[Federal Register Volume 79, Number 154 (Monday, August 11, 2014)]
[Notices]
[Pages 46801-46816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18829]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2014-N-11]
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, 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 October 31,
2014.
DATES: Interested persons may submit comments on or before October 10,
2014.
ADDRESSES: Submit comments to FHFA using any one of the following
methods:
Agency Web site: www.fhfa.gov/open-for-comment-or-input.
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 email
to FHFA at [email protected] to ensure timely receipt by the agency.
Mail/Hand Delivery: Federal Housing Finance Agency, Eighth
Floor, 400 Seventh Street SW., Washington, DC 20024, ATTENTION: Public
Comments/Proposed Collection; Comment Request: ``Federal Home Loan Bank
Directors (No. 2014-N-11).''
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, email address, and telephone number, on the FHFA Web site 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,
Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. To make an
appointment to inspect comments, please call the Office of General
Counsel at (202) 649-3804.
FOR FURTHER INFORMATION CONTACT: Patricia Sweeney, Management Analyst,
Division of Bank Regulation, by email at
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[email protected] or by telephone at (202) 649-3311or Eric
Raudenbush, Assistant General Counsel, by email at
[email protected] or by telephone at (202) 649-3084 (not toll-
free numbers); or by regular mail at Federal Housing Finance Agency,
Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. 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.\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 in that district; and (2) independent directors, who
are unaffiliated with any of the Bank's member institutions, but who
reside in the Bank's district and are elected every four years on an
at-large basis.\2\ 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 required professional
qualifications for independent directors, and set forth the procedures
for their election.
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\1\ See 12 U.S.C. 1427(a)(1).
\2\ See 12 U.S.C. 1427(b) and (d).
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Part 1261 of the regulations requires each Bank, as part of its
responsibility to administer its annual director election process, to
determine the eligibility of candidates to serve as member and
independent directors on its board. Specifically, each Bank must
require each candidate for either type of directorship, including any
incumbent that may be a candidate for reelection, 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 professional
qualifications for the directorship being sought.\3\ 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 (Independent Director Application Form).
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\3\ See 12 CFR 1261.7(c) and (f); 12 CFR 1261.14(b).
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Under part 1261, each Bank must also require each of its incumbent
directors to certify annually that he or she continues to meet all of
the applicable statutory eligibility requirements.\4\ 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 (Independent Director Annual Certification Form) to
certify their ongoing eligibility.
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\4\ See 12 CFR 1261.12.
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The OMB control number for the information collection is 2590-0006,
which is due to expire on October 31, 2014. The likely respondents are
individuals who are prospective and incumbent Bank directors. Copies of
each of the forms appear at the end of this notice.
B. Burden Estimate
FHFA estimates the total annual hour burden imposed upon
respondents by this information collection is 145 hours. This estimate
is based on the following calculations:
1. Member Director Eligibility Certification Form
FHFA estimates the total annual hour burden on all member director
candidates and incumbent member directors associated with review and
completion of the Member Director Eligibility Certification Form is 37
hours. This includes a total annual average of 68 member director
candidates, with 1 response per individual taking an average of 15
minutes (.25 hours) (68 respondents x .25 hours = 17 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. Independent Director Application Form
FHFA estimates the total annual hour burden on all independent
director candidates associated with review and completion of the
Independent Director Application Form is 75 hours. This includes a
total annual average of 25 independent director candidates, with 1
response per individual taking an average of 3 hours (25 individuals x
3 hours = 75 hours).
3. Independent Director Annual Certification Form
FHFA estimates the total annual hour burden on all incumbent
independent directors associated with review and completion of the
Independent Director Annual Certification Form is 33 hours. This
includes a total annual average of 66 incumbent independent directors,
with 1 response per individual taking an average of 30 minutes (.5
hours) (66 individuals x .5 hours = 33 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.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
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[FR Doc. 2014-18829 Filed 8-8-14; 8:45 am]
BILLING CODE 8070-01-C