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Resolution Planning Notice of Proposed Rulemaking

Open Date:
Open for comment 12/22/2020
Deadline:
All comments are due by 3/9/2021
Type:
Notice of Proposed Rulemaking
Number:
RIN-2590-AB13
Group:
 
Fannie Mae; Freddie Mac
Document Number:
2020-28812
CFR:
12 CFR Part 1242
CFR Description:
Resolution Planning
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/Resolution Planning NPR TO FR_for website.pdf|361.79 KB;
Contact Information:

FOR FURTHER INFORMATION CONTACT:  Ellen S. Bailey, Managing Associate General Counsel, (202) 649-3056, Ellen.Bailey@fhfa.gov; Francisco Medina, Assistant General Counsel, (202) 649-3076, Francisco.Medina@fhfa.gov; Jason Cave, Deputy Director, Division of Resolutions, (202) 649-3027, Jason.Cave@fhfa.gov; or Sam Valverde, Principal Advisor, Division of Resolutions, (202) 649-3732, Sam.Valverde@fhfa.gov.  These are not toll-free numbers.  The mailing address is:  Federal Housing Finance Agency, 400 Seventh Street, SW, Washington, DC 20219.  The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.

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SUMMARY:  The Federal Housing Finance Agency (FHFA) is seeking comment on a proposed rule that would require Fannie Mae and Freddie Mac (the Enterprises) to develop plans to facilitate their rapid and orderly resolution in the event FHFA is appointed receiver pursuant to 12 U.S.C. 4617.  A resolution planning rule is an important part of FHFA’s on-going effort to develop a robust prudential regulatory framework for the Enterprises, including capital, liquidity, and stress testing requirements, as well as enhanced oversight, which will be critical to FHFA supervision of the Enterprises after they exit the conservatorships.  In addition, a resolution plan as proposed to be required would support FHFA if appointed as receiver to, among other things, minimize disruption in the national housing finance markets by providing for the continued operation of an Enterprise’s core business lines by a limited-life regulated entity (LLRE); ensure that investors in mortgage-backed securities guaranteed by the Enterprises and in Enterprise unsecured debt bear losses in accordance with the priority of payments set out in the Safety and Soundness Act while minimizing unnecessary losses and costs to these investors; and, help foster market discipline in part through FHFA publication of “public” sections of Enterprise resolution plans.

 
DATES:  Comments must be received on or before March 9, 2021.

Submit a Comment
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Privacy Act Notice

This notice is provided pursuant to the Privacy Act of 1974 (Privacy Act), as amended, 5 U.S.C. 552a. The collection of information is to process and/or respond to your complaint, appeal, inquiry, request for information, to review and post comments on proposed rules/regulations, to review feedback received on FHFA proposed or implemented initiatives, and to compile a list of potential vendors and contractors. The records are used in accordance with Systems of Records Notices (SORN), FHFA-3 Correspondence Tracking System, FHFA-20 Telecommunications System, and FHFA-22 Online Forms. You can view these SORNs by clicking here and here and here . Although providing this information is voluntary, failure to provide the requested information may result in your complaint, appeal, inquiry, request, comment, or feedback not being processed and may make it more difficult for FHFA to respond to you.

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