[Federal Register Volume 75, Number 17 (Wednesday, January 27, 2010)]
[Rules and Regulations]
[Pages 4255-4259]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-1641]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
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Federal Register / Vol. 75, No. 17 / Wednesday, January 27, 2010 /
Rules and Regulations
[[Page 4255]]
FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1233
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of Federal Housing Enterprise Oversight
12 CFR Part 1731
RIN 2590-AA11
Reporting of Fraudulent Financial Instruments
AGENCY: Federal Housing Finance Agency; Office of Federal Housing
Enterprise Oversight, HUD.
ACTION: Final regulation.
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SUMMARY: The Federal Housing Finance Agency (FHFA) is issuing a final
regulation that requires the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation, and each Federal Home Loan Bank
(collectively, regulated entities) to submit a timely report to FHFA
upon discovery that it has purchased or sold a fraudulent loan or
financial instrument, or suspects a possible fraud relating to the
purchase or sale of any loan or financial instrument. The final
regulation also requires the regulated entities to establish and
maintain internal controls, policies, procedures, and operational
training programs to ensure that any fraudulent loan or financial
instrument or possible fraudulent loan or financial instrument is
discovered and reported.
DATES: Effective Date: February 26, 2010.
FOR FURTHER INFORMATION CONTACT: Andra Grossman, Senior Counsel, Office
of the General Counsel, telephone (202) 343-1313 (not a toll-free
number), Federal Housing Finance Agency, Fourth Floor, 1700 G Street,
NW., Washington, DC 20552. The telephone number for the
Telecommunications Device for the Deaf is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Statutory and Regulatory Background
The Housing and Economic Recovery Act of 2008, Public Law 110-289,
122 Stat. 2654 (2008), amended the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.)
(Safety and Soundness Act) and transferred to the Federal Housing
Finance Agency (FHFA) the supervisory and oversight responsibilities
over the Federal National Mortgage Association and the Federal Home
Loan Mortgage Corporation (collectively, the Enterprises), and the
Federal Home Loan Banks (Banks) (collectively, regulated entities).
FHFA is responsible for ensuring that the regulated entities operate in
a safe and sound manner and carry out their public policy missions.
Section 1379E of the Safety and Soundness Act (section 1379E) (12
U.S.C. 4642(a)) subjects the regulated entities to both fraud reporting
and internal control requirements. Under this statutory provision, the
Director of FHFA (Director) must require a regulated entity to submit a
timely report upon discovery that it has purchased or sold a fraudulent
loan or financial instrument, or suspects a possible fraud relating to
the purchase or sale of any loan or financial instrument. Additionally,
the Director must require each regulated entity to establish and
maintain procedures designed to discover any such transactions.
Section 1379E also provides each regulated entity and any entity-
affiliated party protection from liability in making a report or
requiring another to make a report if it acts in good faith. This
protection extends to any liability arising under any provision of law
or regulation, any constitution, law, or regulation of any State or
political subdivision of any State, or under any contract or other
legally enforceable agreement (including any arbitration agreement) for
the submission of a report or for the failure to notify persons who are
the subject of or identified in a report.
On June 17, 2009, FHFA published for comment a proposed regulation
setting forth proposed reporting requirements with respect to
fraudulent or suspected fraudulent financial instruments.\1\ All
comments received have been posted to the FHFA Web site at http://www.fhfa.gov.
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\1\ 74 FR 28636.
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II. Final Regulation
The final regulation implements the provisions in the proposed
regulation with clarifying revisions that are made in response to
comments received. The Mortgage Fraud Reporting regulation at 12 CFR
part 1731 issued by the Office of Federal Housing Enterprise Oversight
will be removed after the final regulation is effective.
FHFA received comments from the Enterprises and ten Federal Home
Loan Banks. All comments were taken into consideration. A discussion of
the significant comments as they relate to the final sections of the
regulation follows.
Section 1233.1 Purpose
Several commenters requested that FHFA clarify which purchase and
sale activities are subject to the reporting requirements.
Specifically, the Banks sought clarification on whether the regulation
applies to mortgage loans held as collateral for advances or the
Affordable Housing Program.
