Home > 1994 Unified Agenda > ua14no94 FEDERAL MARITIME COMMISSION (FMC)...

ua14no94 FEDERAL MARITIME COMMISSION (FMC)...


Google
 
Web GovRecords.org

<DOC>
 
FEDERAL HOUSING FINANCE BOARD (FHFB)
Statement of Regulatory Priorities
The Finance Board's three major regulatory priorities for fiscal 1995 
are: to ensure that the FHLBanks operate in a financially safe and 
sound manner; to ensure that they carry out their housing finance 
mission; and to address what governance authorities currently exercised 
by the Finance Board may be more appropriately exercised by the 
FHLBanks, thereby reducing their regulatory burden. Within these 
``super'' priorities, the Finance Board has a number of 1994-95 
priority projects, two of which are expected to result in significant 
regulatory actions (as defined in E.O. 12866) in fiscal 1995. However, 
it is important to note that the Finance Board will be without 
authority to take action on regulations or new policy initiatives until 
a quorum is restored to the Finance Board.
FHLBank Safety And Soundness Priority
The Finance Board's highest priority is to continue to ensure the 
safety and soundness of the FHLBank System. This priority entails the 
ongoing examination and supervision of the 12 FHLBanks and the FHLBank 
System's funding agent, the Office of Finance, and all matters relating 
to safety and soundness. While none of the projects within this 
priority is expected to result in a significant regulatory action in 
fiscal year 1995, the following interrelated matters are the most 
important components of this top priority for the agency:
1. The execution of the Finance Board-adopted strategic plan for on-
site examination of the 12 FHLBanks and the Office of Finance;
2. The development and adoption by the Finance Board of the agency's 
examination handbook, which will articulate the policies and procedures 
to be followed by examiners in conducting examinations; and
3. In connection with a comprehensive project to review the capital 
standards and structure of the FHLBank System, further modifications 
to, and modernization of, the Financial Management Policy governing 
investments and other nonadvance financial activities of the FHLBank 
System--which modifications may include the development of a regulation 
in place of the existing policy.
FHLBank Housing Finance Mission Priority
The second major Finance Board regulatory priority is to continue to 
ensure that the FHLBanks carry out their housing finance mission. There 
are two significant regulatory actions through which the Finance Board 
intends to further this priority in fiscal year 1995: (1) the amendment 
of the Finance Board's existing Affordable Housing Program (AHP) 
regulation; and (2) the possible adoption of a new regulation or 
guidelines governing the FHLBanks' Community Investment Program (CIP). 
These two initiatives are described below.
The Finance Board also intends to implement this priority by amending 
its existing Community Support Requirements (Community Support) 
regulation to establish specific community support standards applicable 
to credit union and insurance company members. The Bank Act requires 
the Finance Board to adopt a regulation establishing standards of 
``community investment or service'' that member institutions must meet 
in order to maintain continued access to long-term advances.
Under the existing Community Support regulation, the primary standard 
for evaluating the adequacy of a member's community support activities 
is the evaluation of the member's compliance with the Community 
Reinvestment Act of 1977 (CRA), as evidenced by the CRA rating assigned 
to the member by its Federal banking regulator. However, since the CRA 
does not apply to credit unions and insurance companies, these 
institutions do not receive CRA ratings. The amendment to the Community 
Support regulation is intended to address this issue. The Finance Board 
does not expect the amendment of the Community Support regulation to 
constitute a significant regulatory action.
FHLBank Corporate Governance Priority
The Finance Board's third major priority for fiscal 1995 is to reduce 
the regulatory burden on the FHLBanks by carrying out, to the extent 
permitted by current law, the recommendation regarding FHLBank System 
governance contained in a number of the congressional reports mandated 
by the Housing and Community Development Act of 1992, as well as in the 
strategic plan called ``System 2000'' developed jointly by the Finance 
Board and the System in 1993. The recommendation is that the Finance 
Board's safety and soundness, regulatory, and supervisory functions be 
separated from the Finance Board's corporate governance and business 
oversight functions.
The Finance Board's corporate governance priority promotes the 
President's National Performance Review priorities in two ways. First, 
it will ``cut red tape'' by reducing the number and extent of 
regulations that control the FHLBanks' business decisions. Second, it 
will ``put customers first'' by allowing the FHLBanks more flexibility 
in carrying out the purpose for which they were created: to channel 
money from Wall Street to individual housing lenders all across 
America.
The Finance Board is currently seeking recommendations from the 12 
FHLBanks as well as its own senior staff regarding which activities 
currently carried out by the Finance Board might better be done by the 
FHLBanks or by a to-be-created central governance authority. The 
Finance Board will study the recommendations and implement those 
changes it believes are appropriate and that can be carried out without 
statutory or regulatory change.
Clearly, the Finance Board would have to modify or eliminate some of 
its existing regulations in order to effect many of the changes. It is 
unlikely that any one of the regulatory changes that ultimately emanate 
from this priority will amount to a significant regulatory action. 
However, if all of the regulatory changes emanating from this priority 
were taken together, it is possible that they could amount to a 
significant regulatory action since the annual reduction of burden on 
the FHLBanks and the economy could amount to $100 million or more.
_______________________________________________________________________
FHFB
            ___________________________________________________________
PRERULE STAGE
            ___________________________________________________________
204. COMMUNITY INVESTMENT PROGRAM
Legal Authority:


