[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 LII





Federal Housing Finance Board





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Semiannual Regulatory Agenda

[[Page 23552]]



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. 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: Federal Housing Finance Board, 1625 I Street NW., 
Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Shelia S. Willis, Office of General 
Counsel, Federal Housing Finance Board, 1625 I Street NW., Washington, 
DC 20006; (202) 408-2876; e-mail: [email protected].

Dated: March 2, 2007.

By the Federal Housing Finance Board.

 Neil R. Crowley,

Acting General Counsel.

                                Federal Housing Finance Board--Long-Term Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3601        Community Support Requirements........................................................    3069-AB21
3602        Federal Home Loan Bank Anti-Money Laundering Programs.................................    3069-AB27
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                                Federal Housing Finance Board--Completed Actions
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                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
3603        Board Governance......................................................................    3069-AB19
3604        New Business Activities...............................................................    3069-AB20
3605        Affordable Housing Program............................................................    3069-AB26
3606        Minimum Retained Earnings Requirement and Limitations on Excess Stock.................    3069-AB30
3607        Privacy Act and Freedom of Information Act; Implementation............................    3069-AB32
3608        Federal Home Loan Bank Appointive Directors...........................................    3069-AB33
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Federal Housing Finance Board (FHFB)                  Long-Term Actions


  



_______________________________________________________________________




3601. COMMUNITY SUPPORT REQUIREMENTS

Priority: Other Significant

CFR Citation: 12 CFR 944

Timetable: Next Action Undetermined

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Janice A. Kaye
Phone: 202 408-2505
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB21
_______________________________________________________________________




3602. FEDERAL HOME LOAN BANK ANTI-MONEY LAUNDERING PROGRAMS

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

CFR Citation: 12 CFR 979

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                             To Be                       Determined

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas P. Jennings
Phone: 202 408-2553
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB27

[[Page 23553]]

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Federal Housing Finance Board (FHFB)                  Completed Actions


  



_______________________________________________________________________




3603. BOARD GOVERNANCE

Priority: Other Significant

Legal Authority: 12 USC 1422a; 12 USC 1422b; 12 USC 1426 to 1427; 12 
USC 1432; . . .

CFR Citation: 12 CFR 915; 12 CFR 917 to 918

Legal Deadline: None

Abstract: The Finance Board is considering a rulemaking that would more 
clearly delineate the composition, responsibilities, and accountability 
of the board of directors for governance of a Bank.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       03/02/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Neil R. Crowley, Acting Deputy General Counsel, Federal 
Housing Finance Board, 1625 I Street NW., Washington, DC 20006
Phone: 202 408-2990
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB19
_______________________________________________________________________




3604. NEW BUSINESS ACTIVITIES

Priority: Other Significant

Legal Authority: 12 USC 1422a; 12 USC 1422b; 12 USC 1431 to 1432

CFR Citation: 12 CFR 980

Legal Deadline: None

Abstract: The Finance Board is considering a rulemaking to streamline 
its review of new business activities proposed by a Bank to more 
clearly focus the regulatory review process on ensuring that a new 
product, service, or activity will not endanger the continued safe and 
sound operation of the Bank.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Withdrawn                       03/02/07

Regulatory Flexibility Analysis Required: No

Government Levels Affected: None

Agency Contact: Neil R. Crowley, Acting Deputy General Counsel, Federal 
Housing Finance Board, 1625 I Street NW., Washington, DC 20006
Phone: 202 408-2990
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB20
_______________________________________________________________________




3605. AFFORDABLE HOUSING PROGRAM

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1430(j)

CFR Citation: 12 CFR 951

Legal Deadline: None

Abstract: The Finance Board has adopted comprehensive amendments to its 
Affordable Housing Program regulation.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            12/28/05                    70 FR 76938
NPRM Comment Period End         04/27/06
Final Action                    09/13/06                    71 FR 59262
Final Action Effective          01/01/07

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, 1625 I Street NW., Washington, DC 20006
Phone: 202 408-2930
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB26
_______________________________________________________________________




