5618 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Rules and Regulations 

in an effort to ensure adequate liquidity 

in a financial crisis. However, up to a 

point that cost is offset by the potential 

benefit of the Enterprises being prepared 

to maintain funding for their long-term 

assets and to respond in an appropriate 

and meaningful way to a market 

disruption. 

Question 20: What risks and costs are 

associated with requiring the 

Enterprises to maintain a portfolio of 

liquid, non-mortgage assets? 

Question 21: Is it appropriate to 

require the Enterprises to hold a large 

portfolio of highly liquid assets even 

during periods of market tranquility? If 

so, why? Should the Enterprises be 

compensated for holding ‘‘excess’’ 

levels of non-mortgage assets during 

periods of market tranquility? If so, 

what are appropriate incentives? 

ii. Standards Governing Enterprise 

Non-Mortgage Assets. 

The rationale for establishing 

standards governing the size and 

composition of the Enterprises’ nonmortgage assets is to ensure that they 

maintain sufficient liquidity to meet 

their obligations and engage in new 

business during market distress and to 

ensure that the Enterprises do not hold 

amounts of those assets beyond those 

needed to achieve their mission. That 

can be best achieved by requiring that 

the Enterprises maintain portfolios of 

marketable, highly liquid non-mortgage 

assets at prescribed levels. Those assets 

would be easily converted into cash, 

without loss of value and disruption to 

financial markets. Indeed, during a 

market crisis such as that experienced 

in the recent past, a portfolio of highly 

liquid non-mortgage assets would better 

enable the Enterprises to perform their 

mission of providing liquidity and 

stability to the secondary mortgage 

market. 

a. Size of the Non-Mortgage Portfolios. 

FHFA could establish criteria 

governing the size of the Enterprises’ 

holding of non-mortgage assets. For 

example, the criteria could require that 

each Enterprise maintain a minimum 

balance of marketable, highly liquid 

non-mortgage assets equal to 30 days of 

expected net cash needs and totaling at 

least $30 billion at all times. 

Question 22: Should the Enterprises 

be required to maintain a specific 

minimum dollar amount of highly 

liquid non-mortgage assets at all times? 

If so, what is an appropriate dollar 

amount? Alternatively, should the level 

of non-mortgage assets be set at a 

percentage of an Enterprise’s total assets 

or a specified number of days of 

liquidity? If so, what is an appropriate 

percentage factor or number of days? 

Question 23: Should the Enterprises’ 

non-mortgage portfolios grow with the 

phases of the mortgage credit cycle or 

counter to that cycle? Should the 

Enterprises be given incentives for 

holding large volumes of liquid nonmortgage assets during periods of ample 

market liquidity? If so, how should such 

incentives be provided? For instance, 

after criteria governing holdings of nonmortgage assets are established, FHFA 

could reduce each Enterprise’s 

minimum capital requirement by, for 

example, 75 percent of the amount of 

non-mortgage assets held to comply 

with those criteria. 

b. Composition of the Non-Mortgage 

Portfolios. 

In establishing criteria governing the 

composition of the Enterprises’ nonmortgage portfolios, FHFA could require 

that U.S. Treasury securities with 

maturities of 30 days or less represent 

a specified percentage of each 

Enterprise’s total non-mortgage assets 

(for example, 50 percent). The balance 

of each Enterprise’s portfolio could 

include other marketable, liquid, highlyrated securities, with maturities of one 

year or less, such as the following— 

• Commercial paper (rated A1/P1); 

• Short-term Eurodollar time 

deposits; 

• Short-term money market accounts; 

and 

• Short-term municipal securities. 

Question 24: Should the criteria 

enumerate the specific types of 

investments the Enterprises should hold 

in the non-mortgage portfolios. If so, 

what type assets should be included? 

Should U.S. Treasury securities 

represent a specific share of the nonmortgage portfolios? If so, what is an 

appropriate percentage or dollar 

amount? 

Question 25: What is an appropriate 

maturity range for securities comprising 

the non-mortgage portfolios? How 

should holdings be distributed 

according to that range? 

4. Questions Requesting Public 

Comment Regarding Temporary 

Adjustment of Criteria Governing 

Portfolio Holdings 

The Act authorizes the Director to 

order temporary adjustments to the 

established criteria governing the 

portfolio holdings of an Enterprise or 

both Enterprises, including during times 

of economic distress or market 

dislocation. 12 U.S.C. 4624(b). 

Question 26: Should FHFA attempt 

to specify in advance how it might 

adjust criteria governing Enterprise 

mortgage or non-mortgage portfolio 

holdings in specific circumstances? 

