Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions, 1862 [2014-00193]
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Federal Register / Vol. 79, No. 7 / Friday, January 10, 2014 / Notices
Notice
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
CPI–U, as published by the DOL, for the
prior year.3 For 2013, FHFA set the CFI
asset cap at $1,095,000,000, which
reflected a 1.8 percent increase over
2012, based upon the increase in the
CPI–U between 2011 and 2012.4
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requires that EPA make public its
comments on EISs issued by other
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www.epa.gov/compliance/nepa/
eisdata.html.
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Ends: 02/24/2014, Contact: Sid Abel
301–734–6352
Dated: January 7, 2014.
Cliff Rader,
Director, NEPA Compliance Division, Office
of Federal Activities.
[FR Doc. 2014–00214 Filed 1–9–14; 8:45 am]
BILLING CODE 6560–50–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2014–N–01]
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,
2014.
FOR FURTHER INFORMATION CONTACT:
Nathan D. Wallingford, Division of
Federal Home Loan Bank Regulation,
(202) 649–3630, Nathan.Wallingford@
fhfa.gov, or Eric M. Raudenbush,
Assistant General Counsel, (202) 649–
3084, Eric.Raudenbush@fhfa.gov, (not
toll-free numbers), Federal Housing
Finance Agency, Constitution Center,
400 Seventh Street SW., Washington,
DC 20024.
SUPPLEMENTARY INFORMATION:
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SUMMARY:
VerDate Mar<15>2010
16:40 Jan 09, 2014
Jkt 232001
II. The CFI Asset Cap for 2014
As of January 1, 2014, FHFA has
increased the CFI asset cap from
$1,095,000,000 to $1,108,000,000,
which reflects a 1.2 percent increase in
the unadjusted CPI–U from November
2012 to November 2013. 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
1 See
12 U.S.C. 1424(a), 1430(a).
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).
4 See 78 FR 19262 (Mar. 29, 2013).
2 See
PO 00000
Frm 00044
Fmt 4703
Sfmt 4703
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 3, 2014.
Edward J. DeMarco,
Acting Director, Federal Housing Finance
Agency.
[FR Doc. 2014–00193 Filed 1–9–14; 8:45 am]
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FOR FURTHER INFORMATION CONTACT:
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Chief Data Officer, Board of Governors
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Reserve System, Washington, DC 20551.
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AGENCY:
E:\FR\FM\10JAN1.SGM
10JAN1
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[Federal Register Volume 79, Number 7 (Friday, January 10, 2014)]
[Notices]
[Page 1862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-00193]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2014-N-01]
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,
2014.
FOR FURTHER INFORMATION CONTACT: Nathan D. Wallingford, Division of
Federal Home Loan Bank Regulation, (202) 649-3630,
Nathan.Wallingford@fhfa.gov, or Eric M. Raudenbush, Assistant General
Counsel, (202) 649-3084, Eric.Raudenbush@fhfa.gov, (not toll-free
numbers), Federal Housing Finance Agency, Constitution Center, 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 2013, FHFA set the CFI asset cap at $1,095,000,000,
which reflected a 1.8 percent increase over 2012, based upon the
increase in the CPI-U between 2011 and 2012.\4\
---------------------------------------------------------------------------
\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).
\4\ See 78 FR 19262 (Mar. 29, 2013).
---------------------------------------------------------------------------
II. The CFI Asset Cap for 2014
As of January 1, 2014, FHFA has increased the CFI asset cap from
$1,095,000,000 to $1,108,000,000, which reflects a 1.2 percent increase
in the unadjusted CPI-U from November 2012 to November 2013. 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: January 3, 2014.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2014-00193 Filed 1-9-14; 8:45 am]
BILLING CODE 8070-01-P