Proposed Collection; Comment Request, 47069-47070 [2012-19243]
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Federal Register / Vol. 77, No. 152 / Tuesday, August 7, 2012 / Notices
Closed Session *
• Office of Secondary Market Oversight
Quarterly Report.
Dated: August 3, 2012.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2012–19435 Filed 8–3–12; 4:15 pm]
BILLING CODE 6705–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2012–N–09]
Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 60-Day Notice of Submission of
Information Collection for Approval
From the Office of Management and
Budget.
AGENCY:
In accordance with the
requirements of the Paperwork
Reduction Act of 1995, the Federal
Housing Finance Agency (FHFA) is
seeking public comments concerning a
currently approved information
collection known as ‘‘Federal Home
Loan Bank Acquired Member Assets,
Core Mission Activities, Investments
and Advances,’’ which has been
assigned control 2590–0008 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 October 31, 2012.
DATES: Interested persons may submit
comments on or before October 9, 2012.
ADDRESSES: Submit comments to FHFA
using any one of the following methods:
• Email: RegComments@fhfa.gov.
Please include Proposed Collection;
Comment Request: Federal Home Loan
Bank Acquired Member Assets, Core
Mission Activities, Investments and
Advances (No. 2012–N–09) in the
subject line of the message.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail/Hand Delivery: Federal
Housing Finance Agency, 400 Seventh
Street SW., Eighth Floor, Washington,
DC 20024, ATTENTION: Public
Comments/Proposed Collection;
Comment Request: Federal Home Loan
Bank Acquired Member Assets, Core
Mission Activities, Investments and
Advances (No. 2012–N–09).
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY:
* Session Closed-Exempt pursuant to 5 U.S.C.
552b(c)(8) and (9).
VerDate Mar<15>2010
16:52 Aug 06, 2012
Jkt 226001
We will post all public comments we
receive without change, including any
personal information you provide, such
as your name, address (mailing and
email), and telephone number on the
FHFA Web site at https://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 Federal Housing Finance
Agency, 400 Seventh Street SW., Eighth
Floor, Washington, DC 20024. To make
an appointment to inspect comments,
please call the Office of General Counsel
at (202) 649–3804.
FOR FURTHER INFORMATION CONTACT:
Rajkumar Thangavelu, Financial
Database Specialist at 202–649–3943
(not a toll-free number),
Rajkumar.Thangavelu@fhfa.gov. The
telephone number for the
Telecommunications Device for the Deaf
is 800–877–8339.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information
Collection
The Federal Home Loan Banks
(Banks) are authorized under 12 CFR
part 955 to acquire from their member
financial institutions and non-member
housing associates certain home
mortgage loans and related assets,
which are referred to as ‘‘Acquired
Member Assets’’ or ‘‘AMA.’’ In
conjunction with this authority, each
Bank that acquires AMA is required by
regulation to report to FHFA certain
data regarding each loan acquired, as
specified in FHFA’s Data Reporting
Manual (DRM). The DRM specifies 87
data elements that must be reported
semi-annually for each new loan
acquired, as well as 22 additional data
elements that must be reported semiannually for existing AMA loans or loan
participations held in the Bank’s
portfolio. The DRM also requires that
the Banks report aggregated AMA loan
data on a quarterly basis. FHFA uses the
collected loan-level and aggregated
AMA data to monitor the safety and
soundness of the Banks and the extent
to which the Banks are fulfilling their
statutory housing finance mission
through their AMA programs.1
Since 2010, FHFA has also published
the previous calendar year’s loan-level
AMA data in an online public use
database.2 The agency maintains this
public use database in order to fulfill its
1 FHFA is responsible for supervising the safety
and soundness of the Banks, as well as the
fulfillment of the Banks’ statutory housing finance
mission. See 12 U.S.C. 4513(a)(1).
2 This public use database is accessible at
https://www.fhfa.gov/Default.aspx?Page=304.
PO 00000
Frm 00042
Fmt 4703
Sfmt 4703
47069
duties under section 10(k) of the Federal
Home Loan Bank Act (Bank Act), which
requires that the Banks report to FHFA
specified census tract-level data relating
to purchased mortgages and that the
agency make this data available to the
public in a useful form.3 At the time that
Congress enacted section 10(k) in 2008,
the Banks were already reporting most
of the data referenced in that provision
pursuant to the existing requirements of
part 955 and the DRM. In order to
implement fully the new statutory
requirements, FHFA amended the DRM
in September 2009 to require the Banks
to report to FHFA six additional data
elements relating to newly-acquired
AMA loans (in addition to then-existing
81 data elements) beginning in February
2010.
