Federal Register: December 18, 2000 (Volume 65, Number 243)
DOCID: FR Doc 00-32110
FEDERAL HOUSING FINANCE BOARD
Federal Housing Finance Board
DOCUMENT ID: [No. 2000-N-7]
NOTICE: NOTICES
ACTION: Agency information collection activities:
DOCUMENT ACTION: Notice.
SUBJECT CATEGORY:
Submission for OMB Review; Comment Request
DATES: Interested persons may submit comments on or before January 17, 2001.
DOCUMENT SUMMARY:
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Board (Finance Board) hereby gives notice that it has submitted the information collection entitled ``Federal Home Loan Bank Acquired Member Assets, Core Mission Activities, Investments and Advances'' to the Office of Management and Budget (OMB) for review and approval of a threeyear extension of the OMB control number, which is due to expire on December 31, 2000.
SUMMARY:
Submission for OMB review; comment request,
SUPPLEMENTAL INFORMATION
A. Need For and Use of Information Collection
In July 2000, the Finance Board promulgated a final rule that, among other things, authorizes the Federal Home Loan Banks (Banks), on a permanent program basis, to acquire residential mortgage loans from or through their members and housing associates and to hold these mortgages as investments. See 65 FR 43969 (July 17, 2000). The regulations governing the acquisition of these mortgages, known as ``acquired member assets,'' or ``AMA,'' are now codified in part 955 of the Finance Board's regulations. 12 CFR part 955. Under this AMA regulation, Banks engaging in AMA transactions are required to collect and maintain, and report to the Finance Board on a quarterly basis, certain loanlevel data on each residential mortgage held. See 12 CFR 955.4. While this data is provided directly to the Finance Board by the Banks (which are governmentsponsored enterprises), each Bank must initially collect the information from the privatesector member or housing associate institution from which the Bank acquires the mortgage.
Under the Federal Home Loan Bank Act (Bank Act), the Finance Board is charged with the duty to ``ensure that the * * * Banks carry out their housing finance mission.'' 12 U.S.C. 1422a(a). The Bank Act also authorizes the Finance Board to promulgate and enforce such regulations and orders as are necessary * * * to carry out the provisions'' of the Bank Act. Id. 1422b(a)(1). The Finance Board believes that the loan level data reporting is essential in order to monitor the extent to which the Banks are fulfilling their statutory housing finance mission through their AMA programs.
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The Finance Board uses the information collection to create a database and reporting infrastructure for monitoring the Banks' achievement of the public purpose of their residential mortgage purchase programs on a par with that currently imposed on entities entering into secondary mortgage market transactions with the other housing governmentsponsored enterprises (i.e., Fannie Mae and Freddie Mac).
The OMB number for the information collection is 30690058. The OMB clearance for the information collection expires on December 31, 2000.
The likely respondents and/or recordkeepers include the Banks, institutions that are members or housing associates of a Bank and the Finance Board.
B. Burden Estimate
The estimated annual reporting and recordkeeping hour burden is:
a. Number of respondents412.
b. Total annual responses1600.
Percentage of these responses collected electronically75%.
c. Total annual hours requested38,632.
d. Current OMB inventory264,400.
e. Difference(225,768).
The estimated annual reporting and recordkeeping cost burden is:
a. Total annualized capital/startup costs$300,000.00.
b. Total annual costs (O&M)0.
c. Total annualized cost requested$1,196,768.72.
d. Current OMB inventory $2,524,697.92.
e. Difference($1,327,929.20).
C. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), the Finance
Board published a request for public comments regarding the information
collection as part of the final AMA rulemaking, which appeared in the
Federal Register on July 17, 2000. See 65 FR 43969 (July 17, 2000). The
60day comment period closed on September 15, 2000. The Finance Board
received no public comments. Written comments are requested on: (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 may be submitted to OMB in writing at the address listed above.
By the Federal Housing Finance Board.
Dated: December 1, 2000.
James L. Bothwell,
Managing Director.
[FR Doc. 0032110 Filed 121500; 8:45 am]
BILLING CODE 672501P
FOR FURTHER INFORMATION CONTACT
Eric M. Raudenbush, Senior Attorney- Advisor, Office of General Counsel, by telephone at 202/4082932, by electronic mail at raudenbushe@fhfb.gov, or by regular mail at the Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006.