Federal Housing Finance Agency – Federal Register Recent Federal Regulation Documents

Resolution Planning
Document Number: 2020-28812
Type: Proposed Rule
Date: 2021-01-08
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is seeking comment on a proposed rule that would require Fannie Mae and Freddie Mac (the Enterprises) to develop plans to facilitate their rapid and orderly resolution in the event FHFA is appointed receiver. A resolution planning rule is an important part of FHFA's on-going effort to develop a robust prudential regulatory framework for the Enterprises, including capital, liquidity, and stress testing requirements, as well as enhanced oversight, which will be critical to FHFA supervision of the Enterprises after they exit the conservatorships. In addition, a resolution plan as proposed to be required would support FHFA if appointed as receiver to, among other things, minimize disruption in the national housing finance markets by providing for the continued operation of an Enterprise's core business lines by a limited-life regulated entity (LLRE); ensure that investors in mortgage-backed securities guaranteed by the Enterprises and in Enterprise unsecured debt bear losses in accordance with the priority of payments set out in the Safety and Soundness Act while minimizing unnecessary losses and costs to these investors; and, help foster market discipline in part through FHFA publication of ``public'' sections of Enterprise resolution plans.
Enterprise Liquidity Requirements
Document Number: 2020-28204
Type: Proposed Rule
Date: 2021-01-08
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) requests comment on a proposed rule that would implement four liquidity and funding requirements for Fannie Mae and Freddie Mac (the Enterprises). The 2008 financial crisis demonstrated substantial weaknesses in the liquidity positions of the Enterprises. Liquidity and funding challenges were a significant contributing factor to establishment of the conservatorships in September 2008. The proposed rule builds on the improvements made to the U.S. banking supervision framework's regulation of institutions' liquidity requirements, and on experience since the 2008 financial crisis including with the more recent 2020 COVID-19-related financial market stress. FHFA believes that a robust Enterprise liquidity framework will improve market confidence in the Enterprises' ability to fulfill their mission and provide countercyclical support to housing finance markets in times of stress, while further minimizing the likelihood that they will need further taxpayer support. FHFA envisions that an appropriate framework would incent the Enterprises to build their liquidity portfolios in good times, so that it is available to be deployed as necessary in times of stress.
Enterprise Housing Goals
Document Number: 2020-28084
Type: Proposed Rule
Date: 2020-12-21
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is publishing an Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on a variety of questions related to potential changes to the regulation establishing housing goals for Fannie Mae and Freddie Mac (Enterprises). FHFA will consider public comments received on these questions in order to inform rulemaking that is planned for 2021 to establish single-family and multifamily housing goals benchmark levels for 2022 and beyond, and to make other changes to the Enterprise housing goals regulation, as appropriate.
2021 Enterprise Housing Goals
Document Number: 2020-28083
Type: Rule
Date: 2020-12-21
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule on the 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) requires FHFA to establish annual housing goals for mortgages purchased by the Enterprises. The housing goals include separate categories for single- family and multifamily mortgages on housing that is affordable to low- income and very low-income families, among other categories. The final rule establishes benchmark levels for each of the housing goals for 2021.
Enterprise Regulatory Capital Framework
Document Number: 2020-25814
Type: Rule
Date: 2020-12-17
Agency: Federal Housing Enterprise Oversight Office, Department of Housing and Urban Development, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or the Agency) is adopting a final rule (final rule) that establishes risk-based and leverage capital requirements for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac, and with Fannie Mae, each an Enterprise). The final rule also makes conforming amendments to definitions in FHFA's regulations governing assessments and minimum capital and removes the Office of Federal Housing Enterprise Oversight's (OFHEO) regulation on capital for the Enterprises.
Prior Approval for Enterprise Products
Document Number: 2020-23452
Type: Proposed Rule
Date: 2020-11-09
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) is seeking comment on a proposed rule to implement section 1321 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by section 1123 of the Housing and Economic Recovery Act of 2008. This proposed rule, if adopted, would replace a 2009 interim final rule that established a process for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) to obtain prior approval from the FHFA Director for a new product and provide prior notice to the Director of a new activity.
2021 Enterprise Housing Goals
Document Number: 2020-15959
Type: Proposed Rule
Date: 2020-08-13
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing a rule and seeking comments on proposed benchmark levels for the 2021 housing goals for Fannie Mae and Freddie Mac (the Enterprises). The housing goals apply to mortgages purchased by the Enterprises and include separate categories for single-family and multifamily housing that is affordable to low-income and very low-income families, among other categories. This proposed rule would establish benchmark levels for each of the housing goals for 2021.
