81 FR 95593 - Proposed Collection; Comment Request
FEDERAL HOUSING FINANCE AGENCY Federal Register Volume 81, Issue 249 (December 28, 2016)
Federal Register Volume 81, Issue 249 (December 28, 2016)
| Page Range | 95593-95595 | |
| FR Document | 2016-31383 |
[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)] [Notices] [Pages 95593-95595] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-31383] ----------------------------------------------------------------------- FEDERAL HOUSING FINANCE AGENCY [No. 2016-N-15] Proposed Collection; Comment Request AGENCY: Federal Housing Finance Agency. ACTION: 30-Day notice of submission of information collection for approval from Office of Management and Budget. ----------------------------------------------------------------------- [[Page 95594]] SUMMARY: In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA or the Agency) 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 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, 2016. DATES: Interested persons may submit comments on or before January 27, 2017. ADDRESSES: 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) 395-3047, Email: [email protected]. Please also submit comments to FHFA, identified by ``Proposed Collection; Comment Request: `Members of the Banks, (No. 2016-N-##)' '' 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: ``Members of the Banks, (No. 2016-N-15)''. U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service: The mailing address for comments is: Alfred M. Pollard, General Counsel, Attention: Comments/2016-N-15, Federal Housing Finance Agency, 400 Seventh Street SW., Eighth Floor, Washington, DC 20219. 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: Jonathan F. Curtis, Financial Analyst, Division of Federal Home Loan Bank Regulation, by email at [email protected] or by telephone at (202) 649-3321; or Eric Raudenbush, Associate General Counsel, by email at [email protected] or by telephone at (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 The Federal Home Loan Bank System consists of eleven regional Federal Home Loan Banks (Banks) and the Office of Finance (a joint office that issues and services the Banks' debt securities). The Banks are wholesale financial institutions, organized under the authority of the Federal Home Loan Bank Act (Bank Act) to serve the public interest by enhancing the availability of residential housing finance and community lending credit through their member institutions and, to a limited extent, through certain eligible nonmembers. Each Bank is structured as a regional cooperative that is owned and controlled by member institutions located within its district, which are also its primary customers. The Banks carry out their public policy functions primarily by providing low cost loans, known as advances, to their members. With limited exceptions, an institution may obtain advances and access other products and services provided by a Bank only if it is a member of that Bank. The Bank Act limits membership in any Bank to specific types of financial institutions located within the Bank's district that meet specific eligibility requirements. Section 4 of the Bank Act specifies the types of institutions that may be eligible for membership and establishes eligibility requirements that each type of applicant must meet in order to become a Bank member.\1\ That provision also specifies that (with limited exceptions) an eligible institution may become a member only of the Bank of the district in which the institution's ``principal place of business'' is located.\2\ With respect to the termination of Bank membership, section 6(d) of the Bank Act sets forth requirements pursuant to which an institution may voluntarily withdraw from membership or a Bank may terminate an institution's membership for cause.\3\ --------------------------------------------------------------------------- \1\ See 12 U.S.C. 1424(a). \2\ See 12 U.S.C. 1424(b). \3\ See 12 U.S.C. 1426(d). --------------------------------------------------------------------------- FHFA's regulation entitled ``Members of the Banks,'' located at 12 CFR part 1263, implements those statutory provisions and otherwise establishes substantive and procedural requirements relating to the initiation and termination of Bank membership. Many of the provisions in the membership regulation require that an institution submit information to a Bank or to FHFA, in most cases to demonstrate compliance with statutory or regulatory requirements or to request action by the Bank or Agency. In total, there are four types of information collections that may occur under part 1263. First, the regulation provides that (with limited exceptions) no institution may become a member of a Bank unless it has submitted to that Bank an application that documents the applicant's compliance with the statutory and regulatory membership eligibility requirements and that otherwise includes all required information and materials.\4\ Second, the regulation provides applicants that have been denied membership by a Bank the option of appealing the decision to FHFA. To file such an appeal, an applicant must submit to FHFA a copy of the Bank's decision resolution denying its membership application and a statement of the basis for the appeal containing sufficient facts, information, and analysis to support the applicant's position.\5\ Third, the regulation provides that, in order to initiate a voluntary withdrawal from Bank membership, a member submit to its Bank a written notice of intent to withdraw.