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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules
statement of all arguments and all material information that the Enterprise believes is relevant to reconsideration as a core business line.
ii The board of directors of the Enterprise shall approve each request for reconsideration of identification before submission to FHFA, with such approval noted in board minutes.
iii FHFA will respond to an Enterprise request for reconsideration within three months after the date on which a complete request is received.
2 Reconsideration initiated by FHFA. FHFA may reconsider the identification of any business line, including reconsideration of any operation, service, function, or support, at any time and in its discretion, on written notice to an Enterprise.
3 FHFA notice of reconsideration.
FHFA will provide a notice of reconsideration to the affected Enterprise, stating the results of the reconsideration. If FHFA determines to change an identification, such notice may also provide an effective date or other delaying or triggering condition for the change to become effective.
4 Effect of reconsideration. For purposes of Enterprise resolution plans, identification as a core business line continues in effect until any notice of reconsideration removing such identification becomes effective.

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1242.4 Credible resolution plan required;
other notices to FHFA.

a Credible resolution plan required;
frequency and timing of plan submission1 Credible resolution plan required; resolution plan submission dates. Each Enterprise is required to submit a credible resolution plan to FHFA in accordance with frequency and timing requirements established by FHFA. Each Enterprise is required to submit its initial resolution plan 18 months after the date on which it is required to submit its initial notice preliminarily identifying core business lines to FHFA in accordance with 1242.3a2. Thereafter, each Enterprise shall submit a resolution plan to FHFA not later than two years following the submission date for the prior resolution plan, unless otherwise notified by FHFA in accordance with paragraph a2 of this section.
2 Altering submission dates.
Notwithstanding anything to the contrary in this part, FHFA may determine that an Enterprise shall submit its resolution plan on a date different from any date provided in paragraph a1 of this section, which may be before or after any date so established.

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3 Interim updates. FHFA may require that an Enterprise submit an update to a resolution plan submitted under this part, within a reasonable time, as determined by FHFA. FHFA
shall notify the Enterprise of its requirement to submit an update under this paragraph a3 in writing and shall specify the portions or aspects of the resolution plan the Enterprise shall update. Submission of an interim update does not affect the date for submission of a resolution plan, unless otherwise notified by FHFA in accordance with paragraph a2 of this section.
b Notice of extraordinary events;
inclusion in next resolution plan. Each Enterprise shall provide FHFA with a notice no later than 45 days after any material change, merger, reorganization, sale or divestiture of a business unit or material assets, or similar transaction, or any fundamental change to the Enterprises resolution strategy. Such notice must describe such extraordinary event and explain how it may plausibly affect the resolution of the Enterprise.
The Enterprise shall address any such extraordinary event with respect to which it has provided notice pursuant to this paragraph b in the next resolution plan submitted by the Enterprise, provided that plan is required to be submitted more than 90
days after submission of the notice of an extraordinary event to FHFA.
c Board of directors approval of resolution plan. The board of directors of the Enterprise shall approve each resolution plan including any revised resolution plan before submission to FHFA, with such approval noted in board minutes.
d Point of contact. Each Enterprise shall identify an Enterprise senior management official and position responsible for serving as a point of contact regarding the resolution plan.
e Incorporation of previously submitted resolution plan information by reference. Any resolution plan submitted by an Enterprise may incorporate by reference information from a prior resolution plan submitted to FHFA, provided that:
1 The resolution plan seeking to incorporate information by reference clearly indicates:
i The information the Enterprise is incorporating by reference; and ii Which of the Enterprises previously submitted resolution plans originally contained the information the Enterprise is incorporating by reference, including the specific location of that information in the previously submitted resolution plan; and
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2 The information the Enterprise is incorporating by reference remains accurate in all respects that are material to the Enterprises resolution plan.
f Extensions of time. Upon its own initiative or a written request by an Enterprise, FHFA may extend any time period under this part. Each extension request by an Enterprise shall be supported by a written statement describing the basis and justification for the request.
1242.5 Informational content of a resolution plan; required and prohibited assumptions.

a In general. An Enterprise resolution plan shall reflect required and prohibited assumptions specified in paragraph b of this section and include information specified in paragraphs c through h of this section, as well as analysis, in detail, to facilitate a rapid and orderly resolution of the Enterprise by FHFA as receiver in a manner that minimizes the risk that resolution of an Enterprise would have serious adverse effects on the national housing finance markets, and to the extent possible, the amount of any losses to be realized by the Enterprises creditors.
b Required and prohibited assumptions when developing a resolution plan. In developing a resolution plan, each Enterprise shall:
1 Take into account that receivership of the Enterprise may occur under the severely adverse economic conditions provided to the Enterprise by FHFA in conjunction with any stress testing required or in another scenario provided by FHFA;
2 Not assume the provision or continuation of extraordinary support by the United States to the Enterprise to prevent either its becoming in danger of default or in default including, in particular, support obtained or negotiated on behalf of the Enterprise by FHFA in its capacity as supervisor, conservator, or receiver of the Enterprise, including the Senior Preferred Stock Purchase Agreements entered into by FHFA and the U.S.
Department of the Treasury on September 7, 2008 and any amendments thereto; and 3 Reflect statutory provisions that obligations and securities of the Enterprise issued pursuant to its authorizing statute, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any agency or instrumentality thereof other than the Enterprise.
c Executive summary. Each resolution plan of an Enterprise shall
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