Proposed Collection; Comment Request
Document Number: 2020-17222
Type: Notice
Date: 2020-08-07
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) published a collection of information notice in the Federal Register on Friday, July 31, 2020 concerning a request for comments on the collection of data through FHFA's American Survey of Mortgage Borrowers. The title incorrectly identified the 30-day notice as concerning the National Survey of Mortgage Originations. This document corrects the notice by replacing the erroneous title.
Proposed Collection; Comment Request
Document Number: 2020-16659
Type: Notice
Date: 2020-07-31
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as the ``American Survey of Mortgage Borrowers (ASMB),'' which has been assigned control number 2590-0015 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of an emergency six month renewal of the control number, which expired on July 31, 2019.
Proposed Collection; Comment Request
Document Number: 2020-16599
Type: Notice
Date: 2020-07-31
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Contractor Workforce Inclusion Good Faith Efforts,'' which has been assigned control number 2590-0016 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on July 31, 2020.
Federal Home Loan Bank Housing Goals Amendments
Document Number: 2020-15076
Type: Rule
Date: 2020-07-22
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency is making a non-substantive change to correct an erroneous amendatory instruction in the final rule that published on June 25, 2020, amending the existing Federal Home Loan Bank Housing Goals regulation.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2020-14097
Type: Rule
Date: 2020-07-01
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency
The OCC, Board, FDIC, FCA, and FHFA (each, an agency, and collectively, the agencies) are adopting a final rule that amends the agencies' regulations requiring swap dealers and security-based swap dealers under the agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule as adopted in 2015 takes effect under a phased compliance schedule spanning from 2016 through 2020, and the entities covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Such swaps are grandfathered from the Swap Margin Rule's requirements until they expire according to their terms. The final rule permits swaps entered into prior to an applicable compliance date (legacy swaps) to retain their legacy status in the event that they are amended to replace an interbank offered rate (IBOR) or other discontinued rate, modifies initial margin requirements for non-cleared swaps between affiliates, introduces an additional compliance date for initial margin requirements, clarifies the point in time at which trading documentation must be in place, permits legacy swaps to retain their legacy status in the event that they are amended due to technical amendments, notional reductions, or portfolio compression exercises, and makes technical changes to relocate the provision addressing amendments to legacy swaps that are made to comply with the Qualified Financial Contract Rules, as defined in the Supplementary Information section. In addition, the final rule addresses comments received in response to the agencies' publication of the interim final rule that would preserve the status of legacy swaps meeting certain criteria if the United Kingdom withdraws from the European Union (hereafter ``Brexit) without a negotiated settlement agreement.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2020-14094
Type: Rule
Date: 2020-07-01
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency, Board of Governors of the Federal Reserve System
The OCC, Board, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting and inviting comment on an interim final rule amending the Agencies' regulations that require swap dealers, security-based swap dealers, major swap participants, and major security-based swap participants under the Agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (non-cleared swaps) (Swap Margin Rule). Under the Swap Margin Rule, as amended, initial margin requirements will take effect under a phased compliance schedule spanning from 2016 through 2020, and in a final rule published elsewhere in today's issue of the Federal Register, the Agencies have extended the phase-in period to 2021. Due to the COVID-19 pandemic, the Agencies are extending by one year the phases 5 and 6 implementation deadlines for initial margin requirements from September 1, 2020, to September 1, 2021 (for phase 5) and from September 1, 2021, to September 1, 2022 (for phase 6). The Agencies' objective is to give covered swap entities additional time to meet their initial margin requirements under the rule so as not to hamper any efforts underway to address exigent circumstances caused by COVID-19.
Credit Risk Retention-Notification of Commencement of Review; Extension of Review Period
Document Number: 2020-13830
Type: Proposed Rule
Date: 2020-06-30
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Department of Housing and Urban Development, Securities and Exchange Commission, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency
The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are providing notice of the extension of the period for the review, and publication of determination of the review, of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three-to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations (as defined below) as adopted by the agencies.
