Federal Housing Finance Agency 2015 – Federal Register Recent Federal Regulation Documents

Technical Amendments: FHFA Address and Zip Code Change
Document Number: 2015-32199
Type: Rule
Date: 2015-12-24
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing this final rule as a technical change to correct regulatory references to FHFA's address and postal zip code.
Suspended Counterparty Program
Document Number: 2015-32183
Type: Rule
Date: 2015-12-23
Agency: Federal Housing Finance Agency
This final rule establishes requirements and procedures for the Federal Housing Finance Agency's (FHFA) Suspended Counterparty Program. Under the Suspended Counterparty Program, FHFA may issue suspension orders directing the regulated entities (Fannie Mae, Freddie Mac, and the eleven Federal Home Loan Banks (Banks)) to cease doing business with an individual or institution, and any affiliate thereof, for a specified period of time where such party has committed fraud or other financial misconduct involving a mortgage transaction. The final rule revises the interim final rule published on October 23, 2013. The final rule excludes from the types of covered transactions that would be subject to a final suspension order any transaction involving a residential mortgage loan if the loan is secured by the respondent's own personal or household residence. The final rule provides more time than the interim final regulation provided for the regulated entities to submit reports to FHFA when they become aware that any individual or institution, and any affiliate thereof, with which they do business, has committed fraud or other financial misconduct involving a mortgage transaction. The final rule also simplifies the standard for issuing suspension orders by eliminating the requirement that FHFA demonstrate that the regulated entity has done business with the individual or institution within the past three years. Finally, the final rule clarifies the method of issuing notices of proposed suspension orders with respect to affiliates.
Implementation of the Program Fraud Civil Remedies Act of 1986
Document Number: 2015-32182
Type: Proposed Rule
Date: 2015-12-23
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) proposes this rule to implement the Program Fraud Civil Remedies Act of 1986 (31 U.S.C. 3801 et seq.), by establishing administrative procedures for imposing civil penalties and assessments against persons who make false, fictitious, or fraudulent claims or written statements to FHFA in the context of its contracting or employment activities, where the amount of money or the value of property or services involved or requested from FHFA is $150,000 or less.
Advances
Document Number: 2015-32112
Type: Rule
Date: 2015-12-22
Agency: Federal Housing Finance Agency
Enterprise Duty To Serve Underserved Markets
Document Number: 2015-31811
Type: Proposed Rule
Date: 2015-12-18
Agency: Federal Housing Finance Agency
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 establish a duty for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) to serve three specified underserved marketsmanufactured housing, affordable housing preservation, and rural marketsto increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for very low-, low- , and moderate-income families in those markets. The Federal Housing Finance Agency (FHFA) is issuing and seeking comments on a proposed rule that would provide Duty to Serve credit for eligible Enterprise activities that facilitate a secondary market for mortgages related to: Manufactured homes titled as real property; blanket loans for certain categories of manufactured housing communities; preserving the affordability of housing for renters and homebuyers; and housing in rural markets. The proposed rule would establish a method for evaluating and rating the Enterprises' compliance with the Duty to Serve each underserved market.
Acquired Member Assets
Document Number: 2015-31660
Type: Proposed Rule
Date: 2015-12-17
Agency: Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing amendments to the existing Acquired Member Assets (AMA) regulation, which applies to the Federal Home Loan Banks (Banks). In particular, FHFA proposes to remove from the regulation requirements based on ratings issued by a Nationally Recognized Statistical Ratings Organization (NRSRO), as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Additionally, FHFA proposes to transfer the AMA regulation from the former Federal Housing Finance Board (Finance Board) regulations to FHFA's regulations. FHFA also proposes to reorganize the current regulation and to modify and clarify a number of provisions in the regulation.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2015-28671
Type: Rule
Date: 2015-11-30
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 (each an ``Agency'' and, collectively, the ``Agencies'') are adopting a joint rule 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. This final rule implements sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''). Sections 731 and 764 require the Agencies to adopt rules jointly to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared.
Margin and Capital Requirements for Covered Swap Entities
Document Number: 2015-28670
Type: Rule
Date: 2015-11-30
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 (each an ``Agency'' and, collectively, the ``Agencies'') are adopting and invite comment on an interim final rule that will exempt certain non-cleared swaps and non- cleared security-based swaps with certain counterparties that qualify for an exception or exemption from clearing from the initial and variation margin requirements promulgated under sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''). This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''), which exempts from the Agencies' swap margin rules non-cleared swaps and non-cleared security-based swaps in which a counterparty qualifies for an exemption or exception from clearing under the Dodd-Frank Act. This interim final rule is a companion rule to the final rules adopted by the Agencies to implement section 731 and 764 of the Dodd-Frank Act.
