CONGRESS

Recommendations

Info

Regulatory Guidance In 2015, FHFA issued 27 proposed rules, final rules, regulatory interpretations, policy guidance documents, and regulatory orders. This regulatory guidance supports FHFA’s mission as regulator of the FHLBanks and as regulator and conservator of Fannie Mae and Freddie Mac. The following tables summarize the proposed rules, final rules, regulatory interpretations, regulatory guidance, and regulatory orders. The tables also indicate if a proposed rule or policy guidance has been adopted in final form since the proposal was published. More extensive information about each of these items can be found on the Agency’s website at www.FHFA.gov. FHFA has also published the listed regulations in the Federal Register. Proposed Regulations • Regulated Entities (Enterprises and/or Federal Home Loan Banks) Rule/Regulation Title Reference Date (2015) Description/Explanation/Comments Enterprise Duty to Serve Underserved Markets Proposed Rule 80 FR 79181; 12 CFR Part 1282 December 18 This proposed rule would establish a manner for evaluating Enterprise compliance with their duty to serve underserved markets. Under the duty to serve, the Enterprises are required to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural markets—to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for very low-, low-, and moderate-income families in those markets. The proposed rule would provide duty to serve credit for eligible Enterprise activities that facilitate a secondary market for mortgages, including activities related to: manufactured homes titled as real property; blanket loans for certain categories of manufactured housing communities; preserving the affordability of housing for renters and homebuyers; and housing in rural markets. Acquired Member Assets 80 FR 78689; 12 CFR Part 1201 and 1268 December 17 This proposed rule would delete provisions in the current regulation that reference or otherwise rely on credit ratings issued by a Nationally Recognized Statistical Ratings Organization and replace those provisions, where necessary, with new provisions based on other appropriate creditworthiness standards. The proposed rule would also restructure and simplify the current Acquired Member Assets (AMA) regulation and remove certain provisions that no longer apply to the FHLBanks' AMA activity. Proposed Amendments to the Stress Testing Rule 80 FR 50805; 12 CFR Part 1238 August 21 See Final Regulations table; adopted in final form on November 24. 54 FEDERAL HOUSING FINANCE AGENCY
SUPERVISION AND OVERSIGHT Proposed Regulations • Federal Housing Finance Agency Rule/Regulation Title Reference Date (2015) Description/Explanation/Comments Program Fraud Civil Remedies Act 80 FR 79719; 12 CFR Part 1217 December 23 This proposed rule would implement the Program Fraud Civil Remedies Act of 1986 by establishing administrative procedures for imposing civil penalties and assessments against persons who make false, fictitious, or fraudulent claims or written statements to FHFA in the context of its contracting or employment activities, where the amount of money or the value of property or services involved or requested from FHFA is $150,000 or less. Final Regulations • Regulated Entities (Enterprises and/or Federal Home Loan Banks) Rule/Regulation Title Reference Date (2015) Description/Explanation/Comments Suspended Counterparty Program 80 FR 79675; 12 CFR Part 1227 December 23 This regulation adopted, with changes, an interim final rule that established requirements and procedures for FHFA’s Suspended Counterparty Program. Under the Suspended Counterparty Program, FHFA may issue suspension orders directing the regulated entities to cease doing business with an individual or institution, and any affiliate thereof, for a specified period of time or permanently when such party has engaged in covered misconduct that involves fraud, embezzlement, theft, conversion, forgery, bribery, perjury, making false statements or claims, tax evasion, obstruction of justice, or any similar offense that took place