Federal home loan bank system: Advances to nonmembers; technical amendment; reporting and recordkeeping requirements,

[Federal Register: January 4, 2000 (Volume 65, Number 2)]

[Rules and Regulations]

[Page 202-203]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr04ja00-2]

FEDERAL HOUSING FINANCE BOARD

12 CFR Part 935

[No. 99-69]

RIN 3069-AA91

Information Collection Approval; Technical Amendment to Advances to Nonmembers Rule

AGENCY: Federal Housing Finance Board.

ACTION: Final Rule.

SUMMARY: Under the Paperwork Reduction Act of 1995 (Act), the Office of Management and Budget (OMB) has approved a three-year extension of the information collection contained in the Federal Housing Finance Board (Finance Board) regulation governing Federal Home Loan Bank advances to nonmembers. The OMB control number approving the information collection now expires on November 30, 2002. In accordance with the requirements of the Act, the Finance Board is amending the advances to nonmembers rule to reflect this new expiration date.

EFFECTIVE DATE: The final rule will become effective on January 4, 2000.

FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial Analyst, Policy Development and Analysis Division, Office of Policy, Research and Analysis, by telephone at 202/408-2866, by electronic mail at curtisj@fhfb.gov, or by regular mail at the Federal Housing Finance Board, 1777 F Street, N.W., Washington, D.C. 20006.

SUPPLEMENTARY INFORMATION:

1. Background

   In order to extend the expiration date of the OMB control number approving the information collection contained in its advances to nonmembers rule, the Finance Board published requests for public comments regarding the information collection in the Federal Register on June 16 and October 5, 1999. See 64 FR 32235 (June 16, 1999) and 64 FR 54021 (Oct. 5, 1999). The

   [[Page 203]]

   Finance Board also submitted an analysis of the information collection, entitled ``Advances to Nonmember Mortgagees,'' to the OMB for review and approval. The OMB has approved a three-year extension of the information collection under OMB control number 3069-0005. The OMB control number now expires on November 30, 2002.

   Under the Act and the OMB's implementing regulation, 44 U.S.C. 3507 and 5 CFR 1320.5, an agency may not sponsor or conduct, and a person is not required to respond to, an information collection unless the regulation collecting the information displays a currently valid OMB control number. Accordingly, the Finance Board is amending the advances to nonmembers rule to reflect the new expiration date of the OMB control number.

2. Notice and Public Participation

   Because the effectiveness of the information collection contained in the advances to nonmembers rule must be maintained, the Finance Board for good cause finds that the notice and public procedure requirements of the Administrative Procedures Act are impracticable, unnecessary, or contrary to the public interest. See 5 U.S.C. 553(b)(3)(B).

3. Effective Date

   For the reasons stated in part II above, the Finance Board for good cause finds that the final rule should become effective on January 4, 2000. See 5 U.S.C. 553(d)(3).

4. Regulatory Flexibility Act

   The provisions of the Regulatory Flexibility Act do not apply since this technical amendment to the advances to nonmember rule does not require publication of a notice of proposed rulemaking. See 5 U.S.C. 601(2) and 603(a).

5. Paperwork Reduction Act

   The rule does not contain any collections of information pursuant to the Paperwork Reduction Act of 1995. See 44 U.S.C. 3501 et seq. Consequently, the Finance Board has not submitted any information to the Office of Management and Budget for review.

   List of Subjects in 12 CFR Part 935

   Credit, Federal home loan banks, Reporting and recordkeeping requirements.

   For the reasons stated in the preamble, the Finance Board hereby amends 12 CFR part 935 as follows:

   PART 935--ADVANCES

   1. The authority citation for part 935 continues to read as follows:

      Authority: 12 U.S.C. 1422a(a)(3), 1422b(a)(1), 1426, 1429, 1430, 1430b, and 1431.

      Subpart B--Advances to Nonmembers

      Secs. 935.22, 935.23 and 935.24 [Amended]

   2. Revise the parenthetical statement that appears after Secs. 935.22, 935.23, and 935.24 to read as follows:

      (The Office of Management and Budget has approved the information collection contained in this section and assigned control number 3069-0005 with an expiration date of November 30, 2002.)

      By the Board of Directors of the Federal Housing Finance Board.

      Dated: December 22, 1999. Bruce A. Morrison, Chairman.

      [FR Doc. 00-38Filed1-3-00; 8:45 am]

      BILLING CODE 6725-01-P