Submission for OMB Review; Comment Request, 64628-64645 [07-5715]

Agencies

• Federal Housing Finance Board

[Federal Register Volume 72, Number 221 (Friday, November 16, 2007)]
[Notices]
[Pages 64628-64645]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 07-5715]


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FEDERAL HOUSING FINANCE BOARD

[No. 2007-N-13]


Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, the 
Federal Housing Finance Board (Finance Board) is submitting the 
information collection entitled ``Federal Home Loan Bank Directors'' to 
the Office of Management and Budget (OMB) for review and approval of a 
three-year extension of the OMB control number, 3069-0002, which is due 
to expire on November 30, 2007.

DATES: Interested persons may submit written comments on or before 
December 17, 2007.

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 Board, Washington, DC 20503.

FOR FURTHER INFORMATION OR COPIES OF THE COLLECTION CONTACT: Patricia 
L. Sweeney, Program Analyst, Office of Supervision, by electronic mail 
at sweeneyp@fhfb.gov, by telephone at 202-408-2872, or by regular mail 
to the Federal Housing Finance Board, 1625 Eye Street, NW., Washington, 
DC 20006.

SUPPLEMENTARY INFORMATION: 

A. Need for and Use of Information Collection

    Section 7 of the Federal Home Loan Bank Act (Bank Act) (12 U.S.C. 
1427) and the Finance Board's implementing regulation, codified at 12 
CFR part 915, establish the eligibility requirements and the procedures 
for electing and appointing Federal Home Loan Bank (Bank) directors. 
Under part 915, the Banks determine the eligibility of elective 
directors and director nominees and run the annual director election 
process. To determine eligibility, the Banks use the Federal Home Loan 
Bank Elective Director Eligibility Certification Form, which has not 
changed since the information collection was last cleared in 2004. A 
copy of the Form is attached to this Notice.
    In 2007, the Finance Board published two rules affecting the 
eligibility and selection of appointive Bank directors. The first rule, 
published in April 2007, requires the boards of directors of the Banks 
to submit to the Finance Board a list of individuals that includes 
information regarding each individual's eligibility and qualifications 
to serve as a Bank director. The Finance Board uses the list provided 
by each Bank to select well-qualified individuals to serve on the 
Bank's board of directors. See 72 FR 15600 (Apr. 2, 2007). The second 
rule, published in June 2007, clarifies the types of financial 
interests an appointive Bank director may maintain in a member of the 
Bank on whose board the director serves. See 72 FR 33637 (June 19, 
2007). As a result of these regulatory changes, the Finance Board has 
revised the form the Banks and the Finance Board use to determine 
whether prospective appointive directors satisfy the statutory and 
regulatory eligibility requirements and renamed it the Federal Home 
Loan Bank Appointive Director Application Form (Application Form). The 
revised

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Application Form asks individuals for information about their 
background and qualifications to serve as an appointive Bank director 
as well as compliance with statutory eligibility requirements. It also 
conforms the information about prohibited financial interests to the 
new rule. In addition, to reduce the burden on incumbent appointive 
directors, the Finance Board has created a new Federal Home Loan Bank 
Appointive Bank Director Annual Certification Form (Annual Form) that 
allows individuals simply to certify that they continue to meet the 
director eligibility requirements. Copies of both Appointive Director 
Forms are attached to this Notice.
    The likely respondents include Banks, Bank members, and prospective 
and incumbent Bank directors. The OMB number for the information 
collection is 3069-0002. The OMB clearance for the information 
collection expires on November 30, 2007.

B. Burden Estimate

    The Finance Board estimates the total number of respondents is 
4,351, which includes 12 Banks, 4,000 Bank members, and 339 prospective 
and incumbent Bank directors. As explained below, the Finance Board 
estimates that the total annual hour burden for all respondents is 
4580.5 hours.

