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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules
8. Is the required frequency of resolution plan submission in the proposed rule appropriate? If not, what frequency would be appropriate?
9. Are the proposed timelines for Enterprise resolution planning i.e., core business lines identification, resolution plan submissions, revised plans, and interim updates adequate for the Enterprises to develop and submit the information required by the proposed rule? If not, what timelines would be appropriate?
10. Should the proposed rule provide greater specificity e.g., in terms of a dollar amount or percentage of assets acquired or disposed of in a significant transaction with regard to the definition of an Enterprise extraordinary event that would require notice to FHFA?

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Core Business Lines 11. Should the proposed rule provide greater specificity on the required methodology, assessment, and process for Enterprise identification of core business lines?
12. Is the concept of core business lines clear, and is core business line defined appropriately? If not, how can FHFA provide additional clarity?
Resolution Plan Informational Content and Assumptions 13. Are the informational content elements described in the proposed rule appropriate and adequate for resolution planning? Are there any informational content elements in the proposed rule that create an unnecessary burden or should not be included in an Enterprise resolution plan?
14. Are there informational content elements described in the proposed rule that could be clarified? How can FHFA
provide additional clarity?
15. What additional informational content elements should the final rule require? Describe any impediments to collection and production of existing or additional informational elements identified. What changes could FHFA
make to reduce the identified burdens and impediments?
16. Should the final rule require any informational content elements to be delivered to FHFA on a more frequent basis e.g., quarterly or available to FHFA on an on demand basis? What impediments apply to making such information available more frequently or on demand?
17. Are the required and prohibited assumptions for Enterprise resolution planning in the proposed rule appropriate? Are there any required or prohibited assumptions for Enterprise resolution planning that require
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clarification? Are there required or prohibited assumptions that should be added?

small entities for purposes of the Regulatory Flexibility Act.

FHFA Review of Plans 18. Are there explicit factors FHFA
should consider in determining whether a resolution plan is deficient?

Administrative practice and procedure, Government-sponsored enterprises, Reporting and record keeping requirements, Securitizations.

Confidentiality 19. Are there portions of the Enterprise resolution plans that should be made available to the public? Are there portions that should remain confidential and privileged? What should FHFA consider in making such determinations?
20. Would greater transparency around Enterprise resolution plans impact market expectations and improve market discipline? If so, identify specific elements where transparency would have the greatest effect and describe how transparency into those elements would improve market discipline. For example, would a public description of Enterprise sources of funding in receivership or a related discussion of how losses may be allocated enhance market discipline?
Are there other ways the proposed rule should be modified to improve market discipline, and if so, how should the proposed rule be modified?

Authority and Issuance
V. Paperwork Reduction Act The proposed rule would not contain any information collection requirement that would require the approval of the Office of Management and Budget OMB under the Paperwork Reduction Act 44 U.S.C. 3501 et seq.. Therefore, FHFA has not submitted any information to OMB for review.
VI. Regulatory Flexibility Act The Regulatory Flexibility Act 5
U.S.C. 601 et seq. requires that a regulation that has a significant economic impact on a substantial number of small entities, small businesses, or small organizations must include an initial regulatory flexibility analysis describing the regulations impact on small entities. Such an analysis need not be undertaken if the agency has certified that the regulation will not have a significant economic impact on a substantial number of small entities. 5 U.S.C. 605b. FHFA has considered the impact of this proposed rule under the Regulatory Flexibility Act. The General Counsel of FHFA
certifies that this proposed rule, if adopted as a final rule, will not have a significant economic impact on a substantial number of small entities because the regulation would apply only to the Enterprises, which are not
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List of Subjects in 12 CFR Part 1242

For the reasons stated in the preamble, and under the authority of 12 U.S.C.
4511, 4513, and 4526, FHFA proposes to amend chapter XII of title 12 of the Code of Federal Regulations by adding new part 1242 to subchapter C to read as follows:

CHAPTER XIIFederal Housing Finance Agency SUBCHAPTER CEnterprise Regulations
PART 1242RESOLUTION PLANNING
Sec.
1242.1 Purpose; identification as a prudential standard.
1242.2 Definitions.
1242.3 Identification of core business lines.
1242.4 Credible resolution plan required;
other notices to FHFA.
1242.5 Informational content of a resolution plan; required and prohibited assumptions.
1242.6 Form of resolution plan;
confidentiality.
1242.7 Review of resolution plans;
resubmission of deficient resolution plans.
1242.8 No limiting effect or private right of action.
Authority: 12 U.S.C. 4511; 12 U.S.C. 4513;
12 U.S.C. 4513b; 12 U.S.C. 4514; 12 U.S.C.
4517; 12 U.S.C. 4526; and 12 U.S.C. 4617.
1242.1 Purpose; identification as a prudential standard.

a Purpose. The purpose of this part is to require each Enterprise to develop a plan for submission to FHFA that would assist FHFA in planning for the rapid and orderly resolution of an Enterprise using FHFAs receivership authority at 12 U.S.C. 4617, in a manner that:
1 Minimizes disruption in the national housing finance markets by providing for the continued operation of the core business lines of an Enterprise in receivership by a newly constituted limited-life regulated entity;
2 Preserves the value of an Enterprises franchise and assets;
3 Facilitates the division of assets and liabilities between the limited-life regulated entity and the receivership estate;
4 Ensures that investors in mortgagebacked securities guaranteed by the Enterprises and in Enterprise unsecured debt bear losses in accordance with the
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