Enterprise Regulatory Capital Framework
Document Number: 2020-11279
Type: Proposed Rule
Date: 2020-06-30
Agency: Federal Housing Enterprise Oversight Office, Department of Housing and Urban Development, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or the Agency) is seeking comments on a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac, and with Fannie Mae, each an Enterprise). The proposed rule would also make conforming amendments to definitions in FHFA's regulations for assessments and minimum capital and would also remove the Office of Federal Housing Enterprise Oversight's (OFHEO) regulation on capital for the Enterprises.
Federal Home Loan Bank Housing Goals Amendments
Document Number: 2020-12345
Type: Rule
Date: 2020-06-25
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is amending the existing Federal Home Loan Bank (Bank) Housing Goals regulation. The final rule replaces the existing regulation's four separate retrospective housing goals with a single prospective mortgage purchase housing goal with a target level of 20 percent. The final rule also establishes a separate small member participation housing goal with a target level of 50 percent. The final rule provides that a Bank may request FHFA approval of alternative target levels for either or both of the goals. The final rule also establishes that housing goals apply to each Bank that acquires any Acquired Member Assets (AMA) mortgages during a year, eliminating the existing $2.5 billion volume threshold that previously triggered the application of housing goals for each Bank. Enforcement of the final rule will phase in over three years.
Notice of Order: Revisions to Data Requirements for Enterprise Public Use Database To Include New Home Mortgage Disclosure Act Data Elements
Document Number: 2020-11819
Type: Notice
Date: 2020-06-03
Agency: Federal Housing Finance Agency
An Order issued by the Federal Housing Finance Agency (FHFA) on May 27, 2020 revises data requirements for the Enterprise Public Use Database (PUDB) and modifies FHFA's previous Enterprise PUDB Orders issued in 2010 and 2011. The Enterprise PUDB contains data related to single-family and multifamily mortgages purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) in a calendar year. FHFA publishes the PUDB annually pursuant to the requirements of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act). The Order revises the PUDB to include data elements that the Enterprises collected in 2018 from their loan sellers that are the same as those required to be reported under the Home Mortgage Disclosure Act of 1975 (HMDA), and sets out the privacy protections for the HMDA data. The Order also adds geographic indicators related to the Enterprise Duty to Serve program to the Enterprise PUDB to provide greater transparency to the public about the Enterprises' Duty to Serve activities. All the data specifications set out in the Order apply to future annual PUDB releases, until further modified by FHFA. A new 2018 PUDB will be released by FHFA containing the data elements added by the Order, replacing an interim PUDB released on September 23, 2019 that does not include the new HMDA data elements or Duty to Serve geographic indicators. The revised matrices setting out the PUDB data requirements and privacy and proprietary protection modifications are available on FHFA's website at https://www.fhfa.gov/DataTools/Downloads/Pages/ Public-Use-Databases.aspx. The expansion of the PUDB data requirements will enhance transparency about the Enterprises' mortgage purchase activities.
Proposed Collection; Comment Request
Document Number: 2020-11259
Type: Notice
Date: 2020-05-27
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Contractor Workforce Inclusion Good Faith Efforts,'' which has been assigned control number 2590-0016 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on July 31, 2020.
Proposed Collection; Comment Request
Document Number: 2020-09107
Type: Notice
Date: 2020-04-29
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Federal Home Loan Bank Capital Stock,'' which has been assigned control number 2590-0002 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on April 30, 2020.
Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2019; Summary Instructions and Guidance
Document Number: 2020-08146
Type: Rule
Date: 2020-04-27
Agency: Federal Housing Finance Agency
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.
Proposed Collection; Comment Request
Document Number: 2020-07033
Type: Notice
Date: 2020-04-03
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as the ``National Survey of Mortgage Originations'' (NSMO), which has been assigned control number 2590-0012 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on April 30, 2020.
Proposed Collection; Comment Request
Document Number: 2020-06686
Type: Notice
Date: 2020-03-31
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Members of the Banks,'' which has been assigned control number 2590-0003 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on March 31, 2020.
Proposed Collection; Comment Request
Document Number: 2020-06683
Type: Notice
Date: 2020-03-31
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Community Support Requirements,'' which has been assigned control number 2590-0005 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on March 31, 2020.
Stress Testing of Regulated Entities
Document Number: 2020-05476
Type: Rule
Date: 2020-03-24
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting a final rule that amends its stress testing rule, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). These amendments adopt the proposed amendments without change to modify the minimum threshold for the regulated entities to conduct stress tests increased from $10 billion to $250 billion; removal of the requirements for Federal Home Loan Banks (Banks) subject to stress testing; and removal of the adverse scenario from the list of required scenarios. These amendments align FHFA's rule with rules adopted by other financial institution regulators that implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) stress testing requirements, as amended by EGRRCPA.
