Federal Housing Finance Agency June 2011 – Federal Register Recent Federal Regulation Documents
Results 1 - 7 of 7
Margin and Capital Requirements For Covered Swap Entities
On May 11, 2011, the OCC, Board, FDIC, FCA, and FHFA (collectively, the Agencies) published in the Federal Register a joint notice of proposed rulemaking for public comment to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator (the proposed rule). Due to the complexity of the rulemaking, to allow parties more time to consider the impact of the proposed rule, and so that the comment period on the proposed rule will run concurrently with the comment period for similar margin and capital requirements proposed by the Commodity Futures Trading Commission, the Agencies have determined that an extension of the comment period until July 11, 2011 is appropriate. This action will allow interested persons additional time to analyze the proposed rules and prepare their comments.
Prudential Management and Operations Standards
Section 1108 of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to require the Federal Housing Finance Agency (FHFA) to establish prudential standards relating to the management and operations of the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal Home Loan Banks (Banks) (collectively, regulated entities). FHFA is proposing to implement those HERA amendments by providing for the establishment of the prudential standards in the form of guidelines, which initially would be set out in an appendix to the rule. The proposal also would include other provisions relating to the possible consequences for a regulated entity that fails to operate in accordance with the prudential standards.
Conservatorship and Receivership
The Federal Housing Finance Agency (FHFA) is issuing a final rule to establish a framework for conservatorship and receivership operations for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks, as contemplated by the Housing and Economic Recovery Act of 2008 (HERA). HERA amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) by adding, among other provisions, section 1367, Authority Over Critically Undercapitalized Regulated Entities. The rule will implement this provision, and will ensure that these operations advance FHFA's critical safety and soundness and mission requirements. The rule seeks to protect the public interest in the transparency of conservatorship and receivership operations for the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), and the Federal Home Loan Banks (Banks) (collectively, the regulated entities).
Federal Home Loan Bank Members Selected for Community Support Review
The Federal Housing Finance Agency (FHFA) is announcing the Federal Home Loan Bank (Bank) members it has selected for the 2010 third round review cycle under the FHFA's community support requirements regulation. This notice also prescribes the deadline by which Bank members selected for review must submit Community Support Statements to FHFA.
Credit Risk Retention
On April 29, 2011, the OCC, Board, FDIC, Commission, FHFA and HUD (collectively, the ``Agencies'') published in the Federal Register a joint notice of proposed rulemaking for public comment to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Credit Risk NPR'' or ``proposed rule''). Due to the complexity of the rulemaking and to allow parties more time to consider the impact of the Credit Risk NPR on affected markets, the Agencies have determined that an extension of the comment period until August 1, 2011, is appropriate. This action will allow interested persons additional time to analyze the proposed rules and prepare their comments.
Privacy Act of 1974; System of Records
In accordance with the requirements of the Privacy Act of 1974, as amended (Privacy Act), the Federal Housing Finance Agency (FHFA) gives notice of the proposed establishment of seven new Privacy Act systems of records, the adoption of a government-wide Privacy Act system of records, the removal of four existing Privacy Act systems of records, and notice of twenty-one government-wide Privacy Act systems of records previously adopted by FHFA. The proposed new systems are: ``Mail, Contact, Telephone, and Other Lists'' (FHFA-7); ``Federal Home Loan Bank Directors'' (FHFA-8); ``Administrative Grievance Records'' (FHFA-9); ``Employee Benefits Records'' (FHFA-10); ``Transit Subsidy Program Records'' (FHFA-11); ``Parking Program Records'' (FHFA-12); and ``Freedom of Information Act and Privacy Act Records'' (FHFA-13). Two of the proposed new systems, (FHFA-8) and (FHFA-9), will replace systems of records issued by one of FHFA's predecessor agencies, the Federal Housing Finance Board (FHFB) titled ``FHFB-4 Federal Home Loan Bank Appointive Director Certification Forms'' and ``FHFB-3 Administrative Grievance Files.'' The new adopted system of records, ``Personal Identity Verification Identity Management System'' (GSA/GOVT-7), will replace systems of records issued by FHFA's predecessor agencies FHFB and the Office of Federal Housing Enterprise Oversight (OFHEO), titled ``FHFB-8 Personal Identify Verification Management System'' and ``OFHEO-03 Employee Identification Card System.'' Notice is given that FHFA previously adopted the following government-wide systems of records: EEOC/GOVT-1 Equal Employment Opportunity in the Federal Government Complaint and Appeals Records; DOL/GOVT-1 Office of Worker's Compensation Programs, Federal Employees' Compensation Act File; DOL/GOVT-2 Job Corps Student Records; DOT/ALL-8 Employee Transportation Facilitation; GSA/GOVT-2 Employment Under Commercial Activities Contracts; EPA/GOVT-2Federal Docket Management System (FDMS); GSA/GOVT-3 Travel Charge Card Program; GSA/GOVT-4 Contracted Travel Services Program; GSA/GOVT-6 GSA SmartPay Purchase Charge Card Program; GSA/GOVT-8 Excluded Parties List System (EPLS); MSPB/GOVT1 Appeal and Case Records; OGE/GOVT-1 Executive Branch Public Financial Disclosure Reports and Other Ethics Program Records; OGE/GOVT-2 Confidential Statements of Employment and Financial Interests; OPM/GOVT-1 General Personnel Records; OPM/GOVT-2 Employee Performance File System Records; OPM/GOVT-3 Records of Adverse Actions; OPM/GOVT-5 Recruiting, Examining and Placement Records; OPM/GOVT-6 Personnel Research and Test Validation Records; OPM/GOVT-7 Applicant Race, Sex, National Origin and Disability Status Records; OPM/GOVT-9 File on Position Classification Appeals, Job Grading Appeals, and Retained Grade or Pay Appeals, and Fair Labor Standard Act (FLSA) Claims and Complaints; OPM/GOVT-10 Employee Medical File System Records; and OSC/GOVT-1 OSC Complaint Litigation and Political Activity Files. Two of the proposed new systems, (FHFA-11) and (FHFA-12), will replace the system of records previously adopted by FHFA titled ``DOT/ ALL-8 Employee Transportation Facilitation'' as these two new systems more accurately reflect the systems of records that FHFA maintains. Upon the effective date of this notice, the replaced FHFB systems, ``FHFB-3'' published at 60 FR 46120 (September 5, 1995) and further amended, ``FHFB-4'' published at 64 FR 14919 (March 29, 1999) and further amended, and ``FHFB-8'' published at 71 FR 61052 on October 17, 2006; and the replaced OFHEO system ``OFHEO-3'' published at 63 FR 9007 on February 23, 1998, will be removed.
Record Retention for Regulated Entities and Office of Finance
The Federal Housing Finance Agency is issuing a final regulation to set forth record retention requirements for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Banks, and the Office of Finance.
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