83_FR_2163 83 FR 2153 - Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions

83 FR 2153 - Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 83, Issue 10 (January 16, 2018)

Page Range2153-2154
FR Document2018-00618

The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a ``community financial institution'' (CFI) to $1,173,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI-U), as published by the Department of Labor (DOL). These changes took effect on January 1, 2018.

Federal Register, Volume 83 Issue 10 (Tuesday, January 16, 2018) 
[Federal Register Volume 83, Number 10 (Tuesday, January 16, 2018)]
[Notices]
[Pages 2153-2154]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-00618]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2018-N-1]


Notice of Annual Adjustment of the Cap on Average Total Assets 
That Defines Community Financial Institutions

AGENCY: Federal Housing Finance Agency.

[[Page 2154]]


ACTION: Notice.

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SUMMARY: The Federal Housing Finance Agency (FHFA) has adjusted the cap 
on average total assets that is used in determining whether a Federal 
Home Loan Bank (Bank) member qualifies as a ``community financial 
institution'' (CFI) to $1,173,000,000, based on the annual percentage 
increase in the Consumer Price Index for all urban consumers (CPI-U), 
as published by the Department of Labor (DOL). These changes took 
effect on January 1, 2018.

FOR FURTHER INFORMATION CONTACT: Kaitlin Hildner, Division of Federal 
Home Loan Bank Regulation, (202) 649-3329, [email protected]; or 
Eric M. Raudenbush, Associate General Counsel, (202) 649-3084, 
[email protected], (not toll-free numbers), Federal Housing 
Finance Agency, Constitution Center, 400 Seventh Street SW, Washington, 
DC 20219.

SUPPLEMENTARY INFORMATION: 

I. Statutory and Regulatory Background

    The Federal Home Loan Bank Act (Bank Act) confers upon insured 
depository institutions that meet the statutory definition of a CFI 
certain advantages over non-CFI insured depository institutions in 
qualifying for Bank membership, and in the purposes for which they may 
receive long-term advances and the collateral they may pledge to secure 
advances.\1\ Section 2(10)(A) of the Bank Act and Sec.  1263.1 of 
FHFA's regulations define a CFI as any Bank member the deposits of 
which are insured by the Federal Deposit Insurance Corporation and that 
has average total assets below the statutory cap.\2\ The Bank Act was 
amended in 2008 to set the statutory cap at $1 billion and to require 
FHFA to adjust the cap annually to reflect the percentage increase in 
the CPI-U, as published by the DOL.\3\ For 2017, FHFA set the CFI asset 
cap at $1,148,000,000, which reflected a 1.7 percent increase over 
2016, based upon the increase in the CPI-U between 2015 and 2016.\4\
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    \1\ See 12 U.S.C. 1424(a), 1430(a).
    \2\ See 12 U.S.C. 1422(10)(A); 12 CFR 1263.1.
    \3\ See 12 U.S.C. 1422(10)(B); 12 CFR 1263.1 (defining the term 
CFI asset cap).
    \4\ See 82 FR 6551 (Jan. 19, 2017).
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II. The CFI Asset Cap for 2018

    As of January 1, 2018, FHFA has increased the CFI asset cap to 
$1,173,000,000, which reflects a 2.2 percent increase in the unadjusted 
CPI-U from November 2016 to November 2017. Consistent with the practice 
of other Federal agencies, FHFA bases the annual adjustment to the CFI 
asset cap on the percentage increase in the CPI-U from November of the 
year prior to the preceding calendar year to November of the preceding 
calendar year, because the November figures represent the most recent 
available data as of January 1st of the current calendar year. The new 
CFI asset cap was obtained by applying the percentage increase in the 
CPI-U to the unrounded amount for the preceding year and rounding to 
the nearest million, as has been FHFA's practice for all previous 
adjustments.
    In calculating the CFI asset cap, FHFA uses CPI-U data that have 
not been seasonally adjusted (i.e., the data have not been adjusted to 
remove the estimated effect of price changes that normally occur at the 
same time and in about the same magnitude every year). The DOL 
encourages use of unadjusted CPI-U data in applying ``escalation'' 
provisions such as that governing the CFI asset cap, because the 
factors that are used to seasonally adjust the data are amended 
annually, and seasonally adjusted data that are published earlier are 
subject to revision for up to five years following their original 
release. Unadjusted data are not routinely subject to revision, and 
previously published unadjusted data are only corrected when 
significant calculation errors are discovered.