\6\ Fourth, under certain circumstances, the regulation permits a member of one Bank to transfer its membership to a second Bank ``automatically'' without either initiating a voluntary withdrawal from the first Bank or submitting a membership application to the second Bank. Despite the regulatory reference to such a transfer as being ``automatic,'' a member meeting the criteria for an automatic transfer must initiate the transfer process by filing a request with its current Bank, which will then arrange the details of the transfer with the second Bank.\7\ --------------------------------------------------------------------------- \4\ See 12 CFR 1263.2(a), 1263.6-1263.9, 1263.11-1263.18. \5\ See 12 CFR 1263.5. \6\ See 12 CFR 1263.26. \7\ See 12 CFR 1263.4(b), 1263.18(d), (e). --------------------------------------------------------------------------- [[Page 95595]] The Banks use most of the information collected under part 1263 to determine whether an applicant satisfies the statutory and regulatory requirements for Bank membership and should be approved as a Bank member. The Banks may use some of the information collected under part 1263 as a means of learning that a member wishes to withdraw or to transfer its membership to a different Bank so that the Bank can begin to process those requests. In rare cases, FHFA may use the collected information to determine whether an institution that has been denied membership by a Bank should be permitted to become a member of that Bank. The OMB control number for this information collection is 2590- 0003, which is due to expire on December 31, 2016. The likely respondents are financial institutions that are, or are applying to become, Bank members. B. Burden Estimate FHFA has analyzed the time burden imposed on respondents by the four collections under this control number and estimates that the average annual burden imposed on all respondents by those collections over the next three years will be 2,351 hours. This estimate is derived from the following calculations: I. Membership Applications FHFA estimates that the average number of applications for Bank membership submitted annually will be 151 and that the average time to prepare and submit an application and supporting materials will be 15 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of applications for Bank membership is (151 applications x 15 hours per application) = 2,265 hours. II. Appeals of Membership Denials FHFA estimates that the average number of applicants that have been denied membership by a Bank that will appeal such a denial to FHFA will be 1 and that the average time to prepare and submit an application for appeal will be 10 hours. Accordingly, the estimate for the annual hour burden associated with the preparation and submission of membership appeals is (1 appellants x 10 hours per application) = 10 hours. III. Notices of Intent To Withdraw From Membership FHFA estimates that the average number of Bank members submitting a notice of intent to withdraw from membership annually will be 4 and that the average time to prepare and submit a notice will be 1.5 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of notices of intent to withdraw is (4 withdrawing members x 1.5 hours per application) = 6 hours. IV. Requests for Transfer of Membership to Another Bank District FHFA estimates that the average number of Bank members submitting a request for transfer to another Bank will be 35 and that the average time to prepare and submit a request will be 2 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of requests for automatic transfer is (35 transferring members x 2 hours per request) = 70 hours. C. Comment Request In accordance with the requirements of 5 CFR 1320.8(d), FHFA published an initial notice requesting comments regarding this information collection in the Federal Register on October 7, 2016.\8\ The 60-day comment period closed on December 6, 2016. No comments were received. However, during the pendency of the comment period, FHFA consulted with several of the Banks regarding the burden estimates for this information collection. As a result of the Banks' input, FHFA has made some revisions to the burden estimates, so that those appearing above are somewhat different than those that appeared in the 60-day notice. --------------------------------------------------------------------------- \8\ See 81 FR 69820 (Oct. 7, 2016). --------------------------------------------------------------------------- In accordance with the requirements of 5 CFR 1320.10(a), FHFA is publishing this second notice to request comments regarding 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 members and project sponsors, including through the use of automated collection techniques or other forms of information technology. Comments should be submitted in writing to both OMB and FHFA as instructed above in the COMMENTS section. Dated: December 22, 2016. Kevin Winkler, Chief Information Officer, Federal Housing Finance Agency. [FR Doc. 2016-31383 Filed 12-27-16; 8:45 am] BILLING CODE 8070-01-P
![Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95593
advances, or other products provided by and monitor compliance with its hour burden associated with activity-
that Bank. membership stock purchase based stock purchase requirement
Section 6 of the Bank Act establishes requirement, a Bank typically requires submissions is (89,001 submissions ×
capital requirements for the Banks and each member to provide and/or confirm 0.13 hours per submission) = 11,570
requires FHFA to issue regulations an annual report on the amount and hours.