While each Bank that acquires or
holds AMA loans must report both loanlevel and aggregated AMA data directly
to FHFA, the Bank initially must collect
some of the underlying loan-level data
from the member institution or housing
associate from which the Bank acquires
the loan (this is usually, but not always,
the originator of the loan). The Bank
typically collects the data for a
particular AMA loan from the seller at
the time the Bank agrees to acquire the
loan. The Bank then uses this loan-level
data to derive many of the other data
elements that it is required to report to
FHFA. For example, from the address of
the property that secures the loan, a
Bank is able to determine from publiclyavailable information the census tract
code (and other similar geographic
codes) for the property, as well as the
median family income, and other data
regarding the census tract or other
defined geographic area. With this
additional information, the Bank is also
able to calculate various ratios, such as
the ratio of the borrower’s income to the
area median family income, which it is
required to report under the DRM.
Finally, some of the loan-level data
originates with the Bank itself, such as
the name of the acquiring Bank, the
unique loan number assigned to the
acquired loan, and the AMA program
under which the loan was acquired.
All but 8 to 10 of the data elements
provided by the seller to the acquiring
Bank are information that any purchaser
of mortgage loans would require a seller
to furnish in the ordinary course of
business, even in the absence of any
statutory or regulatory requirements. For
example, the Bank must report, and the
seller must therefore initially provide,
data on: The location and type of the
residential property securing the loan;
the annual income and the debt-to3 See
E:\FR\FM\07AUN1.SGM
12 U.S.C. 1430(k).
07AUN1
47070
Federal Register / Vol. 77, No. 152 / Tuesday, August 7, 2012 / Notices
income ratio of the borrower and any
co-borrowers; and the unpaid principal
balance, term-to-maturity, interest rate,
and type (i.e., fixed- or adjustable-rate)
of the loan. The remaining data that
would not normally be exchanged in the
ordinary course of business comprises
information identifying the race,
ethnicity, and gender of the borrower
and any co-borrowers, which are items
that the Banks are required to aggregate
and report by census-tract to FHFA
under section 10(k) of the Bank Act. It
is these few items that comprise the
actual information collection
requirement to which Bank members
and housing associates may be required
to respond.
The OMB control number for the
information collection, which expires
on October 31, 2012, is 2590–0008. The
likely respondents are member and nonmember financial institutions that sell
AMA assets to Banks.
B. Burden Estimate
FHFA estimates that the hour burden
associated with the AMA collection will
be lower than that estimated when the
agency last requested clearance for this
control number. FHFA estimates that
the total annual average number of
AMA loans acquired by all Banks will
be 48,000 and that the average time
needed for a respondent to record and
transmit the relevant data to the
acquiring Bank will be 5 minutes per
loan. Accordingly, the estimate for the
total annual hour burden on
respondents is 4,000 hours (48,000
loans × 5 minutes per loan).
mstockstill on DSK4VPTVN1PROD with NOTICES
C. Comment Request
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 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, including
through the use of automated collection
techniques or other forms of information
technology.
Dated: July 31, 2012.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.
ACTION:
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
SUMMARY:
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The applications will also be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than August 31,
2012.
A. Federal Reserve Bank of New York
(Ivan Hurwitz, Vice President) 33
Liberty Street, New York, New York
10045–0001:
1. Oriental Financial Group Inc., San
Juan, Puerto Rico; to acquire 100
percent of the voting shares of BBVAPR
Holding Corporation, and thereby
indirectly acquire Banco Bilbao Vizcaya
Argentaria Puerto Rico, both in San
Juan, Puerto Rico.
Board of Governors of the Federal Reserve
System, August 2, 2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012–19291 Filed 8–6–12; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL TRADE COMMISSION
[FR Doc. 2012–19243 Filed 8–6–12; 8:45 am]
Withdrawal of the Commission Policy
Statement on Monetary Equitable
Remedies in Competition Cases
BILLING CODE 8070–01–P
AGENCY:
VerDate Mar<15>2010
16:52 Aug 06, 2012
Jkt 226001
Notice of withdrawal of
Commission policy statement.
FEDERAL RESERVE SYSTEM
PO 00000
Federal Trade Commission.
Frm 00043
Fmt 4703
Sfmt 4703
In 2003 the Federal Trade
Commission issued a Policy Statement
on Monetary Remedies in Competition
Cases. The Commission has now
withdrawn the Policy Statement.
DATES: Effective Date: July 31, 2012.
