In its next
submission, the agency should remove cost burdens that are a
monetization of the burden hours. The agency is reminded to avoid
such double-counting of burden in the future.
Inventory as of this Action
Requested
Previously Approved
02/28/2011
36 Months From Approved
02/29/2008
4,715
0
5,010
4,581
0
4,210
607,423
0
96,000
The information collection concerns
administration of the Federal Home Loan Bank (Bank) director
appointment and election process. It is necessary to enable the
Federal Housing Finance Board and the Banks to determine whether
prospective and incumbent Bank directors satisfy statutory and
regulatory eligibility and reporting requirements and to run the
director election and appointment processes.
US Code:
12
USC 1427 Name of Law: Federal Home Loan Bank Act
To determine eligibility of
elective directors, the Banks use the Federal Home Loan Bank
Elective Director Eligibility Certification Form, which has not
changed since the information collection was last cleared in 2004.
In 2007, the Finance Board published two rules affecting the
eligibility and selection of appointive Bank directors. The first
rule, published in April 2007, requires the boards of directors of
the Banks to submit to the Finance Board a list of individuals that
includes information regarding each individuals eligibility and
qualifications to serve as a Bank director. The Finance Board uses
the list provided by each Bank to select well-qualified individuals
to serve on the Banks board of directors. See 72 Fed. Reg. 15600
(Apr. 2, 2007). The second rule, published in June 2007, clarifies
the types of financial interests an appointive Bank director may
maintain in a member of the Bank on whose board the director
serves. See 72 Fed. Reg. 33637 (June 19, 2007). As a result of
these regulatory changes, the Finance Board revised the form the
Banks and the Finance Board use to determine whether prospective
appointive directors satisfy the statutory and regulatory
eligibility requirements and renamed it the Federal Home Loan Bank
Appointive Director Application Form (Application Form). The
revised Application Form asks individuals for information about
their background and qualifications to serve as an appointive Bank
director as well as compliance with statutory and regulatory
eligibility requirements. It also conforms the information about
prohibited financial interests to the new rule. In addition, to
reduce the burden on incumbent appointive directors, the Finance
Board created a new Federal Home Loan Bank Appointive Bank Director
Annual Certification Form (Annual Form) that allows individuals
simply to certify that they continue to meet the director
eligibility requirements.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form Elective Director Federal Home Loan Bank Director Elections and Elective Directors: Individuals
Supporting Statement 2007.pdf
Federal Home Loan Bank Director Elections and Elective Directors: Banks