[Federal Register: January 26, 2007 (Volume 72, Number 17)]
[Notices]
[Page 3848-3849]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ja07-117]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE BOARD
[No. 2007-N-03]
Proposed Collection; 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) is
seeking public comments concerning the information collection known as
``Capital Requirements for the Federal Home Loan Banks,'' which has
been assigned control 3069-0059 by the Office of Management and Budget
(OMB). The Finance Board intends to submit the information collection
to OMB for review and approval of a 3 year extension of the control
number, which is due to expire on February 28, 2007.
DATES: Interested persons may submit comments on or before March 27,
2007.
Comments: Submit comments only once by any 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. If you submit your comment to the
Federal eRulemaking Portal, please also send it by e-mail to the
Finance Board at comments@fhfb.gov to ensure timely receipt by the
agency.
Include the following information in the subject line of your
submission: Federal Housing Finance Board. Proposed Collection; Comment
Request: Capital Requirements for the Federal Home Loan Banks. 2007-N-
03.
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: Jonathon 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 6 of the Federal Home Loan Bank Act establishes the capital
structure for the Federal Home Loan Banks (Banks) and requires the
Finance Board to issue regulations prescribing uniform capital
standards applicable to each Bank. 12 U.S.C. 1426. To implement the
statutory capital structure for the Banks, the Finance Board added
parts 930, 931, 932, and 933 to its regulations. 12 CFR parts 930, 931,
932, and 933. Part 930 establishes definitions applicable to risk
management and the capital regulations; part 931 concerns Bank capital
stock; part 932 establishes Bank capital requirements; and part 933
sets forth the requirements for Bank capital structure plans. The
implementing regulations also include conforming changes to parts 917,
925, and 956, which concern, respectively, the powers and
responsibilities of Bank boards of directors and senior management,
Bank members, and Bank investments. 12 CFR parts 917, 925, and 956.
The Banks use the information collection contained in the rules
implementing section 6 to determine the
[[Page 3849]]
amount of capital stock a member must purchase to maintain membership
in and to obtain services from a Bank. More specifically, sections
931.3 and 933.2(a) of the Finance Board rules authorize a Bank to offer
its members several options to satisfy required investments in capital
stock as activity-based and/or membership stock purchase requirements.
12 CFR 931.3 and 933.2(a). The information collection is necessary to
provide the Banks with the flexibility to meet the statutory and
regulatory capital structure requirements while allowing Bank members
to choose the option best suited to their business requirements.
The OMB control number for the information collection is 3069-0059,
and it is due to expire on February 28, 2007. The likely respondents
include Banks and Bank members.
B. Burden Estimate
While the number of member respondents has increased, the burden
has decreased significantly because the Banks can access most of the
data required by the information collection electronically from call
reports the members already must file with their primary regulator. The
estimate for the total annual hour burden for all member respondents is
35,100 hours. The estimate for the total annual cost burden is
$1,509,300. These estimates are based on the following calculations:
The Finance Board estimates the total annual average number of
member respondents for activity-based stock purchase requirements at
5,500, with 4 responses per member. The estimate for the average hours
per response is 0.65 hours. The estimate for member respondents' annual
hour burden related to activity-based stock purchase requirements is
14,300 hours (5,500 activity-based member respondents x 4 responses per
member x 0.65 hours per response). The estimate for the annual cost
burden is $614,900 (14,300 hours x $43 hourly rate).
The Finance Board estimates the total annual average number of
member respondents for membership stock purchase requirements at 8,000,
with 4 responses per member. The estimate for the average hours per
response is 0.65 hours. The estimate for member respondents' annual
hour burden related to membership stock purchase requirements is 20,800
hours (8,000 membership investment member respondents x 4 responses per
member x 0.65 hours per response). The estimate for the annual cost
burden is $894,400 (20,800 hours x $43 hourly rate).
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: January 23, 2007.
By the Federal Housing Finance Board.
Neil R. Crowley,
Deputy General Counsel.
[FR Doc. E7-1267 Filed 1-25-07; 8:45 am]
BILLING CODE 6725-01-P