FOR FURTHER INFORMATION CONTACT:
Mark Seidman, Attorney, Bureau of
Competition, Federal Trade
Commission, 600 Pennsylvania Avenue
NW., Washington, DC 20580, 202–326–
3296
SUPPLEMENTARY INFORMATION:
Statement of the Commission, Effecting
the Withdrawal of the Commission’s
Policy Statement on Monetary
Equitable Remedies in Competition
Cases (July 31, 2012)
In 2003, the Federal Trade
Commission issued the Policy
Statement on Monetary Remedies in
Competition Cases (‘‘Policy
Statement’’),1 which outlined an
analytical framework to guide
Commission determination of
appropriate circumstances for the use of
monetary equitable remedies in federal
court. Although intended to clarify past
Commission views on this topic, the
practical effect of the Policy Statement
was to create an overly restrictive view
of the Commission’s options for
equitable remedies.2 Accordingly, the
Commission withdraws the Policy
Statement and will rely instead upon
existing law, which provides sufficient
guidance on the use of monetary
equitable remedies.
As past cases demonstrate,
disgorgement and restitution can be
effective remedies in competition
matters, both to deprive wrongdoers of
unjust enrichment and to restore their
victims to the positions they would
have occupied but for the illegal
behavior. Because the ordinary purpose
and effect of anticompetitive conduct is
to enrich wrongdoers at the expense of
consumers, competition cases may often
be appropriate candidates for monetary
equitable relief. Although our decisions
and orders generally focus on structural
1 Fed. Trade Comm’n, Policy Statement on
Monetary Equitable Remedies in Competition
Cases, 68 FR 45,820 (Aug. 4, 2003) [hereinafter
‘‘Policy Statement’’].
2 Although footnote 4 of the Policy Statement
notes that ‘‘[i]t does not create any right or
obligation, impose any element of proof, or adjust
the burden of proof or production of evidence on
any particular issue, as those standards have been
established by the courts,’’ we are concerned that
parties could mistakenly argue that the factors laid
out in the Policy Statement are binding on the
Commission, thus creating an unnecessary side
issue in litigation. Id. at n.4.
E:\FR\FM\07AUN1.SGM
07AUN1
]]>Agencies
[Federal Register Volume 77, Number 152 (Tuesday, August 7, 2012)]
[Notices]
[Pages 47069-47070]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-19243]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2012-N-09]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-Day Notice of Submission of Information Collection for
Approval From the Office of Management and Budget.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning a currently approved information collection
known as ``Federal Home Loan Bank Acquired Member Assets, Core Mission
Activities, Investments and Advances,'' which has been assigned control
2590-0008 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
October 31, 2012.
DATES: Interested persons may submit comments on or before October 9,
2012.
ADDRESSES: Submit comments to FHFA using any one of the following
methods:
Email: RegComments@fhfa.gov. Please include Proposed
Collection; Comment Request: Federal Home Loan Bank Acquired Member
Assets, Core Mission Activities, Investments and Advances (No. 2012-N-
09) in the subject line of the message.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Mail/Hand Delivery: Federal Housing Finance Agency, 400
Seventh Street SW., Eighth Floor, Washington, DC 20024, ATTENTION:
Public Comments/Proposed Collection; Comment Request: Federal Home Loan
Bank Acquired Member Assets, Core Mission Activities, Investments and
Advances (No. 2012-N-09).
We will post all public comments we receive without change,
including any personal information you provide, such as your name,
address (mailing and email), and telephone number on the FHFA Web site
at https://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 Federal Housing Finance
Agency, 400 Seventh Street SW., Eighth Floor, Washington, DC 20024. To
make an appointment to inspect comments, please call the Office of
General Counsel at (202) 649-3804.
FOR FURTHER INFORMATION CONTACT: Rajkumar Thangavelu, Financial
Database Specialist at 202-649-3943 (not a toll-free number),
Rajkumar.Thangavelu@fhfa.gov. The telephone number for the
Telecommunications Device for the Deaf is 800-877-8339.
SUPPLEMENTARY INFORMATION:
A. Need for and Use of the Information Collection
The Federal Home Loan Banks (Banks) are authorized under 12 CFR
part 955 to acquire from their member financial institutions and non-
member housing associates certain home mortgage loans and related
assets, which are referred to as ``Acquired Member Assets'' or ``AMA.''
