Orders: Information Reporting With Respect to Stress Testing of Regulated Entities, 59165-59218 [2013-22914]
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Federal Register / Vol. 78, No. 187 / Thursday, September 26, 2013 / Rules and Regulations
is likely to cause the respondent to be
insolvent or otherwise prejudice the
interests of consumers before the
completion of the adjudication
proceeding. A temporary cease-anddesist order may require the respondent
to cease and desist from any violation or
practice specified in the notice of
charges and to take affirmative action to
prevent or remedy such insolvency or
other condition pending completion of
the proceedings initiated by the
issuance of a notice of charges.
(b) Incomplete or inaccurate records.
When a notice of charges specifies, on
the basis of particular facts and
circumstances, that the books and
records of a respondent are so
incomplete or inaccurate that the
Bureau is unable to determine the
financial condition of the respondent or
the details or purpose of any transaction
or transactions that may have a material
effect on the financial condition of the
respondent, then the Director or his or
her designee may issue a temporary
order requiring:
(1) The cessation of any activity or
practice which gave rise, whether in
whole or in part, to the incomplete or
inaccurate state of the books or records;
or
(2) Affirmative action to restore such
books or records to a complete and
accurate state, until the completion of
the adjudication proceeding.
(c) Content, scope and form of order.
Every temporary cease-and-desist order
accompanying a notice of charges shall
describe:
(1) The basis for its issuance,
including the alleged violations and the
harm that is likely to result without the
issuance of an order; and
(2) The act or acts the respondent is
to take or refrain from taking.
(d) Effective and enforceable upon
service. A temporary cease-and-desist
order is effective and enforceable upon
service.
(e) Service. Service of a temporary
cease-and-desist order shall be made
pursuant to § 1081.113(d).
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§ 1081.502
Judicial review, duration.
(a) Availability of judicial review.
Judicial review of a temporary ceaseand-desist order shall be available solely
as provided in section 1053(c)(2) of the
Dodd-Frank Act (12 U.S.C. 5563(c)(2)).
Any respondent seeking judicial review
of a temporary cease-and-desist order
issued under this subpart must, not later
than ten calendar days after service of
the temporary cease-and-desist order,
apply to the United States district court
for the judicial district in which the
residence or principal office or place of
business of the respondent is located, or
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the United States District Court for the
District of Columbia, for an injunction
setting aside, limiting, or suspending
the enforcement, operation, or
effectiveness of such order.
(b) Duration. Unless set aside, limited,
or suspended by the Director or his or
her designee, or by a court in
proceedings authorized under section
1053(c)(2) of the Dodd-Frank Act (12
U.S.C. 5563(c)(2)), a temporary ceaseand-desist order shall remain effective
and enforceable until:
(1) The effective date of a final order
issued upon the conclusion of the
adjudication proceeding;
(2) With respect to a temporary ceaseand-desist order issued pursuant to
§ 1081.501(b) only, the Bureau
determines by examination or otherwise
that the books and records are accurate
and reflect the financial condition of the
respondent, and the Director or his or
her designee issues an order
terminating, limiting, or suspending the
temporary cease-and-desist order.
Dated: September 10, 2013.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2013–23229 Filed 9–25–13; 8:45 am]
BILLING CODE 4810–AM–P
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1238
[No. 2013–N–11]
Orders: Information Reporting With
Respect to Stress Testing of Regulated
Entities
Federal Housing Finance
Agency.
ACTION: Orders.
AGENCY:
Three Orders with identical
text are being issued by the Federal
Housing Finance Agency (FHFA) to
supplement the final rule implementing
section 165(i)(2) of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank Act). The rule and
Order require the Federal National
Mortgage Association (Fannie Mae), the
Federal Home Loan Mortgage
Corporation (Freddie Mac), and each of
the twelve Federal Home Loan Banks
(Banks) (any of the Banks singularly,
Bank; Fannie Mae and Freddie Mac
collectively, the Enterprises; the
Enterprises and the Banks collectively,
regulated entities; any of the regulated
entities singularly, regulated entity) that
has total consolidated assets of more
than $10 billion to conduct annual
SUMMARY:
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stress tests to determine whether the
companies have the capital necessary to
absorb losses as a result of adverse
economic conditions. One Order applies
to the Federal Home Loan Banks; one
Order applies to Fannie Mae; and one
Order applies to Freddie Mac.
