Removal of References to Credit Ratings in Certain Regulations Governing the Federal Home Loan Banks
Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires Federal agencies 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 issued by credit rating organizations registered with the Securities and Exchange Commission (SEC) as nationally recognized statistical rating organizations (NRSROs), and to remove such references or requirements. To implement this provision, the Federal Housing Finance Agency (FHFA) proposed on May 23, 2013, to amend certain of its rules and remove a number of references and requirements in certain safety and soundness regulations affecting the Federal Home Loan Banks (Banks). To replace the provisions that referenced NRSRO ratings, FHFA proposed to add requirements that the Banks apply internal analytic standards and criteria to determine the credit quality of a security or obligation, subject to FHFA oversight and review through the examination and supervisory process. FHFA also proposed to delete certain provisions from its regulations that contained references to NRSRO credit ratings because they appeared duplicative of other requirements or because they applied only to Banks that had not converted to the capital structure required by the Gramm- Leach-Bliley Act (GLB Act) and no longer applied to any Bank. After considering the comments received on its notice of proposed rulemaking (Proposed Rule), FHFA has determined to adopt as final these proposed rule amendments without change.
Privacy Act of 1974; Systems 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 and requests comments on the proposed revision of an existing Privacy Act system of records and the establishment of a new system of records. The revised system, ``Photographic Files'' (FHFA-5), contains photographic materials, in print and electronic format, related to FHFA staff and events, and will be newly named ``Photographic, Video, Voice, and Similar Files.'' The proposed new system, ``Online Forms'' (FHFA-22), will contain records related to members of the public.
Privacy Act of 1974; System of Records
In accordance with the Privacy Act of 1974, as amended, the Office of Inspector General of the Federal Housing Finance Agency (FHFA-OIG) gives notice of the creation of a new Privacy Act system of records (SOR) for the Office of Evaluations (OE) and of a new routine use for the Office of Audits' (OA) SOR, and of technical revisions to the existing SORs. The new SOR for OE, the additional routine use for OA's SOR, and the other technical changes are described in detail below.