 12 USC 1422a; 12 USC 1422b; 12 USC 1430(i)


CFR Citation:


 12 CFR 961


Legal Deadline:


None


Abstract:


Pursuant to section 721 of the Financial Institutions Reform, Recovery 
and Enforcement Act of 1989, Public Law 101-73, 103 Stat. 423, the 
Federal Home Loan Banks (FHLBanks) must establish a Community 
Investment Program (CIP) which will provide funds through FHLBank 
advances (loans) to a FHLBank's member institutions at interest rates 
equal to interest rates on FHLBank consolidated bonds or notes having 
comparable maturity dates with the advances. These advances will be 
used by the member institutions to provide funding for community-
oriented development projects or housing. These regulations will 
continue the commitment of the FHLBanks to community development 
lending.


Statement of Need:


The CIP has operated for 4 years without any clarifying regulations. 
During this time, operational issues have arisen. A regulation or 
guidelines may be necessary to address these issues in order to 
establish a more specific framework for the operation of the CIP.


Summary of the Legal Basis:


Section 2B(a)(1) of the Federal Home Loan Bank Act (Bank Act) 
authorizes the Federal Housing Finance Board (Finance Board) to 
promulgate regulations necessary to carry out the provisions of the 
Bank Act. See 12 U.S.C. 1422b(a)(1). Section 10(i) of the Bank Act 
requires the FHLBanks to establish a CIP, pursuant to the general 
statutory criteria set forth in section 10(i). The Finance Board 
therefore has the authority, under its general authority to issue 
regulations implementing the Bank Act, to issue clarifying regulatory 
standards governing the CIP.


Alternatives:


Because consideration of additional CIP guidance is in a very 
preliminary stage, including the issue of whether such guidance will be 
established by regulation or guidelines, the Finance Board has not yet 
analyzed the alternative approaches to the issues expected to be 
addressed in this initiative.


Anticipated Costs and Benefits:


Because the Finance Board has not yet analyzed the alternative 
approaches to the issues expected to be addressed in the CIP regulation 
or guidelines, the Finance Board is not yet able to identify the 
expected costs and benefits of any such CIP regulation or guidelines.


Risks:


The CIP regulation or guidelines will not address issues of financial 
risk to the FHLBanks. The advances made by the FHLBanks through the 
CIP, like all FHLBank advances, are governed by the Finance Board's 
Advances regulation, which addresses the safety and soundness issues 
involved in making advances. Since advances made through the CIP are 
overcollateralized, there is a low magnitude of risk of loss to the 
FHLBanks in making such advances.


Timetable:


Next Action Undetermined


Small Entities Affected:


None


Government Levels Affected:


None


Agency Contact:
Sylvia Martinez
Director
Housing Finance Directorate
Federal Housing Finance Board
1777 F Street NW.
Washington, DC 20006
202 408-2825
RIN: 3069-AA05
_______________________________________________________________________
FHFB
            ___________________________________________________________
FINAL RULE STAGE
            ___________________________________________________________
205. AFFORDABLE HOUSING PROGRAM
Legal Authority:


 12 USC 1422b(a)(1); 12 USC 1430(j)


CFR Citation:


 12 CFR 960


Legal Deadline:


None


Abstract:


The Federal Housing Finance Board (Finance Board) issued a proposed 
rule revising its regulation governing the Affordable Housing Program 
(AHP) in order to simplify and clarify the AHP's requirements for the 
Federal Home Loan Banks (FHLBanks) and their members.


