[Federal Register: August 8, 2007 (Volume 72, Number 152)]
[Notices]
[Page 44540-44556]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08au07-81]
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FEDERAL HOUSING FINANCE BOARD
[No. 2007-N-11]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Board.
ACTION: Notice.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Board (Finance Board) is
seeking public comments concerning a 3 year extension by the Office of
Management and Budget (OMB) of its approval of the information
collection entitled ``Federal Home Loan Bank Directors.'' OMB has been
assigned control number 3069-0002, which is due to expire on November
30, 2007.
DATES: Interested persons may submit comments on or before October 9,
2007.
Comments: Submit comments by any one of the following methods:
E-mail: comments@fhfb.gov.
Fax: 202-408-2580.
Mail/Hand Delivery: Federal Housing Finance Board, 1625 Eye Street,
NW., Washington, DC 20006, Attention: Public Comments.
Federal eRulemaking Portal: http://www.regulations.gov. Follow the
instructions for submitting comments. Include the following information
in the subject line of your submission: Federal Housing Finance Board.
Proposed Collection; Comment Request: Federal Home Loan Bank Directors.
2007-N-11.
We will post all public comments we receive on this notice without
change, including any personal information you provide, such as your
name and address, on the Finance Board Web site at http://www.fhfb.gov/Default.aspx?Page=93&Top=93
.
FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Program Analyst,
Office of Supervision, by electronic mail at sweeneyp@fhfb.gov, by
telephone at 202-408-2872, or by regular mail to the Federal Housing
Finance Board, 1625 Eye Street, NW., Washington, DC 20006.
SUPPLEMENTARY INFORMATION:
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A. Need for and Use of Information Collection
Section 7 of the Federal Home Loan Bank Act (Bank Act) (12 U.S.C.
1427) and the Finance Board's implementing regulation, codified at 12
CFR part 915, establish the eligibility requirements and the procedures
for electing and appointing Federal Home Loan Bank (Bank) directors.
Under part 915, the Banks determine the eligibility of elective
directors and director nominees and run the annual director election
process. To determine eligibility, the Banks use the Federal Home Loan
Bank Elective Director Eligibility Certification Form, which has not
changed since the information collection was last cleared in 2004. A
copy of the Form is attached to this Notice. The Finance Board welcomes
comments on the Form.
In 2007, the Finance Board published two rules affecting the
eligibility and selection of appointive Bank directors. The first rule,
published in April 2007, requires the boards of directors of the Banks
to submit to the Finance Board a list of individuals that includes
information regarding each individual's eligibility and qualifications
to serve as a Bank director. The Finance Board uses the list provided
by each Bank to select well-qualified individuals to serve on the
Bank's board of directors. See 72 FR 15600 (Apr. 2, 2007). The second
rule, published in June 2007, clarifies the types of financial
interests an appointive Bank director may maintain in a member of the
Bank on whose board the director serves. See 72 FR 33637 (June 19,
2007). As a result of these regulatory changes, the Finance Board has
revised the form the Banks and the Finance Board use to determine
whether prospective appointive directors satisfy the statutory and
regulatory eligibility requirements and renamed it the Federal Home
Loan Bank Appointive Director Application Form (Application Form). The
revised Application Form asks individuals for information about their
background and qualifications to serve as an appointive Bank director
as well as compliance with statutory eligibility requirements. It also
conforms the information about prohibited financial interests to the
new rule. In addition, to reduce the burden on incumbent appointive
directors, the Finance Board has created a new Federal Home Loan Bank
Appointive Bank Director Annual Certification Form (Annual Form) that
allows individuals simply to certify that they continue to meet the
director eligibility requirements. Copies of both the revised
Application Form and the new Annual Form are attached to this Notice.
The Finance Board welcomes comments on both forms.
The likely respondents include Banks, Bank members, and prospective
and incumbent Bank directors. The OMB number for the information
collection is 3069-0002. The OMB clearance for the information
collection expires on November 30, 2007.
B. Burden Estimate
The Finance Board estimates that the total number of respondents is
4,351, which includes 12 Banks, 4,000 Bank members, and 339 prospective
and incumbent Bank directors. As explained below, the Finance Board
estimates that the total annual hour burden for all respondents is
4,501.5 hours.
1. Elections and Elective Directors
a. Banks
The Finance Board estimates the total annual average hour burden
for each Bank to conduct the election of directors and to process
Elective Director Eligibility Certification Forms is 235 hours. The
estimate for the average hour burden for all Banks is 2,820 hours (12
Banks x 235 hours).
b. Members
The Finance Board estimates the total annual average hour burden
for all Bank members to participate in the election process is 1,075
hours. This includes the time necessary to consider elective director
candidates and to cast votes. The Finance Board estimates that Bank
members will consider 300 elective director candidates annually for a
total of 75 hours (300 individuals x 15 minutes = 75 hours). The
Finance Board estimates the total annual average hour burden for a Bank
member to vote in the director election is 15 minutes for a total of
1,000 hours (4,000 voting members x 15 minutes = 1,000 hours).
c. Prospective and Incumbent Elective Directors
The Finance Board estimates the total annual average hour burden
for all prospective and incumbent elective directors is 75 hours. This
includes a total annual average of 100 prospective elective directors
(out of the 300 individuals the Banks consider), with 1 response per
individual taking an average of 30 minutes (100 individuals x 30
minutes = 50 hours). It also includes a total annual average of 100
incumbent elective directors, with 1 response per individual taking an
average of 15 minutes (100 individuals x 15 minutes = 25 hours).
2. Appointive Directors
a. Banks
The Finance Board estimates the total annual average hour burden
for each Bank to recruit, review, and recommend individuals to be
appointed as Bank directors is 28 hours. The estimate for the average
hour burden for all Banks is 336 hours (12 Banks x 28 hours).
b. Prospective and Incumbent Appointive Directors
The Finance Board estimates the total annual average hour burden
for all prospective and incumbent appointive directors is 195.5 hours.
This includes a total annual average number of 84 prospective
appointive directors with 1 response per individual taking an average
of 2 hours (84 individuals x 2 hours = 168 hours). It also includes a
total annual average of 55 incumbent appointive directors, with 1
response per individual taking an average of 30 minutes (55 individuals
x 30 minutes = 27.5 hours).
C. Comment Request
The Finance Board requests written comments on the following: (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.
Dated: August 2, 2007.
By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
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[FR Doc. 07-3862 Filed 8-7-07; 8:45 am]
BILLING CODE 6725-01-C