Stress Testing of Regulated Entities
Document Number: 2015-29861
Type: Rule
Date: 2015-11-24
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting a final rule amending its stress testing rule adopted in 2013 to implement section 165(i) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. FHFA received no comments to its proposed amendments, published for comment in an August 21, 2015 Notice of Proposed Rule. These amendments adopt the proposed amendments without change to modify: The start date of the stress test cycles from October 1 of a calendar year to January 1 of the following calendar year; the dates for FHFA to issue scenarios for the upcoming cycle; the dates for the regulated entities to report the results of their stress tests to FHFA; and the dates for the regulated entities to publicly disclose a summary of their stress test results for the severely adverse scenario. These amendments align FHFA's rule with rules adopted by other financial institution regulators that implement the Dodd-Frank stress testing requirements.
Responsibilities of Boards of Directors, Corporate Practices and Corporate Governance Matters
Document Number: 2015-29367
Type: Rule
Date: 2015-11-19
Agency: Federal Housing Enterprise Oversight Office, Department of Housing and Urban Development, Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is amending its regulations by relocating and consolidating certain regulations of its predecessor agenciesthe Federal Housing Finance Board (Finance Board) and Office of Federal Housing Enterprise Oversight (OFHEO)that pertain to the responsibilities of boards of directors, corporate practices, and corporate governance matters. The OFHEO regulations addressed corporate governance matters at the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), while the Finance Board regulations addressed the powers and responsibilities of the boards of directors and management of the Federal Home Loan Banks (Banks). The final rule consolidates most of those regulations into a new FHFA regulation, parts of which will apply to both the Banks and the Enterprises (together, regulated entities), and parts of which will apply only to the Banks or only to the Enterprises. Most of the content of the new regulations has been derived from the regulations of the predecessor agencies, with such modifications as are necessary to apply the regulations to all of the regulated entities, to respond to issues raised by the commenters, or to clarify the regulatory text. The final rule also amends the Prudential Management and Operations Standards (Prudential Standards) provisions by designating certain introductory languagewhich pertains to the general responsibilities of senior management and boards of directorsas a separate Prudential Standard. The final rule also repeals a provision of the OFHEO regulations that related to minimum safety and soundness requirements for the Enterprises.
Proposed Collection; Comment Request
Document Number: 2015-28483
Type: Notice
Date: 2015-11-10
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking public comments concerning the information collection known as the ``National Survey of Existing Mortgage Borrowers'' (NSEMB). This is a new collection that has not yet been assigned a control number 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 control number.
Notice of Establishment of Housing Price Index
Document Number: 2015-26778
Type: Notice
Date: 2015-10-22
Agency: Federal Housing Finance Agency
On May 27, 2015, the Federal Housing Finance Agency (FHFA) published a Notice and Request for Input (Notice) describing a method for assessing the national average single-family house price for use in adjusting the maximum conforming loan limits of Fannie Mae and Freddie Mac (the ``Enterprises''). The Notice responded to section 1322 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) (``Safety and Soundness Act'') which required FHFA to ``establish and maintain a method of assessing the national average 1-family house price for use in adjusting the conforming loan limitations.'' The Notice indicated that FHFA intends to use its existing ``expanded-data'' house price index (HPI) for such purpose and invited public feedback. In line with the proposal in the original Notice, after reviewing the public feedback, FHFA has decided to use the expanded-data HPI for annual loan-limit adjustment. Specifically, FHFA will use the seasonally adjusted, expanded-data HPI for the United States.
Privacy Act of 1974; System of Records
Document Number: 2015-25678
Type: Notice
Date: 2015-10-08
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Privacy Act of 1974, as amended, 5 U.S.C. 552a (Privacy Act), notice is hereby given that the Federal Housing Finance Agency (FHFA) is revising its existing Systems of Records Notices (SORN) to change and/or add to the System Location Address; the System Manager Address; and the Address for where to direct inquiries and requests. The proposed revisions are to the following systems: Federal Home Loan Bank System Directory (FHFA-1); Financial Management System (FHFA- 2); Correspondence Tracking System (FHFA-3); Compensation Information Provided by the Regulated Entities (FHFA-4); 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); Freedom of Information Act and Privacy Act Records (FHFA-13); Emergency Notification System (FHFA-14); Payroll, Retirement, Time and Attendance, and Leave Records (FHFA-15); and Personnel Investigative Files (FHFA-16). Since the revisions to these existing systems of records are purely administrative in nature, they will become effective upon publication in the Federal Register.
Submission for OMB Review; Comment Request
Document Number: 2015-24710
Type: Notice
Date: 2015-09-30
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is submitting the information collection entitled ``Advances to Housing Associates'' to the Office of Management and Budget (OMB) for review and approval of a three year extension of OMB control number 2590-0001, which is due to expire on September 30, 2015.
