Federal Housing Finance Agency January 2011 – Federal Register Recent Federal Regulation Documents
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Alternatives to Use of Credit Ratings in Regulations Governing the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks
A number of regulations applicable to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (collectively, the Enterprises), and the Federal Home Loan Banks (Banks), contain specific references to, or requirements based on, credit ratings issued by credit rating organizations registered with the Securities and Exchange Commission as nationally recognized statistical rating organizations (NRSROs). Section 939A of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) provides Federal agencies with one-year to review regulations that require the use of an assessment of the credit- worthiness of a security or money market instrument and any references to, or requirements in, such regulations regarding credit ratings, and to remove such references or requirements. In this advance notice of proposed rulemaking (ANPR), the Federal Housing Finance Agency (FHFA) describes the relevant regulations affected by this provision of the Dodd-Frank Act and requests comments on potential alternatives to the use of credit ratings in these regulations.
Proposed Collection; Comment Request
The Federal Housing Finance Agency (FHFA) submitted to the Office of Management and Budget (OMB) for emergency review, revisions to the information collection, ``Federal Home Loan Bank Directors,'' OMB No. 2590-0006. The revisions were approved under the Paperwork Reduction Act of 1995, Public Law 104-13. Specifically, FHFA requested review of revisions to the 2008 OMB-approved Federal Home Loan Bank Elective Director Eligibility Certification Form, the Federal Home Loan Bank Appointive Director Application Form, and the Federal Home Loan Bank Appointive Director Certification Form. Since 2008, when the Federal Home Loan Banks' (Bank) former regulator, the Federal Housing Finance Board (Finance Board), last obtained OMB approval for this information collection, there have been statutory and regulatory changes affecting the use of the forms. The passage of the Housing and Economic Recovery Act of 2008 (HERA), Public Law 110-289 (2008) amended section 7 of the Federal Home Loan Bank Act (Bank Act) which provided for the appointment of a portion of each Federal Home Loan Bank's board of directors. The HERA amendments resulted in needed revisions to the current OMB-approved forms associated with these appointments. The first of the revisions to the forms includes renaming them respectively, the Federal Home Loan Bank Member Director Eligibility Certification Form, the Federal Home Loan Bank Independent Director Application Form, and the Federal Home Loan Bank Independent Director Annual Certification Form. A more detailed description of the remaining revisions is discussed below in Overview of the Information Collection. FHFA requested emergency review of these revisions because the revised forms are being used in January 2011. These revisions did not result in a change in burden. To allow interested persons to comment on this information collection, FHFA is publishing this notice and plans to submit a request for a three-year extension of OMB's approval. Comments regarding this information collection should be addressed to the Office of Information and Regulatory Affairs of OMB, Attention: Desk Officer for the Federal Housing Finance Agency, Washington, DC 20503, Fax: 202- 395-6974, Email: OIRA_Submission@omb.eop.gov. Please also submit comments to FHFA using any one of the following methods and include ``Comments: Federal Home Loan Bank Directors (No. 2011-N-02)'' as the subject: E-mail: RegComments@fhfa.gov; Federal eRulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by e- mail to FHFA at RegComments@fhfa.gov to ensure timely receipt by FHFA. U.S. Mail/Hand Delivery: Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. We will post all public comments we receive without change, including any personal information you provide, such as your name and address, on the FHFA website at https://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public on business days between the hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. To make an appointment to inspect comments, please call the Office of General Counsel at 202-414-6924.
Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that defines a ``Community Financial Institution'' 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, 2011.
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