Quiero saber acerca de...

53230

Proposed Rules
Federal Register Vol. 86, No. 184
Monday, September 27, 2021

This section of the FEDERAL REGISTER
contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules.

FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1240
RIN 2590AB17

Enterprise Regulatory Capital Framework RulePrescribed Leverage Buffer Amount and Credit Risk Transfer Federal Housing Finance Agency.
ACTION: Notice of proposed rulemaking:
request for comments.
AGENCY:

The Federal Housing Finance Agency FHFA or the Agency is seeking comments on a notice of proposed rulemaking proposed rule that would amend the Enterprise Regulatory Capital Framework ERCF by refining the prescribed leverage buffer amount PLBA or leverage buffer and credit risk transfer CRT securitization framework for the Federal National Mortgage Association Fannie Mae and the Federal Home Loan Mortgage Corporation Freddie Mac, and with Fannie Mae, each an Enterprise. The proposed rule would also make technical corrections to various provisions of the ERCF that was published on December 17, 2020.
DATES: Comments must be received on or before November 26, 2021.
ADDRESSES: You may submit your comments on the proposed rule, identified by regulatory information number RIN 2590AB17, by any one of the following methods:
Agency Website: www.fhfa.gov/
open-for-comment-or-input.
Federal eRulemaking Portal:
https www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at RegComments@fhfa.gov to ensure timely receipt by FHFA. Include the following information in the subject line of your submission: Comments/RIN
2590AB17.

lotter on DSK11XQN23PROD with PROPOSALS1

SUMMARY:

VerDate Sep<11>2014

16:47 Sep 24, 2021

Jkt 253001

Hand Delivered/Courier: The hand delivery address is: Clinton Jones, General Counsel, Attention: Comments/
RIN 2590AB17, Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. Deliver the package at the Seventh Street entrance Guard Desk, First Floor, on business days between 9 a.m. and 5 p.m.
U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service:
The mailing address for comments is:
Clinton Jones, General Counsel, Attention: Comments/RIN 2590AB17, Federal Housing Finance Agency, 400
Seventh Street SW, Washington, DC
20219. Please note that all mail sent to FHFA via U.S. Mail is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For any timesensitive correspondence, please plan accordingly.
FOR FURTHER INFORMATION CONTACT:
Andrew Varrieur, Senior Associate Director, Office of Capital Policy, 202
6493141, Andrew.Varrieur@fhfa.gov;
Christopher Vincent, Senior Financial Analyst, Office of Capital Policy, 202
6493685, Christopher.Vincent@
fhfa.gov; or James Jordan, Associate General Counsel, Office of General Counsel, 202 6493075, James.Jordan@fhfa.gov. These are not toll-free numbers. The telephone number for the Telecommunications Device for the Deaf is 800 8778339.
SUPPLEMENTARY INFORMATION:
Comments FHFA invites comments on all aspects of the proposed rule. Copies of all comments will be posted without change and will include any personal information you provide, such as your name, address, email address, and telephone number, on the FHFA website at https www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public through the electronic rulemaking docket for this proposed rule also located on the FHFA website.
Table of Contents I. Introduction II. Background and Rationale for the Proposed Rule A. PLBA
B. CRT
III. Proposed Requirements A. PLBA
B. CRT

PO 00000

Frm 00001

Fmt 4702

Sfmt 4702

C. ERCF Technical Corrections IV. Paperwork Reduction Act V. Regulatory Flexibility Act
I. Introduction FHFA is seeking comments on amendments to the ERCF that would refine the leverage buffer and the riskbased capital treatment for CRT
transactions. The proposed amendments would better reflect the risks inherent in the Enterprises business models and encourage the Enterprises to distribute acquired credit risk to private investors rather than to buy and hold that risk.
The dynamic PLBA considered in this proposed rule is intended to achieve FHFAs objective stated in the ERCF of having the Enterprises leverage capital requirements provide a credible backstop to risk-based capital requirements. Linking the PLBA to the ERCFs stability capital buffer, in conjunction with the proposed rules refinements to the ERCFs CRT
securitization framework, would enhance the safety and soundness of the Enterprises by removing inappropriate capital disincentives to the Enterprises to transfer risk.
FHFA adopted the ERCF on December 17, 2020 85 FR 82150, with the purpose of implementing a goingconcern regulatory capital standard to ensure that each of Fannie Mae and Freddie Mac operates in a safe and sound manner and is positioned to fulfill its statutory mission to provide stability and ongoing assistance to the secondary mortgage market across the economic cycle. In doing so, the ERCF
accomplished a statutory requirement that FHFA establish by regulation riskbased capital requirements to safeguard the Enterprises against the risks that arise in the operation and management of their businesses, and implemented a new leverage framework that included both a minimum requirement and a leverage buffer. The ERCF became effective on February 16, 2021.
The ERCF evolved from FHFAs proposals for Enterprise Regulatory Capital Frameworks in 2018 and 2020, which were based on the FHFA
Conservatorship Capital Framework CCF established in 2017. The ERCF
successfully addressed issues identified through the notice and comment process on the pro-cyclicality of the proposed risk-based capital requirements, the quality of Enterprise capital used to meet the capital
E:FRFM27SEP1.SGM

27SEP1