[Federal Register Volume 61, Number 250 (Friday, December 27, 1996)]
[Rules and Regulations]
[Pages 68129-68130]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32373]


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FEDERAL HOUSING FINANCE BOARD

12 CFR Part 900

[No. 96-92]


Description of Organization and Functions

AGENCY: Federal Housing Finance Board.

ACTION: Final rule.

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SUMMARY: The Federal Housing Finance Board (Finance Board) is amending 
the description of the agency's organization and functions contained in 
its regulations, as required by the Freedom of Information Act (FOIA). 
The changes have been made to further the efficiency and productivity 
of the agency.

DATES: This final rule shall be effective on December 27, 1996.

FOR FURTHER INFORMATION CONTACT: David A. Guy, Associate General 
Counsel, Office of General Counsel, (202) 408-2536, Federal Housing 
Finance Board, 1777 F Street, NW. Washington DC 20006.

SUPPLEMENTARY INFORMATION: Pursuant to section 552(a) of the FOIA, the 
Finance Board is required to publish in the Federal Register a 
description of the agency's organization and functions. See 5 U.S.C. 
552(a)(1)(A)-(B). A description of the Finance Board's organizations 
and functions appears in part 900 of the Code of Federal Regulations. 
See 12 CFR Part 900. This final rule is intended to give public notice 
of changes to the Finance Board's organization and allocation of 
functions. The changes have been made to further the efficiency and 
productivity of the agency.
    The public notice-and-comment requirements of the Administrative 
Procedure Act (APA) do not apply to the regulatory amendments contained 
in this final rule because the amendments relate exclusively to the 
organization of the agency. See 5 U.S.C. 553(b)(1)(A). Therefore, these 
amendments are being adopted as a final rule, effective on the date of 
publication.
    Because this rule will be not be issued in the form of a notice of 
proposed rulemaking, the provisions of the Regulatory Flexibility Act 
do not apply. See 5 U.S.C. 601.

List of Subjects in 12 CFR Part 900

    Organization and functions (Government agencies).
    Accordingly, title 12, chapter IX, part 900, Code of Federal 
Regulations, is hereby amended as follows:

PART 900--DESCRIPTION OF ORGANIZATION AND FUNCTIONS

    1. The authority citation for part 900 continues to read as 
follows:

    Authority: 5 U.S.C. 552; 12 U.S.C. 1422b(a).

    2. Sections 900.12 through 900.19 are revised to read as follows:


Sec. 900.12  Office of the Managing Director.

    (a) The Managing Director is the Finance Board's chief operating 
officer. By order of the Chairperson, the Managing Director has been 
delegated the authority and power necessary and convenient to effect 
the day-to-day management, functioning, and organization of the Finance 
Board, including the authority to appoint, remove, promote, direct, set 
compensation for, and pay Finance Board personnel. The Managing 
Director is authorized to execute documents on behalf of the Board of 
Directors, including regulations, resolutions, or orders duly passed by 
the Board of Directors. The Managing Director is also the Finance 
Board's Chief Information Officer.
    (b) The Executive Secretariat is a division within the Office of 
the Managing Director. The Executive Secretary is the recording officer 
for the Board of Directors and is responsible for maintaining the 
Finance Board's records, including copies of all resolutions and rules 
adopted by the Board of Directors and orders issued by the Chairperson. 
The Executive Secretary also is responsible for the preparation and 
maintenance of the minutes or other records of all official actions and 
proceedings of the Board of Directors, and is responsible for the 
official seals of the Finance Board. This division also is responsible 
for the agency's Freedom of Information Act, Privacy Act, and Records 
Management Programs. The Executive Secretary is the primary liaison 
with the Office of the Federal Register.
    (c) The District Banks Secretariat is a division within the Office 
of the Managing Director responsible for administering the election of 
directors of the Banks and for maintaining records on each of the 
Banks' policies and marketing activities.

[[Page 68130]]

Sec. 900.13  Office of Policy.

