Submission for OMB Review; Comment Request

FEDERAL HOUSING FINANCE BOARD

[No. 98-N-2]

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) hereby

gives notice that it has submitted the information collection entitled

``Personal Certification and Disclosure Forms'' 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 January

31, 1998.

DATES: Interested persons may submit comments on or before February 20,

1998.

ADDRESSES: Submit comments to the Office of Information and Regulatory

Affairs of OMB, Attention: Desk Officer for the Federal Housing Finance

Board, Washington, D.C. 20503. Address requests for copies of the

information collection and supporting documentation to Elaine L. Baker,

Secretary to the Board, 202/408-2837, Federal Housing Finance Board,

1777 F Street, N.W., Washington, D.C. 20006.

FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Program Analyst,

Compliance Assistance Division, Office of Policy, 202/408-2872, or

Janice A. Kaye, Attorney-Advisor, Office of General Counsel, 202/408-

2505, Federal Housing Finance Board, 1777 F Street, N.W., Washington,

D.C. 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of Information Collection

Section 7 of the Federal Home Loan Bank Act (Bank Act) and part 932

of the Finance Board's regulations establish eligibility and reporting

requirements and the procedures for electing and appointing Federal

Home Loan Bank (FHLBank) directors. See 12 U.S.C. 1427; 12 CFR part

932. The information collection contained in the elective and

appointive FHLBank director personal certification and disclosure forms

and Secs. 932.18 and 932.21 of the Finance Board's regulations, is

necessary to enable the Finance Board to determine whether prospective

and incumbent elective and appointive FHLBank directors satisfy the

statutory and regulatory eligibility and reporting requirements. See

Finance Board forms E-1, E-2, A-1, and A-2; 12 CFR 932.18 (appointive

directors), 932.21 (elective directors). Accordingly, Finance Board

staff uses the information collection to determine whether respondents

meet the statutory and regulatory eligibility requirements. The

information collection requires each respondent to complete and submit

to the Finance Board for review a personal certification and disclosure

form prior to election or appointment and, once elected or appointed,

annually during the term of service. Incumbent directors also have a

continuing obligation promptly to notify the Finance Board of any known

or suspected ineligibility. See 12 CFR 932.18(f)(2); 932.21(g)(2).

The OMB number for the information collection is 3069-0002. The OMB

clearance for the information collection expires on January 31, 1998.

B. Burden Estimate

The Finance Board estimates the total annual average number of

respondents at 286, with one response per respondent. The estimate for

the average hours per response is 1.3 hours. The estimate for the total

annual hour burden is 376 hours (286 respondents x 1 response/

respondent x approximately 1.3 hours). The estimated annualized cost

to respondents of the information collection is $35,175.00.

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 November 6, 1997. See

62 FR 60093 (Nov. 6, 1997). The 60-day comment period closed on January

5, 1998. 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 the functions of the Finance

Board, 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: January 12, 1998.

William W. Ginsberg,

Managing Director.

[FR Doc. 98-1315 Filed 1-20-98; 8:45 am]

BILLING CODE 6725-01-U