[Federal Register Volume 76, Number 101 (Wednesday, May 25, 2011)]
[Notices]
[Pages 30344-30360]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-12686]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2011-N-05]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-day notice of submission of information collection for
approval from the Office of Management and Budget.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, Public
Law 104-13, the Federal Housing Finance Agency (FHFA) is seeking public
comments concerning the information collection known as ``Federal Home
Loan Bank Directors,'' which has been assigned control number 2590-0006
by the Office of Management and Budget (OMB). FHFA intends to submit
the information collection to OMB for review and approval of a three-
year extension of the control number, which is due to expire on July
31, 2011.
DATES: Interested persons may submit comments on or before July 25,
2011.
ADDRESSES: Submit comments to FHFA using any one of the following
methods:
E-mail: RegComments@fhfa.gov. Please include Proposed
Collection; Comment Request: ``Federal Home Loan Bank Directors, (No.
2011-N-05)'' in the subject line of the message.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at RegComments@fhfa.gov to ensure timely receipt by the
agency.
Mail/Hand Delivery: Federal Housing Finance Agency, Fourth
Floor, 1700 G Street NW., Washington, DC 20552, Attention: Public
Comments/Proposed Collection; Comment Request: ``Federal Home Loan Bank
Directors, (No. 2011-N-05).''
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, on the FHFA website at http://www.fhfa.gov. In addition,
copies of all comments received will be available for examination by
the public on business days between the hours of 10 a.m. and 3 p.m., at
the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW.,
Washington, DC 20552. To make an appointment to inspect comments,
please call the Office of General Counsel at (202) 414-6924.
FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Management
Analyst, Division of Bank Regulation, patricia.sweeney@fhfa.gov, (202)
408-2872, Federal Housing Finance Agency, 1625 Eye Street, NW.,
Washington, DC 20006, or Eric M. Raudenbush, Assistant General Counsel,
eric.raudenbush@fhfa.gov, (202) 414-6421, Federal Housing Finance
Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552 (these
are not toll-free numbers). The telephone number for the
Telecommunications Device for the Hearing Impaired is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information Collection
Section 7 of the Federal Home Loan Bank Act (Bank Act) vests the
management of each Federal Home Loan Bank (Bank) in its board of
directors. See 12 U.S.C. 1427(a)(1). As required by section 7, each
Bank's board comprises two types of directors: (1) Member directors,
who are drawn from the officers and directors of member institutions
located in the Bank's district and who are elected every four years to
represent members in a particular state; and (2) independent directors,
who are unaffiliated with any Bank member and who are elected every
four years on an at-large basis in each Bank district. See 12 U.S.C.
1427(b) and (d). Section 7 and FHFA's implementing regulation, codified
at 12 CFR part 1261, establish the eligibility requirements for both
types of Bank directors and the qualifications for independent
directors, and set forth the procedures for their election.
Under part 1261, the Banks determine the eligibility of nominees
for member and independent directorships and administer the annual
director election process. As part of this process, candidates for both
types of directorship, including incumbents, are required to complete
and return to the Bank a form that solicits information about the
candidate's statutory eligibility to serve and, in the case of
independent director candidates, about his or her qualifications for
the directorship being sought. See 12 CFR 1261.7(c) and (f); 12 CFR
1261.14(b). Specifically, member director candidates are required to
complete the Federal Home Loan Bank Member Director Eligibility
Certification Form (Member Director Eligibility Certification Form),
while independent director candidates must complete the Federal Home
Loan Bank Independent Director Application Form. Part 1261 also
requires that all directors certify annually that they continue to meet
all eligibility requirements. See 12 CFR 1261.12. Member Directors do
this by completing the Member Director Eligibility Certification Form
again every year, while Independent Directors complete the abbreviated
Federal Home Loan Bank Independent Director Annual Certification Form
to certify their ongoing eligibility.
Affected Public: Private Sector.
Costs: FHFA estimates that there will be no annualized capital/
start-up costs for the respondents to collect and submit the
information.
[[Page 30345]]
Type of Respondents: Individuals who are prospective and incumbent
Bank Directors.
B. Burden Estimate
FHFA estimates the total number of respondents is 295, which
includes 160 prospective directors (100 member and 60 independent) and
135 incumbent directors (80 member and 55 independent). As explained
below, FHFA estimates that the total annual hour burden for all
respondents is 278 hours.
1. Prospective and Incumbent Member Directors
FHFA estimates the total annual average hour burden for all the
prospective and incumbent member directors is 70 hours. This includes a
total annual average of 100 prospective member directors, with 1
response per individual taking an average of 30 minutes (.5 hours) (100
individuals x .5 hours = 50 hours). It also includes a total annual
average of 80 incumbent member directors, with 1 response per
individual taking an average of 15 minutes (.25 hours) (80 individuals
x .25 hours = 20 hours).
2. Prospective and Incumbent and Independent Directors
FHFA estimates the total annual average hour burden for all the
prospective and incumbent independent directors is 208. This includes a
total annual average of 60 prospective independent directors, with 1
response per individual taking an average of 3 hours (60 individuals x
3 hours = 180 hours). It also includes a total annual average of 55
incumbent independent directors, with 1 response per individual taking
an average of 30 minutes (.5 hours) (55 individuals x .5 hours = 28
hours).
C. Comment Request
FHFA requests written comments on the following: (1) Whether the
collection of information is necessary for the proper performance of
FHFA functions, including whether the information has practical
utility; (2) the accuracy of FHFA'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.
Dated: May 18, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
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[FR Doc. 2011-12686 Filed 5-24-11; 8:45 am]
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