Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2019; Summary Instructions and Guidance, 23219-23220 [2020-08146]

Download as PDF Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Rules and Regulations exempt from the notice-and-comment rulemaking requirements of the Administrative Procedure Act.16 Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.17 The Bureau has determined that this interpretive rule does not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring approval by the Office of Management and Budget under the Paperwork Reduction Act.18 IV. Congressional Review Act Pursuant to the Congressional Review Act,19 the Bureau will submit a report containing this interpretive rule and other required information to the U.S. Senate, the U.S. House of Representatives, and the Comptroller General of the United States prior to the rule’s published effective date. The Office of Information and Regulatory Affairs has designated this interpretive rule as not a ‘‘major rule’’ as defined by 5 U.S.C. 804(2). V. Signing Authority The Director of the Bureau, having reviewed and approved this document is delegating the authority to electronically sign this document to Laura Galban, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register. Dated: April 13, 2020. Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection. [FR Doc. 2020–08084 Filed 4–23–20; 11:15 am] BILLING CODE 4810–AM–P FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1238 [No. 2020–N–9] Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2019; Summary Instructions and Guidance Federal Housing Finance Agency. ACTION: Orders. lotter on DSKBCFDHB2PROD with RULES AGENCY: U.S.C. 553(b). 17 5 U.S.C. 603(a), 604(a). 18 44 U.S.C. 3501–3521. 19 5 U.S.C. 801 et seq. 17:00 Apr 24, 2020 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. 4516(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 Orders, through the accompanying Summary Instructions and Guidance, prescribe for the regulated entities the scenarios to be used for stress testing. The Summary Instructions and Guidance also provides to the regulated entities advice concerning the content and format of reports required by the Orders and the rule. II. Orders, Summary Instructions and Guidance For the convenience of the affected parties and the public, the text of the Orders follows below in its entirety. The Orders and Summary Instructions and Guidance are also available for public 16 5 VerDate Sep<11>2014 In this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 10, 2020, with respect to stress test reporting as of December 31, 2019, under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), as amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios. DATES: Each Order is applicable March 10, 2020. FOR FURTHER INFORMATION CONTACT: Naa Awaa Tagoe, Senior Associate Director, Office of Financial Analysis, Modeling & Simulations, Division of Housing Mission & Goals, (202) 649–3140, NaaAwaa.Tagoe@fhfa.gov; Karen Heidel, Assistant General Counsel, Office of General Counsel, (202) 649– 3073, Karen.Heidel@fhfa.gov; or Mark D. Laponsky, Deputy General Counsel, Office of General Counsel, (202) 649– 3054, Mark.Laponsky@fhfa.gov. The telephone number for the Telecommunications Device for the Deaf is (800) 877–8339. SUPPLEMENTARY INFORMATION: SUMMARY: Jkt 250001 PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 23219 inspection and copying at the Federal Housing Finance Agency’s Freedom of Information Act (FOIA) Reading Room at https://www.fhfa.gov/AboutUs/ FOIAPrivacy/Pages/Reading-Room.aspx by clicking on ‘‘Click here to view Orders’’ under the Final Opinions and Orders heading. You may also access these documents at http://www.fhfa.gov/ SupervisionRegulation/ DoddFrankActStressTests. The text of the Orders is as follows: Federal Housing Finance Agency Order Nos. 2020–OR–FNMA–1 and 2020–OR–FHLMC–1 Reporting by Regulated Entities of Stress Testing Results as of December 31, 2019 Whereas, section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’), as amended by section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (‘‘EGRRCPA’’) requires certain financial companies with total consolidated assets of more than $250 billion, and which are regulated by a primary Federal financial regulatory agency, to conduct periodic stress tests to determine whether the companies have the capital necessary to absorb losses as a result of severely adverse economic conditions; Whereas, FHFA’s rule implementing section 165(i)(2) of the Dodd-Frank Act, as amended by section 401 of EGRRCPA is codified as 12 CFR 1238 and requires that ‘‘[e]ach Enterprise must file a report in the manner and form established by FHFA.’’ 12 CFR 1238.5(b); Whereas, The Board of Governors of the Federal Reserve System issued stress testing scenarios on February 7, 2020, and supplemented on February 10, 2020; 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 Enterprise shall report to FHFA and to the Board of Governors of the Federal Reserve System the results of the stress testing as required by 12 CFR 1238, in the form and with the content described therein and in the Summary Instructions and Guidance, with Appendices 1 through 8 thereto, accompanying this Order and dated March 10, 2020. It is so ordered, this the 10th day of March, 2020. E:\FR\FM\27APR1.SGM 27APR1 23220 Federal Register / Vol. 85, No. 81 / Monday, April 27, 2020 / Rules and Regulations This Order is effective immediately. Signed at Washington, DC, this 10th day of March, 2020. Mark A. Calabria, Director, Federal Housing Finance Agency. [FR Doc. 2020–08146 Filed 4–24–20; 8:45 am] BILLING CODE 8070–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 100 [Docket Number USCG–2018–0949] RIN 1625–AA08 Special Local Regulations; Recurring Marine Events, Sector St. Petersburg Coast Guard, DHS. Final rule. AGENCY: ACTION: The Coast Guard is revising existing regulations and consolidate into one table special local regulations for recurring marine events at various locations within the geographic boundaries of the Seventh Coast Guard District Captain of the Port (COTP) St. Petersburg Zone. Consolidating marine events into one table simplifies Coast Guard oversight and public notification of special local regulations within COTP St. Petersburg Zone. DATES: This rule is effective May 27, 2020. SUMMARY: To view documents mentioned in this preamble as being available in the docket, go to https:// www.regulations.gov, type USCG–2018– 0949 in the ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ Click on Open Docket Folder on the line associated with this rule. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or email Marine Science Technician First Class Michael D. Shackleford, Sector St. Petersburg Prevention Department, Coast Guard; telephone (813) 228–2191, email Michael.d.shackleford@uscg.mil. SUPPLEMENTARY INFORMATION: ADDRESSES: lotter on DSKBCFDHB2PROD with RULES I. Table of Abbreviations CFR Code of Federal Regulations DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § Section U.S.C. United States Code II. Background Information and Regulatory History Recurring marine events within the Seventh Coast Guard District are VerDate Sep<11>2014 16:16 Apr 24, 2020 Jkt 250001 currently listed in 33 CFR 100.701, Table to 1 to § 100.701. The process for amending the table (e.g. adding or removing marine events) is lengthy and inefficient since it includes recurring marine events for seven different COTP zones within the Seventh District. To expedite and simplify the rule-making process for new marine events/special local regulations, COTP’s resorted to creating individual rules rather than amending the Table 1 to § 100.701. This rule serves two purposes: (1) Create a table of recurring marine events/special local regulations occurring solely within the COTP St. Petersburg Zone, and (2) consolidate into that table marine events/special local regulations previously established outside of Table 1 to § 100.701. The proposed new table would facilitate management of and public access to information about marine events within the COTP St. Petersburg Zone. III. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 46 U.S.C. 70034 (previously 33 U.S.C. 1231). The COTP St. Petersburg has determined that potential hazards associated with the events listed in this rule will be a safety concern for anyone in the area the events are being held. The purpose of this rule is to ensure safety of vessels and the navigable waters in the event areas before, during, and after the scheduled event. IV. Discussion of Comments, Changes, and the Rule As noted above, we received no comments on our NPRM published January 14, 2020. Other than inserting a ‘‘1’’ in the table headings in § 100.701 and § 100.703, and renumbering eventdate designators in Table 1 to § 100.702, there are no changes in the regulatory text of this rule from the proposed rule in the NPRM. There are no changes in the regulatory text of this rule from the proposed rule in the NPRM. This rule makes the following changes: 1. Establish 33 CFR 100.703 Special Local Regulations; Marine Events Within the Captain of the Port St. Petersburg Zone; 2. Remove the existing marine events/ special local regulations listed in Table 1 to § 100.701(c) under COTP Zone St. Petersburg; Special Local Regulations to proposed new § 100.703, Table 1 to § 100.703; 3. Delete the existing special local regulation in § 100.717 for the ‘‘Annual Fort Myers Beach Offshore Grand Prix; Fort Myers, FL’’ because it is no longer held; 4. Delete the existing special local regulation in in § 100.718 for the ‘‘Annual PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 Suncoast Kilo Run; Sarasota Bay, Sarasota, FL’’ because it is no longer held; 5. Move the existing special local regulation in § 100.720 for the event, ‘‘Suncoast Super Boat Grand Prix, Gulf of Mexico; Sarasota, FL’’ to proposed new § 100.703, Table 1 to § 100.703, and delete existing § 100.720; 6. Move the existing special local regulation in § 100.721 for the event, ‘‘Clearwater Super Boat National Championship, Gulf of Mexico; Clearwater Beach, FL’’ to proposed new § 100.703, Table 1 to § 100.703, and delete existing § 100.721; 7. Move the existing special local regulation in § 100.722 for the event, ‘‘Bradenton Area Riverwalk Regatta, Manatee River; Bradenton, FL’’ to proposed new § 100.703, Table 1 to § 100.703, and delete existing § 100.722; 8. Delete the existing special local regulation in § 100.728 for the event, ‘‘Hurricane Offshore Classic, St. Petersburg, FL’’ because it is no longer held; 9. Move the existing special local regulation in § 100.734 for the event, ‘‘Annual Gasparilla Marine Parade; Hillsborough bay, Tampa, FL’’ to proposed new § 100.703, Table 1 to § 100.703, and delete existing § 100.734; 10. Move the existing special local regulation in § 100.735 for the event, ‘‘Annual OPA World Championships, Gulf of Mexico; Englewood Beach, FL’’ to proposed new § 100.703, Table 1 to § 100.703, and delete existing § 100.735; 11. Delete the existing special local regulation in § 100.736 for the event, ‘‘Annual Fort Myers Beach air show’’ because it is no longer held; 12. Delete the existing special local regulation in § 100.740 for the event, ‘‘Annual Offshore Super Series Boat Race’’ because it is no longer held; 13. Add new event, ‘‘Gulfport Grand Prix, Gulfport, FL’’ to proposed new § 100.703, Table 1 to § 100.703, Line 3; 14. Add new event, ‘‘St. Pete Beach Grand Prix of the Gulf, St. Pete Beach, FL’’ to proposed new § 100.703, Table 1 to § 100.703, Line 4; 15. Add new event, ‘‘Battle of the Bridges, Venice, FL’’ to proposed new § 100.703, Table 1 to § 100.703, Line 6; and 16. Add new event, ‘‘Roar Offshore, Fort Myers Beach, FL’’ to proposed new § 100.703, Table 1 to § 100.703, Line 8. The marine events as listed in the new Table to the new § 100.703, Table 1 to § 100.703 are scheduled to occur over a particular time during each month each year. Exact dates are intentionally omitted since calendar dates for a specific events change from year to year. Once dates for a marine event are known, the Coast Guard will notify the public of its intent to enforce the special local regulation through various means including a Notice of Enforcement published in the Federal Register, Local Notice to Mariners, and Broadcast Notice to Mariners. E:\FR\FM\27APR1.SGM 27APR1