List of Subjects 

12 CFR Part 1252 

Government-sponsored enterprises, 

Portfolio holdings, Mortgages. 

Authority and Issuance 

■ Accordingly, for the reasons stated in 

the preamble, under the authority of 12 

U.S.C. 4624, the Federal Housing 

Finance Agency hereby amends Title 

12, Chapter XII, Code of Federal 

Regulations as follows: 

CHAPTER XII—FEDERAL HOUSING 

FINANCE AGENCY 

Subchapter C—Enterprises 

■ 1. Add Subchapter C consisting of 

part 1252 to read as follows: 

PART 1252—PORTFOLIO HOLDINGS 

Sec. 

1252.1 Enterprise portfolio holdings 

criteria. 

1252.2 Effective duration. 

Authority: 12 U.S.C. 4624. 

§ 1252.1 Enterprise portfolio holding 

criteria. 

The Enterprises are required to 

comply with the portfolio holdings 

criteria set forth in their respective 

Senior Preferred Stock Purchase 

Agreements with the Department of the 

Treasury, as they may be amended from 

time to time. 

§ 1252.2 Effective duration. 

This part shall be in effect for each 

Enterprise so long as— 

(a) This part has not been superseded 

through amendment, and 

(b) The Enterprise remains subject to 

the terms and obligations of the 

respective Senior Preferred Stock 

Purchase Agreement. 

Dated: January 16, 2009. 

James B. Lockhart III, 

Director, Federal Housing Finance Agency. 

[FR Doc. E9–2047 Filed 1–29–09; 8:45 am] 

BILLING CODE 8070–01–P 

NATIONAL LABOR RELATIONS 

BOARD 

29 CFR Part 102 

Revisions of Regulations Concerning 

Procedures for Electronic Filing 

AGENCY: National Labor Relations 

Board. 

ACTION: Final rule. 

SUMMARY: The Board is amending 

regulations concerning the procedures 

for filing documents with the Agency 


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Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Rules and Regulations 5619 

electronically. The revisions provide 

that when the document being filed 

electronically is required to be served 

on another party to the proceeding, the 

other party shall be served by electronic 

mail (e-mail), if possible. If electronic 

service is not possible, the other party 

shall be notified by telephone of the 

substance of the transmitted document 

and a copy of the document shall be 

served personally, or by registered mail, 

certified mail, regular mail, or private 

delivery service, or, with the consent of 

the other party, by facsimile 

transmission. 

DATES: January 30, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Lester A. Heltzer, Executive Secretary, 

202–273–1067. 

SUPPLEMENTARY INFORMATION: 

Current regulation: Section 102.114 

provides that the Agency’s Web site 

(http://www.nlrb.gov) contains certain 

forms that parties or other persons are 

permitted to file with the Agency 

electronically. Parties or other persons 

choosing to utilize those forms to file 

documents electronically are permitted 

to do so by following the instructions 

described on the Web site, 

notwithstanding any contrary 

provisions elsewhere in these rules. In 

the event the document being filed 

electronically is required to be served 

on another party to a proceeding, the 

other party shall be notified by 

telephone of the substance of the 

transmitted document and a copy of the 

document shall be served by personal 

service no later than the next day, by 

overnight delivery service, or, with the 

permission of the party receiving the 

document, by facsimile transmission. 

Proposed revision: The Board first 

began e-Filing as a pilot project in 2003. 

Since that time the scope of e-Filing has 

been expanded significantly, and more 

than 12,000 documents have been filed 

electronically with the Board and its 

Regional Offices. During that same time 

period it has become clear that the use 

of e-mail has become a well established 

method of transacting business by both 

the Government and the public it serves. 

Accordingly, in August 2008 the Board 

initiated another pilot project to test the 

ability of the Agency to issue decisions 

electronically and serve the parties via 

e-mail. 

In addition, when the e-Filing project 

first began, the Board adapted the 

expedited service requirements 

applicable to filings by personal service 

and required documents filed 

electronically to be served on other 

parties by overnight delivery service. As 

e-Filing has become an accepted method 

of filing documents with the Agency, it 

has become increasingly clear that these 

expedited service requirements impose 

a substantial cost on all parties and are 

a significant impediment to greater use 

of e-Filing. Also, these expedited service 

requirements are inconsistent with the 

practices adopted by the Federal Court 

system for its e-Filing procedures. 

