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Federal Register / Vol. 86, No. 184 / Monday, September 27, 2021 / Proposed Rules
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%,Tranche %,Tranche IV. 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 information has been submitted to OMB for review.
V. 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 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.
Proposed Rule List of Subjects for 12 CFR Part 1240

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Capital, Credit, Enterprise, Investments, Reporting and recordkeeping requirements.
For the reasons stated in the Preamble, under the authority of 12
U.S.C. 4511, 4513, 4513b, 4514, 4515
17, 4526, 46114612, 463136, FHFA
proposes to amend part 1240 of title 12
of the Code of Federal Regulation as follows:

16:47 Sep 24, 2021

Subchapter CEnterprises PART 1240CAPITAL ADEQUACY OF
ENTERPRISES
1. The authority citation for part 1240
is revised to read as follows:

Authority: 12 U.S.C. 4511, 4513, 4513b, 4514, 4515, 4517, 4526, 46114612, 463136.

2. Amend 1240.2 by removing the definition of Multifamily mortgage exposure and adding the definition of Multifamily mortgage exposure in alphabetical order to read as follows:

1240.2

Definitions.

Multifamily mortgage exposure means an exposure that is secured by a first or subsequent lien on a property with five or more residential units.

3. Amend 1240.11 by revising paragraph a6 to read as follows:
1240.11 Capital conservation buffer and leverage buffer.

a
6 Prescribed leverage buffer amount.
An Enterprises prescribed leverage buffer amount is 50 percent of the Enterprises stability capital buffer calculated in accordance with subpart G
of this part.
4. Amend 1240.33a by:
a. In the definition of Long-term HPI
trend, removing 0.66112295 and adding 0.66112295e0.002619948t in its place; and b. Revising the definition of OLTV.
The revision reads as follows:
1240.33 Single-family mortgage exposures.

Authority and Issuance
VerDate Sep<11>2014

Chapter XIIFederal Housing Finance Agency
Jkt 253001

a
OLTV original loan-to-value means, with respect to a single-family mortgage exposure, the amount equal to:
i The unpaid principal balance of the single-family mortgage exposure at origination; divided by ii The lesser of:

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A The appraised value of the property securing the single-family mortgage exposure; and B The sale price of the property securing the single-family mortgage exposure.

1240.37

Amended
5. Amend 1240.37 by redesignating the second paragraph d3iii as paragraph d3iv.

1240.43

Amended
6. Amend 1240.43 in paragraph b1 by removing the term KG and adding the term KG in its place.
7. Amend 1240.44 by:
a. In paragraph b9iC, removing the term LTFUPBE% and adding the term LTFUPB% in its place;
b. In paragraph b9iD
introductory text, removing the term LTF% and adding the term LTF% in its place;
c. In paragraph b9ii introductory text, removing the term LTF% and adding the term LTF% in its place;
d. In paragraph b9iiB, removing the term CRTF15% and adding the term CRTF15% in its place;
e. In paragraph b9iiC, removing the term CRT80NotF15% and adding the term CRT80NotF15% in its place;
f. Revising the equation in paragraph b9iiE2i;
g. In paragraph b9iiE2iii introductory text, removing the term LTF% and adding the term LTF%, in its place;
h. In paragraph c introductory text:
i. Removing the term RW% and adding the term RW% in its place; and ii. Removing 10 percent and adding the term 5 percent in its place;
i. In paragraph c1, removing the term AggEL% and adding the term AggEL% in its place;
j. In paragraphs c2 and c3ii, removing the term 10 percent and adding the term 5 percent in its place;
k. Revising the first equation in paragraph d;

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