Federal Housing Finance Agency 2018 – Federal Register Recent Federal Regulation Documents

Validation and Approval of Credit Score Models
Document Number: 2018-27565
Type: Proposed Rule
Date: 2018-12-21
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing a rule on the process for validation and approval of credit score models by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises. FHFA requests public comment on all aspects of this proposed rule.
Golden Parachute and Indemnification Payments
Document Number: 2018-27564
Type: Rule
Date: 2018-12-20
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is amending its golden parachute payments regulation to better align it with areas of FHFA's supervisory concern and reduce administrative and compliance burdens. This final rule amends a requirement that FHFA review and consent before a regulated entity or the Office of Finance (OF) enters certain agreements to make, or makes, certain payments that are contingent on the termination of an affiliated party, if the regulated entity or the OF is in a troubled condition, in conservatorship or receivership, or insolvent. FHFA's experience implementing the regulation indicated that it required review of some agreements and payments where there was little risk of excess or abuse, and thus that it was too broad. As amended, the rule will reduce the number of agreements and payments that are subject to FHFA prior review by focusing on those agreements and payments where there is greater risk of an excessive or abusive payment (in general, payments to and agreements with executive officers, broad-based plans covering large numbers of employees (such as severance plans), and payments made to non-executive-officer employees who may have engaged in certain types of wrongdoing). In addition, the rule as amended clarifies the inquiry into possible employee wrongdoing that a regulated entity is required to undertake prior to entering into an agreement to make or making a golden parachute payment. Amendments also revise and clarify other rule procedures, definitions, and exemptions.
Miscellaneous Federal Home Loan Bank Operations and Authorities-Financing Corporation Assessments
Document Number: 2018-26449
Type: Rule
Date: 2018-12-07
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is adopting a final rule pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA's predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The final rule addresses the manner in which FICO will conduct the 2019 FICO assessments, which will be the last of those assessments. Specifically, the final rule provides that all payments made by FDIC-insured depository institutions during 2019 are final, and that no adjustments to prior FICO assessments will be permitted after March 26, 2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments.
Affordable Housing Program Amendments
Document Number: 2018-25635
Type: Rule
Date: 2018-11-28
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) is amending its regulation addressing requirements for the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). The final rule amends the regulation to: Provide the Banks additional authority to allocate their AHP funds; authorize the Banks to establish separate competitive funds that target specific affordable housing needs in their districts; provide the Banks additional flexibility in designing their project selection scoring systems to address affordable housing needs in their districts; remove the requirement for retention agreements for owner-occupied units where the AHP subsidy is used solely for rehabilitation; provide for a calculation of household subsidy repayment amount that prioritizes return of the household's investment in the housing to the household; reduce administrative burdens related to calculating and obtaining household subsidy repayments based on net proceeds of the sale of a home; further align certain project monitoring requirements with those of other federal government funding programs; clarify the requirements for remediating AHP noncompliance; clarify certain operational requirements; and streamline and reorganize the regulation.
Federal Home Loan Bank Housing Goals Amendments
Document Number: 2018-23890
Type: Proposed Rule
Date: 2018-11-02
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing to amend the existing Federal Home Loan Bank Housing Goals regulation. FHFA proposes to replace the existing four separate retrospective housing goals with a single prospective mortgage purchase housing goal as well as establish a separate small member participation housing goal. The proposed rule would also allow the Banks to request FHFA approval of alternative target levels for the proposed goals. Finally, FHFA is proposing to eliminate the existing $2.5 billion volume threshold that triggers the application of housing goals for each Bank.
Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance
Document Number: 2018-22859
Type: Rule
Date: 2018-10-19
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is amending its regulation on the Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance for its regulated entities. The final rule amends the existing regulation pertaining to Federal Home Loan Bank strategic business plans so that it applies as well to the Enterprises, and makes a number of adjustments and conforming changes to the existing regulation. As amended, the regulation requires that the board of directors of each regulated entity have in effect at all times a strategic business plan that describes its strategy for achieving its mission and public purposes. It extends to the Enterprise boards the existing provision requiring the board of each Federal Home Loan Bank to review the strategic business plan at least annually, re- adopt it at least once every three years, and establish reporting requirements for and monitor implementation of the strategic business plan. The final rule adds a new provision regarding current and emerging risks, repeals two outdated provisions of the existing regulation, and makes a conforming change to the Office of Finance Board of Directors regulation.
