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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Proposed Rules establish a process for changes to identifications, address the timing of each Enterprises initial preliminary identification of core business lines, and address the timing for inclusion of a newly-identified core business line to be included in the following required resolution plan.

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D. Section 1242.4 Credible Resolution Plan Required; Other Notices to FHFA
This section of the proposed rule establishes the requirement for Enterprise resolution plans to facilitate rapid and orderly resolution in the event FHFA is appointed receiver, sets forth requirements related to timing and frequency of submission of resolution plans to FHFA, and establishes processes for determining the timing for submission of each Enterprises initial resolution plan and subsequent plans.
This section also addresses interim updates to a resolution plan that may be required by FHFA.
This section establishes the requirement that an Enterprise submit a notice to FHFA on an extraordinary event, which may include a material change, as well as the timing and content of such a notice. This section also sets forth other matter related to the development and submission of a resolution plan, including the requirement for Enterprise board approval of a resolution plan prior to submission of the plan for FHFA.
Finally, this section addresses the incorporation of material from a prior resolution plan into a subsequent plan by reference and addresses identification of an Enterprise point-ofcontact for matters regarding the resolution plan.
E. Section 1242.5 Informational Content of a Resolution Plan; Required and Prohibited Assumptions This section of the proposed rule sets forth substantive requirements for an Enterprise resolution plan, including important required and prohibited assumptions that must underpin and be reflected throughout each resolution, including in each plans public section.
This section describes the informational content of each resolution plan, including an executive summary, strategic analysis, and information on corporate governance related to resolution planning, organizational structures, management information systems, and interconnections and interdependencies.
F. Section 1242.6 Form of Resolution Plan; Confidentiality This section of the proposed rule sets forth requirements for the form of a
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resolution plan, which must include a public section and a confidential section. FHFA expects to publish the public section of each resolution plan on its website. This section establishes both the presumption that material not included in the public section is confidential and a process for an Enterprise to request confidential treatment of information for purposes of the Freedom of Information Act and FHFAs implementing regulation, and for purposes of FHFAs regulation on disclosure of nonpublic information.
This section of the proposed rule also asserts the non-waiver of otherwise applicable Federal and state privileges, as a result of submitting a resolution plan and asserts the bank examination privilege for any nonpublic information or data in the resolution plan and related materials submitted to FHFA.
G. Section 1242.7 Review of Resolution Plans; Resubmission of Deficient Resolution Plans This section of the proposed rule addresses FHFA review of a resolution plan, after submission by an Enterprise, including an initial review for completeness, any request by FHFA for missing or additional information, an Enterprises opportunity to provide such information, and a timeframe for providing missing or additional information. In this section, the proposed rule addresses FHFAs substantive review of a complete resolution plan, which may result in FHFAs determination of a deficiency in the plan. In this section, and for this purpose, the proposed rule defines deficiency. The proposed rule establishes a process for FHFA to provide an Enterprise notice of a deficiency which, in accordance with 1242.1b, may be deemed a determination of failure of a prudential standard and for Enterprise submission of a revised resolution plan to address such a deficiency which, in accordance with 1242.1b of the proposed rule, may be deemed a corrective plan for purposes of FHFAs PMOS regulation.
This section of the proposed rule also sets forth the timeframe for submission of any revised resolution plan, and includes a provision permitting FHFA
to extend timeframes in any resolution planning rule adopted as final, on its own initiative or on request by an Enterprise.
H. Section 1242.8 No Limiting Effect or Private Right of Action This section of the proposed rule establishes that a resolution plan does not limit or bind FHFA when acting as conservator or receiver, such that FHFA

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may, or may not, take any action set forth in an Enterprises resolution plan;
and, also that neither a resolution plan nor an FHFA rule requiring such a plan would give rise to any private right of action. An Enterprise resolution plan is intended, among other things, to provide strategic analysis and information to FHFA that it may use for its benefit, including for purposes of any capabilities or other assessment, in FHFAs sole discretion.
IV. Comments Specifically Requested As stated above, FHFA invites comments on all aspects of the proposed rule and will take all comments into consideration before issuing a final rule.
In addition to comments specifically requested within the description of the proposed rule, above, FHFA also requests comment on the questions set forth below. The most helpful comments reference the specific questions listed, explain the reason for any changes, and include supporting data.
Scope 1. Are the stated goals of Enterprise resolution planning clear? Are there goals that should be added, removed, or modified?
2. Would Enterprise resolution planning benefit from the availability of funding mechanisms such as convertible long-term debt or other similar loss-absorbing instruments as recommended in the Treasury Housing Reform Plan?
3. What advantages or disadvantages does the corporate organization of the Enterprises as single operating companies present for FHFA
receivership?
Definitions 4. Are the defined terms in the proposed rule clear? Do they require further clarification and if so, how should they be defined?
5. Are there terms used in the proposed rule that should be defined in a final rule?
6. Are there terms or operative concepts used in other resolution planning regimes, such as the DFA
section 165 rule or the FDIC IDI rule, that should be incorporated into an FHFA resolution planning rule e.g., material entity, critical operation?
Governance and Process 7. Are there resolution planning governance and oversight requirements in the proposed rule that could be clarified? Are there additional governance and oversight requirements that should be included?

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