The previous terms of clearance have been satisfied.
Inventory as of this Action
Requested
Previously Approved
07/31/2011
6 Months From Approved
02/28/2011
295
0
4,715
278
0
4,581
0
0
607,423
The information collection concerns administration of the Federal Home Loan Bank (Bank) director election process. It is necessary to enable the Federal Housing Finance Agency 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 process.
This request meets the criteria of 5 CFR § 1320.13 in that the collection of information is needed prior to the expiration of time periods established under 5 CFR part 1320, it is essential to the mission of FHFA, and FHFA cannot reasonably comply with the normal clearance procedures because the use of normal clearance procedures, which take at least 90 days, will prevent the collection of information
which is expected to begin in early January 2011.
US Code:
12 USC 1427
Name of Law: Federal Home Loan Bank Act
The hourly and estimated annual cost burdens shown in this submission are significantly lower than those which were reflected in the Supporting Statement prepared in connection with the request for approval of this information collection that was submitted in 2007, and approved in 2008. At that time, the former Finance Board incorrectly included time spent by the Banks in connection with this information collection and the director elections to which the collection relates. FHFA has not included this time in the burden estimates set forth above because the Banks are instrumentalities of the United States and, thus, are not subject to the information collection requirements of the Paperwork Reduction Act. See 44 U.S.C. § 3502(3)(A)(i).
FHFA has also removed from the burden calculations time attributable to the administration of the Bank director elections for all entities (FHFA, the Banks, Bank member institutions and prospective/incumbent directors) because, while this information collection is related to the elections, the administration of the elections is not part of the information collection and would need to occur regardless of the existence of this information collection.
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.
Federal Home Loan Bank Director Elections and Elective Directors: Banks