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Federal Register / Vol. 86, No. 84 / Tuesday, May 4, 2021 / Rules and Regulations Development of a Plan Template;
Reduction of Burden. One commenter recommended that, in the future, FHFA
provide a template for completing a resolution plan in accordance with the regulatory requirements as the FRB
and FDIC have done for companies subject to the DFA section 165 rule.
Having such a template would allow the Enterprises to more clearly understand plan requirements, facilitate FHFAs review of submitted plans, and minimize differences in the Enterprises plans attributable to choices related to style and presentation.
While FHFA agrees that a template for Enterprise resolution plans could provide consistency, FHFA believes it will be better able to assess the benefit of or need for a template, as well as its form, after gaining experience with reviewing Enterprise resolution plans.
FHFA also believes that such a template could be provided through guidance in the future, without the need for an amendment to the resolution planning rule. For those reasons, FHFA is not establishing a template at this time.
Some commenters identified areas where changes to the form or content of resolution plans would make developing them less burdensome and possibly provide more relevant information to FHFA. One commenter suggested adding a materiality qualifier to rule requirements that the Enterprises list all affiliates and trusts within the Enterprises organization;
identify third-party providers with which the Enterprise has significant business connections; and analyze whether the failure of a third-party provider to an Enterprise would likely have an adverse impact on the Enterprise e.g., list material affiliates and trusts; identify material thirdparty providers; and require analysis of third-party failures likely to have a material adverse impact.39 One commenter noted that the proposed rule permitted an Enterprise to incorporate by reference material from an earlier resolution plan into a later plan, and suggested permitting the Enterprises to incorporate information that is otherwise available to FHFA through existing supervisory mechanisms . . .
such as the Enterprise Regulatory Capital Framework reports. Finally, a commenter suggested that FHFA
consider allowing the Enterprises to develop targeted plans, similar to those described in the DFA section 165
rule, to increase efficiency.
39 See 12 CFR 1242.5f1, 11, and 14; 86 FR
at 13451346.

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FHFA does not believe it has sufficient information at this time to add a materiality qualifier to information elements required from an Enterprise by the resolution planning rule, while still ensuring that FHFA receives sufficient information to understand and assess an Enterprise resolution plan for example, how FHFA could quickly preserve and divide assets between the LLRE and the receivership estate. Likewise, FHFA is not inclined to expand the types of information that could be incorporated by reference at this time, due to concerns that a large amount of information incorporated by reference could make it harder to review, understand, and assess a resolution plan.
FHFA agrees that development of a resolution plan should not impose undue burden on an Enterprise or FHFA, however. To that end, FHFA is adding to the final rule a reservation of authority that will permit FHFA to tailor or adjust the scope or form of information required from the Enterprises, considering the significance of such information to FHFA when reviewing resolution plans, the appropriate level of detail of information, and reduction of burden on an Enterprise or FHFA. That provision will permit FHFA to tailor the scope of information requirements including, for example, adding a materiality qualifier in the future, and to tailor the form of information required including expanding the sources of information that can be incorporated by reference into a resolution plan.40 Because this authority is reserved in the final rule, FHFA could provide guidance to the Enterprises making non-substantive adjustments to the scope and form of information required from them, without amending the final rule.41
Submission of targeted plans is a slightly different issue. Requiring targeted plans instead of full resolution plans in some cycles could be viewed as tailoring or adjusting the scope or form of information required from an Enterprise, and would reduce burden, and on that basis FHFA could address targeted plans through its reservation of authority. But FHFA is also aware that such plans are provided for in the DFA
section 165 rule itself. FHFA has 40 To better understand the types and sources of information an Enterprise may wish to incorporate by reference, FHFA invites the Enterprises to identify information in their resolution plans that they would have incorporated by reference but for the limited authority to do so, and the source that would have been referenced.
41 Substantive changes to the rule would be made in compliance with the Administrative Procedure Act, 5 U.S.C. 553.

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consciously worked to incorporate in the Enterprise resolution planning rule concepts that are similar to those addressed in the DFA section 165, to inform the public and other stakeholders of, and affirm, similarities in approach and process. Because the DFA section 165 rule includes a provision for targeted plans, it may be appropriate for FHFA to include such a provision in the Enterprise resolution planning rule, as well. FHFA will continue to consider the benefits provided by targeted plans, whether such plans would be appropriate for the Enterprises, and if so, whether it would be appropriate to provide for targeted plans through a rule amendment or through use of reserved authority to tailor the scope and form of information required in Enterprise resolution plans.
Content of the Plans Public Section.
As proposed, the rule would require the Enterprises to divide their resolution plans into a public section and a confidential section, with the two sections segregated and separately identified.42 The proposal also listed required content of the public section, modeled on the DFA section 165 rule but tailored for the Enterprises resolution plans.43 FHFA intends the public section to make clear the assumptions pursuant to which the Enterprise drafted its resolution plan, including the assumption that no government support will be available to prevent the failure of an Enterprise or to fund its resolution, and to indicate the extent to which potential claims by creditors and counterparties against the Enterprise might be satisfied in a resolution, and priority of those claims.
By providing the public with greater transparency about the satisfaction of potential claims and the manner in which those claims might be satisfied, FHFA believes publishing the public section of each Enterprises resolution plan will foster market discipline by making clear to investors in Enterpriseguaranteed MBS and Enterprise debt that they should no longer rely on an implicit government guarantee and should price the risk of these investments accordingly.
Commenters were supportive of a public section but had differing views on its appropriate scope. One commenter, for example, suggested that the rule should provide a more extensive public section of the Enterprises resolution plans than the large-bank resolution planning process produces. In addition, FHFA should require public notice of material 42 See 43 Id.,
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12 CFR 1242.6a1, 86 FR at 1346.
1242.6a2.

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