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Federal Register / Vol. 86, No. 84 / Tuesday, May 4, 2021 / Rules and Regulations
manner to management of the Enterprise and to FHFA, the information and data underlying the resolution plan; and B Any gaps or weaknesses in such capabilities, and a description of the actions the Enterprise intends to take to promptly address such gaps, or weaknesses, and the timeframe for implementing such actions.
h Identification of point of contact.
The Enterprise senior management official responsible for serving as a point of contact regarding the resolution plan shall be identified in the resolution plan.

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1242.6 Form of resolution plan;
confidentiality.

a Form of resolution plan1
Generally. Each resolution plan of an Enterprise shall be divided into a public section and a confidential section. Each Enterprise shall segregate and separately identify the public section from the confidential section.
2 Content of public section. The public section of a resolution plan shall clearly reflect required and prohibited assumptions set forth at 1242.5b and consist of an executive summary of the resolution plan that describes the business of the Enterprise and includes, to the extent material to an understanding of the Enterprise:
i A description of each core business line, including associated operations and services;
ii Consolidated or segment financial information regarding assets, liabilities, capital and major funding sources;
iii A description of derivative activities, hedging activities, and credit risk transfer instruments;
iv A list of memberships in material payment, clearing and settlement systems;
v The identities of the principal officers;
vi A description of the corporate governance structure and processes related to resolution planning;
vii A description of material management information systems; and viii A description, at a high level, of strategies to facilitate resolution, covering such items as the range of potential purchasers of the Enterprises core business lines and other significant assets, as well as measures that, if taken by the Enterprise, could minimize the risk that its resolution would have serious adverse effects on the national housing finance markets and minimize the amount of potential loss to the Enterprises investors and creditors.
b Confidential treatment of resolution plan. 1 The confidentiality of each resolution plan and related materials shall be determined in
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accordance with applicable exemptions under the Freedom of Information Act 5 U.S.C. 552b, 12 CFR part 1202
FHFAs regulation implementing the Freedom of Information Act, and 12
CFR part 1214 FHFAs regulation on the availability of non-public information.
2 An Enterprise submitting a resolution plan or related materials pursuant to this part that desires confidential treatment of the information under 5 U.S.C. 552b4, 12
CFR part 1202 Freedom of Information Act, and 12 CFR part 1214 availability of non-public information may file a request for confidential treatment in accordance with those rules.
3 To the extent permitted by law, information comprising the confidential section of a resolution plan will be treated as confidential.
4 To the extent permitted by law, the submission of any nonpublic data or information under this part shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or state law including the rules of any Federal or state court to which the data or information is otherwise subject. The submission of any nonpublic data or information under this part shall be subject to the examination privilege.
1242.7 Review of resolution plans;
resubmission of deficient resolution plans.

a FHFA acceptance of resolution plan; review for completeness. 1 After receipt of a resolution plan, FHFA will either acknowledge acceptance of the plan for review or return the resolution plan if FHFA determines that it is incomplete or that substantial additional information is required to facilitate review of the resolution plan.
2 If FHFA determines that a resolution plan is incomplete or that substantial additional information is necessary to facilitate review of the resolution plan:
i FHFA shall provide notice to the Enterprise in writing of the areas in which the resolution plan is incomplete or with respect to which additional information is required; and ii Within 30 days after receiving such notice or such other time period as FHFA may establish in the notice, the Enterprise shall resubmit a complete resolution plan or such additional information as requested to facilitate review of the resolution plan.
b FHFA review of complete plan;
determination regarding deficient resolution plan. 1 Following review of a complete resolution plan, FHFA will send a notification to each Enterprise that:

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i Identifies any deficiencies or shortcomings in the Enterprises resolution plan or confirms that no deficiencies or shortcomings were identified;
ii Identifies any planned actions or changes set forth by the Enterprise that FHFA agrees could facilitate a rapid and orderly resolution of the Enterprise; and iii Provides any other feedback on the resolution plan including feedback on timing of actions or changes to be undertaken by the Enterprise. FHFA
will send the notification no later than 12 months after accepting a complete plan, unless FHFA determines in its discretion that extenuating circumstances exist that require delay.
2 For purposes of paragraph b1 of this section, a deficiency is an aspect of an Enterprises resolution plan that FHFA determines presents a weakness that, individually or in conjunction with other aspects, could undermine the feasibility of the Enterprises resolution plan. A shortcoming is a weakness or gap that raises questions about the feasibility of an Enterprises resolution plan, but does not rise to the level of a deficiency. If a shortcoming is not satisfactorily explained or addressed before or in the submission of the Enterprises next resolution plan, it may be found to be a deficiency in the Enterprises next resolution plan. FHFA
may identify an aspect of an Enterprises resolution plan as a deficiency even if such aspect was not identified as a shortcoming in an earlier resolution plan submission.
c Resubmission of a resolution plan.
Within 90 days of receiving a notice of deficiency, or such shorter or longer period as FHFA may establish by written notice to the Enterprise, an Enterprise shall submit a revised resolution plan to FHFA that addresses all deficiencies identified by FHFA, and that discusses in detail:
1 Revisions to the plan made by the Enterprise to address the identified deficiencies;
2 Any changes to the Enterprises business operations and corporate structure that the Enterprise proposes to undertake to address a deficiency including a timeline for completing such changes; and 3 Why the Enterprise believes that the revised resolution plan is feasible and would facilitate a rapid and orderly resolution by FHFA as receiver.
1242.8 No limiting effect or private right of action.

a No limiting effect on resolution proceedings. A resolution plan submitted pursuant to this part shall not have any binding effect on FHFA when
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