The information collection is
necessary to enable the Federal Home Loan Banks (Banks) and, where
appropriate, the Federal Housing Finance Agency (FHFA) to determine
if a respondent satisfies the statutory and regulatory requirements
to be certified initially and maintain its status as a member
eligible to obtain Bank advances. Respondents include financial
institutions that are or are eligible to become Bank
members.
US Code:
12
USC 1424 Name of Law: Federal Home Loan Bank Act, as
amended
FHFA has increased the
estimated total annual burden hours to 2,351 from the 2,262 that
were shown in the Supporting Statement submitted in connection with
the 2013 renewal of this information collection. Despite the
estimated number of membership applications per year dropping
slightly from 157 to 151, the overall burden estimate for the
Membership Applications IC increased from 1,837 hours to 2,265
hours due to a higher estimated processing time per application.
FHFA adopted a higher per-application estimate because a greater
number of institutions applying for Bank membership are insurance
companies, the applications for which take a longer time to prepare
than those for depository institutions due to slightly different
eligibility and application requirements. In addition, the burden
estimate for the Requests for Transfer of Membership to Another
Bank District IC increased from 1.5 hours to 70 hours due to a
greater estimated number of membership transfers (which, in part,
are due to a higher number of existing Bank members merging with
members of other Banks or with non-members). Counterbalancing these
increases was a decrease from 413 hours to 6 hours in the overall
burden estimate for the Notices of Intent to Withdraw from
Membership IC. This was due to a dramatic decrease in the estimated
number of members requesting to withdraw from Bank membership—from
276 to 4. FHFA made this adjustment after a more in-depth review of
the data indicated that, of those Bank members whose membership has
been terminated in recent years, the vast majority were merged out
of existence—a process that does not involve the preparation of a
notice of intent to withdraw. The estimated burden on FHFA under
Item #14 decreased from 481 hours to 142 hours. This decrease is
due primarily to the fact that the updating of FHFA’s electronic
membership database system has enabled staff to track membership
application approvals and other Bank membership activity much more
efficiently.
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.
81 FR 95593 12-28-16 2016-31383.pdf
Membership Applications