Based upon the success of the e-Filing 

and the e-Issuance/e-Service projects, 

and in an effort to align Board 

procedures more closely with those of 

the Federal Court system, the Board has 

now decided to allow parties to serve 

documents upon each other 

electronically, using e-mail, and to 

eliminate the expedited service 

requirements that have proven to be an 

unnecessary burden. Given the widely 

accepted use of e-mail as a tool of 

business communication, allowing 

electronic service via e-mail will 

address the concerns that led the Board 

to adopt the original expedited service 

requirements. In those limited 

circumstances where electronic service 

is not possible, the Board is of the view 

that notification by telephone, followed 

by service by traditional means, will 

provide adequate notice of the filing and 

protect the rights of the parties. 

Administrative Procedure Act 

Because the change involves rules of 

agency organization, procedure or 

practice, the Agency is not required to 

publish it for comment under Section 

553 of the Administrative Procedure Act 

(5 U.S.C. 553). 

Regulatory Flexibility Act 

Because no notice of proposed rulemaking is required for procedural rules, 

the requirements of the Regulatory 

Flexibility Act (5 U.S.C. 601 et seq.) 

pertaining to regulatory flexibility 

analysis do not apply to these rules. 

However, even if the Regulatory 

Flexibility Act were to apply, the NLRB 

certifies that these changes will not have 

a significant economic impact on small 

business entities since the changes do 

not impose any additional economic 

cost. 

Small Business Regulatory Enforcement 

Fairness Act 

Because the rule relates to Agency 

procedure and practice and merely 

modifies the agency’s existing filing 

procedures, the Board has determined 

that the Congressional review 

provisions of the Small Business 

Regulatory Enforcement Fairness Act (5 

U.S.C. 801) do not apply. 

Paperwork Reduction Act 

This part does not impose any 

reporting or recordkeeping requirements 

under the Paperwork Reduction Act of 

1995. 

Lists of Subjects in 29 CFR Part 102 

Administrative practice and 

procedure, Labor management relations. 

■ For the reasons set forth above, the 

NLRB is amending 29 CFR Chapter I, 

Part 102, as follows: 

PART 102—RULES AND 

REGULATIONS SERIES 8 

■ 1. The authority citation for part 102 

continues to read as follows: 

Authority: Section 6, National Labor 

Relations Act, as amended (29 U.S.C. 151, 

156). Section 102.117(c) also issued under 

Section 552(a)(4)(A) of the Freedom of 

Information Act, as amended (5 U.S.C. 

552(a)(4)(A)). Sections 102.143 through 

102.155 also issued under Section 504(c)(1) 

of the Equal Access to Justice Act, as 

amended (5 U.S.C. 504(c)(1)). 

■ 2. In § 102.114 revise paragraphs (a) 

and (i) to read as follows: 

(a) Service of documents by a party on 

other parties may be made personally, 

or by registered mail, certified mail, 

regular mail, electronic mail (if the 

document was filed electronically) or 

private delivery service. Service of 

documents by a party on other parties 

by any other means, including facsimile 

transmission, is permitted only with the 

consent of the party being served. 

Unless otherwise specified elsewhere in 

these rules, service on all parties shall 

be made in the same manner as that 

utilized in filing the document with the 

Board, or in a more expeditious manner; 

however, when filing with the Board is 

done by hand, the other parties shall be 

promptly notified of such action by 

telephone, followed by service of a copy 

in a manner designed to insure receipt 

by them by the close of the next 

business day. The provisions of this 

section apply to the General Counsel 

after a complaint has issued, just as they 

do to any other party, except to the 

extent that the provisions of 

§§ 102.113(a) or 102.113(c) provide 

otherwise. 

* * * * * 

(i) The Agency’s Web site (http:// 

www.nlrb.gov) contains certain forms 

that parties or other persons are 

permitted to file with the Agency 

electronically. Parties or other persons 

choosing to utilize those forms to file 

documents electronically are permitted 

to do so by following the instructions 

described on the Web site, 

notwithstanding any contrary 

provisions elsewhere in these rules. In 

the event the document being filed 

electronically is required to be served 

on another party to a proceeding, the 


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5620 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Rules and Regulations 

other party shall be served by electronic 

mail (e-mail), if possible. If the other 

party does not have the ability to receive 

electronic service, the other party shall 

be notified by telephone of the 

substance of the transmitted document 

and a copy of the document shall be 

served by personal service no later than 

the next day, by overnight delivery 

service, or, with the permission of the 

party receiving the document, by 

facsimile transmission. 

Dated: Washington, DC, January 23, 2009. 

By Direction of the Board. 

Lester A. Heltzer, 

Executive Secretary. 