FHFA clarifies that the purpose of this regulation is to implement
the provisions of the Safety and Soundness Act, including the
requirements of section 1379E, with respect to the discovery and
reporting of fraud in furtherance of the supervisory responsibilities
of FHFA; that is, ensuring the safe and sound operations of the
regulated entities. To meet that goal, FHFA must receive timely
information on actual or possible fraud on all programs and products.
The information provided will be the subject of review by FHFA
examiners as well as other appropriate FHFA staff. The information will
also assist FHFA in assessing internal controls, management of risks,
including reputation risk, and other factors relevant to the safe and
sound operation of the regulated entities. FHFA's oversight of programs
to discover fraud and the sharing of information with law enforcement
authorities will reassure the public that the regulated entities are
vigilant in discovering and reporting fraudulent practices, and can
have a deterrent
[[Page 4256]]
effect on financial crime. It is for all of the above reasons that FHFA
will apply the regulation to all programs and products of the regulated
entities.
When a regulated entity discovers fraud or suspected possible
fraud, either through its internal controls or notification by outside
parties, the fraud or suspected possible fraud is to be reported. For
example, if a substitution is made in a pool of mortgage backed
securities (MBS) and the regulated entity is notified that the
substitution was made due to fraud, a report must be made. Due
diligence requirements for the regulated entities to discover fraud or
possible fraud will be provided in FHFA policy guidance for specific
programs and products, such as collateral, MBS and whole loans.
The scope of this regulation is further clarified by the addition
of the definitions of the term ``financial instrument'' and the term
``purchased or sold or relating to a purchase or sale'' in Sec.
1233.2. See the discussion below.
One commenter suggested that the language of Sec. 1233.1 conform
to the language of section 1379E. FHFA has modified the proposed
language of Sec. 1233.1 to reflect more closely the language of
section 1379E as well as referencing the Safety and Soundness Act
generally.
Section 1233.2 Definitions
Entity-affiliated party. The term ``entity-affiliated party'' is
used in proposed Sec. 1233.5. Section 1233.5 restates the language of
section 1379E(b) by providing protection to regulated entities and
entity-affiliated parties from liability in connection with reporting
fraud or possible fraud. One commenter questioned whether FHFA intended
to include in the definition of the term ``entity-affiliated party''
those persons, shareholders, affiliates, consultants, or joint venture
partners of a regulated entity; independent contractors; and not-for
profit corporations. FHFA does intend to include such persons in
conformance with section 1379E.
With respect to entity-affiliated parties who are independent
contractors, one commenter questioned whether FHFA intended that the
protection from liability apply only to those independent contractors
who knowingly or recklessly participate in any violation of any law or
regulation, any breach of fiduciary duty or any unsafe or unsound
practice and such violation, breach or practice caused or is likely to
cause more than a minimal financial loss to or have a significant
adverse effect on the regulated entity.
As published in the proposed Sec. 1233.5, the provision protects
the regulated entity and an entity-affiliated party from liability for
filing a report of fraud or possible fraud to FHFA, in good faith, or
for any failure to provide notice of such report to the person who is
the subject of such report or any other persons identified in the
report. Whether an independent contractor participates in a wrong-doing
is unrelated to fraud reporting and should not affect the protection
from liability afforded by section 1379E(b), as implemented by Sec.
1233.5. Consequently, FHFA has determined to delete from the definition
of the term ``entity-affiliated party'' the language defining an
independent contractor in terms of knowingly or recklessly
participating in wrong-doing.
Fraud. Several commenters recommended adding the element of
``intent'' to the definition of the term ``fraud'' in Sec. 1233.2
because the element of intent is included in Federal criminal statutes.
Although FHFA has determined not to add the element of intent, the
definition of the term ``fraud'' is clarified in the final regulation
by adding the phrase ``cannot be corrected'' with respect to
misstatements, misrepresentations, or omissions. As several commenters
remarked, where there are misstatements or omissions that the regulated
entity, after due diligence, has concluded were unintentional and can
be corrected, it should do so without being required to make a report.
In addition, the term ``material'' is deleted in the final
regulation's definition of the term ``fraud'' because the concept of
materiality has been captured by the fraudulent or possibly fraudulent
information the regulated entity ``relied upon'' to decide to purchase
or sell a loan or financial instrument. In other words, if a decision
to purchase or sell would have been different had the regulated entity
possessed accurate information at the time of the transaction, then the
regulated entity is required to file a report.
