[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Pages 47510-47526]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22014]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2017-N-08]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-Day notice of submission of information collection for
approval from Office of Management and Budget.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the
Agency) is seeking public comments concerning an 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 December 31, 2017.
DATES: Interested persons may submit comments on or before December 11,
2017.
ADDRESSES: Submit comments to FHFA, identified by ``Proposed
Collection; Comment Request: `Federal Home Loan Bank Directors, (No.
2017-N-08)' '' by any 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 20219, ATTENTION:
Proposed Collection; Comment Request: ``Federal Home Loan Bank
Directors, (No. 2017-N-08)''.
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 20219. To make an
appointment to inspect comments, please call the Office of General
Counsel at (202) 649-3804.
FOR FURTHER INFORMATION CONTACT: Patricia Sweeney, Senior Management
Analyst, Division of Bank Regulation, by email at
[email protected] or by telephone at (202) 649-3311; or Eric
Raudenbush, Associate General Counsel, [email protected], (202)
649-3084 (these are not toll-free numbers); Federal Housing Finance
Agency, 400 Seventh Street SW., Washington, DC 20219. 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:
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(1) Member directors, who are drawn from the officers and directors of
member institutions located in the Bank's district and who are elected
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 on an at-large basis.\2\ Both types of directors serve four-
year terms, which are staggered so that approximately one-quarter of a
Bank's total directorships are up for election every year.\3\ 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 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).
\3\ See 12 U.S.C. 1427(d).
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Part 1261 of the regulations requires that each Bank administer its
own annual director election process. As part of this process, a Bank
must require each nominee for both types of directorship, including any
incumbent that may be a candidate for re-election, 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.\4\ 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 (Independent Director Application Form). Each
Bank must also require all of its incumbent directors to certify
annually that they continue to meet all eligibility requirements.\5\
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 1261.7(c) and (f); 12 CFR 1261.14(b).
\5\ See 12 CFR 1261.12.
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The Banks use the information collection contained in the
Independent Director Application Form and part 1261 to determine
whether individuals who wish to stand for election or re-election as
independent directors satisfy the statutory eligibility requirements
and possess the professional qualifications required under the statute
and regulations. Only individuals meeting those requirements and
qualifications may serve as an independent director.\6\ On an annual
basis, the Banks use the information collection contained in the
Independent Director Annual Certification Form and part 1261 to
determine whether its incumbent independent directors continue to meet
the statutory eligibility requirements. The Banks use the information
collection contained in the Member Director Eligibility Certification
Form and part 1261 to determine whether individuals who wish to stand
for election or re-election as member directors satisfy the statutory
eligibility requirements. Only individuals meeting these requirements
may serve as a member director.\7\ On an annual basis, the Banks also
use the information collection contained in the Member Director
Eligibility Certification Form and part 1261 to determine whether its
incumbent member directors continue to meet the statutory eligibility
requirements.
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\6\ See 12 U.S.C. 1427(a)(3).
\7\ See 12 U.S.C. 1427(a)(3) and (b)(1).
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The OMB control number for this information collection is 2590-
0006. The current clearance for the information collection expires on
December 31, 2017. The likely respondents are individuals who are
prospective and incumbent Bank directors. A copy of the current version
of each of the three forms appears at the end of this notice. FHFA is
considering some minor revisions to the forms for use going forward and
will publish the revised versions of the forms with the second PRA
notice.
B. Burden Estimate
FHFA estimates the total annual hour burden imposed upon
respondents by the three Bank director forms comprising this
information collection to be 145 hours (37 hours + 75 hours + 33 hours
= 145 hours, as detailed below).
The Agency 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 to be 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).
The Agency estimates the total annual hour burden on all
independent director candidates associated with review and completion
of the Independent Director Application Form to be 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).
The Agency estimates the total annual hour burden on all incumbent
independent directors associated with review and completion of the
Independent Director Annual Certification Form to be 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. Comments 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: October 3, 2017.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
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[FR Doc. 2017-22014 Filed 10-11-17; 8:45 am]
BILLING CODE 8070-01-C