Agencies

[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Rules and Regulations]
[Pages 23219-23220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08146]


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FEDERAL HOUSING FINANCE AGENCY

12 CFR Part 1238

[No. 2020-N-9]


Orders: Reporting by Regulated Entities of Stress Testing Results 
as of December 31, 2019; Summary Instructions and Guidance

AGENCY: Federal Housing Finance Agency.

ACTION: Orders.

-----------------------------------------------------------------------

SUMMARY: In this document, the Federal Housing Finance Agency (FHFA) 
provides notice that it issued Orders, dated March 10, 2020, with 
respect to stress test reporting as of December 31, 2019, under the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 
Act), as amended by the Economic Growth, Regulatory Relief, and 
Consumer Protection Act (EGRRCPA). Summary Instructions and Guidance 
accompanied the Orders to provide testing scenarios.

DATES: Each Order is applicable March 10, 2020.

FOR FURTHER INFORMATION CONTACT: Naa Awaa Tagoe, Senior Associate 
Director, Office of Financial Analysis, Modeling & Simulations, 
Division of Housing Mission & Goals, (202) 649-3140, 
[email protected]; Karen Heidel, Assistant General Counsel, Office 
of General Counsel, (202) 649-3073, [email protected]; or Mark D. 
Laponsky, Deputy General Counsel, Office of General Counsel, (202) 649-
3054, [email protected]. The telephone number for the 
Telecommunications Device for the Deaf 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. 4516(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 Orders, 
through the accompanying Summary Instructions and Guidance, prescribe 
for the regulated entities the scenarios to be used for stress testing. 
The Summary Instructions and Guidance also provides to the regulated 
entities advice concerning the content and format of reports required 
by the Orders and the rule.

II. Orders, Summary Instructions and Guidance

    For the convenience of the affected parties and the public, the 
text of the Orders follows below in its entirety. The Orders and 
Summary Instructions and Guidance are also available for public 
inspection and copying at the Federal Housing Finance Agency's Freedom 
of Information Act (FOIA) Reading Room at https://www.fhfa.gov/AboutUs/FOIAPrivacy/Pages/Reading-Room.aspx by clicking on ``Click here to view 
Orders'' under the Final Opinions and Orders heading. You may also 
access these documents at http://www.fhfa.gov/SupervisionRegulation/DoddFrankActStressTests.
    The text of the Orders is as follows:

Federal Housing Finance Agency

Order Nos. 2020-OR-FNMA-1 and 2020-OR-FHLMC-1

Reporting by Regulated Entities of Stress Testing Results as of 
December 31, 2019
    Whereas, section 165(i)(2) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act''), as amended by section 401 
of the Economic Growth, Regulatory Relief, and Consumer Protection Act 
(``EGRRCPA'') requires certain financial companies with total 
consolidated assets of more than $250 billion, and which are regulated 
by a primary Federal financial regulatory agency, to conduct periodic 
stress tests to determine whether the companies have the capital 
necessary to absorb losses as a result of severely adverse economic 
conditions;
    Whereas, FHFA's rule implementing section 165(i)(2) of the Dodd-
Frank Act, as amended by section 401 of EGRRCPA is codified as 12 CFR 
1238 and requires that ``[e]ach Enterprise must file a report in the 
manner and form established by FHFA.'' 12 CFR 1238.5(b);
    Whereas, The Board of Governors of the Federal Reserve System 
issued stress testing scenarios on February 7, 2020, and supplemented 
on February 10, 2020; 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 Enterprise shall report to FHFA and to the Board of Governors 
of the Federal Reserve System the results of the stress testing as 
required by 12 CFR 1238, in the form and with the content described 
therein and in the Summary Instructions and Guidance, with Appendices 1 
through 8 thereto, accompanying this Order and dated March 10, 2020.
    It is so ordered, this the 10th day of March, 2020.

[[Page 23220]]

    This Order is effective immediately.

    Signed at Washington, DC, this 10th day of March, 2020.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
[FR Doc. 2020-08146 Filed 4-24-20; 8:45 am]
 BILLING CODE 8070-01-P