Statement of Need:


The Finance Board is revising its AHP Regulation in order to address 
operational issues that have arisen during the 4 years the program has 
been in existence. The proposed AHP amendments will help enhance the 
AHP's compatibility with various State and Federal housing programs 
that provide funds in conjunction with AHP funds. In addition, the 
amendments would make the AHP more responsive to local low-income 
housing needs in each of the 12 FHLBank districts and increase 
efficiency in administration of the program.


Summary of the Legal Basis:


Section 10(j) of the Federal Home Loan Bank Act requires the Finance 
Board to promulgate regulations governing the AHP. See 12 U.S.C. 
1430(j).


Alternatives:


During the development of the proposed AHP amendments, the Finance 
Board considered various alternative approaches to dealing with the 
operational issues that have arisen over the 4 years of the AHP's 
existence. In addition, the Finance Board will consider all 
alternatives suggested by the public during the notice-and-comment 
process. The Finance Board expects to address these alternatives in its 
final AHP regulation.


Anticipated Costs and Benefits:


At this time, it is not possible to quantify the expected costs and 
benefits of the revised AHP regulation. In general, the Finance Board 
expects the revised AHP regulation to reduce the FHLBanks' 
administrative costs of operating the AHP.


Risks:


The revised AHP regulation does not address issues of financial risk to 
the FHLBanks. The advances made by the FHLBanks through the AHP, like 
all FHLBank advances, are governed by the Finance Board's Advances 
regulation, which addresses the safety and soundness issues involved in 
making advances. Since advances made through the AHP are 

Pages: 1 2 Next >>

Other Popular 1994 Unified Agenda Documents:

1 ua14no94 NATIONAL CREDIT UNION ADMINISTRATION...
2 ua25ap94 3676. AMERICANS WITH DISABILITIES ACT (ADA) ACCESSIBILITY GUIDELINES FOR...
3 ua14no94 FARM CREDIT ADMINISTRATION...
4 ua25ap94 4469. RAILROAD EMPLOYERS' REPORTS AND RESPONSIBILITIES...
5 ua14no94 DEPARTMENT OF VETERANS AFFAIRS (VA)...
6 ua25ap94 4538. WORLDWIDE FREE FLOW OF AUDIO-VISUAL MATERIAL...
7 ua14no94 RAILROAD RETIREMENT BOARD (RRB)...
8 ua14no94 DEPARTMENT OF EDUCATION (ED)...
9 ua14no94 NATIONAL FOUNDATION ON THE ARTS AND THE HUMANITIES...
10 ua14no94 FEDERAL HOUSING FINANCE BOARD (FHFB)...
11 ua14no94 NATIONAL ARCHIVES AND RECORDS ADMINISTRATION (NARA)...
12 ua25ap94 4285. IMPLEMENTATION OF TITLE IX OF THE EDUCATION ACT AMENDMENTS OF 1972...
13 ua14no94 INTERSTATE COMMERCE COMMISSION...
14 ua14no94 OFFICE OF PERSONNEL MANAGEMENT...
15 ua25ap94 3614. CONTINUOUS COHABITATION...
16 ua14no94 RESOLUTION TRUST CORPORATION...
17 ua14no94 DEPARTMENT OF DEFENSE/GENERAL SERVICES ADMINISTRATION...
18 ua14no94 PENSION BENEFIT GUARANTY CORPORATION...
19 ua14no94 DEPARTMENT OF LABOR (DOL)...
20 ua25ap94 4873. CLASS EXEMPTION FOR RAIL CONSTRUCTION, EX PARTE NO. 392 (SUB-NO. 3)...
21 ua14no94 DEPARTMENT OF ENERGY (DOE)...
22 ua25ap94 4261. IMPLEMENTATION OF JOHN F. KENNEDY ASSASSINATION RECORDS COLLECTION...
23 ua14no94 SMALL BUSINESS ADMINISTRATION...
24 ua25ap94 Environmental Protection Agency...
25 ua25ap94 4862. REGULATORY REVIEW...
26 ua14no94 FEDERAL COMMUNICATIONS COMMISSION...
27 ua14no94 FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA)...
28 ua25ap94 4906. EXCERPTS FROM THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL...
29 ua14no94 DEPARTMENT OF TRANSPORTATION (DOT)...
30 ua25ap94 4810. SERVICE CONTRACTS (DOCKET NO. 92-31)...


Other Documents:

1994 Unified Agenda Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy