Federal Housing Finance Board 2015 – Federal Register Recent Federal Regulation Documents
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Acquired Member Assets
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.
Responsibilities of Boards of Directors, Corporate Practices and Corporate Governance Matters
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.
Survey Renewal for FY 2015-Request for Comment
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter35), and implementing regulations at 5 CFR part 1320, the U.S. Office of Special Counsel (OSC), plans to request approval from the Office of Management and Budget (OMB) for use of a previously approved information collection consisting of an electronic survey form. The current OMB approval for the OSC Survey expires 10/31/15. We are submitting the electronic survey for renewal, based on its pending expiration. There are several changes being submitted with this request for renewal of the use of the OSC survey. Current and former Federal employees, employee representatives, other Federal agencies, state and local government employees, and the general public are invited to comment on this for the second time. Comments are invited on: (a) Whether the proposed collection consisting of our survey is necessary for the proper performance of OSC functions, including whether the information will have practical utility; (b) the accuracy of OSC's estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology.
Agency Information on Public Availability of OSC FY 2014 Service Contract Inventory
The U.S. Office of Special Counsel, in accordance with section 743(c) of Division C of the Consolidated Appropriations Act, 2010 (Pub. L. 111-117, 123 Stat. 3034, 3216), is announcing the availability of OSC's service contract inventory for fiscal year (FY) 2014. This inventory provides information on service contract actions that exceeded $25,000 that OSC made in FY 2014.
Federal Home Loan Bank Capital Stock and Capital Plans
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.
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