Proposed Collection; Comment Request
Document Number: 2020-03242
Type: Notice
Date: 2020-02-19
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Federal Home Loan Bank Capital Stock,'' which has been assigned control number 2590-0002 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on April 30, 2020.
Rules of Practice and Procedure; Civil Money Penalty Inflation Adjustment
Document Number: 2020-01025
Type: Rule
Date: 2020-01-28
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Proposed Collection; Comment Request
Document Number: 2020-00933
Type: Notice
Date: 2020-01-22
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Community Support Requirements,'' which has been assigned control number 2590-0005 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on March 31, 2020.
Proposed Collection; Comment Request
Document Number: 2020-00930
Type: Notice
Date: 2020-01-22
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Members of the Banks,'' which has been assigned control number 2590-0003 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on March 31, 2020.
Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
Document Number: 2020-00929
Type: Notice
Date: 2020-01-22
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a ``community financial institution'' (CFI) to $1,224,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI-U), as published by the Department of Labor (DOL). These changes took effect on January 1, 2020.
Property Assessed Clean Energy (PACE) Program
Document Number: 2020-00655
Type: Notice
Date: 2020-01-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA), as regulator for Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks, seeks public input on residential energy retrofitting programs financed through special state legislation enabling a ``super-priority lien'' over existing and subsequent first mortgages. In particular, FHFA seeks input on potential changes to its policies for its regulated entities based on safety and soundness concerns. These state programs, termed Property Assessed Clean Energy or PACE, address residential properties and commercial applications. FHFA's primary focus is on residential PACE programs in this Request for Input (RFI).
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2019-28052
Type: Proposed Rule
Date: 2019-12-30
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency
The OCC, Board, FDIC, FCA, and FHFA (collectively, the agencies) are reopening the comment period for the notice of proposed rulemaking published in the Federal Register on November 7, 2019, to amend the agencies' regulations that require swap dealers and security- based swap dealers under the agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Proposed Swap Margin Amendments). Reopening the comment period that closed on December 9, 2019, will allow interested persons additional time to analyze and comment on the Proposed Swap Margin Amendments.
Credit Risk Retention-Notice of Commencement of Review
Document Number: 2019-27490
Type: Proposed Rule
Date: 2019-12-20
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Department of Housing and Urban Development, Securities and Exchange Commission, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency
The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are providing notice of the commencement of the review of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three- to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations (as defined below) as adopted by the agencies.
Proposed Amendments to the Stress Test Rule
Document Number: 2019-26950
Type: Proposed Rule
Date: 2019-12-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is requesting comment on a proposed rule that would amend its stress testing rule, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Specifically, the proposed rule would revise the minimum threshold for the regulated entities to conduct stress tests from $10 billion to $250 billion, remove the requirements for Federal Home Loan Banks (Banks) subject to stress testing, and remove the adverse scenario from the list of required scenarios. These amendments align FHFA's rule with rules adopted by other financial institution regulators that implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) stress testing requirements, as amended by EGRRCPA. The proposed rule also makes certain conforming and technical changes.
Proposed Collection; Comment Request
Document Number: 2019-26593
Type: Notice
Date: 2019-12-10
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as the ``National Survey of Mortgage Originations'' (NSMO), which has been assigned control number 2590-0012 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on April 30, 2020.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2019-23541
Type: Proposed Rule
Date: 2019-11-07
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency
The OCC, Board, FDIC, FCA, and FHFA (each, an agency, and collectively, the agencies) request comment on a proposed rule that would amend the agencies' regulations that require swap dealers and security-based swap dealers under the agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule as adopted in 2015 takes effect under a phased compliance schedule spanning from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Such swaps are grandfathered from the Swap Margin Rule's requirements until they expire according to their terms. The proposed rule would permit swaps entered into prior to an applicable compliance date (legacy swaps) to retain their legacy status in the event that they are amended to replace an interbank offered rate (IBOR) or other discontinued rate, repeal the inter- affiliate initial margin provisions, introduce an additional compliance date for initial margin requirements, clarify the point in time at which trading documentation must be in place, permit legacy swaps to retain their legacy status in the event that they are amended due to technical amendments, notional reductions, or portfolio compression exercises, and make technical changes to relocate the provision addressing amendments to legacy swaps that are made to comply with the Qualified Financial Contract Rules, as defined in the Supplementary Information section.