in connection with a mortgage, mortgage business, mortgage securities, or other lending product – and is supported by factual determinations by another government entity, whether in the form of a conviction or administrative sanction. The regulation went into effect on January 22, 2016. Margin and Capital Requirements for Covered Swap Entities 80 FR 74839; 12 CFR Part 1221 November 30 This regulation – which was adopted jointly by FHFA, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (the agencies) – established minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the agencies is the prudential regulator. This regulation implements sections 731 and 764 of the Dodd-Frank Act. These provisions require the agencies to jointly adopt rules establishing capital requirements and initial and variation margin requirements for such entities and their counterparties on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared. The regulation went into effect April 1, 2016. Margin and Capital Requirements for Covered Swap Entities 80 FR 74915; 12 CFR Part 1221 November 30 This regulation, an interim final rule, was adopted by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and FHFA and invited comment on provisions that will exempt certain non-cleared swaps and non-cleared security-based swaps with certain counterparties that qualify for an exception or exemption from clearing from the initial and variation margin requirements promulgated under sections 731 and 764 of the Dodd-Frank Act. The regulation went into effect on April 1, 2016. REPORT TO <strong>CONGRESS</strong> • 2015 55
Page 1 and 2:
2015 Report to Congress FEDERAL HOU
Page 3 and 4:
Federal Housing Finance Agency 400
Page 5 and 6:
T A B L E O F C O N T E N T S F I G
Page 7 and 8:
C O N S E R V A T O R S H I P S O F
Page 9 and 10: C O N S E R V A T O R S H I P S O F
Page 19 and 20: SUPERVISION AND OVERSIGHT Examinati
Page 21 and 22: SUPERVISION AND OVERSIGHT losses. E
Page 23 and 24: SUPERVISION AND OVERSIGHT a sweep o
Page 25 and 26: SUPERVISION AND OVERSIGHT drawn. As
Page 27 and 28: SUPERVISION AND OVERSIGHT 2015 Quar
Page 29 and 30: SUPERVISION AND OVERSIGHT In 2015,
Page 31 and 32: SUPERVISION AND OVERSIGHT Some FHLB
Page 33 and 34: SUPERVISION AND OVERSIGHT basis poi
Page 35 and 36: SUPERVISION AND OVERSIGHT such as c
Page 37 and 38: SUPERVISION AND OVERSIGHT District
Page 49 and 50: SUPERVISION AND OVERSIGHT Results o
Page 51 and 52: SUPERVISION AND OVERSIGHT 2015 Regu
Page 53 and 54: SUPERVISION AND OVERSIGHT Figure 16
Page 55 and 56: SUPERVISION AND OVERSIGHT Federal H
Page 57 and 58: SUPERVISION AND OVERSIGHT Figure 18
Page 59: SUPERVISION AND OVERSIGHT Figure 20
Page 63 and 64: SUPERVISION AND OVERSIGHT Final Reg
Page 65 and 66: SUPERVISION AND OVERSIGHT Policy Gu
Page 67 and 68: SUPERVISION AND OVERSIGHT Legislati
Page 69 and 70: RESEARCH AND PUBLICATIONS During 20
Page 71 and 72: RESEARCH AND C H PUBLICATIONS A P T
Page 73 and 74: F H F A O P E R A T I O N S A N D P
Page 75 and 76: F H F A O P E R A T I O N S A N D P
Page 77 and 78: F E D E R A L H O U S I N G F I N A
Page 83 and 84: A P P E N D I X : H I S T O R I C A
Page 87 and 88: Table 1b. Fannie Mae Purchases of M
Page 89 and 90: Table 3. Fannie Mae Earnings A P P
Page 91 and 92: Table 4a. Fannie Mae Total MBS Outs
Page 93 and 94: Table 5a. Fannie Mae Mortgage Asset
Page 95 and 96: End of Period Manufactured Housing
Page 97 and 98: Table 6. Fannie Mae Financial Deriv
Page 99 and 100: Table 8. Fannie Mae Mortgage Asset
Page 101 and 102: Table 10. Freddie Mac Mortgage Purc
Page 107 and 108: Table 13. Freddie Mac Balance Sheet
Page 111 and 112:
A P P E N D I X : H I S T O R I C A
Page 113 and 114:
Page 115 and 116:
Table 16. Freddie Mac Nonmortgage I
Page 117 and 118:
Table 18. Freddie Mac Capital a A P
Page 119 and 120:
Page 121 and 122:
Table 22. Federal Home Loan Banks A
Page 123 and 124:
Table 24. Loan Limits A P P E N D I
Page 125 and 126:
Page 127 and 128:
Federal Housing Finance Agency KEY
show all

CONGRESS

Create successful ePaper yourself

Delete template?

Save as template?