prescribing uniform capital standards types of assets held by that institution.
applicable to all of the Banks.1 Section Second, each time a Bank engages in a C. Comment Request
6 also establishes parameters relating to business transaction with a member, the In accordance with the requirements
the Banks’ capital structures and Bank typically confirms with the of 5 CFR 1320.8(d), FHFA published an
requires that each Bank adopt a ‘‘capital member the amount of additional Bank initial notice requesting comments
structure plan’’ (capital plan) to capital stock, if any, the member must regarding this information collection in
establish, within those statutory acquire in order to satisfy the Bank’s the Federal Register on October 7,
parameters, its own capital structure activity-based stock purchase 2016.4 The 60 day comment period
and to establish requirements for, and requirement and the method through closed on December 6, 2016. No
govern transactions in, the Bank’s which the member will acquire that comments were received. However,
capital stock.2 FHFA has designated 12 stock. during the pendency of the comment
CFR part 1277 as the location for its The OMB number for the information period, FHFA consulted with several of
regulations on Bank Capital collection is 2590–0002, which is due to the Banks regarding the burden
Requirements, Capital Stock, and expire on December 31, 2016. The likely estimates for this information collection.
Capital Plans. Part 1277 currently respondents include current and former As a result of the Banks’ input, FHFA
includes regulations establishing Bank members and institutions applying has made some revisions to the burden
requirements for the Banks’ capital for Bank membership. estimates, so that those appearing above
stock (Subpart C; §§ 1277.20–1277.27) differ from those that appeared in the
B. Burden Estimate
and for the Banks’ capital plans 60-day notice.
(Subpart D; §§ 1277.28–1277.29). FHFA has analyzed the time burden In accordance with the requirements
Regulations governing the Banks’ capital imposed on respondents by the two of 5 CFR 1320.10(a), FHFA is publishing
requirements are currently located at 12 collections under this control number this second notice to request comments
CFR parts 930 and 932 (in the and estimates that the average total regarding the following: (1) Whether the
regulations of the former Federal annual hour burden imposed on all collection of information is necessary
Housing Finance Board), but will be respondents over the next three years for the proper performance of FHFA
moved into part 1277 in the near future. will be 15,230 hours. The estimate for functions, including whether the
Both the Bank Act and FHFA’s each collection was calculated as information has practical utility; (2) the
regulations state that a Bank’s capital follows: accuracy of FHFA’s estimates of the
plan must require its members to I. Membership Stock Purchase burdens of the collection of information;
maintain a minimum investment in the Requirement Submissions (3) ways to enhance the quality, utility
Bank’s capital stock, but both permit and clarity of the information collected;
each Bank to determine for itself what FHFA estimates that the average
and (4) ways to minimize the burden of
that minimum investment is and how annual number of current and former
the collection of information on
each member’s required minimum members and applicants for
members and project sponsors,
investment is to be calculated.3 membership required to report
including through the use of automated
Although each Bank’s capital plan information needed to calculate a
collection techniques or other forms of
establishes a slightly different method membership stock purchase
information technology. Comments
for calculating the required minimum requirement will be 7,320, and that each
should be submitted in writing to both
stock investment for its members, each institution will submit one report per
OMB and FHFA as instructed above in
Bank’s method is tied to some degree to year, resulting in an estimated total of
the Comments section.
both the level of assets held by the 7,320 submissions annually. The
estimate for the average time required to Dated: December 22, 2016.
