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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules circumstances giving rise to an Enterprises liquidity shortfall.
Question 18. FHFA invites public comment on all aspects of FHFAs proposed process to respond appropriately to Enterprise shortfalls in required liquidity.

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B. Process for Supervisory Determination of Temporarily Increased Liquidity Requirements The Board of Directors and senior management of the Enterprises have duties under applicable law to oversee, monitor, and manage Enterprise liquidity risk prudently. FHFA
recognizes that under certain circumstances, it may be necessary for an Enterprise to enhance its liquidity position commensurate with its business activities. Under the proposed rule, when FHFA determines that, due to economic, market, or Enterprisespecific circumstances, temporary modified Enterprise liquidity requirements above those established under this part are necessary or appropriate for an Enterprise, FHFA
will notify the Enterprise in writing of the proposed modified Enterprise liquidity requirements, the timeframe by which the Enterprise is required to achieve and comply with the proposed requirements, and an explanation of why the proposed modified Enterprise liquidity requirements are considered necessary or appropriate for the Enterprise.
The Enterprise may respond in writing within 30 days, or such time as FHFA may require, to any or all of the matters addressed in the notice, including any information which the Enterprise would like FHFA to consider in determining whether to establish the proposed modified liquidity requirements for the Enterprise. Failure to respond shall constitute a waiver of any objections to the proposed modified liquidity requirements or the timeframes for compliance.
After the close of the Enterprise response time period, FHFA will determine whether to establish the temporarily increased requirements for the Enterprise. FHFA will notify the Enterprise of its written determination and order effectuating the modified requirements. As part of its determination, FHFA may require the Enterprise to develop and submit a plan acceptable to FHFA to reach the modified liquidity requirements.
These procedures are intended to enable FHFA to monitor and respond appropriately to the particular economic, market, or Enterprise-specific circumstances by adjusting the
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minimum liquidity requirements through a temporary increase.
Question 19. FHFA invites public comment on all aspects of FHFAs proposed procedures to respond appropriately and in a timely manner to economic, market, Enterprise-specific, or other circumstances affecting Enterprise liquidity, safety and soundness, and ability to meet their public purposes.
V. Paperwork Reduction Act The Paperwork Reduction Act PRA
44 U.S.C. 3501 et seq. requires that regulations involving the collection of information receive clearance from the Office of Management and Budget OMB. The proposed rule contains no such collection of information requiring OMB approval under the PRA.
Therefore, no proposed collection of information has been submitted 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. FHFA need not undertake such an analysis 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 the proposed rule under the Regulatory Flexibility Act. The General Counsel of FHFA certifies that the proposed rule, if adopted as a final rule, would not have a significant economic impact on a substantial number of small entities because the proposed rule is applicable only to the Enterprises, which are not small entities for purposes of the Regulatory Flexibility Act.

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CHAPTER XIIFederal Housing Finance Agency Subchapter CEnterprises
1. Add part 1241 to subchapter C to read as follows:

PART 1241MINIMUM ENTERPRISE
LIQUIDITY REQUIREMENTS
Subpart AGeneral Provisions Sec.
1241.1 Purpose and applicability.
1241.2 Supervisory and enforcement authority.
1241.3 Definitions.
Subpart BRequired Minimum Enterprise Liquidity 1241.10 Enterprise liquidity calculation and operational requirements.
1241.11 Minimum Enterprise liquidity requirements.
1241.12 Temporary reduction of liquidity requirements.
Subpart CReporting Requirements 1241.20 Required liquidity reporting.
1241.21 Reporting orders.
Subpart DSupervisory Framework for Remediating Minimum Liquidity 1241.30 Remediation of minimum liquidity shortfall.
1241.31 Supervisory determination of temporarily increased liquidity requirements.
Subpart EReserved Authority: 12 U.S.C. 4511b; 12 U.S.C.
4513a; 12 U.S.C. 4513b; 12 U.S.C. 4514; 12
U.S.C. 4526; 12 U.S.C. 46314636.

Subpart AGeneral Provisions 1241.1

Purpose and applicability.

a Purpose. FHFA is responsible for supervising and ensuring the safety and soundness of the regulated entities. In furtherance of those responsibilities, this part sets forth minimum liquidity and related requirements that apply to each Enterprise. b Applicability. The requirements established by this part apply to the Enterprises, and do not apply to the Federal Home Loan Banks or the Office of Finance.

The Proposed Rule
1241.2 Supervisory and enforcement authority.

List of Subjects in 12 CFR part 1241

a Exercise of authority. If FHFA
determines that the Enterprises liquidity requirements as calculated under this part are not commensurate with its liquidity risks, FHFA may, consistent with 1241.31, require an Enterprise temporarily to hold an amount of High Quality Liquid Assets or other liquidity assets in an amount greater than otherwise required under this part, or to take any other measure to improve an Enterprises liquidity risk profile.

Administrative practice and procedure, Government-sponsored enterprises, Reporting and recordkeeping requirements.
Authority and Issuance Accordingly, for the reasons stated in the preamble, under the authority of 12
U.S.C. 4526, FHFA proposes to amend Chapter XII of Title 12 of the Code of Federal Regulations as follows:

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