Federal Housing Finance Agency March 2009 – Federal Register Recent Federal Regulation Documents

The Federal Housing Finance Agency (FHFA) published in the Federal Register of January 30, 2009, an interim final rule with request for comments that implemented the statutory requirement of the Housing and Economic Recovery Act of 2008 that FHFA specify critical capital levels for the Federal Home Loan Banks (Bank(s)). Specifically, the interim final rule defined the critical capital level for each Bank; established criteria based on the amount and type of capital held by a Bank for each of the following capital classifications: adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized; and delineated FHFA's prompt corrective action authority over the Banks.