member institution (typically referred to
prepare, review, and submit each report Kevin Winkler,
as a ‘‘membership stock purchase
requirement’’) and the amount of is 0.5 hours. Accordingly, the estimate Chief Information Officer, Federal Housing
for the annual hour burden associated Finance Agency.
advances or other business engaged in
between the member and the Bank with membership stock purchase [FR Doc. 2016–31389 Filed 12–27–16; 8:45 am]
(typically referred to as an ‘‘activity- requirement submissions is (7,320 BILLING CODE 8070–01–P
based stock purchase requirement’’). reports × 0.5 hours per report) = 3,660
A Bank must collect information from hours.
its members to determine the minimum FEDERAL HOUSING FINANCE
II. Activity-Based Stock Purchase
capital stock investment each member is AGENCY
Requirement Submissions
required to maintain at any point in [No. 2016–N–15]
FHFA estimates that the average
time. Although the information needed
number of daily transactions between
to calculate a member’s required Proposed Collection; Comment
Banks and members that will require the
minimum investment and the precise Request
exchange of information to confirm the
method through which it is collected
member’s activity-based stock purchase
sradovich on DSK3GMQ082PROD with NOTICES
differ somewhat from Bank to Bank, the AGENCY: Federal Housing Finance
requirement will be 341, and that there Agency.
Banks typically collect two types of
will be an average of 261 working days ACTION: 30-Day notice of submission of
information. First, in order to calculate
per year, resulting in an estimated information collection for approval from
1 See 12 U.S.C. 1426(a).
89,001 submissions annually. The Office of Management and Budget.
2 See 12 U.S.C. 1426(b), (c). estimate for the average preparation
3 See 12 U.S.C. 1426(c)(1); 12 CFR 1277.22, time per submission is 0.13 hours.
1277.28(a). Accordingly, the estimate for the annual 4 See 81 FR 69819 (Oct. 7, 2016).
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The Banks use most of the the average time to prepare and submit Dated: December 22, 2016.
information collected under part 1263 to a notice will be 1.5 hours. Accordingly, Kevin Winkler,
determine whether an applicant satisfies the estimate for the annual hour burden Chief Information Officer, Federal Housing
the statutory and regulatory associated with preparation and Finance Agency.
requirements for Bank membership and submission of notices of intent to [FR Doc. 2016–31383 Filed 12–27–16; 8:45 am]
should be approved as a Bank member. withdraw is (4 withdrawing members × BILLING CODE 8070–01–P
The Banks may use some of the 1.5 hours per application) = 6 hours.
information collected under part 1263
as a means of learning that a member IV. Requests for Transfer of Membership FEDERAL HOUSING FINANCE
wishes to withdraw or to transfer its to Another Bank District AGENCY
membership to a different Bank so that
FHFA estimates that the average [No. 2016–N–13]
the Bank can begin to process those
requests. In rare cases, FHFA may use number of Bank members submitting a
request for transfer to another Bank will Privacy Act of 1974; System of
the collected information to determine Records
whether an institution that has been be 35 and that the average time to
denied membership by a Bank should prepare and submit a request will be 2 AGENCY: Federal Housing Finance
be permitted to become a member of hours. Accordingly, the estimate for the Agency.
that Bank. annual hour burden associated with ACTION: Notice of revision to an existing
The OMB control number for this preparation and submission of requests system of records; request for
information collection is 2590–0003, for automatic transfer is (35 transferring comments.
