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
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 individualÂs 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 BankÂs 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: Banks
Supporting Statement 2007.pdf
Federal Home Loan Bank Director Elections and Elective Directors: Banks