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Resolution Planning Notice of Proposed Rulemaking

Open Date:
Open for comment 12/22/2020
All comments are due by 3/9/2021
Notice of Proposed Rulemaking
Fannie Mae; Freddie Mac
Document Number:
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.  If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.

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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.

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