Financial instrument. The term ``financial instrument'' is added to
the final Sec. 1233.2 to mean any legally enforceable agreement,
certificate, or other writing, in hardcopy or electronic form, having
monetary value. The term includes, but is not limited to, any
agreement, certificate, or other writing evidencing an asset pledged as
collateral to a Bank by a member to secure an advance by the Bank to
that member. As discussed above, FHFA has added this definition to
clarify that the reporting requirements apply to all programs and
products of the regulated entities.
Purchased or sold or relating to the purchase or sale. A definition
of the phrase ``purchased or sold or relating to the purchase or sale''
is added to the final Sec. 1233.2 to mean any transaction involving a
financial instrument. The term includes, but is not limited to, any
purchase, sale, other acquisition, or creation of a financial
instrument by the member of a Bank to be pledged as collateral to the
Bank to secure an advance by the Bank to that member, the pledging by a
member to a Bank of such financial instrument to secure such an
advance, the making of a grant by a Bank under its affordable housing
program or community investment program, and the effecting of a wire
transfer or other form of electronic payments transaction by the Bank.
As discussed above, FHFA has added the definition of the phrase
``purchased or sold or relating to the purchase or sale'' to clarify
that the reporting requirements apply to all programs and products of
the regulated entities. Specific requirements for different programs
and products will be outlined in future FHFA guidance.
Section 1233.3 Reporting
Proposed Sec. 1233.3 would have required reports to the Director
for any fraud or possible fraud occurring in connection with a loan, a
series of loans, or other financial instruments that the regulated
entity has purchased or sold, and to do so promptly after identifying
such fraud or possible fraud or is notified about such fraud or
possible fraud by law enforcement or other government authority.
Several commenters requested that reports be made to an examiner-
in-charge rather than the Director. FHFA notes that the term
``Director'' is defined in Sec. 1233.2 as the Director of FHFA or his
or her designee. Regulated entities will be notified either from FHFA
staff or through guidance where to submit reports.
One commenter suggested that fraud or possible fraud involving an
individual loan in an MBS should not be covered by the reporting
requirements of this regulation. The commenter reasoned that if MBS are
included, a regulated entity would not be able to rely on the
representations and warranties of the MBS issuer regarding the
underlying loans, and thereby eliminate a primary benefit of MBS
ownership. As discussed above, it is the intention of FHFA to include
all programs and products in the requirements of this regulation,
including MBS. FHFA will issue guidance on due diligence for
discovering fraud. FHFA expects that
[[Page 4257]]
the number of reports for each program or product will differ.
The commenter also suggested modifying Sec. 1233.3(a) to parallel
the language in section 1379E. FHFA agrees and has modified proposed
Sec. 1233.3(a) in the final regulation. The revised language includes
the phrase ``upon discovery'' and replaces ``relating to any fraud or
possible fraud occurring in connection with a loan, a series of loans
or other financial instruments'' with ``fraudulent loan or financial
instrument, or suspects a possible fraud relating to the purchase or
sale of any loan or financial instrument.'' The use of the word
``discovery'' implies discovery from any source including, but not
limited to, internal processes, law enforcement, government
authorities, or other third parties such as member institutions or
financial counterparties.
Another commenter suggested that the obligation to report fraud in
an individual loan within an MBS already resides with the financial
institution originating the mortgage to file a suspicious activity
report (SAR) with the Financial Crimes Enforcement Network. This
commenter suggested that the final regulation should clarify that the
regulation does not duplicate these requirements. FHFA recognizes that
financial institutions regulated by other Federal authorities are
responsible for filing SARs. Nevertheless, because neither the
regulated entity nor FHFA is able to confirm whether a financial
institution has filed a SAR, the regulated entity must report to FHFA.
A few commenters requested that the final regulation include the
specific forms and formats to be used to satisfy the reporting
requirements. FHFA has considered the comment and determined that it is
more appropriate to provide instruction on the form and format of
reports in forthcoming FHFA guidance.