    Dated: January 8, 2018.
Andre D. Galeano,
Deputy Director, Division of Federal Home Loan Bank Regulation, Federal 
Housing Finance Agency.
[FR Doc. 2018-00618 Filed 1-12-18; 8:45 am]
 BILLING CODE 8070-01-P

Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices 2153 Need and Use: This collection of SUPPLEMENTARY INFORMATION: behalf) in order to obtain approval for information is necessary, pursuant to 12 Title and Form Number: EIB 92–79 non-honoring coverage of short-term U.S.C. 635(a)(1), to determine if such Broker Registration Form. letters of credit. The information claim complies with the terms and OMB Number: 3048–0024. received provides EXIM staff with the conditions of the relevant insurance Type of Review: Regular. information necessary to make a policy. Need and Use: This form is used by determination of the eligibility of the Affected Public: This form affects insurance brokers to register with applicant and transaction for EXIM entities involved in the export of U.S. Export Import Bank. The form provides assistance under its programs. goods and services. EXIM staff with the information The application can be viewed at Annual Number of Respondents: 300. necessary to make a determination of http://www.exim.gov/sites/default/files/ Estimated Time per Respondent: 45 the eligibility of the broker to receive pub/pending/eib92-34.pdf. minutes. commission payments under Export DATES: Comments should be received on Annual Burden Hours: 225 hours. Import Bank’s credit insurance Frequency of Reporting of Use: As or before February 15, 2018 to be programs. assured of consideration. needed to request claim payment. Affected Public: This form affects Government Expenses: ADDRESSES: Comments may be Reviewing Time per Year: 300 hours. entities engaged in brokering export submitted electronically on Average Wages per Hour: $42.50. credit insurance policies. WWW.REGULATIONS.GOV (EIB 92–34) Average Cost per Year: $12,750 (time Annual Number of Respondents: 17. or by mail to Office of Management and * wages). Estimated Time per Respondent: 15 Budget, Office of Information and Benefits and Overhead: 20%. minutes. Regulatory Affairs, 725 17th Street NW, Total Government Cost: $15,300. Frequency of Reporting or Use: Once Washington, DC 20038 Attn: OMB– every three years. 3048–0009. Bassam Doughman, Annual Public Burden: 4.25 hours. IT Specialist. SUPPLEMENTARY INFORMATION: Government Expenses: Titles and Form Number: EIB 92–34 [FR Doc. 2018–00512 Filed 1–12–18; 8:45 am] Reviewing Time/Hours: 2. Application for Short-Term Letter of BILLING CODE 6690–01–P Responses per Year: 17. Credit Insurance Policy. Review Time per Year: 34 hours. OMB Number: 3048–0009. Average Wages per Hour: $42.5. Type of Review: Regular. EXPORT-IMPORT BANK Wages per Year: $1,445. Need and Use: The information [Public Notice: 2017–6011] Benefits & Overhead: 20%. collected, pursuant to 12 U.S.C. Sec. Total Government Cost: $1,734. 635(a)(1), will provide information Agency Information Collection needed to determine compliance and Bassam Doughman, Activities: Comment Request creditworthiness for transaction IT Specialist. AGENCY: Export-Import Bank of the [FR Doc. 2018–00511 Filed 1–12–18; 8:45 am] requests submitted to the Export Import United States. Bank. BILLING CODE 6690–01–P ACTION: Submission for OMB review and Affected Public: This form affects comments request. entities involved in the export of U.S. EXPORT-IMPORT BANK goods and services. SUMMARY: The Export-Import Bank of Annual Number of Respondents: 11. the United States (EXIM), as a part of its [Public Notice 2017–6009] Estimated Time per Respondent: 1 continuing effort to reduce paperwork hours. and respondent burden, invites the Agency Information Collection Annual Burden Hours: 48 hours. general public and other Federal Activities: Comment Request Frequency of Reporting or Use: As Agencies to comment on the proposed needed. AGENCY: Export-Import Bank of the information collection, as required by Government Expenses: United States. Reviewing Time per Year: 11 hours. the Paperwork Reduction Act of 1995. ACTION: Submission for OMB Review Our customers will be able to submit Average Wages per Hour: $42.50. and Comments Request. Average Cost per Year: $468 (time * this form on paper or electronically. This form is used by insurance wages). SUMMARY: The Export-Import Bank of Benefits and Overhead: 20%. brokers to register with Export-Import the United States (EXIM), as part of its Bank. It provides EXIM staff with the Total Government Cost: $561. continuing effort to reduce paperwork information necessary to make a and respondent burden, invites the Bassam Doughman, determination of the eligibility of the general public and other Federal IT Specialist. broker to receive commission payments Agencies to comment on the proposed [FR Doc. 2018–00509 Filed 1–12–18; 8:45 am] under Export-Import Bank’s credit information collection, as required by BILLING CODE 6690–01–P insurance programs. the paperwork Reduction Act of 1995. DATES: Comments must be received on By neutralizing the effect of export or before February 15, 2018 to be credit insurance and guarantees offered FEDERAL HOUSING FINANCE assured of consideration. by foreign governments and by AGENCY ADDRESSES: Comments may be absorbing credit risks that the private submitted electronically on section will not accept, EXIM enables [No. 2018–N–1] daltland on DSKBBV9HB2PROD with NOTICES WWW.REGULATIONS.GOV (EIB 92–79) U.S. exporters to compete fairly in Notice of Annual Adjustment of the or by mail to Office of Information and foreign markets on the basis of price and Cap on Average Total Assets That Regulatory Affairs, 725 17th Street NW, product. This collection of information Defines Community Financial Washington, DC 20038 Attn: OMB is necessary to determine eligibility of Institutions 3048–0024 Form can be viewed at the applicant for EXIM support. http://www.exim.gov/pub/pending/ This form is used by a financial AGENCY: Federal Housing Finance eib92-79.pdf institution (or broker acting on its Agency. VerDate Sep<11>2014 22:48 Jan 12, 2018 Jkt 244001 PO 00000 Frm 00023 Fmt 4703 Sfmt 4703 E:\FR\FM\16JAN1.SGM 16JAN1