1. Elections and Elective Directors

a. Banks
    The Finance Board estimates the total annual hour burden for each 
Bank to conduct the election of directors and to process Elective 
Director Eligibility Certification Forms is 235 hours. The estimate for 
the average hour burden for all Banks is 2,820 hours (12 Banks x 235 
hours = 2,820 hours).
b. Members
    The Finance Board estimates the total annual average hour burden 
for all Bank members to participate in the election process is 1,075 
hours. This includes the time necessary to consider elective director 
candidates and to cast votes. The Finance Board estimates that Bank 
members will consider 300 elective director candidates annually for a 
total of 75 hours (300 individuals x 15 minutes = 75 hours). The 
Finance Board estimates the total annual average hour burden for a Bank 
member to vote in the director election is 15 minutes for a total of 
1,000 hours (4,000 voting members x 15 minutes = 1,000 hours).
c. Prospective and Incumbent Elective Directors
    The Finance Board estimates the total annual average hour burden 
for all prospective and incumbent elective directors is 70 hours. This 
includes a total annual average of 100 prospective elective directors 
(out of the 300 individuals the Banks consider), with 1 response per 
individual taking an average of 30 minutes (100 individuals x 30 
minutes = 50 hours). It also includes a total annual average of 80 
incumbent elective directors, with 1 response per individual taking an 
average of 15 minutes (80 individuals x 15 minutes = 20 hours).

2. Appointive Directors

a. Banks
    The Finance Board estimates the total annual average hour burden 
for each Bank to recruit, review, and recommend individuals to be 
appointed as Bank directors is 28 hours. In a typical year, no Bank 
should have more than three vacant appointive directorships. The 
estimate for the average hour burden for all Banks is 336 hours (12 
Banks x 28 hours = 336 hours).
b. Prospective and Incumbent Appointive Directors
    The Finance Board estimates the total annual average hour burden 
for all prospective and incumbent appointive directors is 279.5 hours. 
This includes a total annual average of 84 prospective appointive 
directors with 1 response per individual taking an average of 3 hours 
(84 individuals x 3 hours = 252 hours). It also includes a total annual 
average of 55 incumbent appointive directors, with 1 response per 
individual taking an average of 30 minutes (55 individuals x 30 minutes 
= 27.5 hours).

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding this 
information collection in the Federal Register on August 8, 2007. See 
72 FR 44540 (Aug. 8, 2007). The 60-day comment period closed on October 
9, 2007.
    The Finance Board received two public comments, one from a trade 
association that represents community banks and one from a Bank. The 
trade association supported the use of the new and revised Appointive 
Director Forms, believing that the Application Form will elicit 
valuable information about applicant's skills and the Annual Form will 
reduce the reporting burden on incumbent directors.
    The Bank suggested several changes, which the Finance Board has 
adopted, to the Appointive Director Forms to clarify the information an 
individual must provide. The Finance Board has clarified the 
instructions on the Annual Form to make clear that prohibited 
relationships between a director and a Bank or any member of the 
director's Bank, also apply to such relationships with the director's 
spouse or minor children. See 12 CFR 915.10(e)(6). On the Application 
Form, the Finance Board has made clear that an appointive director may 
not serve as an officer of any Bank and that the provisions on a 
director's contractual rights to the payment of money apply also to the 
director's spouse. See 12 U.S.C. 1427(a); 12 CFR 915.10(e)(6). The 
Finance Board also deleted the reference to interests held through a 
trust or other similar arrangement from the definition of ``indirect'' 
since this type of financial interest does not disqualify an individual 
from being appointed as a Bank director.
    The Finance Board requests written comments on the following: (1) 
Whether the collection of information is necessary for the proper 
performance of Finance Board functions, including whether the 
information has practical utility; (2) the accuracy of the Finance 
Board'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. 
Comments should be submitted to OMB in writing at the address listed 
above.

    Dated: November 9, 2007.

    By the Federal Housing Finance Board.
Neil R. Crowley,
Acting General Counsel.
BILLING CODE 6725-01-P

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[FR Doc. 07-5715 Filed 11-15-07; 8:45 am]
BILLING CODE 6725-01-C