[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 LIV





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 September 6, 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.

     This edition of the Unified Agenda of Federal Regulatory and 
Deregulatory Actions includes The Regulatory Plan, which appears in 
part II of this issue of the Federal Register. The Finance Board's 
Statement of Regulatory Priorities is included in part II.

ADDRESSES:  Secretary to the Board, Federal Housing Finance Board, 1777 
F Street NW., Washington, DC 20006, (202) 408-2837.

FOR FURTHER INFORMATION CONTACT:  Mary H. Gottlieb, Office of General 
Counsel, Federal Housing Finance Board, 1777 F Street NW., Washington, 
DC 20006, (202) 408-2826; 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
----------------------------------------------------------------------------------------------------------------
4450         Multiple Bank Membership...........................................................     3069-AB09
----------------------------------------------------------------------------------------------------------------


                               Federal Housing Finance Board--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4451         Federal Home Loan Bank Securities Offerings........................................     3069-AB08
4452         Amendment of Housing Associate Regulation..........................................     3069-AB13
----------------------------------------------------------------------------------------------------------------


                                 Federal Housing Finance Board--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4453         Rules of Practice and Procedures...................................................     3069-AB03
4454         Amendments to Privacy Act Regulation...............................................     3069-AB07
4455         Definition of ``Non-Mortgage Assets''..............................................     3069-AB10
4456         Unsecured Credit Limits............................................................     3069-AB11
4457         Technical Corrections Related to Regulatory Reorganization.........................     3069-AB12
----------------------------------------------------------------------------------------------------------------


                                Federal Housing Finance Board--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                    Regulation
 Sequence                                          Title                                          Identification
  Number                                                                                              Number
----------------------------------------------------------------------------------------------------------------
4458         Amendment of Community Investment Cash Advance Regulation..........................     3069-AA99
4459         Affordable Housing Program Amendments..............................................     3069-AB04
4460         Maintenance of Effort-Minimum Number of Annual Bank Board of Directors Meetings....     3069-AB05
4461         Capital Requirements for Federal Home Loan Banks...................................     3069-AB06
----------------------------------------------------------------------------------------------------------------


[[Page 62681]]

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Federal Housing Finance Board (FHFB)                      Prerule Stage


  



_______________________________________________________________________




4450. 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 has solicited 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

________________________________________________________________________

Multiple Bank Membership 
Solicitation of Comments        10/03/01                    66 FR 50366
Solicitation of Comments Period 
End                             01/02/02

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


  



_______________________________________________________________________




4451. 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                            12/00/01
NPRM Comment Period End         02/00/02

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
_______________________________________________________________________




4452.  AMENDMENT OF HOUSING ASSOCIATE REGULATION

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1430b

CFR Citation: 12 CFR 926

Legal Deadline: None

Abstract: The Finance Board is considering amending its regulations 
governing the Bank to which a Native American housing authority may 
apply for housing associate status.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/00/01

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
Email: [email protected]

RIN: 3069-AB13
_______________________________________________________________________


Federal Housing Finance Board (FHFB)                   Final Rule Stage


  



_______________________________________________________________________




4453. 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                    12/00/01
Final Action Effective          02/00/02

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

[[Page 62682]]

Email: [email protected]

RIN: 3069-AB03
_______________________________________________________________________




4454. AMENDMENTS TO PRIVACY ACT REGULATION

Priority: Info./Admin./Other

Legal Authority: 5 USC 552a

CFR Citation: 12 CFR 913

Legal Deadline: None

Abstract: The Finance Board intends to issue an interim final rule to 
revise its Privacy Act regulation to reflect an agency reorganization.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              12/00/01
Interim Final Rule Effective    12/00/01
Interim Final Rule Comment 
Period End                      01/00/02

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
_______________________________________________________________________




4455. 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              12/00/01
Interim Final Rule Comment 
Period End                      01/00/02

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
_______________________________________________________________________




4456. 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 Finance Board issued a proposed rule to amend the 
unsecured credit provisions of the captial rule to increase the limit 
on a Bank's unsecured credit exposure to government-sponsored 
enterprises. Based in part on the comments received, the Finance Board 
determined that broader changes to the rule may be needed and a 
subsequent proposal was issued.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/07/01                    66 FR 13688
NPRM Comment Period End         04/23/01
NPRM                            08/08/01                    66 FR 41474
NPRM Comment Period End         09/07/01
Final Action                    12/00/01
Final Action Effective          01/00/02

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
_______________________________________________________________________




4457. 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              12/00/01
Interim Final Rule Comment 
Period End                      01/00/02

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

[[Page 62683]]

_______________________________________________________________________


Federal Housing Finance Board (FHFB)                  Completed Actions


  



_______________________________________________________________________




4458. 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 has adopted a final 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                            07/13/01                    66 FR 36715
NPRM Comment Period End         08/13/01
Final Action                    10/03/01                    66 FR 50293
Final Action Effective          11/02/01

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
_______________________________________________________________________




4459. 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 has adopted a final 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                            05/10/01                    66 FR 23864
NPRM Comment Period End         06/11/01
Final Action                    10/03/01                    66 FR 50296
Final Action Effective          11/02/01

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
_______________________________________________________________________




4460. 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 has adopted 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              05/14/01                    66 FR 24263
Interim Final Rule Effective    05/14/01
Interim Final Rule Comment 
Period End                      06/13/01
Final Action                    10/31/01                    66 FR 54916
Final Action Effective          11/30/01

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
_______________________________________________________________________




4461. 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 925; 12 CFR 930; 12 CFR 931; 12 CFR 932; 12 CFR 
933

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 
issued an Advance 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 ANPR was followed by an NPRM and final rule setting forth 
additional conforming amendments and clarifications.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

ANPRM                           03/09/01                    66 FR 14093
ANPRM Comment Period End        04/09/01
NPRM                            08/08/01                    66 FR 41462
NPRM Comment Period End         09/07/01
Final Action                    10/24/01                    66 FR 54097
Final Action Effective          11/26/01

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
[FR Doc. 01-23872 Filed 11-30-01; 8:45 am]
BILLING CODE 6725-01-S
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