Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2023; Summary Instructions and Guidance, 19731 [2024-05757]
Download as PDF
Federal Register / Vol. 89, No. 55 / Wednesday, March 20, 2024 / Rules and Regulations
concerning the content and format of
reports required by the Orders and the
rule.
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1238
[No. 2024–N–4]
Orders: Reporting by Regulated
Entities of Stress Testing Results as of
December 31, 2023; Summary
Instructions and Guidance
Federal Housing Finance
Agency.
ACTION: Orders.
AGENCY:
In this document, the Federal
Housing Finance Agency (FHFA)
provides notice that it issued Orders,
dated March 13, 2024, with respect to
stress test reporting as of December 31,
2023, 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
13, 2024.
FOR FURTHER INFORMATION CONTACT:
Andrew Varrieur, Senior Associate
Director, Office of Capital Policy, (202)
649–3141, Andrew.Varrieur@fha.gov;
Karen Heidel, Assistant General
Counsel, Office of General Counsel,
(202) 738–7753, Karen.Heidel@fhfa.gov.
For TTY/TRS users with hearing and
speech disabilities, dial 711 and ask to
be connected to any of the contact
numbers above.
SUPPLEMENTARY INFORMATION:
SUMMARY:
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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
VerDate Sep<11>2014
17:24 Mar 19, 2024
Jkt 262001
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 https://www.fhfa.gov/
SupervisionRegulation/DoddFrankAct
StressTests.
The text of the Orders is as follows:
19731
Federal Reserve System the results of
the stress testing as required by 12 CFR
part 1238, in the form and with the
content described therein and in the
Summary Instructions and Guidance,
with Appendices 1 through 7 thereto,
accompanying this Order and dated
March 13, 2024.
It is so ordered, this the 13th day of
March, 2024.
This Order is effective immediately.
Signed at Washington, DC, this 13th day of
March, 2024.
Sandra L. Thompson,
Director, Federal Housing Finance Agency.
[FR Doc. 2024–05757 Filed 3–19–24; 8:45 am]
BILLING CODE 8070–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
Federal Housing Finance Agency
Order Nos. 2024–OR–FNMA–1 and
2024–OR–FHLMC–1
33 CFR Part 117
Reporting by Regulated Entities of Stress
Testing Results as of December 31, 2023
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 15, 2024;
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
Drawbridge Operation Regulation;
Atlantic Intracoastal Waterway,
Beaufort, SC
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
[Docket No. USCG–2024–0198]
Coast Guard, Department of
Homeland Security (DHS).
ACTION: Notice of temporary deviation
from regulations; request for comments.
AGENCY:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Lady’s Island
(Woods Memorial) Bridge across the
Atlantic Intracoastal Waterway (AICW)
(Beaufort River), mile 536.0, at Beaufort,
SC. South Carolina Department of
Transportation (SCDOT) has requested
the Coast Guard consider changing the
operating schedule to remove the
seasonal operating schedule aligning
with other drawbridges along the AICW
in SC. This deviation will test a change
to the drawbridge operation schedule to
determine whether a permanent change
to the schedule is needed. The Coast
Guard is seeking comments from the
public regarding this deviation.
DATES: This deviation is effective from
12:01 a.m. on March 25, 2024, through
11:59 p.m. on September 29, 2024.
Comments and related material must
reach the Coast Guard on or before May
20, 2024.
ADDRESSES: You may submit comments
identified by docket number USCG–
2024–0198 using Federal Decision
Making Portal at https://
www.regulations.gov.
See the ‘‘Public Participation and
Request for Comments’’ portion of the
SUPPLEMENTARY INFORMATION section
SUMMARY:
E:\FR\FM\20MRR1.SGM
20MRR1
Agencies
[Federal Register Volume 89, Number 55 (Wednesday, March 20, 2024)]
[Rules and Regulations]
[Page 19731]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05757]
[[Page 19731]]
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FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1238
[No. 2024-N-4]
Orders: Reporting by Regulated Entities of Stress Testing Results
as of December 31, 2023; 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 13, 2024, with
respect to stress test reporting as of December 31, 2023, 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 13, 2024.
FOR FURTHER INFORMATION CONTACT: Andrew Varrieur, Senior Associate
Director, Office of Capital Policy, (202) 649-3141,
[email protected]; Karen Heidel, Assistant General Counsel,
Office of General Counsel, (202) 738-7753, [email protected]. For
TTY/TRS users with hearing and speech disabilities, dial 711 and ask to
be connected to any of the contact numbers above.
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 https://www.fhfa.gov/SupervisionRegulation/DoddFrankActStressTests.
The text of the Orders is as follows:
Federal Housing Finance Agency
Order Nos. 2024-OR-FNMA-1 and 2024-OR-FHLMC-1
Reporting by Regulated Entities of Stress Testing Results as of
December 31, 2023
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 15, 2024; 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 part 1238, in the form and with the content
described therein and in the Summary Instructions and Guidance, with
Appendices 1 through 7 thereto, accompanying this Order and dated March
13, 2024.
It is so ordered, this the 13th day of March, 2024.
This Order is effective immediately.
Signed at Washington, DC, this 13th day of March, 2024.
Sandra L. Thompson,
Director, Federal Housing Finance Agency.
[FR Doc. 2024-05757 Filed 3-19-24; 8:45 am]
BILLING CODE 8070-01-P