Federal Register: October 24, 2005 (Volume 70, Number 204)
DOCID: FR Doc 05-21148
FEDERAL HOUSING FINANCE BOARD
Federal Housing Finance Board
DOCUMENT ID: [No. 2005-N-07]
NOTICE: NOTICES
DOCUMENT ACTION: Notice.
SUBJECT CATEGORY:
Submission for OMB Review; Comment Request
DATES: Interested persons may submit comments on or before November 23, 2005.
DOCUMENT SUMMARY:
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Board (Finance Board) has submitted the information collection entitled ``Advances to Housing Associates'' to the Office of Management and Budget (OMB) for review and approval of a 3 year extension of the OMB control number, 3069 0005, which is due to expire on November 30, 2005.
SUMMARY:
Agency information collection activities; proposals, submissions, and approvals,
SUPPLEMENTAL INFORMATION
A. Need For and Use of the Information Collection
Section 10b of the Federal Home Loan Bank Act (Bank Act) (12 U.S.C. 1430b) authorizes the Federal Home Loan Banks (FHLBanks) to make advances under certain circumstances to certified nonmember mortgagees. The Finance Board refers to nonmember mortgagees as housing associates. In order to be certified as a housing associate, an applicant must meet the eligibility requirements set forth in section 10b of the Bank Act. Part 926 of the Finance Board regulations (12 CFR part 926) implements the statutory eligibility requirements and establishes uniform review criteria an applicant must meet in order to be certified as a housing associate by an FHLBank. More specifically, sections 926.3 and 926.4 (12 CFR 926.3926.4) implement the statutory eligibility requirements and provide guidance to an applicant on how it may satisfy such requirements. Section 926.5 (12 CFR 926.5) authorizes the FHLBanks to approve or deny all applications for certification as a housing associate, subject to the statutory and regulatory requirements. Section 926.6 (12 CFR 926.6) permits an applicant to appeal an FHLBank decision to deny certification to the Finance Board.
Section 950.17 of the Finance Board regulations (12 CFR 950.17) establishes the terms and conditions under which an FHLBank may make advances to a certified housing associate. Section 950.17 also imposes a continuing obligation on a housing associate to provide information necessary to determine if it remains in compliance with applicable statutory and regulatory requirements.
The information collection contained in sections 926.1 through 926.6 and section 950.17 of the Finance Board regulations (12 CFR 926.1926.6 and 950.17) is necessary to enable the FHLBanks to determine whether an applicant satisfies the statutory and regulatory requirements to be certified initially and maintain its status as a housing associate eligible to receive FHLBank advances. The Finance Board requires and uses the information collection to determine whether to uphold or overrule an FHLBank decision to deny housing associate certification to an applicant.
The OMB control number for the information collection, which expires on November 30, 2005, is 30690005. The likely respondents include applicants for housing associate certification and current housing associates.
B. Burden Estimate
The Finance Board estimates the total annual average number of applicants at one, with one response per applicant. The estimate for the average hours per application is 15 hours. The estimate for the annual hour burden for applicants is 15 hours (1 applicant x 1 response per applicant x 15 hours).
The Finance Board estimates the total annual average number of maintenance respondents, that is, certified housing associates, at 63, with 1 response per housing associate. The estimate for the average hours per maintenance response is 1 hour. The estimate for the annual hour burden for certified housing associates is 63 hours (63 certified housing associates x 1 response per associate x 1 hour).
The estimate for the total annual hour burden is 78 hours (63 housing associates x 1 response per associate x 1.0 hours + 1 applicant x 1 response per applicant x 15 hours).
C. Comment Request
In accordance with 5 CFR 1320.8(d), the Finance Board published a
request for public comments regarding this information collection in
the Federal Register on August 1, 2005. See 70 FR 44099 (August 1,
2005). The 60day comment period closed on September 30, 2005. 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 estimates of the burdens of the collection of
information; (3) ways to enhance the quality, utility and clarity of the
[[Page 61442]]
information collected; and (4) ways to minimize the burden of the
collection of information on applicants and housing associates,
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.
Dated: October 17, 2005.
By the Federal Housing Finance Board.
John P. Kennedy,
General Counsel.
[FR Doc. 0521148 Filed 102105; 8:45 am]
BILLING CODE 672501P