DATES: Each Order with accompanying
Summary Instructions and Guidance is
effective on October 28, 2013.
FOR FURTHER INFORMATION CONTACT: Naa
Awaa Tagoe, Senior Associate Director,
Office of Financial Analysis, Modeling
and Simulations, (202) 649–3140,
naaawaa.tagoe@fhfa.gov; Fred Graham,
Deputy Director, Division of Federal
Home Loan Bank Regulation, (202) 649–
3500, fred.graham@fhfa.gov; or Mark D.
Laponsky, Deputy General Counsel,
Office of General Counsel, (202) 649–
3054 (these are not toll-free numbers),
mark.laponsky@fhfa.gov. The telephone
number for the Telecommunications
Device for the Hearing Impaired is (800)
877–8339.
SUPPLEMENTARY INFORMATION:
I. Background
FHFA is responsible for ensuring that
the regulated entities operate in a safe
and sound manner, including the
maintenance of adequate capital and
internal controls, that their operations
and activities foster liquid, efficient,
competitive, and resilient national
housing finance markets, and that they
carry out their public policy missions
through authorized activities. See 12
U.S.C. 4513. These Orders are being
issued under 12 U.S.C. 4514(a), which
authorizes the Director of FHFA to
require by Order that the regulated
entities submit regular or special reports
to FHFA and establishes remedies and
procedures for failing to make reports
required by Order. The Summary
Instructions and Guidance
accompanying each Order provides to
the regulated entities general advice
concerning the content and format of
reports required by the Order and rule.
These initial Orders communicate to
the regulated entities their reporting
requirements under the framework
established by the final rule, and the
accompanying Summary Instructions
and Guidance provide general
information on the reporting
requirements. Separate Orders will be
issued to advise the regulated entities of
the scenarios to be used for the initial
stress testing. FHFA anticipates
supplementing the rule annually with
Orders that provide test scenarios and
other instructions and guidance (which
may include adjustments to the
instructions and advice, changes to the
required elements and format, and
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transmission of the annual scenarios to
the regulated entities).
II. Order, Summary Instructions and
Guidance
For the convenience of the affected
parties, the text of the Orders is recited
below in its entirety. You may access
these Orders from FHFA’s Web site at
https://www.fhfa.gov/
Default.aspx?Page=43. The Orders and
Summary Instructions and Guidance
will be available for public inspection
and copying at the Federal Housing
Finance Agency, Eighth Floor, 400
Seventh St. SW., Washington, DC
20024. To make an appointment, call
(202) 649–3804.
The text of the Orders and the
Summary Instructions and Guidance is
as follows:
Federal Housing Finance Agency
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Order Nos. 2013–OR–B–1, 2013–OR–FNMA–
1, and 2013–OR–FHLMC–1
Information Reporting with Respect to Stress
Testing of Regulated Entities
Whereas, section 165(i)(2) of the DoddFrank Wall Street Reform and Consumer
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Protection Act (‘‘Dodd-Frank Act’’) requires
certain financial companies with total
consolidated assets of more than $10 billion,
and which are regulated by a primary Federal
financial regulatory agency, to conduct
annual stress tests to determine whether the
companies have the capital necessary to
absorb losses as a result of adverse economic
conditions;
Whereas, the Federal Housing Finance
Agency (‘‘FHFA’’) is the primary Federal
financial regulator of the Federal National
Mortgage Association (‘‘Fannie Mae’’), the
Federal Home Loan Mortgage Corporation
(‘‘Freddie Mac’’), and each of the 12 Federal
Home Loan Banks (‘‘Bank’’) (individually, a
‘‘regulated entity’’ and, collectively, the
‘‘regulated entities’’);
Whereas, each of the regulated entities
currently has total consolidated assets of
more than $10 billion;
Whereas, FHFA must receive timely
information from the regulated entities
regarding the stress test results, and section
165(i)(2)(B) of the Dodd-Frank Act requires
each regulated entity to submit a report to
FHFA and the Board of Governors of the
Federal Reserve System (Board), at such time,
in such form, and containing such
information as FHFA shall require;
Whereas, FHFA’s rule implementing
section 165(i)(2) of the Dodd-Frank Act
requires that ‘‘[e]ach regulated entity must
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file a report in the manner and form
established by FHFA.’’ 12 CFR § 1238.5(b);
and
Whereas, section 1314 of the Safety and
Soundness Act, 12 U.S.C. § 4514(a)
authorizes the Director of FHFA to require
regulated entities, by general or specific
order, to submit such reports on their
management, activities, and operation as the
Director considers appropriate.
