Submission for OMB Review; Comment Request

FEDERAL HOUSING FINANCE BOARD

[No. 99-N-17]

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

``Community Support Requirements'' 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 December 31, 1999.

DATES: Interested persons may submit comments on or before December 15,

1999.

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. Address

requests for copies of the information collection and supporting

documentation to Elaine L. Baker, Secretary to the Board, by telephone

at 202/408-2837, by electronic mail at [email protected], or by regular

mail at the Federal Housing Finance Board, 1777 F Street, NW,

Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Amy R. Maxwell, Housing Finance

Officer, Program Assistance Division, Office of Policy, Research and

Analysis, by telephone at 202/408-2882, by electronic mail at

[email protected], or by regular mail at the Federal Housing Finance

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

SUPPLEMENTARY INFORMATION:

A. Need for and Use of Information Collection

Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act)

requires the Finance Board to promulgate regulations establishing

standards of community investment or service that Federal Home Loan

Bank (FHLBank) members must meet in order to maintain access to long-

term advances. See 12 U.S.C. 1430(g)(1). In establishing these

community support requirements for FHLBank members, the Finance Board

must take into account factors such as the FHLBank member's performance

under the Community Reinvestment Act of 1977 (CRA), 12 U.S.C. 2901, et

seq., and record of lending to first-time homebuyers. 12 U.S.C.

1430(g)(2). Part 936 of the Finance Board's regulations implements

section 10(g) of the Bank Act. See 12 CFR part 936. The rule provides

uniform community support standards all FHLBank members must meet and

review criteria Finance Board staff must apply to determine compliance

with section 10(g). More specifically, Sec. 936.2 of the rule

implements the statutory community support requirement. 12 CFR 936.2.

Section 936.3 establishes community support standards for the two

statutory factors--CRA and first-time homebuyer performance--and

provides guidance to a FHLBank member on how it may satisfy the

standards. 12 CFR 936.3. Sections 936.4 and 936.5 establish the

procedures and criteria the Finance Board uses in determining whether

FHLBank members satisfy the statutory and regulatory community support

requirements. 12 CFR 936.4 and 936.5. Section 936.6 requires the

FHLBanks to establish and maintain a community support program that,

among other things, provides technical assistance to members and

promotes community lending and affordable housing activities. 12 CFR

936.6.

[[Page 61878]]

The information collection contained in Form 96-01, the Community

Support Statement Form, and part 936 is necessary to enable and is used

by the Finance Board to determine whether FHLBank members satisfy the

statutory and regulatory community support requirements. Only FHLBank

members that meet these requirements may maintain continued access to

long-term FHLBank advances. See 12 U.S.C. 1430(g).

The OMB number for the information collection is 3069-003. The OMB

clearance for the information collection expires on December 31, 1999.

The likely respondents are institutions that are members of a

FHLBank.

B. Burden Estimate

The Finance Board estimates that a total annual average of 3000

members will file a Community Support Statement, with one submission

per member. The estimate for the average hours per submission is one

hour. The estimate for the annual hour burden for members that must

file a Community Support Statement is 3000 hours (3000 members x 1

Community Support Statement per member x approximately 1.0 hour). The

Finance Board estimates a total annual average of 15 members will

submit a request to remove a restriction on access to long-term

advances, with 1 request per member. The estimate for the average hours

per request is one hour. The estimate for the annual hour burden for

reinstatement requests is 15 hours (15 members x 1 reinstatement

request per member x approximately 1.0 hour). The Finance Board

estimates that the total annual hour burden for all respondents is 3015

hours ((3000 members x 1 Community Support Statement per member +15

members x 1 reinstatement request per member) x approximately 1.0

hour).

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 June 30, 1999. See 64

FR 35157 (June 30, 1999). The 60-day comment period closed on August

30, 1999. 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.

By the Federal Housing Finance Board.

Dated: November 5, 1999.

William W Ginsberg,

Managing Director.

[FR Doc. 99-29722 Filed 11-12-99; 8:45 am]

BILLING CODE 6725-01-P