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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules
F. Corporate Governance Related to Resolution Planning The proposed rule would require the Enterprises board of directors to approve each preliminary notice of core business lines prior to submission to FHFA, with approval noted in the minutes. A similar process would be required for any Enterprise request for FHFA reconsideration of a business line.
The proposed rule would require the Enterprises board to approve each resolution plan prior to its submission to FHFA, with approval noted in the minutes. A revised resolution plan is considered a resolution plan, also requiring board approval. In contrast, an interim update discussed below would not be considered a resolution plan and would not require board approval. The content of an interim update, however, may warrant board approval, as a matter of appropriate corporate governance related to the nature of such update.

resolution plans. FHFA would provide notice to an Enterprise of any altered submission due date established by a final rule with the intention of providing the Enterprises two full years to develop their initial resolution plans.
FHFA could alter a submission date on any other basis, such as on request by an Enterprise or if financial or economic conditions merit a delay.
Interim update to a prior plan. The proposed rule would permit FHFA to request an interim update to the Enterprises most recently submitted resolution plan, on written notice to the Enterprise. FHFA may require an interim update after receiving a notice of an extraordinary event, for example.
FHFAs notice requiring an interim update would set forth a deadline for submission and identify the portions or aspects of the resolution plan to be updated. FHFA expects to provide the Enterprise a reasonable amount of time to complete the update, and may alter any date set forth in the notice, in its discretion and as appropriate.
An interim update is not considered a resolution plan. Consequently, submission of an interim update would not itself affect the date for submission of the next resolution plan. If FHFA
determines that it is appropriate, the Agency could alter that submission date on notice to an Enterprise.

G. Timing of Plan Submission; Interim Updates Submission of initial resolution plan;
successive plans. FHFA proposes to require each Enterprise to submit its initial resolution plan 18 months after the regulatory due date for the initial notice of core business lines, which FHFA proposes to be three months after the effective date of a final rule. FHFA
anticipates that any final rule would be effective 30 days after publication in the Federal Register. As a result, an Enterprises first resolution plan would be required to be submitted to FHFA
slightly less than two years after the final rule is published in the Federal Register. The due date for the initial plan will establish the due dates for successive plans with FHFA proposing to require each Enterprise to submit a resolution plan every two years thereafter.
While the effective date for a final rule is uncertain, FHFA is aware that other end-of-year reporting requirements may make it more challenging if the recurring due date for resolution plans were to fall in the fourth quarter of the calendar year. For that reason, among others, the proposed rule includes a provision permitting FHFA to alter the submission date of
H. Effect of a Resolution Plan on Rights of Other Parties The proposed rule also includes three provisions addressing the effect of an Enterprise resolution plan on such considerations as preservation of privileges, execution of a receivership, and rights of private parties. The proposed rule would clarify and assert that the submission of any nonpublic data or information under FHFAs resolution planning rule would not constitute a waiver of or otherwise affect any privilege arising under Federal or state law, including the rules of any Federal or state court, to which the data or information is otherwise subject. The proposed rule also indicates that FHFA
may assert examination privilege for any nonpublic data or information submitted under the rule.
The proposed rule would also clarify that an Enterprises resolution plan would not have any binding effect on FHFA when appointed as receiver under 12 U.S.C. 4617. The resolution plan would not be binding on FHFA as conservator, either currently or if FHFA
is appointed conservator in the future.
FHFA proposes to clarify that any final rule would not create any private right of action based on a resolution plan prepared by an Enterprise or submitted
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resolution plan or fails to implement an approved corrective plan, then, in accordance with 12 U.S.C. 4513b and the PMOS regulation, FHFA may order the Enterprise to correct the deficiency or to implement the corrective plan and take other corrective or remedial measures.

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to FHFA or based on any action taken by FHFA with respect to any such resolution plan. These provisions support the resolution planning process as a strategic, informational, and assessment regime which is critical to facilitate rapid and orderly resolution, but which does not commit FHFA to any action in exercising its authorities as receiver. FHFA or an Enterprise may take actions that are different from those considered or contained in any resolution plan.
III. Section-by-Section Summary A. Section 1242.1 Purpose;
Identification as a Prudential Standard This section of the proposed rule sets forth its purposes and goals related to Enterprise resolution, identifies the rule as a prudential standard for purposes of 12 U.S.C. 4513b and FHFAs implementing regulation at 12 CFR part 1236, and addresses the effect of such identification relative to corrective plans required to be submitted pursuant to section 4513b. FHFA may also enforce this part pursuant to sections 1371, 1372, and 1376 of the Safety and Soundness Act 12 U.S.C. 4631, 4632, and 4636.
B. Section 1242.2

Definitions
This section of the proposed rule refers users to statutory definitions and FHFAs regulation setting forth definitions that are generally applicable 12 CFR part 1201 and sets forth definitions of other words and terms that are not defined by statute or in the Safety and Soundness Act. Words or terms used in the proposed rule that are defined by the Safety and Soundness Act or part 1201 include affiliate, authorizing statutes, default, in danger of default, enterprise, and limited-life regulated entity. The proposed rule sets forth definitions of credible, core business line, material change, and rapid and orderly resolution. The proposed meaning of each of those terms is described above, in material relevant to the use of such term.
C. Section 1242.3 Identification of Core Business Lines This section of the proposed rule sets forth requirements related to identification of core business lines, including associated operations, services, functions, and supports. The proposed rule would establish a process for identification, including preliminary identification by each Enterprise and FHFA review and determination of core business lines, address the Enterprises periodic review of business lines,
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