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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules
2 If FHFA determines that the Enterprise is otherwise non-compliant with applicable requirements of this part, FHFA may require the Enterprise to submit a plan for achieving compliance with the requirements.
3 If the Enterprise is required to submit a plan for achieving compliance with applicable requirements of this part, the Enterprise must promptly submit its plan to FHFA for approval, consistently with 1236.4.
4 The Enterprise plan must include, as applicable:
i An assessment of the Enterprises liquidity and funding profile, and the reasons for the shortfall;
ii The actions that the Enterprise has taken and will take to achieve full compliance with this part, including:
A A plan for adjusting the Enterprises liquidity and funding risk profile, liquidity portfolio, liquidity and funding risk management practices, and funding sources in order to achieve full compliance with this part;
B A plan for remediating any operational or management issues that contributed to noncompliance with this part;
C A best estimate time frame for achieving full compliance with this part; and D A commitment to report to FHFA
daily on Enterprise progress to achieve compliance in accordance with the plan until full compliance with this part is achieved.
iii Other considerations or actions as may be required for FHFA approval.
c Supervisory and enforcement actions. FHFA may, at its sole discretion, take additional supervisory or enforcement actions to address noncompliance with the requirements of this part, including non-compliance with the minimum liquidity requirements or non-compliance with any requirement to submit a liquidity plan acceptable to FHFA.

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1241.31 Supervisory determination of temporarily increased liquidity requirements.

a Notice. Whenever FHFA
determines that, due to economic, market, or Enterprise-specific circumstances, temporary modified minimum 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 temporarily increased 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
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modified Enterprise liquidity requirements are considered necessary or appropriate for the Enterprise.
b Response. 1 The Enterprise may respond in writing to any or all of the matters addressed in the notice. The response may include any information which the Enterprise would like FHFA
to consider in determining whether the proposed temporarily increased liquidity requirements should be established for the Enterprise, and the timeframe for compliance with the proposed requirements. Any response from the Enterprise must be submitted in writing to FHFA within 30 days of the Enterprise receipt of the notice.
FHFA may shorten the required Enterprise response time, when in the opinion of FHFA, the condition of the Enterprise so requires, provided that the Enterprise is informed promptly of the shortened response time, or with the consent of the Enterprise. In its discretion, FHFA may extend the Enterprise response time.
2 Failure by the Enterprise to respond within 30 days or such other time period as may be specified by FHFA shall constitute a waiver of any objections to the proposed modified liquidity requirements or the timeframes for compliance.
c Determination. After the close of the Enterprise response time period, FHFA will determine, based on a review of the Enterprise response and other relevant information, whether the proposed requirements should be established for the Enterprise and, if so, the timeframe in which the requirements will be effective. FHFA
will notify the Enterprise of its determination in writing. The determination will be accompanied by an order effectuating the modified liquidity requirements, which shall be temporary and time-limited to address the relevant circumstances. The determination will include a supporting explanation, except for a determination not to establish the proposed requirements.
d Submission of plan. FHFAs determination may require the Enterprise to develop and submit to FHFA, within a time period specified, an acceptable plan to reach and maintain the modified liquidity requirements.
Subpart EReserved Mark A. Calabria, Director, Federal Housing Finance Agency.
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FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1242
RIN 2590AB13

Resolution Planning Federal Housing Finance Agency.
ACTION: Notice of proposed rulemaking.
AGENCY:

The Federal Housing Finance Agency FHFA is seeking comment on a proposed rule that would require Fannie Mae and Freddie Mac the Enterprises to develop plans to facilitate their rapid and orderly resolution in the event FHFA is appointed receiver. A resolution planning rule is an important part of FHFAs on-going effort to develop a robust prudential regulatory framework for the Enterprises, including capital, liquidity, and stress testing requirements, as well as enhanced oversight, which will be critical to FHFA supervision of the Enterprises after they exit the conservatorships. In addition, a resolution plan as proposed to be required would support FHFA if appointed as receiver to, among other things, minimize disruption in the national housing finance markets by providing for the continued operation of an Enterprises core business lines by a limited-life regulated entity LLRE;
ensure that investors in mortgagebacked securities guaranteed by the Enterprises and in Enterprise unsecured debt bear losses in accordance with the priority of payments set out in the Safety and Soundness Act while minimizing unnecessary losses and costs to these investors; and, help foster market discipline in part through FHFA
publication of public sections of Enterprise resolution plans.
DATES: Comments must be received on or before March 9, 2021.
ADDRESSES: You may submit your comments on the proposed rule, identified by regulatory information number RIN 2590AB13, by any one of the following methods:
Agency Website: https
www.fhfa.gov/open-for-comment-orinput.
Federal eRulemaking Portal: http
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
2590AB13.
SUMMARY:

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