    (a) The Office of Policy coordinates the Finance Board's policy 
development activities and provides advice to the Chairperson and the 
Board of Directors on the economic, financial, housing and community 
and economic development, and competitive environments in which the 
Bank System and its members operate. The responsibilities of the Office 
of Policy include:
    (1) Analysis and modeling of the financial performance of the 
Banks;
    (2) Collection and analysis of financial data in order to prepare 
the Bank System's annual combined financial reports and other periodic 
reports on Bank System operations;
    (3) Collection and analysis of data on the housing and community 
and economic development activities of the Banks;
    (4) Analysis of the Banks' performance under the Affordable Housing 
Program and the Community Investment Program;
    (5)Analysis of policy issues arising under the Affordable Housing 
Program and the Community Investment Program;
    (6) Preparation of the Monthly Survey of Rates and Terms of 
Conventional One-Family Nonfarm Mortgage Loans and determination of the 
conforming loan limit for Federal National Mortgage Association (Fannie 
Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) purchases 
and guarantees; and
    (7) Review of the Banks' quarterly dividend recommendations.
    (b) The Office of Policy is the Finance Board's primary liaison 
with the Banks' Chief Financial Officers concerning financial 
management issues, the Banks' Community Investment Officers concerning 
community and economic development, the Banks' Advisory Councils 
concerning Bank System support of affordable housing, and the Bank 
System's fiscal agent, the Office of Finance. It prepares the annual 
reports to Congress and to the Banks' Advisory Councils concerning Bank 
System support for low-income housing and community development.


Sec. 900.14  Office of Supervision.

    The Office of Supervision oversees the Banks, the Office of Finance 
and the Financing Corporation to ensure that they operate in a 
financially safe and sound manner, that the Banks are carrying out 
their housing and community and economic development finance mission 
and are in compliance with applicable statutes and regulations, as well 
as Finance Board policies and orders. The responsibilities of the 
Office of Supervision include:
    (a) The conduct of examinations, at least annually, of the Banks, 
the Office of Finance and the Financing Corporation and the furnishing 
of reports thereon to the Chairpersons of their Boards of Directors;
    (b) The follow-up and resolution of outstanding examination issues;
    (c) Liaison with each Bank's audit committee and the review and 
evaluation of the work of each Bank's internal audit staff;
    (d) The monitoring of Bank and System interest rate risk, financial 
trends and mission-related activities; and
    (e) The review of Community Support Statements of Bank System 
members.


Sec. 900.15  Office of General Counsel.

    The General Counsel is the chief legal officer of the Finance 
Board. The Office of General Counsel provides advice to the Board of 
Directors, the Chairperson, and other Finance Board officials, on 
interpretations of statutes and regulations. The Office of General 
Counsel prepares all legal documents on behalf of the Finance Board and 
prepares opinions, regulations, and memoranda of law. It represents the 
Finance Board in all administrative adjudicatory proceedings before the 
Board of Directors. The Chairman appoints the Finance Board's 
Designated Agency Ethics Official from the staff of the Office of 
General Counsel.


Sec. 900.16  Office of Inspector General.

    The Inspector General is subject to, and operates under, the 
provisions of the Inspector General Act of 1978, as amended (5 U.S.C. 
app. 3). The Inspector General reports to and is under the general 
supervision of the Chairperson. The Inspector General's 
responsibilities under the Inspector General Act include providing 
policy direction for, and conducting, supervising, and coordinating 
audits and investigations relating to the programs and operations of 
the Finance Board, and recommending policies for promoting economy and 
efficiency in the administration of, or preventing and detecting fraud 
and abuse in, the Finance Board's programs and operations. The 
Inspector General prepares and furnishes to the Chairman for 
transmittal to the Congress semiannual reports on the activities of the 
Office of Inspector General.


Sec. 900.17  Office of Congressional Affairs.

    The Office of Congressional Affairs is responsible for ensuring the 
effective coordination and communication with the Congress and interest 
groups, and for briefing the Chairperson, the other Directors, and the 
Managing Director, on legislative issues before Congress pertaining to 
the Finance Board, the Bank System, and the Financing Corporation.


Sec. 900.18  Office of Public Affairs.

    The Office of Public Affairs is responsible for the dissemination 
of information about the Finance Board to the public and the news 
media. The Office of Public Affairs is the Finance Board's primary 
liaison with news reporters. It also responds to general inquiries 
about the activities of the Finance Board.


Sec. 900.19  Office of Resource Management.

    The Office of Resource Management advises the Chairperson and the 
Board of Directors on internal agency management and organization and 
provides support services to the agency and to individual employees. 
The responsibilities of the Office of Resource Management include:
    (a) Developing and managing agency policies and procedures 
governing employment and personnel action requirements, compensation 
and agency payroll requirements, travel, awards, insurance, retirement 
benefits, and other employee benefits;
    (b) Providing support for all facility and supply requirements;
    (c) Agency procurement and contracting programs;
    (d) Agency financial management, budgeting and accounting; and
    (e) Coordinating the design, programming, operation, and 
maintenance of the Finance Board's electronic data systems.


Secs. 900.20, 900.21  [Removed]

    3. Sections 900.20 and 900.21 are removed.

    Dated: December 11, 1996.

    By the Board of Directors of the Federal Housing Finance Board.
Bruce A. Morrison,
Chairman.
[FR Doc. 96-32373 Filed 12-26-96; 8:45 am]
BILLING CODE 6725-01-U