[Federal Register: November 15, 1999 (Volume 64, Number 219)] [Notices] [Page 61877-61878] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr15no99-85] ======================================================================= ----------------------------------------------------------------------- FEDERAL HOUSING FINANCE BOARD [No. 99-N-17] Submission for OMB Review; Comment Request AGENCY: Federal Housing Finance Board. ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Board (Finance Board) hereby gives notice that it has submitted the information collection entitled ``Community Support Requirements'' to the Office of Management and Budget (OMB) for review and approval of a three-year extension of the OMB control number, which is due to expire on December 31, 1999. DATES: Interested persons may submit comments on or before December 15, 1999. ADDRESSES: Submit comments to the Office of Information and Regulatory Affairs of the Office of Management and Budget, Attention: Desk Officer for the Federal Housing Finance Board, Washington, DC 20503. Address requests for copies of the information collection and supporting documentation to Elaine L. Baker, Secretary to the Board, by telephone at 202/408-2837, by electronic mail at bakere@fhfb.gov, or by regular mail at the Federal Housing Finance Board, 1777 F Street, NW, Washington, DC 20006. FOR FURTHER INFORMATION CONTACT: Amy R. Maxwell, Housing Finance Officer, Program Assistance Division, Office of Policy, Research and Analysis, by telephone at 202/408-2882, by electronic mail at maxwella@fhfb.gov, or by regular mail at the Federal Housing Finance Board, 1777 F Street, NW, Washington, DC 20006. SUPPLEMENTARY INFORMATION: A. Need for and Use of Information Collection Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) requires the Finance Board to promulgate regulations establishing standards of community investment or service that Federal Home Loan Bank (FHLBank) members must meet in order to maintain access to long- term advances. See 12 U.S.C. 1430(g)(1). In establishing these community support requirements for FHLBank members, the Finance Board must take into account factors such as the FHLBank member's performance under the Community Reinvestment Act of 1977 (CRA), 12 U.S.C. 2901, et seq., and record of lending to first-time homebuyers. 12 U.S.C. 1430(g)(2). Part 936 of the Finance Board's regulations implements section 10(g) of the Bank Act. See 12 CFR part 936. The rule provides uniform community support standards all FHLBank members must meet and review criteria Finance Board staff must apply to determine compliance with section 10(g). More specifically, Sec. 936.2 of the rule implements the statutory community support requirement. 12 CFR 936.2. Section 936.3 establishes community support standards for the two statutory factors--CRA and first-time homebuyer performance--and provides guidance to a FHLBank member on how it may satisfy the standards. 12 CFR 936.3. Sections 936.4 and 936.5 establish the procedures and criteria the Finance Board uses in determining whether FHLBank members satisfy the statutory and regulatory community support requirements. 12 CFR 936.4 and 936.5. Section 936.6 requires the FHLBanks to establish and maintain a community support program that, among other things, provides technical assistance to members and promotes community lending and affordable housing activities. 12 CFR 936.6. [[Page 61878]] The information collection contained in Form 96-01, the Community Support Statement Form, and part 936 is necessary to enable and is used by the Finance Board to determine whether FHLBank members satisfy the statutory and regulatory community support requirements. Only FHLBank members that meet these requirements may maintain continued access to long-term FHLBank advances. See 12 U.S.C. 1430(g). The OMB number for the information collection is 3069-003. The OMB clearance for the information collection expires on December 31, 1999. The likely respondents are institutions that are members of a FHLBank. B. Burden Estimate The Finance Board estimates that a total annual average of 3000 members will file a Community Support Statement, with one submission per member. The estimate for the average hours per submission is one hour. The estimate for the annual hour burden for members that must file a Community Support Statement is 3000 hours (3000 members x 1 Community Support Statement per member x approximately 1.0 hour). The Finance Board estimates a total annual average of 15 members will submit a request to remove a restriction on access to long-term advances, with 1 request per member. The estimate for the average hours per request is one hour. The estimate for the annual hour burden for reinstatement requests is 15 hours (15 members x 1 reinstatement request per member x approximately 1.0 hour). The Finance Board estimates that the total annual hour burden for all respondents is 3015 hours ((3000 members x 1 Community Support Statement per member +15 members x 1 reinstatement request per member) x approximately 1.0 hour). C. Comment Request In accordance with the requirements of 5 CFR 1320.8(d), the Finance Board published a request for public comments regarding this information collection in the Federal Register on June 30, 1999. See 64 FR 35157 (June 30, 1999). The 60-day comment period closed on August 30, 1999. The Finance Board received no public comments. Written comments are requested on: (1) Whether the collection of information is necessary for the proper performance of Finance Board functions, including whether the information has practical utility; (2) the accuracy of the Finance Board's estimates of the burdens of the collection of information; (3) ways to enhance the quality, utility, and clarity of the information collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments may be submitted to OMB in writing at the address listed above. By the Federal Housing Finance Board. Dated: November 5, 1999. William W Ginsberg, Managing Director. [FR Doc. 99-29722 Filed 11-12-99; 8:45 am] BILLING CODE 6725-01-P