2154 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices ACTION: Notice. annual adjustment to the CFI asset cap FEDERAL TRADE COMMISSION on the percentage increase in the CPI– SUMMARY: The Federal Housing Finance U from November of the year prior to Agency Information Collection Agency (FHFA) has adjusted the cap on the preceding calendar year to Activities; Proposed Collection; average total assets that is used in November of the preceding calendar Comment Request determining whether a Federal Home year, because the November figures Loan Bank (Bank) member qualifies as AGENCY: Federal Trade Commission represent the most recent available data a ‘‘community financial institution’’ (FTC or Commission). as of January 1st of the current calendar (CFI) to $1,173,000,000, based on the year. The new CFI asset cap was ACTION: Notice. annual percentage increase in the obtained by applying the percentage Consumer Price Index for all urban SUMMARY: The information collection increase in the CPI–U to the unrounded requirements described below will be consumers (CPI–U), as published by the amount for the preceding year and Department of Labor (DOL). These submitted to the Office of Management rounding to the nearest million, as has and Budget (OMB) for review, as changes took effect on January 1, 2018. been FHFA’s practice for all previous FOR FURTHER INFORMATION CONTACT: required by the Paperwork Reduction adjustments. Act (PRA). The FTC seeks public Kaitlin Hildner, Division of Federal In calculating the CFI asset cap, FHFA Home Loan Bank Regulation, (202) 649– comments on its proposal to extend for uses CPI–U data that have not been three years the current PRA clearances 3329, Kaitlin.Hildner@fhfa.gov; or Eric seasonally adjusted (i.e., the data have M. Raudenbush, Associate General for information collection requirements not been adjusted to remove the contained in the Commission’s rules Counsel, (202) 649–3084, estimated effect of price changes that Eric.Raudenbush@fhfa.gov, (not toll-free and regulations under the Wool normally occur at the same time and in Products Labeling Act of 1939 (Wool numbers), Federal Housing Finance about the same magnitude every year). Agency, Constitution Center, 400 Rules). The clearance expires on April The DOL encourages use of unadjusted 30, 2018. Seventh Street SW, Washington, DC CPI–U data in applying ‘‘escalation’’ 20219. DATES: Comments must be received on provisions such as that governing the CFI asset cap, because the factors that or before March 19, 2018. SUPPLEMENTARY INFORMATION: are used to seasonally adjust the data ADDRESSES: Interested parties may file a I. Statutory and Regulatory Background are amended annually, and seasonally comment online or on paper by The Federal Home Loan Bank Act adjusted data that are published earlier following the instructions in the (Bank Act) confers upon insured are subject to revision for up to five Request for Comments part of the depository institutions that meet the years following their original release. SUPPLEMENTARY INFORMATION section statutory definition of a CFI certain Unadjusted data are not routinely below. Write ‘‘Wool Rules: FTC File No. advantages over non-CFI insured subject to revision, and previously P072108’’ on your comment, and file depository institutions in qualifying for published unadjusted data are only your comment online at https:// Bank membership, and in the purposes corrected when significant calculation ftcpublic.commentworks.com/ftc/ for which they may receive long-term errors are discovered. woolrulespra1 by following the advances