Proposed Collection; Comment Request
Document Number: 2018-22667
Type: Notice
Date: 2018-10-17
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an 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 December 31, 2018.
Federal Home Loan Bank Community Support Program-Administrative Amendments
Document Number: 2018-22451
Type: Rule
Date: 2018-10-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule amending its community support regulation to require that FHFA establish relevant dates for FHFA's biennial community support review by written notice to the Federal Home Loan Banks (Banks). The amendments do not affect the substantive requirements of the regulation and do not change the criteria for determining member compliance with the community support standards and eligibility for access to long-term Bank advances.
Margin and Capital Requirements for Covered Swap Entities; Final Rule
Document Number: 2018-22021
Type: Rule
Date: 2018-10-10
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 Board, OCC, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are adopting amendments to their rules establishing minimum margin requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants (Swap Margin Rule). These amendments conform the Swap Margin Rule to rules recently adopted by the Board, the OCC, and the FDIC that impose restrictions on certain qualified financial contracts, including certain non-cleared swaps subject to the Swap Margin Rule (the QFC Rules). Specifically, the final amendments to the Swap Margin Rule conform the definition of ``Eligible Master Netting Agreement'' to the definition of ``Qualifying Master Netting Agreement'' in the QFC Rules. The amendment to the Swap Margin Rule ensures that netting agreements of firms subject to the Swap Margin Rule are not excluded from the definition of ``Eligible Master Netting Agreement'' based solely on their compliance with the QFC Rules. The amendment also ensures that margin amounts required for non-cleared swaps covered by agreements that otherwise constitute Eligible Master Netting Agreements can continue to be calculated on a net portfolio basis, notwithstanding changes to those agreements that will be made in some instances by firms revising their netting agreements to achieve compliance with the QFC Rules. In addition, for any non-cleared swaps that were ``entered into'' before the compliance dates of the Swap Margin Rulesand which are accordingly grandfathered from application of the rule's margin requirementsthe amendments state that any changes to netting agreements that are required to conform to the QFC Rules will not render grandfathered swaps covered by that netting agreement as ``new'' swaps subject to the Swap Margin Rule.
Indemnification Payments
Document Number: 2018-21592
Type: Rule
Date: 2018-10-04
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) is adopting this final rule establishing standards for identifying whether an indemnification payment by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), any of the Federal Home Loan Banks (collectively with Fannie Mae and Freddie Mac, the regulated entities), or the Federal Home Loan Bank System's Office of Finance (the OF) to an affiliated party in connection with an administrative proceeding or civil action instituted by FHFA is prohibited or permissible. This final rule applies to all regulated entities, each Federal Home Loan Bank, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the OF. It does not, however, apply to any regulated entity operating in conservatorship or receivership, or to a limited-life regulated entity.
Notice of Availability of the Federal Housing Finance Agency Information Quality Guidelines
Document Number: 2018-21533
Type: Notice
Date: 2018-10-03
Agency: Federal Housing Finance Agency
Notice is hereby given that the Federal Housing Finance Agency (FHFA) has made available its Information Quality Guidelines pursuant to the requirements of Office of Management and Budget (OMB) Guidelines for Ensuring and Maximizing the Quality, Objectivity, Utility and Integrity of Information Disseminated by Federal Agencies, dated February 22, 2002. The purpose of this notice is to publish the location of the Guidelines on the FHFA website at https://www.fhfa.gov/ AboutUs/InformationQuality.
Miscellaneous Federal Home Loan Bank Operations and Authorities-Financing Corporation Assessments
Document Number: 2018-20975
Type: Proposed Rule
Date: 2018-09-26
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing to amend its regulations pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA's predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The proposed rule addresses the manner in which FICO would conduct the 2019 FICO assessments, which are expected to be the last of those assessments. Specifically, the proposed rule would provide that all payments made by FDIC-insured depository institutions during 2019 will be final, and that no adjustments to prior FICO assessments would be permitted after March 26, 2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments.
Uniform Mortgage-Backed Security
Document Number: 2018-20124
Type: Proposed Rule
Date: 2018-09-17
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or Agency) is providing notice and inviting comment on a proposed rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the Enterprises) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows both on current TBA-eligible MBS, and, upon its implementation, on the Uniform Mortgage-Backed Security (UMBS)a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by 1-4 unit (single-family) properties.
Rules of Practice and Procedure; Civil Money Penalty Inflation Adjustment
Document Number: 2018-18517
Type: Rule
Date: 2018-08-29
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Golden Parachute and Indemnification Payments
Document Number: 2018-18511
Type: Proposed Rule
Date: 2018-08-28
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing to amend its rule on golden parachute payments to better align the rule with areas of FHFA's supervisory concern and reduce administrative and compliance burdens. The current rule requires FHFA review and consent before a regulated entity or the Office of Finance (OF) enters into an agreement to make, or makes, a payment that is contingent on the termination of an affiliated party, if the regulated entity or OF is in a troubled condition, in conservatorship or receivership, or insolvent. FHFA's experience implementing the rule indicates that the rule requires review of some agreements and payments where there is little risk of excess or abuse, and thus that it is too broad. If amended as proposed, the rule would focus on the types of agreements and payments that are of greater supervisory concern to FHFA. In general, these are payments to and agreements with executive officers, broad-based plans covering large numbers of employees (such as severance plans), and payments made to non-executive-officer employees who may have engaged in certain types of wrongdoing. The proposed amendments would also revise and clarify definitions, exemptions, and procedures to implement FHFA's supervisory approach. Where possible, FHFA would also align procedures and outcomes of review under the Golden Parachute Payment Rule with requirements of FHFA's rule on executive compensation. FHFA expects implementation of these changes would result in reduced administrative and compliance burdens.
Privacy Act of 1974; System of Records
Document Number: 2018-18411
Type: Notice
Date: 2018-08-27
Agency: Federal Housing Finance Agency
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 revisions to an existing system of records entitled ``Reasonable Accommodation Information System'' (FHFA-18). The revised system contains information regarding an individual who files a request for reasonable accommodation or personal assistance service, and will be newly named ``Reasonable Accommodation and Personal Assistance Services Information System.''
Repeal of Federal Housing Finance Board Regulations; Technical Amendments to FHFA Regulations
Document Number: 2018-16972
Type: Rule
Date: 2018-08-09
Agency: Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is repealing two parts of the Federal Housing Finance Board (Finance Board) regulations, which define terms used in Finance Board regulations, and which describe the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The repealed definitions are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. Although FHFA intends to continue to conduct the MIRS in the same manner as it is doing presently, there is no need to carry over this provision into its own regulations. This final rule also repeals a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text, corrects inaccurate cross-references in regulations described in this rulemaking, and amends a table to update information relating to information collections under the Paperwork Reduction Act.
Enterprise Capital Requirements
Document Number: 2018-16654
Type: Proposed Rule
Date: 2018-08-03
Agency: Federal Housing Enterprise Oversight Office, Department of Housing and Urban Development, Federal Housing Finance Agency
On July 17, 2018, the Federal Housing Finance Agency (FHFA) published in the Federal Register a notice of proposed rulemaking for public comment that proposes a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The comment period was set to expire on September 17, 2018. This notice extends the comment period by an additional 60 days to allow the public additional time to comment on the proposed rule.
Proposed Collection; Comment Request
Document Number: 2018-16350
Type: Notice
Date: 2018-07-31
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Minimum Requirements for Appraisal Management Companies,'' which has been assigned control number 2590-0013 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 July 31, 2018.
Proposed Collection; Comment Request
Document Number: 2018-16230
Type: Notice
Date: 2018-07-30
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Minority and Women Inclusion,'' which has been assigned control number 2590-0014 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 July 31, 2018.
