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Federal Register / Vol. 86, No. 84 / Tuesday, May 4, 2021 / Rules and Regulations
by FHFA as receiver in a manner that minimizes the risk that resolution of an Enterprise would have serious adverse effects on the national housing finance markets, and to the extent possible, the amount of any losses to be realized by the Enterprises creditors.
Notwithstanding anything to the contrary in this part, FHFA may adjust or tailor the scope or form of information specified in paragraphs c through g of this section, as FHFA
determines appropriate 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.
b Required and prohibited assumptions when developing a resolution plan. In developing a resolution plan, each Enterprise shall:
1 Take into account that receivership of the Enterprise may occur under the severely adverse economic conditions provided to the Enterprise by FHFA in conjunction with any stress testing required or in another scenario provided by FHFA;
2 Not assume the provision or continuation of extraordinary support by the United States to the Enterprise to prevent either its becoming in danger of default or in default including, in particular, support obtained or negotiated on behalf of the Enterprise by FHFA in its capacity as supervisor, conservator, or receiver of the Enterprise, including the Senior Preferred Stock Purchase Agreements entered into by FHFA and the U.S.
Department of the Treasury on September 7, 2008 and any amendments thereto; and 3 Reflect statutory provisions that obligations and securities of the Enterprise issued pursuant to its authorizing statute, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any agency or instrumentality thereof other than the Enterprise.
c Executive summary. Each resolution plan of an Enterprise shall include an executive summary describing:
1 Summary of the key elements of the Enterprises strategic analysis;
2 A description of each material change experienced by the Enterprise since submission of the Enterprises prior resolution plan or affirmation that no such change has occurred;
3 Changes to the Enterprises previously submitted resolution plan resulting from any:
i Change in law or regulation;

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ii Guidance or feedback from FHFA;
or iii Material change described pursuant to paragraph c2 of this section; and 4 Any actions taken by the Enterprise since submitting its prior resolution plan to improve the effectiveness of the resolution plan or remediate or otherwise mitigate any material weaknesses or impediments to a rapid and orderly resolution.
d Strategic analysis. Each resolution plan shall include a strategic analysis describing the Enterprises plan for facilitating its rapid and orderly resolution by FHFA. Such analysis shall:
1 Include detailed descriptions of i Key assumptions and supporting analysis underlying the resolution plan, including any assumptions made concerning the economic or financial conditions that would be present at the time resolution would occur;
ii Actions, or ranges of actions, which if taken by the Enterprise could facilitate a rapid and orderly resolution and those actions that the Enterprise intends to take;
iii The corporate governance framework that supports determination of the specific actions to be taken to facilitate a rapid and orderly resolution as the Enterprise is becoming in danger of default including identifying the senior management officials responsible for making those determinations and taking those actions;
iv Funding, liquidity, and capital needs of, and resources and loss absorbing capacity available to, the Enterprise, which shall be mapped to its core business lines, in the ordinary course of business and in the event the Enterprise becomes in danger of default or in default;
v Considering the Enterprises core business lines, a strategy for identifying assets and liabilities of the Enterprise to be transferred to a limited-life regulated entity; and for transferring operations of, and funding for, the Enterprise to a limited-life regulated entity, which shall be mapped to core business lines;
vi A strategy for preventing the failure or discontinuation of each core business line and its associated operations, services, functions, or supports as the core business line is transferred to a limited-life regulated entity, and actions that, in the Enterprises view, FHFA could take to prevent or mitigate any adverse effects of such failure or discontinuation on the national housing finance markets;
vii A strategy for mitigating the effect on the Enterprise of another Enterprise becoming in danger of
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default or in default, on the continuation of each of the Enterprises core business lines and its associated operations, services, functions, or supports as any assets or operations of the other Enterprise are transferred to the Enterprise;
viii The extent to which claims against the Enterprise by creditors and counterparties would be satisfied in accordance with 1237.9 of this chapter and the manner and source of satisfaction of those claims consistent with the continuation of the Enterprises core business lines by the limited-life regulated entity; and ix A strategy for transferring or unwinding qualified financial contracts, as defined at 12 U.S.C. 4617d8Di, in a manner consistent with 12 U.S.C.
4617d8 through 11;
2 Identify the time periods the Enterprise expects would be needed to successfully execute each action identified in paragraph d1ii of this section to facilitate rapid and orderly resolution, and any impediments to such actions;
3 Identify and describe i Any potential material weaknesses or impediments to rapid and orderly resolution as conceived in the Enterprises plan;
ii Any actions or steps the Enterprise has taken or proposes to take, or which other market participants could take, to remediate or otherwise mitigate the weaknesses or impediments identified by the Enterprise; and iii A timeline for the remedial or other mitigating action that the Enterprise proposes to take; and 4 Provide a detailed description of the processes the Enterprise employs for i Determining the current market values and marketability of the core business lines and material asset holdings of the Enterprise;
ii Assessing the feasibility of the Enterprises plans including timeframes for executing any sales, divestitures, restructurings, recapitalizations, or other similar actions contemplated in the Enterprises resolution plan; and iii Assessing the impact of any sales, divestitures, restructurings, recapitalizations, or other similar actions on the value, funding, and operations of the Enterprise and its core business lines.
e Corporate governance relating to resolution planning. Each resolution plan shall:
1 Include a detailed description of i How resolution planning is integrated into the corporate governance
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