and the collateral they may instructions on the web-based form. If Dated: January 8, 2018. pledge to secure advances.1 Section you prefer to file your comment on Andre D. Galeano, paper, mail or deliver your comment to 2(10)(A) of the Bank Act and § 1263.1 of Deputy Director, Division of Federal Home the following address: Federal Trade FHFA’s regulations define a CFI as any Loan Bank Regulation, Federal Housing Commission, Office of the Secretary, Bank member the deposits of which are Finance Agency. insured by the Federal Deposit 600 Pennsylvania Avenue NW, Suite [FR Doc. 2018–00618 Filed 1–12–18; 8:45 am] CC–5610 (Annex J), Washington, DC Insurance Corporation and that has average total assets below the statutory BILLING CODE 8070–01–P 20580, or deliver your comment to the cap.2 The Bank Act was amended in following address: Federal Trade 2008 to set the statutory cap at $1 Commission, Office of the Secretary, billion and to require FHFA to adjust FEDERAL RETIREMENT THRIFT Constitution Center, 400 7th Street SW, the cap annually to reflect the INVESTMENT BOARD 5th Floor, Suite 5610 (Annex J), percentage increase in the CPI–U, as Washington, DC 20024. published by the DOL.3 For 2017, FHFA Sunshine Act; Notice of Meeting FOR FURTHER INFORMATION CONTACT: set the CFI asset cap at $1,148,000,000, January 12, 2018, 3:30 p.m. Requests for copies of the collection of which reflected a 1.7 percent increase information and supporting over 2016, based upon the increase in Agenda documentation should be addressed to the CPI–U between 2015 and 2016.4 Federal Retirement Thrift Investment Jock K. Chung, Attorney, Division of II. The CFI Asset Cap for 2018 Board Member Meeting, Telephonic. Enforcement, Bureau of Consumer STATUS: Closed to the public. Protection, Federal Trade Commission, As of January 1, 2018, FHFA has Mail Code CC–9528, 600 Pennsylvania increased the CFI asset cap to MATTER TO BE CONSIDERED: Information covered under 5 U.S.C. 552b (c)(9)(B). Ave. NW, Washington, DC 20580, (202) $1,173,000,000, which reflects a 2.2 326–2984. percent increase in the unadjusted CPI– CONTACT PERSON FOR MORE INFORMATION: Kimberly Weaver, Director, Office of SUPPLEMENTARY INFORMATION: U from November 2016 to November External Affairs, (202) 942–1640. daltland on DSKBBV9HB2PROD with NOTICES 2017. Consistent with the practice of Proposed Information Collection other Federal agencies, FHFA bases the Dated: January 11, 2018. Activities Dharmesh Vashee, Under the Paperwork Reduction Act 1 See 12 U.S.C. 1424(a), 1430(a). 2 See Deputy General Counsel, Federal Retirement (PRA), 44 U.S.C. 3501–3520, federal 12 U.S.C. 1422(10)(A); 12 CFR 1263.1. 3 See 12 U.S.C. 1422(10)(B); 12 CFR 1263.1 Thrift Investment Board. agencies must get OMB approval for (defining the term CFI asset cap). [FR Doc. 2018–00706 Filed 1–11–18; 4:15 pm] each collection of information they 4 See 82 FR 6551 (Jan. 19, 2017). BILLING CODE 6760–01–P conduct, sponsor, or require. VerDate Sep<11>2014 22:48 Jan 12, 2018 Jkt 244001 PO 00000 Frm 00024 Fmt 4703 Sfmt 4703 E:\FR\FM\16JAN1.SGM 16JAN1


Document Created: 2018-01-13 02:02:40
Document Modified: 2018-01-13 02:02:40
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
ContactKaitlin Hildner, Division of Federal Home Loan Bank Regulation, (202) 649-3329, [email protected]; or Eric M. Raudenbush, Associate General Counsel, (202) 649-3084, [email protected], (not toll-free numbers), Federal Housing Finance Agency, Constitution Center, 400 Seventh Street SW, Washington, DC 20219.
FR Citation83 FR 2153 
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