[Federal Register: May 9, 2007 (Volume 72, Number 89)]
[Notices]
[Page 26386-26387]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09my07-72]
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FEDERAL HOUSING FINANCE BOARD
[No. 2007-N-08]
Submission for OMB Review; 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) has
submitted the information collection entitled ``Members of the Banks''
to the Office of Management and Budget (OMB) for review and approval of
a 3 year extension of the OMB control number, 3069-0004, which is due
to expire on May 31, 2007.
DATES: Interested persons may submit comments on or before June 8,
2007.
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.
FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial
Analyst, Regulations & Research Division, Office of Supervision, by e-
mail at curtisj@fhfb.gov, by telephone at 202-408-2866, or by regular
mail at the Federal Housing Finance Board, 1625 Eye Street, NW.,
Washington, DC 20006.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information Collection
Section 4 of the Federal Home Loan Bank Act (Bank Act) establishes
the eligibility requirements an institution must meet in order to
become a member of a Federal Home Loan Bank (Bank). See 12 U.S.C. 1424.
Part 925 of the Finance Board regulations--the membership rule--
implements section 4 of the Bank Act. See 12 CFR part 925. The
membership rule provides uniform requirements an applicant for Bank
membership must meet and review criteria a Bank must apply to determine
if an applicant satisfies the statutory and regulatory membership
eligibility requirements.
More specifically, the membership rule implements the statutory
eligibility requirements and provides guidance to an applicant on how
it may satisfy such requirements. The rule authorizes a Bank to approve
or deny each membership application subject to the statutory and
regulatory requirements and permits an applicant to appeal to the
Finance Board a Bank's decision to deny certification as a Bank member.
The rule also imposes a continuing obligation on a current Bank member
to provide information necessary to determine if it remains in
compliance with applicable statutory and regulatory eligibility
requirements.
The information collection is contained in sections 925.2 through
925.31 of the membership rule, 12 CFR 925.2-925.31, and chapter 2 of
the Data Reporting Manual, which contains instructions addressing data
definitions as well as requirements concerning data elements, reporting
format, reporting method (e.g., electronic or paper), record retention,
timeliness, reporting frequency, and certification.\1\ This information
collection is necessary to enable a Bank to determine if a respondent
satisfies the statutory and regulatory requirements to be certified
initially and maintain its status as a member eligible to obtain Bank
advances. The Finance Board requires and uses the information
collection to determine whether to uphold or overrule a Bank's decision
to deny member certification to an applicant.
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\1\ The Data Reporting Manual is available electronically on the
Finance Board Web site: http://www.fhfb.gov/Default.aspx?Page=101.
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The OMB control number for the information collection is 3069-0004,
which is due to expire on May 31, 2007. The likely respondents are
institutions that want to be certified as or are members of a Bank.
B. Burden Estimate
The Finance Board has analyzed the cost and hour burden for the
four facets of the information collection: Membership application
process, minimum capital stock calculation for applicants, membership
withdrawals, and transfer of membership to another Bank district. The
first notice inadvertently omitted the burden estimates for the last
two of these four facets of the information collection. The estimate
for the total annual hour burden for all applicant/member respondents
is 4,770 hours. The estimate for the total annual cost burden is
$789,285. These estimates are based on the following calculations:
[[Page 26387]]
Membership Application Process
The Finance Board estimates the total annual average number of
applicants at 240, with 1 response per applicant. Of these 240
applicants, the Finance Board estimates that 1 applicant will appeal a
Bank's membership determination to the Finance Board. The estimate for
the average hours per application is 19.5 hours. The estimate for the
average hours per appeal is 10 hours. The estimate for the annual hour
burden for applicants is 4,690 hours (240 applicants x 1 response per
applicant x 19.5 hours per response + 1 appellant x 1 appeal x 10
hours). The estimate for the total annual cost burden to applicants of
the membership application process is $778,830.
Minimum Capital Stock Calculation for Applicants
The Finance Board has excluded minimum capital stock calculations
for current Bank members from this information collection because the
data already is compiled and accounted for in the information
collection titled ``Capital Requirements for the Federal Home Loan
Banks.'' See 72 FR 7036 (Feb. 14, 2007) and 72 FR 18479 (April 12,
2007). The Finance Board estimates the total annual average number of
applicants at 240, with 1 response per applicant. The estimate for the
average hours per capital stock calculation is 0.1 hours. The estimate
for the annual hour burden for applicants is 24 hours (240 applicants x
1 response per applicant x 0.1 hours per response). The estimate for
the total annual cost burden to applicants of the minimum capital stock
calculation is $3,168.
Membership Withdrawals
The Finance Board estimates the total annual average number of
members that will file to withdraw from Bank membership at 14, with 1
filing per member. The estimate for the average hours per filing is 3.5
hours. The estimate for the total annual hour burden for membership
withdrawals is 49 hours (14 members x 1 filing x 3.5 hours). The
estimate for the total annual cost burden to members of the withdrawal
from membership process is $6,468.
Transfer of Membership to Another Bank District
The Finance Board estimates the total annual average number of
members that may file to transfer membership to another Bank district
at 2, with 1 filing per member. The estimate for the average hours per
filing is 3.5 hours. The estimate for the total annual hour burden for
membership transfers 7 hours (2 members x 1 filing x 3.5 hours). The
estimate for the total annual cost burden to applicants of the transfer
of membership process is $819.
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 February 14, 2007.
See 72 FR 7036 (Feb. 14, 2007). The 60-day comment period closed on
April 16, 2007. 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.
Dated: May 3, 2007.
By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
[FR Doc. E7-8833 Filed 5-8-07; 8:45 am]
BILLING CODE 6725-01-P