Notice2023-23067
Proposed Collection; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 19, 2023
Issuing agencies
Federal Housing Finance Agency
Abstract
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as "Federal Home Loan Bank Capital Stock," which has been assigned control number 2590-0002 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 November 30, 2023.
Full Text
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<title>Federal Register, Volume 88 Issue 201 (Thursday, October 19, 2023)</title>
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[Federal Register Volume 88, Number 201 (Thursday, October 19, 2023)]
[Notices]
[Pages 72078-72080]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-23067]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2023-N-12]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: Federal Home Loan Bank Capital Stock--30-day notice of
submission of information collection for approval from Office of
Management and Budget.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning an information collection known as ``Federal
Home Loan Bank Capital Stock,'' which has been assigned control number
2590-0002 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
November 30, 2023.
DATES: Interested persons may submit comments on or before November 20,
2023.
ADDRESSES: Submit comments to the Office of Information and Regulatory
Affairs of the Office of Management and Budget, Attention: Desk Officer
for the Federal Housing Finance Agency, Washington, DC 20503, Fax:
(202) 395-3047, Email: <a href="/cdn-cgi/l/email-protection#1e51574c5f416d6b7c73776d6d7771705e71737c307b716e30797168"><span class="__cf_email__" data-cfemail="96d9dfc4d7c9e5e3f4fbffe5e5fff9f8d6f9fbf4b8f3f9e6b8f1f9e0">[email protected]</span></a>. Please also submit
comments to FHFA, identified by ``Proposed Collection; Comment
[[Page 72079]]
Request: `Federal Home Loan Bank Capital Stock, (No. 2023-N-12)' '' by
any of the following methods:
<bullet> Agency Website: <a href="http://www.fhfa.gov/open-for-comment-or-input">www.fhfa.gov/open-for-comment-or-input</a>.
<bullet> Federal eRulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by email
to FHFA at <a href="/cdn-cgi/l/email-protection#23714644604c4e4e464d575063454b45420d444c55"><span class="__cf_email__" data-cfemail="30625557735f5d5d555e444370565856511e575f46">[email protected]</span></a> to ensure timely receipt by the agency.
<bullet> Mail/Hand Delivery: Federal Housing Finance Agency, Office
of General Counsel, 400 Seventh Street SW, Washington, DC 20219,
ATTENTION: Proposed Collection; Comment Request: ``Federal Home Loan
Bank Capital Stock, (No. 2023-N-12).''
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, email address, and telephone number, on the FHFA website at
<a href="http://www.fhfa.gov">http://www.fhfa.gov</a>.
Copies of all comments received will be available for examination
by the public through the electronic comment docket for this PRA Notice
also located on the FHFA website.
FOR FURTHER INFORMATION CONTACT: Lindsay Spadoni, Assistant General
Counsel, <a href="/cdn-cgi/l/email-protection#165a7f787265776f384566777279787f56707e707738717960"><span class="__cf_email__" data-cfemail="a0ecc9cec4d3c1d98ef3d0c1c4cfcec9e0c6c8c6c18ec7cfd6">[email protected]</span></a>, (202) 649-3634 or Angela
Supervielle, Senior Counsel, <a href="/cdn-cgi/l/email-protection#2d6c434a48414c037e585d485f5b44484141486d4b454b4c034a425b"><span class="__cf_email__" data-cfemail="5f1e31383a333e710c2a2f3a2d29363a33333a1f3937393e71383029">[email protected]</span></a>, (202) 649-
3973 (these are not toll-free numbers). For TTY/TRS users with hearing
and speech disabilities, dial 711 and ask to be connected to any of the
contact numbers above.
SUPPLEMENTARY INFORMATION:
A. Paperwork Reduction Act
Under the PRA (44 U.S.C. 3501-3520), Federal agencies must obtain
approval from OMB for each collection of information they conduct or
sponsor. ``Collection of information'' is defined in 44 U.S.C. 3502(3)
and 5 CFR 1320.3(c) to include agency requests or requirements that ten
or more persons submit information to a third party. FHFA's collection
of information set forth in this document is titled ``Federal Home Loan
Bank Capital Stock'' (assigned control number 2590-0002 by OMB). To
comply with the PRA requirement, FHFA is publishing notice of a
proposed three-year extension of this collection of information, which
is due to expire on November 30, 2023.