Now therefore, it is hereby ordered as
follows:
Each regulated entity, pursuant to 12 CFR
part 1238, shall report to FHFA and to the
Board information with the content and in
the form described in the Summary
Instructions and Guidance dated September
9, 2013, and accompanying this Order, on the
schedule prescribed in FHFA’s final rule, 12
CFR part 1238, and in the Summary
Instructions and Guidance.
This Order is effective 30 days after
publication in the Federal Register.
Signed at Washington, DC, this 9th day of
September, 2013.
Edward J. DeMarco,
Acting Director, Federal Housing Finance
Agency.
The Summary Instructions and
Guidance are as follows:
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[FR Doc. 2013–22914 Filed 9–25–13; 8:45 am]
BILLING CODE 8070–01–P
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]]>Agencies
[Federal Register Volume 78, Number 187 (Thursday, September 26, 2013)]
[Rules and Regulations]
[Pages 59165-59218]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-22914]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1238
[No. 2013-N-11]
Orders: Information Reporting With Respect to Stress Testing of
Regulated Entities
AGENCY: Federal Housing Finance Agency.
ACTION: Orders.
-----------------------------------------------------------------------
SUMMARY: Three Orders with identical text are being issued by the
Federal Housing Finance Agency (FHFA) to supplement the final rule
implementing section 165(i)(2) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act). The rule and Order require
the Federal National Mortgage Association (Fannie Mae), the Federal
Home Loan Mortgage Corporation (Freddie Mac), and each of the twelve
Federal Home Loan Banks (Banks) (any of the Banks singularly, Bank;
Fannie Mae and Freddie Mac collectively, the Enterprises; the
Enterprises and the Banks collectively, regulated entities; any of the
regulated entities singularly, regulated entity) that has total
consolidated assets of more than $10 billion to conduct annual stress
tests to determine whether the companies have the capital necessary to
absorb losses as a result of adverse economic conditions. One Order
applies to the Federal Home Loan Banks; one Order applies to Fannie
Mae; and one Order applies to Freddie Mac.
DATES: Each Order with accompanying Summary Instructions and Guidance
is effective on October 28, 2013.
FOR FURTHER INFORMATION CONTACT: Naa Awaa Tagoe, Senior Associate
Director, Office of Financial Analysis, Modeling and Simulations, (202)
649-3140, naaawaa.tagoe@fhfa.gov; Fred Graham, Deputy Director,
Division of Federal Home Loan Bank Regulation, (202) 649-3500,
fred.graham@fhfa.gov; or Mark D. Laponsky, Deputy General Counsel,
Office of General Counsel, (202) 649-3054 (these are not toll-free
numbers), mark.laponsky@fhfa.gov. The telephone number for the
Telecommunications Device for the Hearing Impaired is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
FHFA is responsible for ensuring that the regulated entities
operate in a safe and sound manner, including the maintenance of
adequate capital and internal controls, that their operations and
activities foster liquid, efficient, competitive, and resilient
national housing finance markets, and that they carry out their public
policy missions through authorized activities. See 12 U.S.C. 4513.