Section 1233.4 Internal Controls, Procedures, and Training
Proposed Sec. 1233.4 would have set forth the procedures for each
regulated entity to establish and maintain adequate and efficient
internal controls, procedures, and an operational training program to
assure an effective system to detect and report fraud or possible fraud
in connection with the purchase or sale of a loan or financial
instrument.
Several commenters sought clarification on whether third-party
review or controls and procedures would constitute fraud discovery
controls for the regulated entities. One commenter explained that in
the case of the Mortgage Partnership Finance Program, participating
Banks engage the Federal Home Loan Bank of Chicago to perform much of
their quality control processes, including fraud discovery. FHFA agrees
that in certain circumstances third-party controls may be relied upon.
Thus, a participating Bank may rely upon the Federal Home Loan Bank of
Chicago to file a report with FHFA in connection with a fraud or
suspected fraud associated with the Mortgage Partnership Finance
Program. To the extent that FHFA does not have examination powers over
the third party, the regulated entity remains responsible for complying
with the due diligence requirements of the regulation and guidance. In
the final Sec. 1233.4, FHFA has replaced the word ``detect'' with
``discover'' to conform with the language of section 1379E(a), inserted
``policies'' in the list of requirements and made other minor
grammatical changes to the language of proposed Sec. 1233.4.
Section 1233.5 Protection From Liability for Reports
The only comments received on proposed Sec. 1233.5 related to the
definition of the term ``entity-affiliated party.'' These comments are
addressed above under Sec. 1233.2.
Section 1233.6 Supervisory Action
Proposed Sec. 1233.6 would have provided that failure by a
regulated entity to comply with the regulation may subject the
regulated entity or the board members, officers, or employees to
supervisory action by FHFA, including but not limited to, cease-and-
desist proceedings and civil money penalties.
One commenter recommended removal of the reference to enforcement
actions against a regulated entity's board members, officers, and
employees in the absence of willful and wrongful conduct directly
resulting in the regulated entity's determination not to comply with
the requirements of the regulation. FHFA has considered the comment and
has determined not to make the change.
Effective Date
One commenter requested a period prior to the final regulation's
effective date sufficient for the Banks to implement the necessary
systems, policy changes, and related controls to cover private-label
MBS and requested that the requirements be applied only on a
prospective basis and not to mortgage assets on a Bank's balance sheet
prior to the effective date of the final regulation. FHFA recognizes
the new requirements established by this regulation will take time to
implement. The effective date of the final regulation will be 30 days
from the date it is published in the Federal Register. FHFA guidance
will provide for a start-up phase for specific programs and products.
Differences Between the Banks and the Enterprises
Section 1313(f) of the Safety and Soundness Act (12 U.S.C. 4513(f))
requires the Director of FHFA to consider the differences between the
Banks and the Enterprises with respect to the Banks' cooperative
ownership structure, mission of providing liquidity to members,
affordable housing and community development mission, capital
structure, and joint and several liability whenever promulgating
regulations that affect the Banks. In preparing the final regulation,
the Director considered the differences between the Banks and the
Enterprises as they relate to the above factors. In particular, the
nature of the controls, policies, procedures and operational training
and the extent of the regulatory requirements will be recognized in any
guidance. For example, collateral securing advances may require
different policies and procedures as opposed to purchased mortgages.
Although the respective businesses in which the Banks and the
Enterprises are engaged differ, they all, nevertheless, purchase and
sell a variety of financial instruments exposing them to the risk of
fraud. The Director believes that none of the unique factors relating
to the Banks warrants establishing different treatment under the final
regulation. However, detailed guidance will be issued to address
specific business or operational differences with respect to the
regulated entities.
III. Regulatory Impact
Paperwork Reduction Act
The final regulation pertains to the regulated entities and does
not contain any information collection requirement that requires the
approval of the Office of Management and Budget under the Paperwork
Reduction Act (44 U.S.C. 3501 et seq.).
Regulatory Flexibility Act
The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires that
a regulation that has a significant economic impact on a substantial
number of small entities, small businesses, or small organizations must
include an initial regulatory flexibility analysis describing the
regulation's impact on small entities. Such an analysis need not be
undertaken if the agency has certified that the regulation will not
have a significant economic
[[Page 4258]]
impact on a substantial number of small entities. 5 U.S.C. 605(b). In
this case, the final regulation applies only to the regulated entities,
none of which are small entities for purposes of this requirement.