which is due to expire on December 31, members × 2 hours per request) = 70
2016. The likely respondents are hours. SUMMARY: In accordance with the
financial institutions that are, or are requirements of the Privacy Act of 1974,
applying to become, Bank members. C. Comment Request as amended, 5 U.S.C. 552a (Privacy
Act), the Federal Housing Finance
B. Burden Estimate In accordance with the requirements
Agency (FHFA) is making a revision to
FHFA has analyzed the time burden of 5 CFR 1320.8(d), FHFA published an
an existing system of records entitled
imposed on respondents by the four initial notice requesting comments ‘‘National Mortgage Database Project’’
collections under this control number regarding this information collection in (FHFA–21). The system of records
and estimates that the average annual the Federal Register on October 7, covers the National Mortgage Database
burden imposed on all respondents by 2016.8 The 60-day comment period Project which is comprised of the
those collections over the next three closed on December 6, 2016. No National Mortgage Database, the
years will be 2,351 hours. This estimate comments were received. However, National Survey of Mortgage
is derived from the following during the pendency of the comment Originations (formerly known as the
calculations: period, FHFA consulted with several of National Survey of Mortgage
the Banks regarding the burden Borrowers), and the American Survey of
I. Membership Applications
estimates for this information collection. Mortgage Borrowers. The National
FHFA estimates that the average As a result of the Banks’ input, FHFA Mortgage Database Project is for
number of applications for Bank has made some revisions to the burden monitoring, researching, analyzing, and
membership submitted annually will be estimates, so that those appearing above reporting information relevant to the
151 and that the average time to prepare are somewhat different than those that functioning of the mortgage markets.
and submit an application and appeared in the 60-day notice. DATES: To be assured of consideration,
supporting materials will be 15 hours. comments must be received on or before
Accordingly, the estimate for the annual In accordance with the requirements
of 5 CFR 1320.10(a), FHFA is publishing January 26, 2017. The revisions to the
hour burden associated with existing system will become effective on
preparation and submission of this second notice to request comments
regarding the following: (1) Whether the February 6, 2017 unless comments
applications for Bank membership is necessitate otherwise. FHFA will
(151 applications × 15 hours per collection of information is necessary
publish a new notice if, in order to
application) = 2,265 hours. for the proper performance of FHFA
review comments, the effective date is
functions, including whether the
II. Appeals of Membership Denials delayed or if changes are made based on
information has practical utility; (2) the
FHFA estimates that the average comments received.
accuracy of FHFA’s estimates of the
number of applicants that have been ADDRESSES: Submit comments,
burdens of the collection of information;
denied membership by a Bank that will (3) ways to enhance the quality, utility identified by ‘‘2016–N–13,’’ using only
appeal such a denial to FHFA will be 1 one of the following methods:
and clarity of the information collected;
and that the average time to prepare and • Agency Web site: www.fhfa.gov/
and (4) ways to minimize the burden of
submit an application for appeal will be open-for-comment-or-input.
the collection of information on • Federal eRulemaking Portal: http://
10 hours. Accordingly, the estimate for members and project sponsors,
the annual hour burden associated with www.regulations.gov. Follow the
including through the use of automated instructions for submitting comments. If
the preparation and submission of
collection techniques or other forms of
membership appeals is (1 appellants × you submit your comment to the
information technology. Comments Federal eRulemaking Portal, please also
sradovich on DSK3GMQ082PROD with NOTICES
10 hours per application) = 10 hours.
should be submitted in writing to both send it by email to FHFA at
III. Notices of Intent To Withdraw From OMB and FHFA as instructed above in RegComments@fhfa.gov to ensure
Membership the COMMENTS section. timely receipt by FHFA. Please include
FHFA estimates that the average ‘‘2016–N–13’’ in the subject line of the
number of Bank members submitting a message.
notice of intent to withdraw from • Hand Delivered/Courier: The hand
membership annually will be 4 and that 8 See 81 FR 69820 (Oct. 7, 2016). delivery address is: Alfred M. Pollard,
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Document Created: 2016-12-28 02:17:14
Document Modified: 2016-12-28 02:17:14
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | 30-Day notice of submission of information collection for approval from Office of Management and Budget. | |
| Dates | Interested persons may submit comments on or before January 27, 2017. | |
| Contact | Jonathan F. Curtis, Financial Analyst, Division of Federal Home Loan Bank Regulation, by email at [email protected] or by telephone at (202) 649-3321; or Eric Raudenbush, Associate General Counsel, by email at [email protected] or by telephone at (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. | |
| FR Citation | 81 FR 95593 |
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