Enterprise Capital Requirements
Document Number: 2018-14255
Type: Proposed Rule
Date: 2018-07-17
Agency: Federal Housing Enterprise Oversight Office, Department of Housing and Urban Development, Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA or the Agency) is proposing a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), which includes a new framework for risk-based capital requirements and two alternatives for an updated minimum leverage capital requirement. The risk-based framework would provide a granular assessment of credit risk specific to different mortgage loan categories, as well as market risk, operational risk, and going-concern buffer components. The proposed rule would maintain the statutory definitions of core capital and total capital. FHFA has suspended the Enterprises' capital requirements since the beginning of conservatorship, and FHFA plans to continue this suspension while the Enterprises remain in conservatorship. Despite this suspension, FHFA believes it is appropriate to update the Agency's standards on Enterprise capital requirements to provide transparency to all stakeholders about FHFA's supervisory view on this topic. In addition, while the Enterprises are in conservatorship, FHFA will expect Fannie Mae and Freddie Mac to use assumptions about capital described in the rule's risk-based capital requirements in making pricing and other business decisions. Feedback on this proposed rule will also inform FHFA's views in evaluating Enterprise business decisions while the Enterprises remain in conservatorship.
Proposed Collection; Comment Request
Document Number: 2018-10431
Type: Notice
Date: 2018-05-16
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Minority and Women Inclusion,'' which has been assigned control number 2590-0014 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 July 31, 2018.
Proposed Collection; Comment Request
Document Number: 2018-10430
Type: Notice
Date: 2018-05-16
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA or the Agency) is seeking public comments concerning an information collection known as ``Minimum Requirements for Appraisal Management Companies,'' which has been assigned control number 2590-0013 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 July 31, 2018.
Affordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for Comment
Document Number: 2018-09326
Type: Proposed Rule
Date: 2018-05-02
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is correcting an inadvertent error in the calculation of a proposed regulatory outcome requirement in the proposed rule published in the Federal Register on March 14, 2018, regarding the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). FHFA is requesting comment on the corrected calculation and is extending the comment period on all aspects of the proposed rule by an additional 30 days.
Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2017; Summary Instructions and Guidance
Document Number: 2018-09072
Type: Rule
Date: 2018-04-30
Agency: Federal Housing Finance Agency
In this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 1, 2018, with respect to stress test reporting as of December 31, 2017, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios.
Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance
Document Number: 2018-07044
Type: Proposed Rule
Date: 2018-04-06
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing to amend its regulation on the Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance for its regulated entities. The proposed rule would amend the existing regulation pertaining to Federal Home Loan Bank strategic business plans so that it would apply as well to the Enterprises, and would make a number of adjustments and conforming changes to the existing regulation. As amended, the regulation would require that the board of directors of each regulated entity have in effect at all times a strategic business plan that describes how the regulated entity's business activities will achieve its statutory purposes. The proposed rule would retain the provision that requires each regulated entity's board of directors to review the strategic business plan at least annually, re-adopt it at least once every three years, and establish reporting requirements for and monitor implementation of the strategic business plan. The proposed rule would add a new provision regarding current and emerging business risks, repeal two outdated provisions of the existing regulation, and make a conforming change to the Office of Finance Board of Directors regulation.
Notice of Regulatory Review
Document Number: 2018-06918
Type: Proposed Rule
Date: 2018-04-05
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a notice of a regulatory review to be conducted in accordance with the process set forth in its Regulatory Review Plan published in February 2012, and requesting comments on how its regulations may be made more effective and less burdensome.
Federal Housing Finance Board; Repeal of Federal Housing Finance Board Regulations
Document Number: 2018-06564
Type: Proposed Rule
Date: 2018-04-03
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is proposing to repeal two parts of the Federal Housing Finance Board (Finance Board) regulations, one of which defines terms used in Finance Board regulations and one of which describes the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The definitions to be repealed are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. Although FHFA intends to continue to conduct the MIRS in the same manner as it is doing presently, there is no need to carry over this provision into its own regulations. FHFA also is proposing to repeal a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text.
Affordable Housing Program Amendments
Document Number: 2018-04745
Type: Proposed Rule
Date: 2018-03-14
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing notice and providing an opportunity for the public to comment on proposed amendments to its regulation on the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). The proposed amendments would provide the Banks additional authority to allocate their AHP funds; authorize the Banks to establish special competitive funds that target specific affordable housing needs in their districts; provide the Banks authority to design and implement their own project selection scoring criteria, subject to meeting certain FHFA-prescribed outcome requirements; remove the requirement for retention agreements for owner-occupied units; further align the project monitoring requirements with those of other federal government funding programs; clarify the provisions on remediating AHP noncompliance; clarify certain operational requirements; and streamline and reorganize the regulation.
