Description of Organization and Functions

FEDERAL HOUSING FINANCE BOARD

12 CFR Part 900

[No. 96-92]

Description of Organization and Functions

AGENCY: Federal Housing Finance Board.

ACTION: Final rule.

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SUMMARY: The Federal Housing Finance Board (Finance Board) is amending

the description of the agency's organization and functions contained in

its regulations, as required by the Freedom of Information Act (FOIA).

The changes have been made to further the efficiency and productivity

of the agency.

DATES: This final rule shall be effective on December 27, 1996.

FOR FURTHER INFORMATION CONTACT: David A. Guy, Associate General

Counsel, Office of General Counsel, (202) 408-2536, Federal Housing

Finance Board, 1777 F Street, NW. Washington DC 20006.

SUPPLEMENTARY INFORMATION: Pursuant to section 552(a) of the FOIA, the

Finance Board is required to publish in the Federal Register a

description of the agency's organization and functions. See 5 U.S.C.

552(a)(1)(A)-(B). A description of the Finance Board's organizations

and functions appears in part 900 of the Code of Federal Regulations.

See 12 CFR Part 900. This final rule is intended to give public notice

of changes to the Finance Board's organization and allocation of

functions. The changes have been made to further the efficiency and

productivity of the agency.

The public notice-and-comment requirements of the Administrative

Procedure Act (APA) do not apply to the regulatory amendments contained

in this final rule because the amendments relate exclusively to the

organization of the agency. See 5 U.S.C. 553(b)(1)(A). Therefore, these

amendments are being adopted as a final rule, effective on the date of

publication.

Because this rule will be not be issued in the form of a notice of

proposed rulemaking, the provisions of the Regulatory Flexibility Act

do not apply. See 5 U.S.C. 601.

List of Subjects in 12 CFR Part 900

Organization and functions (Government agencies).

Accordingly, title 12, chapter IX, part 900, Code of Federal

Regulations, is hereby amended as follows:

PART 900--DESCRIPTION OF ORGANIZATION AND FUNCTIONS

1. The authority citation for part 900 continues to read as

follows:

Authority: 5 U.S.C. 552; 12 U.S.C. 1422b(a).

2. Sections 900.12 through 900.19 are revised to read as follows:

Sec. 900.12 Office of the Managing Director.

(a) The Managing Director is the Finance Board's chief operating

officer. By order of the Chairperson, the Managing Director has been

delegated the authority and power necessary and convenient to effect

the day-to-day management, functioning, and organization of the Finance

Board, including the authority to appoint, remove, promote, direct, set

compensation for, and pay Finance Board personnel. The Managing

Director is authorized to execute documents on behalf of the Board of

Directors, including regulations, resolutions, or orders duly passed by

the Board of Directors. The Managing Director is also the Finance

Board's Chief Information Officer.

(b) The Executive Secretariat is a division within the Office of

the Managing Director. The Executive Secretary is the recording officer

for the Board of Directors and is responsible for maintaining the

Finance Board's records, including copies of all resolutions and rules

adopted by the Board of Directors and orders issued by the Chairperson.

The Executive Secretary also is responsible for the preparation and

maintenance of the minutes or other records of all official actions and

proceedings of the Board of Directors, and is responsible for the

official seals of the Finance Board. This division also is responsible

for the agency's Freedom of Information Act, Privacy Act, and Records

Management Programs. The Executive Secretary is the primary liaison

with the Office of the Federal Register.

(c) The District Banks Secretariat is a division within the Office

of the Managing Director responsible for administering the election of

directors of the Banks and for maintaining records on each of the

Banks' policies and marketing activities.

[[Page 68130]]

Sec. 900.13 Office of Policy.

(a) The Office of Policy coordinates the Finance Board's policy

development activities and provides advice to the Chairperson and the

Board of Directors on the economic, financial, housing and community

and economic development, and competitive environments in which the

Bank System and its members operate. The responsibilities of the Office

of Policy include:

(1) Analysis and modeling of the financial performance of the

Banks;

(2) Collection and analysis of financial data in order to prepare

the Bank System's annual combined financial reports and other periodic

reports on Bank System operations;

(3) Collection and analysis of data on the housing and community

and economic development activities of the Banks;

(4) Analysis of the Banks' performance under the Affordable Housing

Program and the Community Investment Program;

(5)Analysis of policy issues arising under the Affordable Housing

Program and the Community Investment Program;

(6) Preparation of the Monthly Survey of Rates and Terms of

Conventional One-Family Nonfarm Mortgage Loans and determination of the

conforming loan limit for Federal National Mortgage Association (Fannie

Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) purchases

and guarantees; and

(7) Review of the Banks' quarterly dividend recommendations.