Validation and Approval of Credit Score Models
Document Number: 2019-17633
Type: Rule
Date: 2019-08-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule on the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises). The final rule defines a four-phase process for an Enterprise to validate and approve credit score models. The process begins with the Credit Score Solicitation (a solicitation by the Enterprises of applications from credit score model developers), followed by the Submission and Initial Review of Applications (an initial review by the Enterprise of submitted applications). The third phase is a Credit Score Assessment by the Enterprise, and the fourth phase is an Enterprise Business Assessment. The final rule establishes criteria for each of the four phases and includes required timing and notices for Enterprise decisions under the process.
Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2018; Summary Instructions and Guidance
Document Number: 2019-15766
Type: Rule
Date: 2019-07-25
Agency: Federal Housing Finance Agency
In this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 5, 2019, with respect to stress test reporting as of December 31, 2018, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios.
Designation of Replacement for Federal Housing Finance Agency's ARM Index
Document Number: 2019-14475
Type: Notice
Date: 2019-07-09
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) recently discontinued publication of its monthly index for adjustable rate mortgage loans, known as the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, due to dwindling participation by mortgage originators in the Agency's Monthly Survey of Rates and Terms on Conventional One-Family Non-farm Mortgage Loans, on which the index had been based. By this notice, FHFA is designating a replacement index, to be called ``PMMS+.'' The replacement index will be an adjusted version of Freddie Mac's Primary Mortgage Market Survey 30-Yr FRM, and will take effect immediately. FHFA intends to publish the PMMS+ Index value monthly and on approximately the same schedule as it has been publishing the existing index. FHFA is soliciting public comments on its designation of the replacement index and will consider any comments received before finalizing its decision about the successor index.
Uniform Mortgage-Backed Security; Correction
Document Number: 2019-12880
Type: Rule
Date: 2019-06-18
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing this document to correct the preamble of the final rule that was published in the Federal Register on March 5, 2019, entitled ``Uniform Mortgage- Backed Security.'' In that preamble, FHFA incorrectly stated that data on servicer performance is included in quarterly Prepayment Monitoring Reports (PMRs).
Proposed Collection; Comment Request
Document Number: 2019-11182
Type: Notice
Date: 2019-05-29
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as the ``American Survey of Mortgage Borrowers,'' which has been assigned control number 2590-0015 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on July 31, 2019.
Federal Home Loan Bank Community Support Program-Opportunity To Comment on Members Subject to Review
Document Number: 2019-05980
Type: Notice
Date: 2019-03-28
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is announcing that FHFA will review all applicable Federal Home Loan Bank (Bank) members in 2019 under FHFA's community support requirements regulation. This Notice invites the public to comment on the community support performance of individual members.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2019-05012
Type: Rule
Date: 2019-03-19
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency, Board of Governors of the Federal Reserve System
The OCC, Board, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting and invite comment on an interim final rule amending the Agencies' regulations that require swap dealers and security-based swap dealers under the Agencies' respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule). The Swap Margin Rule takes effect under a phased compliance schedule stretching from 2016 through 2020, and the dealers covered by the rule continue to hold swaps in their portfolios that were entered into before the effective dates of the rule. Those swaps are grandfathered from the Swap Margin Rule's requirements until they expire according to their terms. There are currently financial services firms located within the United Kingdom (U.K.) that conduct swap dealing activities subject to the Swap Margin Rule. The U.K. has provided formal notice of its intention to withdraw from the European Union (E.U.) on March 29, 2019. If this transpires without a negotiated agreement between the U.K. and E.U., these entities located in the U.K. may not be authorized to provide full-scope financial services to swap counterparties located in the E.U. The Agencies' policy objective in developing the interim final rule is to address one aspect of the scenario likely to ensue, whereby entities located in the U.K. might transfer their existing swap portfolios that face counterparties located in the E.U. over to an affiliate or other related establishment located within the E.U. or the United States (U.S.). The Agencies seek to address industry concerns about the status of grandfathered swaps in this scenario, so the industry can focus on making preparations for swap transfers. These transfers, if carried out in accordance with the conditions of the interim final rule, will not trigger the application of the Swap Margin Rule to grandfathered swaps that were entered into before the compliance dates of the Swap Margin Rule.