Privacy Act of 1974; System of Records
Document Number: 2018-04527
Type: Notice
Date: 2018-03-06
Agency: Federal Housing Finance Agency
In accordance with the requirements of the Privacy Act of 1974, as amended, (Privacy Act), the Federal Housing Finance Agency (FHFA) is making a revision to an existing system of records entitled ``Suspended Counterparty System'' (FHFA-23). The Suspended Counterparty System contains information that FHFA uses to implement the Suspended Counterparty Program by which the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the eleven Federal Home Loan Banks (Banks) are required to submit reports to FHFA when they become aware that an individual or institutions and any affiliates thereof, who are currently or have been engaged in a covered transaction with a regulated entity within three years of when the regulated entity becomes aware of covered misconduct, have engaged in fraud or other financial misconduct.
Margin and Capital Requirements for Covered Swap Entities; Proposed Rule
Document Number: 2018-02560
Type: Proposed Rule
Date: 2018-02-21
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 Board, OCC, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are seeking comment on proposed amendments to the minimum margin 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 (Swap Margin Rule). The Agencies are proposing these amendments in light of the rules recently adopted by the Board, the OCC, and the FDIC that impose restrictions on certain non-cleared swaps and non-cleared security-based swaps and other financial contracts (Covered QFCs) (the QFC Rules). The QFC Rules amend the definition of ``Qualifying Master Netting Agreement'' in the Federal banking agencies' regulatory capital and liquidity rules to ensure that a Covered QFC is not prevented from being part of a Qualifying Master Netting Agreement solely because the Covered QFC conforms to the new requirements in the QFC Rules. The FCA also plans to propose amendments to its capital rules, including potential revisions to its regulatory definition of ``Qualifying Master Netter Agreement,'' which is expected to be identical to the definition used in the Federal banking agencies' regulatory capital and liquidity rules. The Agencies are proposing to amend the definition of ``Eligible Master Netting Agreement'' in the Swap Margin Rule so that it remains harmonized with the amended definition of ``Qualifying Master Netting Agreement'' in the Federal banking agencies' regulatory capital and liquidity rules, and amendments to the capital rules that the FCA separately plans to propose. This proposed rule would also ensure that netting agreements of firms subject to the Swap Margin Rule are not excluded from the definition of ``Eligible Master Netting Agreement'' based solely on their compliance with the QFC Rules. The Agencies are also proposing that any legacy non-cleared swap or non-cleared security-based swap (i.e., a non-cleared swap or non-cleared security- based swap entered into before the applicable compliance date) that is not subject to the margin requirements of the Swap Margin Rule would not become subject to the provisions of the Swap Margin Rule if the non-cleared swap or non-cleared security-based swap is amended solely to comply with the requirements of the QFC Rules.
2018-2020 Enterprise Housing Goals
Document Number: 2018-02649
Type: Rule
Date: 2018-02-12
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is issuing a final rule on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) requires FHFA to establish annual housing goals for mortgages purchased by the Enterprises. The housing goals include separate categories for single-family and multifamily mortgages on housing that is affordable to low-income and very low-income families, among other categories. The final rule establishes the benchmark levels for each of the housing goals and subgoals for 2018 through 2020. In addition, the final rule makes a number of clarifying and conforming changes, including revisions to the requirements for the housing plan that an Enterprise may be required to submit to FHFA in response to a failure to achieve one or more of the housing goals or subgoals.
Freedom of Information Act Implementation
Document Number: 2018-02338
Type: Rule
Date: 2018-02-09
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) is finalizing its interim final rule that amended its Freedom of Information Act (FOIA) regulation. The amendments to FHFA's regulation incorporate the requirements of the FOIA Improvement Act of 2016 by giving notice of the circumstances under which FHFA may extend the time limit for responding to a FOIA request due to unusual circumstance; notifying a requester of their right to seek dispute resolution services; affording a requester a minimum of 90 days to file an administrative appeal; and clarifying and updating the existing regulation. The interim final rule became effective on March 15, 2017. This final rule finalizes the interim final rule with minor revisions for consistency and clarification.
Notice of Annual Adjustment of the Cap on Average Total Assets That Defines Community Financial Institutions
Document Number: 2018-00618
Type: Notice
Date: 2018-01-16
Agency: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a ``community financial institution'' (CFI) to $1,173,000,000, 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, 2018.