B. Background
The Federal Home Loan Bank System consists of eleven regional
Federal Home Loan Banks (Banks) and the Office of Finance (a joint
office that issues and services the Banks' debt securities). The Banks
are wholesale financial institutions, organized under authority of the
Federal Home Loan Bank Act (Bank Act) to serve the public interest by
enhancing the availability of residential housing finance and community
lending credit through their member institutions and, to a limited
extent, through certain eligible nonmembers. Each Bank is structured as
a regional cooperative that is owned and controlled by member
institutions located within its district, which are also its primary
customers. An institution that is eligible for membership in a
particular Bank must purchase and hold a prescribed minimum amount of
the Bank's capital stock in order to become and remain a member of that
Bank. With limited exceptions, only an institution that is a member of
a Bank may obtain access to low cost secured loans, known as advances,
or other products provided by that Bank.
Section 6 of the Bank Act establishes capital requirements for the
Banks and requires FHFA to issue regulations prescribing uniform
capital standards applicable to all of the Banks.\1\ Section 6 also
establishes parameters relating to the Banks' capital structures and
requires that each Bank adopt a ``capital structure plan'' (capital
plan) to establish, within those statutory parameters, its own capital
structure and to establish requirements for, and govern transactions
in, the Bank's capital stock.\2\ FHFA's regulations on Bank Capital
Requirements, Capital Stock, and Capital Plans are located at 12 CFR
part 1277.
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\1\ See 12 U.S.C. 1426(a).
\2\ See 12 U.S.C. 1426(b), (c).
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C. Need for and Use of the Information Collection
Both the Bank Act and FHFA's regulations state that a Bank's
capital plan must require its members to maintain a minimum investment
in the Bank's capital stock, but both permit each Bank to determine for
itself what that minimum investment is and how each member's required
minimum investment is to be calculated.\3\ Although each Bank's capital
plan establishes a slightly different method for calculating the
required minimum stock investment for its members, each Bank's method
is tied to some degree to both the level of assets held by the member
institution (typically referred to as a ``membership stock purchase
requirement'') and the amount of advances or other business engaged in
between the member and the Bank (typically referred to as an
``activity-based stock purchase requirement'').
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\3\ See 12 U.S.C. 1426(c)(1); 12 CFR 1277.22, 1277.28(a).
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A Bank must collect information from its members to determine the
minimum capital stock investment each member is required to maintain at
any point in time. Although the information needed to calculate a
member's required minimum investment and the precise method through
which it is collected differ somewhat from Bank to Bank, the Banks
typically collect two types of information. First, in order to
calculate and monitor compliance with its membership stock purchase
requirement, a Bank typically requires each member to provide and/or
confirm an annual report on the amount and types of assets held by that
institution. Second, each time a Bank engages in a business transaction
with a member, the Bank typically confirms with the member the amount
of additional Bank capital stock, if any, the member must acquire in
order to satisfy the Bank's activity-based stock purchase requirement
and the method through which the member will acquire that stock.
The OMB number for the information collection is 2590-0002, which
is due to expire on November 30, 2023. The likely respondents include
current and former Bank members and institutions applying for Bank
membership.
D. Burden Estimate
FHFA has analyzed the time burden imposed on respondents by the two
collections under this control number and estimates that the average
total annual hour burden imposed on all respondents over the next three
years will be 20,245 hours. The estimate for each collection was
calculated as follows:
1. Membership Stock Purchase Requirement Submissions
FHFA estimates that the average annual number of current and former
members and applicants for membership required to report information
needed to calculate a membership stock purchase requirement will be
6,550, and that each institution will submit one report per year,
resulting in an estimated total of 6,550 submissions annually. The
estimate for the average time required to prepare, review, and submit
each report is 0.7 hours. Accordingly, the estimate for the annual hour
burden associated with membership stock purchase requirement
submissions is (6,550 reports x 0.7 hours per report) = 4,585 hours.
[[Page 72080]]
2. Activity-Based Stock Purchase Requirement Submissions
FHFA estimates that the average number of daily transactions
between Banks and members that will require the exchange of information
to confirm the member's activity-based stock purchase requirement will
be 300, and that there will be an average of 261 working days per year,
resulting in an estimated 78,300 submissions annually. The estimate for
the average preparation time per submission is 0.2 hours. Accordingly,
the estimate for the annual hour burden associated with activity-based
stock purchase requirement submissions is (78,300 submissions x 0.2
hours per submission) = 15,660 hours.
E. Comment Request
In accordance with the requirements of 5 CFR 1320.8(d), FHFA
published an initial notice and request for public comments regarding
this information collection in the Federal Register on August 8,
2023.\4\ The 60-day comment period closed on October 10, 2023. FHFA
received no substantive comments.
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\4\ See 88 FR 53484 (Aug. 8, 2023).
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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 FHFA'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.
Shawn Bucholtz,
Chief Data Officer, Federal Housing Finance Agency.
[FR Doc. 2023-23067 Filed 10-18-23; 8:45 am]
BILLING CODE 8070-01-P
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