[Federal Register Volume 64, Number 125 (Wednesday, June 30, 1999)]
[Notices]
[Page 35157]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 99-16689]


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FEDERAL HOUSING FINANCE BOARD

[No. 99-N-7]


Proposed Collection; 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 is seeking public comments concerning a three-year 
extension by the Office of Management and Budget (OMB) of the 
previously approved information collection entitled ``Community Support 
Requirements.''

DATES: Interested persons may submit comments on or before August 30, 
1999.

ADDRESSES: Address comments and requests for copies of the information 
collection to Elaine L. Baker, Secretary to the Board, by telephone at 
202/408-2837, by electronic mail at bakere@fhfb.gov, or by regular mail 
at the Federal Housing Finance Board, 1777 F Street, NW, Washington, DC 
20006.

FOR FURTHER INFORMATION CONTACT: Amy Maxwell, Program Analyst, Program 
Assistance Division, Office of Policy, Research and Analysis, by 
telephone at 202/408-2882, by electronic mail at maxwella@fhfb.gov, or 
by regular mail at the Federal Housing Finance Board, 1777 F Street, 
N.W., Washington, D.C. 20006.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of the Information Collection

    Section 10(g)(1) of the Federal Home Loan Bank Act (Bank Act) 
requires the Federal Housing Finance Board (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 Federal 
Housing Finance Board's (Finance Board) 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, section 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 respondent 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.
    The information collection contained in Form 96-01, the Community 
Support Statement Form, and sections 936.2 through 936.5 of the rule 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 the total annual average number of 
respondents at 3002, with one response per respondent. The estimate for 
the average hours per response is one hour. The estimate for the total 
annual hour burden is 3002 hours (3002 respondents x 1 response per 
respondent x approximately 1.0 hours).

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.

    By the Federal Housing Finance Board.

    Dated: June 24, 1999.
William W. Ginsberg,
Managing Director.
[FR Doc. 99-16689 Filed 6-29-99; 8:45 am]
BILLING CODE 6725-01-P