ANPRM Comment Period End        04/09/01
NPRM                            06/00/01
NPRM Comment Period End         07/00/01
Final Action                    08/00/01
Final Action Effective          09/00/01

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-AB06
_______________________________________________________________________




4291.  MULTIPLE BANK MEMBERSHIP

Priority: Other Significant

Legal Authority: 12 USC 1422b(a); 12 USC 1424

CFR Citation: 12 CFR 925

Legal Deadline: None

Abstract: The Finance Board intends to publish an Advanced Notice of 
Proposed Rulemaking (ANPR) to solicit comments on whether a financial 
institution doing business in more than one Bank district may hold 
simultaneous memberships in two or more Banks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           05/00/01
ANPRM Comment Period End        08/00/01

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-AB09
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                Proposed Rule Stage


  



_______________________________________________________________________




4292. 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                            06/00/01
NPRM Comment Period End         08/00/01

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
_______________________________________________________________________




4293.  AFFORDABLE HOUSING PROGRAM AMENDMENTS

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1430(j)

CFR Citation: 12 CFR 951

Legal Deadline: None

Abstract: The Finance Board intends to adopt a proposed rule amending 
the Affordable Housing Program (AHP) regulation to make certain changes 
to improve the operation and effectiveness of the AHP.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01
NPRM Comment Period End         08/00/01

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-AB04

[[Page 26552]]

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4294.  FEDERAL HOME LOAN BANK SECURITIES OFFERINGS

Priority: Other Significant

Legal Authority: 12 USC 1422a(a)(3)(A); 12 USC 1422b(a)(1)

CFR Citation: 12 CFR 990

Legal Deadline: None

Abstract: The Finance Board intends to issue a proposed rule to amend 
its regulations to set forth the process and manner by which a Bank may 
offer capital stock in a general solicitation to its members. The rule 
will establish filing, content and distribution requirements for such 
general solicitations, and will require disclosure to be consistent 
with corresponding requirements contained in the Securities and 
Exchange Commission's' Regulations S-K (specific narrative 
requirements) and S-X (accounting and financial statement 
requirements).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            06/00/01
NPRM Comment Period End         08/00/01

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-AB08
_______________________________________________________________________




4295.  UNSECURED CREDIT LIMITS

Priority: Other Significant

Legal Authority: 12 USC 1422b(a), 12 USC 1422(a)(3); 12 USC 1426; 12 
USC 1440

CFR Citation: 12 CFR 932.9

Legal Deadline: None

Abstract: The proposed rule would allow the Banks to extend greater 
amounts of unsecured credit to government sponsored entities than 
allowed under the current rule. The proposal also requests comments on 
whether limits on extension of overnight Federal funds should be 
removed.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/07/01                    66 FR 13688
NPRM Comment Period End         04/23/01
Final Action                    06/00/01
Final Action Effective          07/00/01

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-AB11
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                   Final Rule Stage


  



_______________________________________________________________________




4296.  RULES OF PRACTICE AND PROCEDURES

Priority: Other Significant

Legal Authority: 12 USC 1422b(a)(1); 12 USC 1422b(a)(5); 12 USC 
4631(c); 12 USC 4631(f); 12 USC 1818(b)6 to 7; 12 USC 1422b(a)(2)

CFR Citation: 12 CFR 907; 12 CFR 908

Legal Deadline: None

Abstract: The Finance Board published proposed Rules of Practice and 
Procedure to implement enforcement powers conferred on the agency by 
the Federal Home Loan Bank System Modernization Act of 1999.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/18/00                    65 FR 78994
NPRM Comment Period End         01/17/01
Final Action                    06/00/01
Final Action Effective          08/00/01

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-AB03
_______________________________________________________________________




4297.  MAINTENANCE OF EFFORT - MINIMUM NUMBER OF ANNUAL BANK 
BOARD OF DIRECTORS MEETINGS

Priority: Substantive, Nonsignificant

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

CFR Citation: 12 CFR 918

Legal Deadline: None

Abstract: The Finance Board intends to adopt an interim final rule that 
would amend its regulation on meetings of Bank boards of directors to 
reduce the required minimum number of in-person board of directors 
meetings that a Bank must hold annually to six meetings.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/00/01
Interim Final Rule Effective    06/00/01

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-AB05
_______________________________________________________________________




4298.  AMENDMENTS TO PRIVACY ACT REGULATION

Priority: Info./Admin./Other

Legal Authority: 5 USC 552a

CFR Citation: 12 CFR 913

Legal Deadline: None

[[Page 26553]]

Abstract: The Finance Board intends to issue an interim final rule to 
revise its Privacy Act regulation to reflect an agency reorganization. 
Responsibility for administering the Finance Board's Privacy Act 
program has been transferred from the Executive Secretariat to the 
Office of General Counsel (OGC) and an OGC staff member has replaced 
the Secretary to the Board of Directors as the Finance Board's Privacy 
Act Official.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              07/00/01
Interim Final Rule Effective    07/00/01
Interim Final Rule Comment 
Period End                      08/00/01

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-AB07
_______________________________________________________________________




4299.  DEFINITION OF ``NON-MORTGAGE ASSETS''

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1422b(a); 12 USC 1426(a)

CFR Citation: 12 CFR 966.3

Legal Deadline: None

Abstract: The Finance Board intends to publish an interim final rule to 
redefine ``non-mortgage assets'' for purposes of calculating the 
appropriate assets-to-capital leverage limit that applies to each Bank, 
pending the Bank's compliance with the new capital regulations.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              04/00/01
Interim Final Rule Comment 
Period End                      05/00/01

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-AB10
_______________________________________________________________________




4300.  TECHNICAL CORRECTIONS RELATED TO REGULATORY 
REORGANIZATION

Priority: Info./Admin./Other

Legal Authority: 12 USC 1422b(a)

CFR Citation: 12 CFR ch IX

Legal Deadline: None

Abstract: In 2000, the Finance Board issued a final rule to reorganize 
and renumber its regulations. Because of the complexity of this 
rulemaking, several technical mistakes were made and several needed 
changes were overlooked. The Finance Board intends to issue an interim 
final rule to make any necessary technical corrections arising from the 
reorganization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              05/00/01
Interim Final Rule Comment 
Period End                      06/00/01

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-AB12
_______________________________________________________________________


FEDERAL HOUSING FINANCE BOARD (FHFB)                  Completed Actions


  



_______________________________________________________________________




4301. MINIMUM CAPITAL REQUIREMENTS FOR THE FEDERAL HOME LOAN BANKS

Priority: Other Significant

Legal Authority: 12 USC 1426; 12 USC 1422b(a)

CFR Citation: 12 CFR 917; 12 CFR 925; 12 CFR 930; 12 CFR 931; 12 CFR 
932; 12 CFR 933; 12 CFR 956; 12 CFR 960

Legal Deadline: Final, Statutory, May 12, 2001.

Abstract: The Finance Board amended its regulations to implement a new 
capital structure for the Banks, as required by the Federal Home Loan 
Bank System Modernization Act of 1999. The final rule establishes risk-
based and leverage capital requirements for the Banks. It also 
addresses the different classes of stock that a Bank may issue, the 
rights and preferences that may be associated with each class of stock, 
and the capital plans that each Bank must submit for Finance Board 
approval.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            07/13/00                    65 FR 43408
NPRM Comment Period End         11/20/00                    65 FR 57748
Final Action                    01/30/01                     66 FR 8262
Final Action Effective          03/01/01

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-AB01
[FR Doc. 01-7885 Filed 05-11-01; 8:45 am]
BILLING CODE 6725-01-S
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