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FHFA Examination Manual


The FHFA Examination Manual (the Manual) comprises an overview of the examination process and 26 modules that provide examination instructions and work programs organized by risk category or line of business or activity.

The Manual serves as a reference tool and describes standards and expectations for the examinations of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System.  For convenience, the Manual refers to these institutions (Fannie Mae, Freddie Mac and the Federal Home Loan Banks) collectively as “the regulated entities,” or “the institutions” unless it is necessary to clarify differences in examination practice or regulatory requirements.


Part I

Part I of the Manual provides a description of the examination program and a policy overview, including FHFA’s mission and examination authorities and sets forth the processes when conducting examination activities at the regulated entities and work products examiners produce during those examinations.  Finally, Part I provides an overview of the regulated entities and a description of their primary business activities.

Part I includes basic examination concepts, including

  • risk-based examination fundamentals,

  • FHFA’s examination ratings system (CAMELSO),

  • examination findings categories,

  • FHFA’s enforcement policy,

  • examination documentation and records management requirements,

  • the FHFA Style Guide, and

  • quality control and quality assurance.


Part II

Part II includes a general description of individual examination modules and provides hyperlinks to those modules.

The modules provide examination instructions and work programs organized by risk category and line of business. The Manual groups them under the CAMELSO examination ratings component to which they generally pertain; however, examiners should understand that examination work performed in conjunction with a work program may be relevant to more than one CAMELSO component.


A Living Document

FHFA will update the Manual from time to time to reflect evolving examination practices, supervisory expectations, and regulated entity operations, as well as changes in regulatory requirements.


Exam Program Overview & Exam Module Links

Examination Program Overview
Acquired Member Assets (Revised November 2014) 
Advances and Collateral (Revised October 2014)
Affordable Housing Program
Board of Directors and Senior Management (Revised July 2018)
Business Continuity Planning
Capital (Revised December 2014)
Credit Risk Management
Enterprise Risk Management 2.0
FHLB Membership
Financial Reporting
Information Technology Risk Management Program (Revised January 2017)
Insurance Management (Revised December 2014) 
Interest Rate Risk Management
Internal and External Audit
Investment Portfolio Management
Office of Finance
OMWI Diversity and Inclusion (Revised December 2020)
Operational Risk Management Program
Payment Systems
Risk Modeling
Securities Safekeeping Operations
Strategic Planning 



FHFA Supplemental Examination Guidance

Supplemental examination guidance focuses on specific business lines, products, or discrete topics which may apply to the Fannie Mae and Freddie Mac, the Federal Home Loan Banks, or the Office of Finance.  Supplemental guidance modules complement the modules in the FHFA Examination Manual.     

October 27, 2009 - FHFA Examination Guidance: Examination for Accounting Practices [PDF]

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