Federal Register, Volume 71 Issue 10 (Tuesday, January 17, 2006)

[Federal Register Volume 71, Number 10 (Tuesday, January 17, 2006)]
[Notices]
[Pages 2544-2547]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-365]


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FEDERAL HOUSING FINANCE BOARD

[No. 2006-N-01]


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) has 
submitted the information collection entitled ``Community Support 
Requirements'' to the Office of Management and Budget (OMB) for review 
and approval of a 3 year extension of the OMB control number, 3069-
0003, which is due to expire on February 28, 2006.

DATES: Interested persons may submit comments on or before February 16, 
2006.

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.

For Further Information or Copies of the Information Collection 
Contact: Emma Fitzgerald, Program Analyst, Office of Supervision, by 
telephone at 202-408-2874, by electronic mail at fitzgeralde@fhfb.gov, 
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 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 944 of the Finance Board regulations implements section 10(g) 
of the Bank Act. See 12 CFR part 944. 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 944.2 of the rule (12 CFR 
944.2) implements the statutory community support requirement and 
requires each member selected for review to submit a completed 
Community Support Statement Form to the Finance Board. A copy of the 
Community Support Statement Form is attached to this Notice. Section 
944.3 (12 CFR 944.3) 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. 
Sections 944.4 and 944.5 (12 CFR 944.4-5) establish the procedures and 
criteria the Finance Board uses in determining whether FHLBank members 
satisfy the statutory and regulatory community support requirements.

[[Page 2545]]

    The information collection contained in the Community Support 
Statement Form and sections 944.2 through 944.5 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 3069-0003. The OMB 
clearance for the information collection expires on February 28, 2006. 
The likely respondents are institutions that are members of an FHLBank.

B. Burden Estimate

    The Finance Board estimates the total annual average number of 
respondents at 5170 FHLBank members, with one response per member. The 
estimate for the average hours per response is one hour. The estimate 
for the total annual hour burden is 5170 hours (5170 members x 1 
response per member x 1 hour).

C. Comment Request

    In accordance with 5 CFR 1320.8(d), the Finance Board published a 
request for public comments regarding this information collection in 
the Federal Register on October 14, 2005. See 70 FR 60079 (October 14, 
2005). The 60-day comment period closed on December 13, 2005. 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 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 applicants and housing 
associates, 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.

    Dated: January 10, 2006.

    By the Federal Housing Finance Board.
John P. Kennedy,
General Counsel.
BILLING CODE 6725-01-P

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[FR Doc. 06-365 Filed 1-13-06; 8:45 am]
BILLING CODE 6725-01-C