This PDF is the current document as it appeared on Public Inspection on 10/22/2013 at 08:45 am.
Federal Housing Finance Agency.
30-day Notice of Submission of Information Collection for Approval from the Office of Management and Budget.
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking public comments concerning the information collection known as “Members of the Banks,” which has been assigned control number 2590-0003 by the Office of Management and Budget (OMB). FHFA will 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, 2013.
Interested persons may submit comments on or before November 22, 2013.
Comments: 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 Agency, Washington, DC 20503, Fax: 202-395-6974, Email: OIRA_Submisson@omb.eop.gov. Please also submit comments to FHFA using any one of the following methods:
- Email: RegComments@fhfa.gov. Please include Proposed Collection; Comment Request: “Members of the Banks, (No. 2013-N-13)” 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 email to FHFA at RegComments@fhfa.gov 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: “Members of the Banks, (No. 2013-N-13).”
We will post all public comments we receive without change, including any personal information you provide, such as your name, 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.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Jonathan F. Curtis, Financial Analyst, Division of Federal Home Loan Bank Regulation, at 202-649-3321 (not a toll free number), Jonathan.Curtis@fhfa.gov, or by regular mail at the Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20024. The telephone number for the Telecommunications Device for the Deaf is 800-877-8339.End Further Info End Preamble Start Supplemental Information
A. Need For and Use of the Information Collection
Section 4 of the Federal Home Loan Bank Act (Bank Act) establishes the eligibility requirements an institution must meet in order to become a member of a Federal Home Loan Bank (Bank). FHFA's Bank membership regulation, located at 12 CFR part 1263, implements Start Printed Page 63206section 4 of the Bank Act by providing uniform requirements an applicant must meet to be approved for Bank membership and review criteria a Bank must apply to determine if an applicant satisfies the statutory and regulatory membership eligibility requirements, and by specifying the information and materials an institution must submit as part of its application. Although the membership regulation authorizes the Banks to approve or deny applications for membership, it also provides institutions that have been denied membership in a Bank the option of appealing the decision to FHFA. The membership regulation also addresses the requirements for withdrawal from Bank membership and for the transfer of an institution's membership from one Bank to another.
This information collection may require four different types of submissions by Bank members or by institutions wishing to become a Bank member: (I) Applications for membership and supporting materials; (II) notices of appeal to FHFA by institutions that have been denied membership by a Bank; (III) requests to withdraw from Bank membership; and (IV) applications for transfer of membership to a different Bank and supporting materials. The information collection is necessary to enable a Bank to determine whether prospective and current Bank members, or transferring members of other Banks, satisfy the statutory and regulatory requirements to be certified initially and maintain their status as members eligible to obtain Bank advances. The collection is also necessary to inform a Bank of when to initiate the withdrawal process where a member so desires. On appeals, FHFA uses the information collection to determine whether to uphold or overrule a Bank's decision to deny Bank membership to an applicant.
The OMB control number for the information collection is 2590-0003, which is due to expire on October 31, 2013. The likely respondents are institutions that want to be certified as or are members of a Bank seeking continued certification.
B. Burden Estimate
FHFA has analyzed the cost and hour burden for the four facets of the information collection: (I) membership application process; (II) appeal of membership denial; (III) membership withdrawals, and (IV) transfer of membership to another Bank district. The estimate for the total annual hour burden for all respondents is 2,261 hours. The estimate for the total annual cost burden is $175,613. These estimates are based on the following:
I. Membership Application
FHFA estimates the total annual average number of applicants at 157, with 1 response per applicant. The estimate for the average hours per application is 11.7 hours. The estimate for the annual hour burden for applicants is 1,837 hours (157 applicants × 1 response per applicant × 11.7 hours per response). The estimate for the total annual cost burden to applicants for the membership application process is $135,365.
II. Appeal of Membership Denial
FHFA estimates the total annual average number of appellants at 1, with 1 response per appellant. The estimate for the average hours per application for appeal is 10 hours. The estimate for the annual hour burden for appellants is 10 hours (10 appellants × 1 response per appellant × 10 hours per response). The estimate for the total annual cost burden to applicants for the appeal of membership denial process is $950.
III. Withdrawals From Membership
FHFA estimates the total annual average number of membership withdrawals at 275, with 1 response per applicant. The estimate for the average hours per application is 1.5 hours. The estimate for the annual hour burden for applicants is 413 hours (275 withdrawals × 1 response per applicant × 1.5 hours per response). The estimate for the total annual cost burden to members for withdrawals from membership is $39,188.
IV. Transfer of Membership
FHFA estimates the total annual average number of membership transfer requests at 1, with 1 response per applicant. The estimate for the average hours per application is 1.5 hours. The estimate for the annual hour burden for applicants is 1.5 hours (1 transfer × 1 response per applicant × 1.5 hours per response). The estimate for the total annual cost burden to member respondents of the transfer of membership process is $110.
C. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), FHFA published a request for public comments regarding this information collection in the Federal Register on July 1, 2013. See 78 FR 39293 (July 1, 2013). The 60-day comment period closed on August 30, 2013. No public comments were received.
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 the 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.Start Signature
Dated: September 30, 2013.
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2013-24735 Filed 10-22-13; 8:45 am]
BILLING CODE 8070-01-P