Proposed Collection; Comment Request
Document Number: 2015-16267
Type: Notice
Date: 2015-07-02
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking public comments concerning the 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 extension of the control number, which is due to expire on September 30, 2015.
Orders: Reporting by Regulated Entities of Stress Testing Results as of September 30, 2014
Document Number: 2015-15194
Type: Rule
Date: 2015-06-19
Agency: Federal Housing Finance Agency
In this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders dated June 10, 2015, with respect to reporting under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Minimum Requirements for Appraisal Management Companies
Document Number: 2015-12719
Type: Rule
Date: 2015-06-09
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Federal Housing Finance Agency, Bureau of Consumer Financial Protection
The OCC, Board, FDIC, NCUA, Bureau, and FHFA (collectively, the Agencies) are adopting a final rule to implement the minimum requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) to be applied by participating States in the registration and supervision of appraisal management companies (AMCs). The final rule also implements the minimum requirements in the Dodd-Frank Act for AMCs that are subsidiaries owned and controlled by an insured depository institution and regulated by a Federal financial institutions regulatory agency (Federally regulated AMCs). Under the final rule, these Federally regulated AMCs do not need to register with a State, but are subject to the same minimum requirements as State-regulated AMCs. The final rule also implements the requirement for States to report to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) the information required by the ASC to administer the new national registry of AMCs (AMC National Registry). In conjunction with this implementation, the FDIC is integrating its appraisal regulations for State nonmember banks and State savings associations.
Federal Home Loan Bank Community Support Program-Administrative Amendments
Document Number: 2015-12807
Type: Rule
Date: 2015-05-28
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule amending its community support regulation to streamline and simplify the administrative process requirements under the regulation. The amendments will not affect the substantive requirements of the regulation, which include FHFA review and assessment of applicable members of the Federal Home Loan Banks (Banks) every two years, or change the criteria for determining member compliance with the community support standards and eligibility for access to long-term Bank advances. The amendments will replace the current process of selecting one-eighth of all applicable members for eight quarterly reviews by FHFA over a two-year review cycle, with a new process of FHFA reviewing all applicable members at the same time every two years.
Notice of Establishment of Housing Price Index
Document Number: 2015-12781
Type: Notice
Date: 2015-05-27
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is establishing and shall maintain a method for assessing the national average single- family house price for use in adjusting the conforming loan limits of Fannie Mae and Freddie Mac (the ``Enterprises''). For these purposes, FHFA has considered a number of different measures, including the House Price Index maintained by the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development before the effective date of the Federal Housing Finance Regulatory Reform Act of 2008.\1\ FHFA also considered house price indexes of the Bureau of the Census of the Department of Commerce as well as other privately-produced indexes.\2\
Minority and Women Inclusion Amendments
Document Number: 2015-10374
Type: Rule
Date: 2015-05-04
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting a final rule to amend its regulation on minority and women inclusion by requiring the Federal Home Loan Banks (Banks) and the Office of Finance to include in the contents of their annual reports certain demographic information related to their boards of directors as well as a description of their related outreach activities during the reporting year.
Housing Trust Fund
Document Number: 2015-06724
Type: Rule
Date: 2015-03-26
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule setting forth requirements related to allocations by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises) to the Housing Trust and Capital Magnet Funds created by the Housing and Economic Recovery Act of 2008. The rule implements a statutory prohibition against the Enterprises passing the cost of such allocations through to the originators of loans they purchase or securitize, and finalizes and continues an interim final rule FHFA issued on December 16, 2014.
Federal Home Loan Bank Members Selected for Community Support Review 2014-2015 Review Cycle-5th Round
Document Number: 2015-05802
Type: Notice
Date: 2015-03-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is announcing the Federal Home Loan Bank (Bank) members it has selected for the 2014-2015 Review Cycle5th Round under FHFA's community support requirements regulation. This Notice also prescribes the deadline by which Bank members selected for this review cycle must submit Community Support Statements to FHFA.
Federal Home Loan Bank Capital Stock and Capital Plans
Document Number: 2015-05268
Type: Rule
Date: 2015-03-11
Agency: Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
On October 8, 2014, the Federal Housing Finance Agency (FHFA) published a notice of proposed rulemaking in the Federal Register to transfer existing parts of the Federal Housing Finance Board (Finance Board) regulations to the FHFA regulations. These rules address Federal Home Loan Bank (Bank) capital stock and capital plans. FHFA did not propose to make any substantive changes to these requirements, but proposed to delete certain provisions that applied only to the one-time conversion of Bank stock to the new capital structure required by the Gramm-Leach-Bliley Act (GLB Act) and to make certain other clarifying changes. FHFA is now adopting the proposed rule as a final rule without change.
Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
Document Number: 2015-02402
Type: Notice
Date: 2015-02-06
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that defines a ``Community Financial Institution'' to $1,123,000,000, 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, 2015.