[FR Doc. E9–1832 Filed 1–29–09; 8:45 am] 

BILLING CODE 7545–01–P 

LEGAL SERVICES CORPORATION 

45 CFR Part 1611 

Income Level for Individuals Eligible 

for Assistance 

AGENCY: Legal Services Corporation. 

ACTION: Final rule. 

SUMMARY: The Legal Services 

Corporation (‘‘Corporation’’) is required 

by law to establish maximum income 

levels for individuals eligible for legal 

assistance. This document updates the 

specified income levels to reflect the 

annual amendments to the Federal 

Poverty Guidelines as issued by the 

Department of Health and Human 

Services. 

DATES: Effective Date: This rule is 

effective as of January 30, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Mattie Cohan, Senior Assistant General 

Counsel, Legal Services Corporation, 

3333 K St., NW., Washington, DC 20007; 

(202) 295–1624; mcohan@lsc.gov. 

SUPPLEMENTARY INFORMATION: Section 

1007(a)(2) of the Legal Services 

Corporation Act (‘‘Act’’), 42 U.S.C. 

2996f(a)(2), requires the Corporation to 

establish maximum income levels for 

individuals eligible for legal assistance, 

and the Act provides that other 

specified factors shall be taken into 

account along with income. 

Section 1611.3(c) of the Corporation’s 

regulations establishes a maximum 

income level equivalent to one hundred 

and twenty-five percent (125%) of the 

Federal Poverty Guidelines. Since 1982, 

the Department of Health and Human 

Services has been responsible for 

updating and issuing the Federal 

Poverty Guidelines. The revised figures 

for 2009 set out below are equivalent to 

125% of the current Federal Poverty 

Guidelines as published on January 23, 

2009 (74 FR 4199). 

In addition, LSC is publishing charts 

listing income levels that are 200% of 

the Federal Poverty Guidelines. These 

charts are for reference purposes only as 

an aid to grant recipients in assessing 

the financial eligibility of an applicant 

whose income is greater than 200% of 

the applicable Federal Poverty 

Guidelines amount, but less than 200% 

of the applicable Federal Poverty 

Guidelines amount (and who may be 

found to be financially eligible under 

duly adopted exceptions to the annual 

income ceiling in accordance with 

sections 1611.3, 1611.4 and 1611.5). 

List of Subjects in 45 CFR Part 1611 

Grant programs—Law, Legal services. 

■ For reasons set forth above, 45 CFR 

part 1611 is amended as follows: 

PART 1611—ELIGIBILITY 

■ 1. The authority citation for part 1611 

continues to read as follows: 

Authority: Secs. 1006(b)(1), 1007(a)(1) 

Legal Services Corporation Act of 1974, 42 

U.S.C. 2996e(b)(1), 2996f(a)(1), 2996f(a)(2). 

■ 2. Appendix A to part 1611 is revised 

to read as follows: 

Appendix A to Part 1611—Legal 

Services Corporation 2009 Poverty 

Guidelines * 

Size of household 

48 contiguous 

states and the 

District of 

Columbia 

Alaska Hawaii 

1 ....................................................................................................................................... $13,538 $16,913 $15,575 

2 ....................................................................................................................................... 18,213 22,763 20,950 

3 ....................................................................................................................................... 22,888 28,613 26,325 

4 ....................................................................................................................................... 27,563 34,463 31,700 

5 ....................................................................................................................................... 32,238 40,313 37,075 

6 ....................................................................................................................................... 36,913 46,163 42,450 

7 ....................................................................................................................................... 41,588 52,013 47,825 

8 ....................................................................................................................................... 46,263 57,863 53,200 

For each additional member of the household in excess of 8, add ............................... 4,675 5,850 5,375 

* The figures in this table represent 125% of the poverty guidelines by household size as determined by the Department of Health and Human 

Services. 

REFERENCE CHART—200% OF DHHS FEDERAL POVERTY GUIDELINES

Size of household 

48 contiguous 

states and the 

District of 

Columbia 

Alaska Hawaii 

1 ....................................................................................................................................... $21,660 $27,060 $24,920 

2 ....................................................................................................................................... 29,140 36,420 33,520 

3 ....................................................................................................................................... 36,620 45,780 42,120 

4 ....................................................................................................................................... 44,100 55,140 50,720 

5 ....................................................................................................................................... 51,580 64,500 59,320 

6 ....................................................................................................................................... 59,060 73,860 67,920 

7 ....................................................................................................................................... 66,540 83,220 76,520 

8 ....................................................................................................................................... 74,020 92,580 85,120 

For each additional member of the household in excess of 8, add ............................... 7,480 9,360 8,600 


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