Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions, 14366 [2012-5805]

Download as PDF srobinson on DSK4SPTVN1PROD with NOTICES 14366 Federal Register / Vol. 77, No. 47 / Friday, March 9, 2012 / Notices • Commercial overnight mail (other than U.S. Postal Service Express Mail and Priority Mail) must be sent to 9300 East Hampton Drive, Capitol Heights, MD 20743. • U.S. Postal Service first-class, Express, and Priority mail must be addressed to 445 12th Street SW., Washington DC 20554. 13. Additional copies. One copy of each filing must be sent to each of the following: • The Commission’s duplicating contractor, Best Copy and Printing, Inc., 445 12th Street SW., Room CY–B402, Washington, DC 20554, www.bcpiweb.com; phone: (202) 488– 5300 fax: (202) 488–5563; • Christianna Lewis Barnhart, Telecommunications Access Policy Division, Wireline Competition Bureau, 445 12th Street SW., Room 5–B552, Washington, DC 20554; email: Christianna.Barnhart@fcc.gov and • Charles Tyler, Telecommunications Access Policy Division, Wireline Competition Bureau, 445 12th Street SW., Room 5–B521, Washington, DC 20554; email: Charles.Tyler@fcc.gov. 14. People with Disabilities: To request materials in accessible formats for people with disabilities (Braille, large print, electronic files, audio format), send an email to fcc504@fcc.gov or call the Consumer & Governmental Affairs Bureau at (202) 418–0530 (voice), (202) 418–0432 15. Filings and comments are also available for public inspection and copying during regular business hours at the FCC Reference Information Center, Portals II, 445 12th Street SW., Room CY–A257, Washington, DC 20554. They may also be purchased from the Commission’s duplicating contractor, Best Copy and Printing, Inc., Portals II, 445 12th Street SW., Room CY–B402, Washington, DC 20554, telephone: (202) 488–5300, fax: (202) 488–5563, or via email www.bcpiweb.com. 16. This matter shall be treated as a ‘‘permit-but-disclose’’ proceeding in accordance with the Commission’s ex parte rules. Persons making oral ex parte presentations are reminded that memoranda summarizing the presentations must contain summaries of the substance of the presentation and not merely a listing of the subjects discussed. More than a one or two sentence description of the views and arguments presented generally is required. Other rules pertaining to oral and written ex parte presentations in permit-but-disclose proceedings are set forth in § 1.1206(b) of the Commission’s rules. VerDate Mar<15>2010 16:21 Mar 08, 2012 Jkt 226001 Federal Communications Commission. Trent Harkrader, Division Chief, Wireline Competition Bureau. [FR Doc. 2012–5687 Filed 3–8–12; 8:45 am] BILLING CODE 6712–01–P FEDERAL HOUSING FINANCE AGENCY [No. 2012–N–02] Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions Federal Housing Finance Agency. ACTION: Notice. AGENCY: The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that defines a ‘‘Community Financial Institution’’ 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, 2012. FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Division of Federal Home Loan Bank Regulation, 202–649– 3311, Pat.Sweeney@fhfa.gov, or Eric M. Raudenbush, Assistant General Counsel, 202–649–6421, Eric.Raudenbush@fhfa.gov, Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20024. SUPPLEMENTARY INFORMATION: SUMMARY: 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 ‘‘Community Financial Institution’’ (CFI) certain advantages over non-CFI insured depository institutions in qualifying for Federal Home Loan Bank (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 § 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 a statutory cap.2 The Bank Act was amended in 2008 to set the statutory cap at $1 billion and to require the Director of FHFA to adjust the cap annually to reflect the percentage increase in the 1 See 2 See PO 00000 12 U.S.C. 1424(a), 1430(a). 12 U.S.C. 1422(10)(A); 12 CFR 1263.1. Frm 00028 Fmt 4703 Sfmt 9990 CPI–U, as published by the DOL, for the prior year.3 For 2011, FHFA set the CFI asset cap at $1,041,000,000, which reflected a 1.1 percent increase over 2010, based upon the increase in the CPI–U between 2009 and 2010. Due to a transcription error, the agency’s Federal Register notice announcing the CFI asset cap adjustment for 2011 mistakenly stated that the cap had been set at $1,040,000,000. See 76 FR 3142 (Jan. 19, 2011). II. The CFI Asset Cap for 2012 As of January 1, 2012, FHFA has increased the CFI asset cap from $1,041,000,000 (the correct number for 2011) to $1,076,000,000 which reflects a 3.4 percent increase in the unadjusted CPI–U from November 2010 to November 2011. The new amount was obtained by rounding to the nearest million, as has been the practice for all prior adjustments. 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. 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: March 5, 2012. Edward J. DeMarco, Acting Director, Federal Housing Finance Agency. [FR Doc. 2012–5805 Filed 3–8–12; 8:45 am] BILLING CODE 8070–01–P 3 See 12 U.S.C. 1422(10); 12 CFR 1263.1 (defining the term CFI asset cap). E:\FR\FM\09MRN1.SGM 09MRN1

Agencies

[Federal Register Volume 77, Number 47 (Friday, March 9, 2012)]
[Notices]
[Page 14366]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5805]


=======================================================================
-----------------------------------------------------------------------

FEDERAL HOUSING FINANCE AGENCY

[No. 2012-N-02]


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

AGENCY: Federal Housing Finance Agency.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Federal Housing Finance Agency (FHFA) has adjusted the cap 
on average total assets that defines a ``Community Financial 
Institution'' 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, 
2012.

FOR FURTHER INFORMATION CONTACT: Patricia L. Sweeney, Division of 
Federal Home Loan Bank Regulation, 202-649-3311, Pat.Sweeney@fhfa.gov, 
or Eric M. Raudenbush, Assistant General Counsel, 202-649-6421, 
Eric.Raudenbush@fhfa.gov, Federal Housing Finance Agency, 400 Seventh 
Street SW., Washington, DC 20024.

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 
``Community Financial Institution'' (CFI) certain advantages over non-
CFI insured depository institutions in qualifying for Federal Home Loan 
Bank (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 a statutory cap.\2\ The Bank Act was 
amended in 2008 to set the statutory cap at $1 billion and to require 
the Director of FHFA to adjust the cap annually to reflect the 
percentage increase in the CPI-U, as published by the DOL, for the 
prior year.\3\ For 2011, FHFA set the CFI asset cap at $1,041,000,000, 
which reflected a 1.1 percent increase over 2010, based upon the 
increase in the CPI-U between 2009 and 2010. Due to a transcription 
error, the agency's Federal Register notice announcing the CFI asset 
cap adjustment for 2011 mistakenly stated that the cap had been set at 
$1,040,000,000. See 76 FR 3142 (Jan. 19, 2011).
---------------------------------------------------------------------------

    \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); 12 CFR 1263.1 (defining the term CFI 
asset cap).
---------------------------------------------------------------------------

II. The CFI Asset Cap for 2012

    As of January 1, 2012, FHFA has increased the CFI asset cap from 
$1,041,000,000 (the correct number for 2011) to $1,076,000,000 which 
reflects a 3.4 percent increase in the unadjusted CPI-U from November 
2010 to November 2011. The new amount was obtained by rounding to the 
nearest million, as has been the practice for all prior adjustments. 
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.
    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: March 5, 2012.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2012-5805 Filed 3-8-12; 8:45 am]
BILLING CODE 8070-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.