In conjunction with this authority, each Bank that acquires AMA is
required by regulation to report to FHFA certain data regarding each
loan acquired, as specified in FHFA's Data Reporting Manual (DRM). The
DRM specifies 87 data elements that must be reported semi-annually for
each new loan acquired, as well as 22 additional data elements that
must be reported semi-annually for existing AMA loans or loan
participations held in the Bank's portfolio. The DRM also requires that
the Banks report aggregated AMA loan data on a quarterly basis. FHFA
uses the collected loan-level and aggregated AMA data to monitor the
safety and soundness of the Banks and the extent to which the Banks are
fulfilling their statutory housing finance mission through their AMA
programs.\1\
---------------------------------------------------------------------------
\1\ FHFA is responsible for supervising the safety and soundness
of the Banks, as well as the fulfillment of the Banks' statutory
housing finance mission. See 12 U.S.C. 4513(a)(1).
---------------------------------------------------------------------------
Since 2010, FHFA has also published the previous calendar year's
loan-level AMA data in an online public use database.\2\ The agency
maintains this public use database in order to fulfill its duties under
section 10(k) of the Federal Home Loan Bank Act (Bank Act), which
requires that the Banks report to FHFA specified census tract-level
data relating to purchased mortgages and that the agency make this data
available to the public in a useful form.\3\ At the time that Congress
enacted section 10(k) in 2008, the Banks were already reporting most of
the data referenced in that provision pursuant to the existing
requirements of part 955 and the DRM. In order to implement fully the
new statutory requirements, FHFA amended the DRM in September 2009 to
require the Banks to report to FHFA six additional data elements
relating to newly-acquired AMA loans (in addition to then-existing 81
data elements) beginning in February 2010.
---------------------------------------------------------------------------
\2\ This public use database is accessible at https://www.fhfa.gov/Default.aspx?Page=304.
\3\ See 12 U.S.C. 1430(k).
---------------------------------------------------------------------------
While each Bank that acquires or holds AMA loans must report both
loan-level and aggregated AMA data directly to FHFA, the Bank initially
must collect some of the underlying loan-level data from the member
institution or housing associate from which the Bank acquires the loan
(this is usually, but not always, the originator of the loan). The Bank
typically collects the data for a particular AMA loan from the seller
at the time the Bank agrees to acquire the loan. The Bank then uses
this loan-level data to derive many of the other data elements that it
is required to report to FHFA. For example, from the address of the
property that secures the loan, a Bank is able to determine from
publicly-available information the census tract code (and other similar
geographic codes) for the property, as well as the median family
income, and other data regarding the census tract or other defined
geographic area. With this additional information, the Bank is also
able to calculate various ratios, such as the ratio of the borrower's
income to the area median family income, which it is required to report
under the DRM. Finally, some of the loan-level data originates with the
Bank itself, such as the name of the acquiring Bank, the unique loan
number assigned to the acquired loan, and the AMA program under which
the loan was acquired.
All but 8 to 10 of the data elements provided by the seller to the
acquiring Bank are information that any purchaser of mortgage loans
would require a seller to furnish in the ordinary course of business,
even in the absence of any statutory or regulatory requirements. For
example, the Bank must report, and the seller must therefore initially
provide, data on: The location and type of the residential property
securing the loan; the annual income and the debt-to-
[[Page 47070]]
income ratio of the borrower and any co-borrowers; and the unpaid
principal balance, term-to-maturity, interest rate, and type (i.e.,
fixed- or adjustable-rate) of the loan. The remaining data that would
not normally be exchanged in the ordinary course of business comprises
information identifying the race, ethnicity, and gender of the borrower
and any co-borrowers, which are items that the Banks are required to
aggregate and report by census-tract to FHFA under section 10(k) of the
Bank Act. It is these few items that comprise the actual information
collection requirement to which Bank members and housing associates may
be required to respond.
The OMB control number for the information collection, which
expires on October 31, 2012, is 2590-0008. The likely respondents are
member and non-member financial institutions that sell AMA assets to
Banks.
B. Burden Estimate
FHFA estimates that the hour burden associated with the AMA
collection will be lower than that estimated when the agency last
requested clearance for this control number. FHFA estimates that the
total annual average number of AMA loans acquired by all Banks will be
48,000 and that the average time needed for a respondent to record and
transmit the relevant data to the acquiring Bank will be 5 minutes per
loan. Accordingly, the estimate for the total annual hour burden on
respondents is 4,000 hours (48,000 loans x 5 minutes per loan).
C. Comment Request
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 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, including through the use of
automated collection techniques or other forms of information
technology.
Dated: July 31, 2012.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2012-19243 Filed 8-6-12; 8:45 am]
BILLING CODE 8070-01-P