(b) The Office of Policy is the Finance Board's primary liaison

with the Banks' Chief Financial Officers concerning financial

management issues, the Banks' Community Investment Officers concerning

community and economic development, the Banks' Advisory Councils

concerning Bank System support of affordable housing, and the Bank

System's fiscal agent, the Office of Finance. It prepares the annual

reports to Congress and to the Banks' Advisory Councils concerning Bank

System support for low-income housing and community development.

Sec. 900.14 Office of Supervision.

The Office of Supervision oversees the Banks, the Office of Finance

and the Financing Corporation to ensure that they operate in a

financially safe and sound manner, that the Banks are carrying out

their housing and community and economic development finance mission

and are in compliance with applicable statutes and regulations, as well

as Finance Board policies and orders. The responsibilities of the

Office of Supervision include:

(a) The conduct of examinations, at least annually, of the Banks,

the Office of Finance and the Financing Corporation and the furnishing

of reports thereon to the Chairpersons of their Boards of Directors;

(b) The follow-up and resolution of outstanding examination issues;

(c) Liaison with each Bank's audit committee and the review and

evaluation of the work of each Bank's internal audit staff;

(d) The monitoring of Bank and System interest rate risk, financial

trends and mission-related activities; and

(e) The review of Community Support Statements of Bank System

members.

Sec. 900.15 Office of General Counsel.

The General Counsel is the chief legal officer of the Finance

Board. The Office of General Counsel provides advice to the Board of

Directors, the Chairperson, and other Finance Board officials, on

interpretations of statutes and regulations. The Office of General

Counsel prepares all legal documents on behalf of the Finance Board and

prepares opinions, regulations, and memoranda of law. It represents the

Finance Board in all administrative adjudicatory proceedings before the

Board of Directors. The Chairman appoints the Finance Board's

Designated Agency Ethics Official from the staff of the Office of

General Counsel.

Sec. 900.16 Office of Inspector General.

The Inspector General is subject to, and operates under, the

provisions of the Inspector General Act of 1978, as amended (5 U.S.C.

app. 3). The Inspector General reports to and is under the general

supervision of the Chairperson. The Inspector General's

responsibilities under the Inspector General Act include providing

policy direction for, and conducting, supervising, and coordinating

audits and investigations relating to the programs and operations of

the Finance Board, and recommending policies for promoting economy and

efficiency in the administration of, or preventing and detecting fraud

and abuse in, the Finance Board's programs and operations. The

Inspector General prepares and furnishes to the Chairman for

transmittal to the Congress semiannual reports on the activities of the

Office of Inspector General.

Sec. 900.17 Office of Congressional Affairs.

The Office of Congressional Affairs is responsible for ensuring the

effective coordination and communication with the Congress and interest

groups, and for briefing the Chairperson, the other Directors, and the

Managing Director, on legislative issues before Congress pertaining to

the Finance Board, the Bank System, and the Financing Corporation.

Sec. 900.18 Office of Public Affairs.

The Office of Public Affairs is responsible for the dissemination

of information about the Finance Board to the public and the news

media. The Office of Public Affairs is the Finance Board's primary

liaison with news reporters. It also responds to general inquiries

about the activities of the Finance Board.

Sec. 900.19 Office of Resource Management.

The Office of Resource Management advises the Chairperson and the

Board of Directors on internal agency management and organization and

provides support services to the agency and to individual employees.

The responsibilities of the Office of Resource Management include:

(a) Developing and managing agency policies and procedures

governing employment and personnel action requirements, compensation

and agency payroll requirements, travel, awards, insurance, retirement

benefits, and other employee benefits;

(b) Providing support for all facility and supply requirements;

(c) Agency procurement and contracting programs;

(d) Agency financial management, budgeting and accounting; and

(e) Coordinating the design, programming, operation, and

maintenance of the Finance Board's electronic data systems.

Secs. 900.20, 900.21 [Removed]

3. Sections 900.20 and 900.21 are removed.

Dated: December 11, 1996.

By the Board of Directors of the Federal Housing Finance Board.

Bruce A. Morrison,

Chairman.

[FR Doc. 96-32373 Filed 12-26-96; 8:45 am]

BILLING CODE 6725-01-U