Accordingly, FHFA hereby certifies that the final regulation is not
likely to have a significant economic impact on a substantial number of
small business entities for purposes of the Regulatory Flexibility Act.
List of Subjects
12 CFR Part 1233
Administrative practice and procedure, Federal home loan banks,
Government-sponsored enterprises, Mortgages, Reporting and
recordkeeping requirements.
12 CFR Part 1731
Administrative practice and procedure, Government-sponsored
enterprises.
Authority and Issuance
0
Accordingly, for the reasons stated in the preamble, under the
authority of 12 U.S.C. 4513, 4514, 4526, and 4642, the Federal Housing
Finance Agency amends chapters XII and XVII of Title 12, Code of
Federal Regulations, as follows:
CHAPTER XII--FEDERAL HOUSING FINANCE AGENCY
Subchapter B--Entity Regulations
0
1. Add part 1233 to Subchapter B to read as follows:
PART 1233--REPORTING OF FRAUDULENT FINANCIAL INSTRUMENTS
Sec.
1233.1 Purpose.
1233.2 Definitions.
1233.3 Reporting.
1233.4 Internal controls, policies, procedures, and training.
1233.5 Protection from liability for reports.
1233.6 Supervisory action.
Authority: 12 U.S.C. 4511, 4513, 4514, 4526, 4642.
Sec. 1233.1 Purpose.
The purpose of this part is to implement the Safety and Soundness
Act by requiring each regulated entity to report to FHFA upon discovery
that it has purchased or sold a fraudulent loan or financial
instrument, or suspects a possible fraud relating to the purchase or
sale of any loan or financial instrument. In addition, each regulated
entity must establish and maintain internal controls, policies,
procedures, and operational training to discover such transactions.
Sec. 1233.2 Definitions.
The following definitions apply to the terms used in this part:
Bank or Federal Home Loan Bank means a Bank established under the
Federal Home Loan Bank Act; the term ``Federal Home Loan Banks'' means,
collectively, all the Federal Home Loan Banks.
Director means the Director of FHFA or his or her designee.
Enterprise means the Federal National Mortgage Association, the
Federal Home Loan Mortgage Corporation (collectively, Enterprises), and
any affiliate thereof.
Entity-affiliated party means--
(1) Any director, officer, employee, or controlling stockholder of,
or agent for, a regulated entity;
(2) Any shareholder, affiliate, consultant, or joint venture
partner of a regulated entity, and any other person, as determined by
the Director (by regulation or on a case-by-case basis) that
participates in the conduct of the affairs of a regulated entity,
provided that a member of a Federal Home Loan Bank shall not be deemed
to have participated in the affairs of that Federal Home Loan Bank
solely by virtue of being a shareholder of, and obtaining advances
from, that Federal Home Loan Bank;
(3) Any independent contractor for a regulated entity (including
any attorney, appraiser, or accountant);
(4) Any not-for-profit corporation that receives its principal
funding, on an ongoing basis, from any regulated entity; and
(5) The Office of Finance.
Financial instrument means any legally enforceable agreement,
certificate, or other writing, in hardcopy or electronic form, having
monetary value including, but not limited to, any agreement,
certificate, or other writing evidencing an asset pledged as collateral
to a Bank by a member to secure an advance by the Bank to that member.
Fraud means a misstatement, misrepresentation, or omission that
cannot be corrected and that was relied upon by a regulated entity to
purchase or sell a loan or financial instrument.
Possible fraud means that a regulated entity has a reasonable
belief, based upon a review of information available to the regulated
entity, that fraud may be occurring or has occurred.
Purchased or sold or relating to the purchase or sale means any
transaction involving a financial instrument including, but not limited
to, any purchase, sale, other acquisition, or creation of a financial
instrument by the member of a Bank to be pledged as collateral to the
Bank to secure an advance by the Bank to that member, the pledging by a
member to a Bank of such financial instrument to secure such an
advance, the making of a grant by a Bank under its affordable housing
program or community investment program, and the effecting of a wire
transfer or other form of electronic payments transaction by the Bank.