3606. MINIMUM RETAINED EARNINGS REQUIREMENT AND LIMITATIONS ON EXCESS 
STOCK

Priority: Substantive, Nonsignificant

Legal Authority: 12 USC 1422a(a)(3); 12 USC 1422b(a)(1); 12 USC 
1426(a)(4); 12 USC 1436(a)

CFR Citation: 12 CFR 900; 12 CFR 917; 12 CFR 925; 12 CFR 930

Legal Deadline: None

Abstract: In March 2006, the Federal Housing Finance Board proposed a 
rule that would limit the amount of excess stock that a Federal Home 
Loan Bank (Bank) can have outstanding and that would prescribe a 
minimum amount of retained earnings for each Bank. The proposed 
amendments also would prohibit a Bank from selling excess stock to its 
members and paying dividends in the form of stock, and would restrict a 
Bank's ability to pay dividends when its retained earnings are below 
the prescribed minimum and require that a Bank declare and pay its 
dividends only after the close of the quarter to which the dividend 
relates.
The final rule limited a Bank's right to pay dividends in the form of 
stock or to sell excess stock whenever its total excess stock exceeded 
one percent of its total assets. The rule also required the Banks to 
declare and pay dividends based on actual earnings and only after the 
close of the quarter to which the dividend relates. The proposed 
requirements for retained earnings were not adopted.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

NPRM                            03/15/06                    71 FR 13306
NPRM Comment Period End         07/13/06
Final Action                    12/22/06                    71 FR 78046
Final Action Effective          01/29/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas E. Joseph, Senior Attorney Advisor, Federal 
Housing Finance Board, 1625 I Street NW., Washington, DC 20006
Phone: 202 408-2512
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB30
_______________________________________________________________________




3607. [bull] PRIVACY ACT AND FREEDOM OF INFORMATION ACT; IMPLEMENTATION

Priority: Info./Admin./Other

Legal Authority: 5 USC 552; 5 USC 552a

CFR Citation: 12 CFR 910; 12 CFR 915

Legal Deadline: None

Abstract: As part of a comprehensive review of agency practices related 
to the collection, use, and protection of personally identifiable 
information, the Federal Housing Finance Board is updating both its 
systems of records and implementing rule under the Privacy Act of 1974.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              10/17/06                    71 FR 60810
Interim Final Rule Comment 
Period End                      11/16/06

[[Page 23554]]

Interim Final Rule Effective    10/17/06
Final Action                    01/08/07                      72 FR 645
Final Action Effective          02/07/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Janice A. Kaye, Senior Attorney Advisor, Federal 
Housing Finance Board, 1625 I Street NW., Washington, DC 20006
Phone: 202 408-2505
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB32
_______________________________________________________________________




3608. [bull] FEDERAL HOME LOAN BANK APPOINTIVE DIRECTORS

Priority: Info./Admin./Other

Legal Authority: 12 USC 1422a(a)(3); 12 USC 1422b(a); 12 USC 1426 to 
1427; 12 USC 1432

CFR Citation: 12 CFR 915

Legal Deadline: None

Abstract: Established process for appointing directors to the boards of 
the Federal Home Loan Banks.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Interim Final Rule              01/24/07                     72 FR 3028
Interim Final Rule Effective    01/24/07
Interim Final Rule Comment 
Period End                      02/23/07
Final Action                    04/02/07                    72 FR 15600
Final Action Effective          04/02/07

Regulatory Flexibility Analysis Required: No

Small Entities Affected: No

Government Levels Affected: None

Agency Contact: Thomas P. Jennings, Senior Attorney Advisor, Federal 
Housing Finance Board, 1625 I Street NW, Washington, DC 20006
Phone: 202 408-2553
Fax: 202 408-2580
Email: [email protected]

RIN: 3069-AB33
[FR Doc. 07-01248 Filed 04-27-07; 8:45 am]
BILLING CODE 6725-01-S
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