Rule2023-03805
Prior Approval for Enterprise Products
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 24, 2023
Effective
December 27, 2022
Issuing agencies
Federal Housing Finance Agency
Abstract
On December 27, 2022, the Federal Housing Finance Agency (FHFA) published in the Federal Register a final rule amending its regulations to implement a provision of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended. The final rule had an effective date of February 27, 2023. FHFA has determined that a delay of the effective date of the final rule by 60 days is appropriate.
Full Text
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<title>Federal Register, Volume 88 Issue 37 (Friday, February 24, 2023)</title>
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[Federal Register Volume 88, Number 37 (Friday, February 24, 2023)]
[Rules and Regulations]
[Page 11779]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-03805]
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FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1253
RIN 2590-AA17
Prior Approval for Enterprise Products
AGENCY: Federal Housing Finance Agency.
ACTION: Final rule; delay of effective date.
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SUMMARY: On December 27, 2022, the Federal Housing Finance Agency
(FHFA) published in the Federal Register a final rule amending its
regulations to implement a provision of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992, as amended. The final rule
had an effective date of February 27, 2023. FHFA has determined that a
delay of the effective date of the final rule by 60 days is
appropriate.
DATES: The effective date for the final rule amending 12 CFR part 1253,
published December 27, 2022, at 87 FR 79217, is delayed until April 28,
2023.
FOR FURTHER INFORMATION CONTACT: Susan Cooper (202) 649-3121,
<a href="/cdn-cgi/l/email-protection#5724222436397934383827322517313f313679303821"><span class="__cf_email__" data-cfemail="d3a0a6a0b2bdfdb0bcbca3b6a193b5bbb5b2fdb4bca5">[email protected]</span></a>, Division of Housing Mission and Goals; or Dinah
Knight (202) 748-7801, <a href="/cdn-cgi/l/email-protection#690d00070801470207000e011d290f010f08470e061f"><span class="__cf_email__" data-cfemail="2a4e43444b42044144434d425e6a4c424c4b044d455c">[email protected]</span></a>, Office of General
Counsel, Federal Housing Finance Agency, 400 Seventh Street SW,
Washington, DC 20219. For TTY/TRS users with hearing and speech
disabilities, dial 711 and ask to be connected to any of the contact
numbers above.
SUPPLEMENTARY INFORMATION: On December 27, 2022, FHFA published in the
Federal Register the final rule which, in accordance with 12 U.S.C.
4541, establishes a process for the Federal National Mortgage
Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation
(Freddie Mac) (collectively, the Enterprises) to provide advance notice
to the FHFA Director before offering a new activity to the market and
to obtain prior approval from the Director before offering a new
product to the market. Among other elements of the process, the final
rule establishes criteria for FHFA and the Enterprises to identify new
activities, requires an Enterprise to submit a notice of new activity
to FHFA that contains certain specified information along with a
certification from an executive officer before commencing a new
activity, and requires FHFA to review the notice of new activity within
a strict timeframe.
The final rule was published with an effective date of February 27,
2023. In view of the progress made towards implementation, FHFA has
determined that it is appropriate to delay the effective date by 60
days to April 28, 2023. This will allow FHFA and the Enterprises
sufficient time to develop the internal infrastructure and processes
necessary to comply with the requirements set forth in the final rule.
In the interim, FHFA will require the Enterprises to delay commencement
of any activities that satisfy the new activity criteria until those
activities can be reviewed by FHFA in accordance with the final rule.
Sandra L. Thompson,
Director, Federal Housing Finance Agency.
[FR Doc. 2023-03805 Filed 2-23-23; 8:45 am]
BILLING CODE 8070-01-P
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</html>Indexed from Federal Register on February 24, 2023.
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