Regulated entity means the Federal National Mortgage Association
and any affiliate thereof, the Federal Home Loan Mortgage Corporation
and any affiliate thereof, and any Federal Home Loan Bank; the term
``regulated entities'' means, collectively, the Federal National
Mortgage Association and any affiliate thereof, the Federal Home Loan
Mortgage Corporation and any affiliate thereof, and the Federal Home
Loan Banks.
Safety and Soundness Act means the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992, as amended by the Federal
Housing Finance Regulatory Reform Act of 2008, Division A of the
Housing and Economic Recovery Act of 2008, Public Law 110-289, 122
Stat. 2654 (2008).
Sec. 1233.3 Reporting.
(a) Timeframe for reporting. (1) A regulated entity shall submit to
the Director a timely written report upon discovery by the regulated
entity that it has purchased or sold a fraudulent loan or financial
instrument, or suspects a possible fraud relating to the purchase or
sale of any loan or financial instrument.
(2) In addition to submitting a report in accordance with paragraph
(a)(1) of this section, in any situation that would have a significant
impact on the regulated entity, the regulated entity shall immediately
report any fraud or possible fraud to the Director by telephone or
electronic communication.
(b) Format for reporting. (1) The report shall be in such format
and shall be filed in accordance with such procedures that the Director
may prescribe.
(2) The Director may require a regulated entity to provide such
additional or continuing information relating to such fraud or possible
fraud that the Director deems appropriate.
(3) A regulated entity may satisfy the reporting requirements of
this section by submitting the required information on a form or in
another format used by any other regulatory agency, provided it has
first obtained the prior written approval of the Director.
(c) Retention of records. A regulated entity or entity-affiliated
party shall maintain a copy of any report submitted to the Director and
the original or
[[Page 4259]]
business record equivalent of any supporting documentation for a period
of five years from the date of submission.
(d) Nondisclosure. (1) A regulated entity or entity-affiliated
party may not disclose to any person that it has submitted a report to
the Director pursuant to this section, unless it has first obtained the
prior written approval of the Director.
(2) The restriction in paragraph (d)(1) of this section does not
prohibit a regulated entity from--
(i) Disclosing or reporting such fraud or possible fraud pursuant
to legal requirements, including reporting to appropriate law
enforcement or other governmental authorities; or
(ii) Taking any legal or business action it may deem appropriate,
including any action involving the party or parties connected with the
fraud or possible fraud.
(e) No waiver of privilege. A regulated entity does not waive any
privilege it may possess under any applicable law as a consequence of
reporting fraud or possible fraud under this part.
Sec. 1233.4 Internal controls, policies, procedures, and training.
(a) In general. Each regulated entity shall establish and maintain
adequate and efficient internal controls, policies, procedures, and an
operational training program to discover and report fraud or possible
fraud in connection with the purchase or sale of any loan or financial
instrument.
(b) Examination. The examination by FHFA of fraud reporting
programs of each regulated entity includes an evaluation of the
effectiveness of the internal controls, policies, procedures, and
operational training program in place to minimize risks from fraud and
to report fraud or possible fraud to FHFA in accordance with this
regulation.
Sec. 1233.5 Protection from liability for reports.
As provided by section 1379E of the Safety and Soundness Act (12
U.S.C. 4642(b)), a regulated entity that, in good faith, submits a
report pursuant to this part, and any entity-affiliated party, that, in
good faith, submits or requires a person to submit a report pursuant to
this part, shall not be liable to any person under any provision of law
or regulation, any constitution, law, or regulation of any State or
political subdivision of any State, or under any contract or other
legally enforceable agreement (including any arbitration agreement) for
such report, or for any failure to provide notice of such report to the
person who is the subject of such report, or any other persons
identified in the report.
Sec. 1233.6 Supervisory action.
Failure by a regulated entity to comply with this part may subject
the regulated entity or the board members, officers, or employees
thereof to supervisory action by FHFA, including but not limited to,
cease-and-desist proceedings and civil money penalties.
CHAPTER XVII--OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT,
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
PART 1731--[REMOVED]
0
2. Remove part 1731.
Dated: January 20, 2010.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2010-1641 Filed 1-26-10; 8:45 am]
BILLING CODE P