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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules
By order of the Board of Governors of the Federal Reserve System.
Margaret McCloskey Shanks, Deputy Secretary of the Board.
FR Doc. 202028755 Filed 1721; 8:45 am BILLING CODE 621001P

FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1241
RIN 2590AB09

Enterprise Liquidity Requirements Federal Housing Finance Agency.
ACTION: Notice of proposed rulemaking;
request for comments.
AGENCY:

The Federal Housing Finance Agency FHFA requests comment on a proposed rule that would implement four liquidity and funding requirements for Fannie Mae and Freddie Mac the Enterprises. The 2008 financial crisis demonstrated substantial weaknesses in the liquidity positions of the Enterprises. Liquidity and funding challenges were a significant contributing factor to establishment of the conservatorships in September 2008.
The proposed rule builds on the improvements made to the U.S. banking supervision frameworks regulation of institutions liquidity requirements, and on experience since the 2008 financial crisis including with the more recent 2020 COVID19-related financial market stress. FHFA believes that a robust Enterprise liquidity framework will improve market confidence in the Enterprises ability to fulfill their mission and provide countercyclical support to housing finance markets in times of stress, while further minimizing the likelihood that they will need further taxpayer support. FHFA
envisions that an appropriate framework would incent the Enterprises to build their liquidity portfolios in good times, so that it is available to be deployed as necessary in times of stress.
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 2590AB09, by any one of the following methods:
Agency Website: www.fhfa.gov/
open-for-comment-or-input.
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
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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
2590AB09.
Hand Delivered/Courier: The hand delivery address is Alfred M. Pollard, General Counsel, Attention: Comments/
RIN 2590AB09, Federal Housing Finance Agency, Eighth Floor, 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:
Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590AB09, Federal Housing Finance Agency, Eighth Floor, 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 time-sensitive correspondence, please plan accordingly.
FOR FURTHER INFORMATION CONTACT:
Jamie Newell, Associate Director, Division of Resolutions, 202 6493530, Jamie.Newell@fhfa.gov; Ming-Yuen Meyer-Fong, Associate General Counsel, Office of General Counsel, 202 649
3078, Ming-Yuen.Meyer-Fong@fhfa.gov;
or Mark Laponsky, Deputy General Counsel, Office of General Counsel, 202 6493054, Mark.Laponsky@
fhfa.gov. These are not toll-free numbers. The telephone number for the Telecommunications Device for the Deaf is 800 8778339.
SUPPLEMENTARY INFORMATION: The proposed rule establishes four quantitative liquidity requirements that address the short, intermediate and long-term liquidity needs of the Enterprises. The short-term 30-day liquidity requirement is designed to promote the short-term resilience of the liquidity risk profile of the Enterprises, thereby improving the Enterprises ability to absorb shocks arising from financial market and economic stresses.
In addition, the proposed rule includes an intermediate-term 365-day liquidity requirement to ensure that the Enterprises manage their liquidity needs beyond the short-term, and to provide additional incentives to fund their activities in a more stable fashion.
Finally, the proposed rule includes two longer-term liquidity and funding requirements that encourage the issuance of an appropriate mix of longer-term debt to reduce the
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Enterprises rollover risk. FHFA expects that this more appropriate mix of longer-term debt will also reduce the risk that the Enterprises would have to sell less-liquid assets in distressed markets.
Comments FHFA invites comments on all aspects of the proposed rule and will take all comments into consideration before issuing a final 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 http 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 A. Background B. Overview of the Proposed Rule II. Liquidity and Funding Requirements A. Short-Term and Intermediate Term Liquidity Requirements 1. High Quality Liquid Assets a. Federal Reserve Bank Balances b. U.S. Treasury Securities c. U.S. Treasury Repurchase Agreements Cleared Through the FICC
d. Overnight Unsecured Deposits in Eligible Banks 2. Non-Allowable Investments and WrongWay Risk 3. Operational Requirements for High Quality Liquid Assets 4. Cash Flows 5. Daily Excess Requirement 6. Stressed Cash Flow Scenarios a. Complete Loss of Ability To Issue Unsecured Debt b. Cash Window or Whole Loan Conduit Purchases c. Borrower Scheduled Principal, Interest, Tax, and Insurance Remittances d. Delinquent Loan Buyouts From MBS
Trusts e. FICC Collateral Needs f. Liquidity Facility for Variable-Rate Demand Bonds g. Non-Bank Seller/Servicer Shortfalls 7. Unsecured Callable Debt 8. Changes in Financial Condition B. Long-Term Liquidity and Funding Requirements 1. Background 2. Long-Term Liquidity and Funding Requirements a. Long-Term Unsecured Debt to LessLiquid Asset Ratio b. Spread Duration of Unsecured Debt to Spread Duration of Assets Requirement c. Funding From Stockholders Equity C. Temporary Reduction of Liquidity Requirements III. Liquidity Risk Management Reporting IV. Supervisory Framework A. Liquidity Requirement Shortfall
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