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FHFA Announces Final Rule Requiring Fannie Mae and Freddie Mac to Submit Annual Capital Plans


​​​​​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today published a final rule that supplements the Enterprise Regulatory Capital Framework (ERCF) by requiring Fannie Mae and Freddie Mac (the Enterprises) to submit annual capital plans to the Agency and provide prior notice for certain capital actions. The final rule also incorporates the stress capital buffer determination from the ERCF into the capital planning process.

The final rule mandates that the Enterprises' capital plans include:​

  • An assessment of the expected sources and uses of capital over the planning horizon;

  • Estimates of projected revenues, expenses, losses, reserves, and pro forma capital levels under a range of the Enterprise's internal scenarios, as well as under FHFA's scenarios;

  • A description of all planned capital actions over the planning horizon;

  • A discussion of how the Enterprise will, under expected and stressful conditions, maintain capital commensurate with the business risks and continue to serve the housing market; and

  • A discussion of any expected changes to the Enterprise's business plan that are likely to have a material impact on the Enterprise's capital adequacy or liquidity.

“The final rule provides the Enterprises with a stable regulatory framework that ensures the amount of capital held is commensurate with each of their risk profiles,” said FHFA Acting ​Director Sandra L. Thompson. “This is an important step in securing the safety and soundness of the Enterprises by actively monitoring and maintaining proper levels of capital throughout the economic cycle.” 

The requirements in the final rule are consistent with the regulatory framework for capital planning for large bank holding companies. The final rule will be effective 60 days after the day of publication in the Federal Register. Under the final rule, each Enterprise will submit its first capital plan by May 20, 2023.  

Capital Planning and Stress Capital Buffer Determination Final Rule 



The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $7.5 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.


​Adam​ Russell Adam.Russell@FHFA.gov

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