These Orders are being issued under 12 U.S.C. 4514(a), which authorizes
the Director of FHFA to require by Order that the regulated entities
submit regular or special reports to FHFA and establishes remedies and
procedures for failing to make reports required by Order. The Summary
Instructions and Guidance accompanying each Order provides to the
regulated entities general advice concerning the content and format of
reports required by the Order and rule.
These initial Orders communicate to the regulated entities their
reporting requirements under the framework established by the final
rule, and the accompanying Summary Instructions and Guidance provide
general information on the reporting requirements. Separate Orders will
be issued to advise the regulated entities of the scenarios to be used
for the initial stress testing. FHFA anticipates supplementing the rule
annually with Orders that provide test scenarios and other instructions
and guidance (which may include adjustments to the instructions and
advice, changes to the required elements and format, and
[[Page 59166]]
transmission of the annual scenarios to the regulated entities).
II. Order, Summary Instructions and Guidance
For the convenience of the affected parties, the text of the Orders
is recited below in its entirety. You may access these Orders from
FHFA's Web site at https://www.fhfa.gov/Default.aspx?Page=43. The Orders
and Summary Instructions and Guidance will be available for public
inspection and copying at the Federal Housing Finance Agency, Eighth
Floor, 400 Seventh St. SW., Washington, DC 20024. To make an
appointment, call (202) 649-3804.
The text of the Orders and the Summary Instructions and Guidance is
as follows:
Federal Housing Finance Agency
Order Nos. 2013-OR-B-1, 2013-OR-FNMA-1, and 2013-OR-FHLMC-1
Information Reporting with Respect to Stress Testing of Regulated
Entities
Whereas, section 165(i)(2) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (``Dodd-Frank Act'') requires certain
financial companies with total consolidated assets of more than $10
billion, and which are regulated by a primary Federal financial
regulatory agency, to conduct annual stress tests to determine
whether the companies have the capital necessary to absorb losses as
a result of adverse economic conditions;
Whereas, the Federal Housing Finance Agency (``FHFA'') is the
primary Federal financial regulator of the Federal National Mortgage
Association (``Fannie Mae''), the Federal Home Loan Mortgage
Corporation (``Freddie Mac''), and each of the 12 Federal Home Loan
Banks (``Bank'') (individually, a ``regulated entity'' and,
collectively, the ``regulated entities'');
Whereas, each of the regulated entities currently has total
consolidated assets of more than $10 billion;
Whereas, FHFA must receive timely information from the regulated
entities regarding the stress test results, and section 165(i)(2)(B)
of the Dodd-Frank Act requires each regulated entity to submit a
report to FHFA and the Board of Governors of the Federal Reserve
System (Board), at such time, in such form, and containing such
information as FHFA shall require;
Whereas, FHFA's rule implementing section 165(i)(2) of the Dodd-
Frank Act requires that ``[e]ach regulated entity must file a report
in the manner and form established by FHFA.'' 12 CFR Sec.
1238.5(b); and
Whereas, section 1314 of the Safety and Soundness Act, 12 U.S.C.
Sec. 4514(a) authorizes the Director of FHFA to require regulated
entities, by general or specific order, to submit such reports on
their management, activities, and operation as the Director
considers appropriate.
Now therefore, it is hereby ordered as follows:
Each regulated entity, pursuant to 12 CFR part 1238, shall
report to FHFA and to the Board information with the content and in
the form described in the Summary Instructions and Guidance dated
September 9, 2013, and accompanying this Order, on the schedule
prescribed in FHFA's final rule, 12 CFR part 1238, and in the
Summary Instructions and Guidance.
This Order is effective 30 days after publication in the Federal
Register.
Signed at Washington, DC, this 9th day of September, 2013.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
The Summary Instructions and Guidance are as follows:
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[FR Doc. 2013-22914 Filed 9-25-13; 8:45 am]
BILLING CODE 8070-01-P