Rules of Practice and Procedure; Civil Money Penalty Inflation Adjustment
Document Number: 2019-04943
Type: Rule
Date: 2019-03-18
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Uniform Mortgage-Backed Security
Document Number: 2019-03934
Type: Rule
Date: 2019-03-05
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) is issuing a final rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows for both current TBA-eligible MBS, and, upon its implementation, for the Uniform Mortgage-Backed Security (UMBS)a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by one-to-four unit (single-family) properties. The final rule codifies alignment requirements that FHFA implemented under the Fannie Mae and Freddie Mac conservatorships. The rule is integral to the successful transition to and ongoing fungibility of the UMBS. FHFA has announced that the Enterprises will begin issuing UMBS in place of their current TBA-eligible securities on June 3, 2019.
Federal Home Loan Bank Capital Requirements
Document Number: 2018-27918
Type: Rule
Date: 2019-02-20
Agency: Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing this final rule to adopt as its own portions of the regulations of the Federal Housing Finance Board (Finance Board) pertaining to the capital requirements for the Federal Home Loan Banks (Banks). The final rule carries over most of the existing Finance Board regulations without material change, but substantively revises the credit risk component of the risk-based capital requirement, as well as the limitations on extensions of unsecured credit. The principal revisions to those provisions remove requirements that the Banks calculate credit risk capital charges and unsecured credit limits based on ratings issued by a Nationally Recognized Statistical Rating Organization (NRSRO), and instead require that the Banks use their own internal rating methodology. The final rule also revises the percentages used in the tables to calculate the credit risk capital charges for advances and non-mortgage assets. FHFA retains the percentages used in the existing table to calculate the capital charges for mortgage-related assets, but revises the approach to identify the appropriate percentage within the table. FHFA also has revised the table numbers in the final rule to align with the Federal Register's new formatting standards, which were revised after publication of the proposed rule.
Proposed Collection; Comment Request
Document Number: 2019-02304
Type: Notice
Date: 2019-02-14
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning a previously approved information collection known as ``Advances to Housing Associates,'' which has been assigned control number 2590-0001 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year renewal and reinstatement of the control number, which expired on December 31, 2018.
Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
Document Number: 2019-01154
Type: Notice
Date: 2019-02-06
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a ``community financial institution'' (CFI) to $1,199,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI-U), as published by the Department of Labor (DOL). These changes took effect on January 1, 2019.
Validation and Approval of Credit Score Models
Document Number: 2018-27565
Type: Proposed Rule
Date: 2018-12-21
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing a rule on the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises. FHFA requests public comment on all aspects of this proposed rule.
Golden Parachute and Indemnification Payments
Document Number: 2018-27564
Type: Rule
Date: 2018-12-20
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is amending its golden parachute payments regulation to better align it with areas of FHFA's supervisory concern and reduce administrative and compliance burdens. This final rule amends a requirement that FHFA review and consent before a regulated entity or the Office of Finance (OF) enters certain agreements to make, or makes, certain payments that are contingent on the termination of an affiliated party, if the regulated entity or the OF is in a troubled condition, in conservatorship or receivership, or insolvent. FHFA's experience implementing the regulation indicated that it required review of some agreements and payments where there was little risk of excess or abuse, and thus that it was too broad. As amended, the rule will reduce the number of agreements and payments that are subject to FHFA prior review by focusing on those agreements and payments where there is greater risk of an excessive or abusive payment (in general, payments to and agreements with executive officers, broad-based plans covering large numbers of employees (such as severance plans), and payments made to non-executive-officer employees who may have engaged in certain types of wrongdoing). In addition, the rule as amended clarifies the inquiry into possible employee wrongdoing that a regulated entity is required to undertake prior to entering into an agreement to make or making a golden parachute payment. Amendments also revise and clarify other rule procedures, definitions, and exemptions.
Miscellaneous Federal Home Loan Bank Operations and Authorities-Financing Corporation Assessments
Document Number: 2018-26449
Type: Rule
Date: 2018-12-07
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting a final rule pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA's predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The final rule addresses the manner in which FICO will conduct the 2019 FICO assessments, which will be the last of those assessments. Specifically, the final rule provides that all payments made by FDIC-insured depository institutions during 2019 are final, and that no adjustments to prior FICO assessments will be permitted after March 26, 2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments.