The pubic will have more time to comment on a proposal from the Federal Housing Finance Agency that would boost the number of independent directors at the Federal Home Loan Bank System's Office of Finance.

Comments on the proposal were initially due Monday but the deadline was extended 30 days. The extension was published Friday in the Federal Register.

The finance agency's proposal would give the Office of Finance, which issues debt for the Home Loan banks, as many as five independent directors, up from one currently. The plan has caused a stir because it calls for the Office of Finance's audit committee to be composed only of the independent directors, who would be empowered to develop policies to encourage combined accounting of the Home Loan banks' finances.

That has created concern that individual Home Loan bank boards might be taken out of the process for developing accounting rules.

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