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Advisory Bulletin

FHFA Enforcement Policy

Number: AB 2013-03
Pertains To: All
5/31/2013

ADVISORY BULLETIN

AB 2013-03

FHFA ENFORCEMENT POLICY

 

PURPOSE

This advisory bulletin disseminates the Federal Housing Finance Agency (FHFA) policy for taking enforcement actions, when determined appropriate, to address compliance with laws, rules, or regulations; supervisory guidance, examination findings, or failure to comply with final agency orders; capital deficiencies; failure to meet prudential standards; and/or unsafe or unsound practices or conditions.

The enforcement policy provides FHFA guidance for internal agency purposes. FHFA is sharing the policy with the public as a means to promote supervisory transparency. The policy is not intended, does not, and may not be relied upon, to create rights, substantive or procedural, enforceable at law or in any administrative proceeding.

SCOPE

The enforcement policy is applicable to FHFA actions pertaining to the Federal Home Loan Banks, the Office of Finance, Fannie Mae, and Freddie Mac. Actions may take the form of informal enforcement actions; formal enforcement actions, such as cease-and-desist proceedings under 12 USC 4631; cease-and-desist orders and civil money penalties under 12 USC 4566(c)(1) and (c)(7), 12 USC 4581 and 4585, and 1430c(d); prompt corrective action directives under 12 USC 4611 et seq.; prudential management and operations standards orders under 12 USC 4513b; prompt supervisory responses under 12 CFR part 1777, subpart A; or some combination thereof.

The enforcement policy rescinds and replaces the FHFA Division of Federal Home Loan Bank Regulation Enforcement Policy (2012-DBR-01) issued in August 2012. The policy does not supersede or limit the applicability of any other FHFA regulation or policy that may provide more explicit guidance and direction, or establish supplemental procedures. The guidance provided in the enforcement policy does not remove or limit FHFA’s discretion and judgment in making decisions about whether to take an enforcement action, or determining which type of enforcement action may be appropriate in a given set of circumstances.

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