[Federal Register Volume 77, Number 237 (Monday, December 10, 2012)]
[Rules and Regulations]
[Pages 73263-73265]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-29695]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 77, No. 237 / Monday, December 10, 2012 /
Rules and Regulations
[[Page 73263]]
FEDERAL HOUSING FINANCE BOARD
12 CFR Part 905
FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1200
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of Federal Housing Enterprise Oversight
12 CFR Part 1700
RIN 2590-AA54
Organization and Functions, and Seal
AGENCY: Federal Housing Finance Agency.
ACTION: Final rule.
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SUMMARY: The Federal Housing Finance Agency (FHFA) adopts final
regulations containing a description of its organization and
description of its seal and logo. This rule removes comparable existing
regulations of the Federal Housing Finance Board (Finance Board) and
the Office of Federal Housing Enterprise Oversight (OFHEO), and
establishes new FHFA regulations.
DATES: Effective Date: December 10, 2012.
FOR FURTHER INFORMATION CONTACT: Donna R. Ely, Associate General
Counsel, Office of the General Counsel, (202) 649-3068 (not a toll free
number), [email protected], 400 Seventh Street SW., Eighth Floor,
Washington, DC 20024. The telephone number for the Telecommunications
Device for the Hearing Impaired is (800) 877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
Effective July 30, 2008, Division A of the Housing and Economic
Recovery Act of 2008 (HERA), Public Law 110-289, 122 Stat. 2654 (2008),
titled the Federal Housing Finance Regulatory Reform Act of 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
created FHFA as an independent agency of the Federal Government. HERA
provided for the abolishment of the Office of Federal Housing
Enterprise Oversight (OFHEO) and the Federal Housing Finance Board
(Finance Board) one year after the date of enactment. Those agencies,
together with the Housing and Urban Development Enterprise mission
staff, were combined to establish FHFA. FHFA was established to oversee
the prudential operations of the Federal National Mortgage Association
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac)
(together, Enterprises), and the Federal Home Loan Banks (Banks); and
to ensure that they operate in a safe and sound manner, remain
adequately capitalized, foster liquid, efficient, competitive and
resilient national housing finance markets, comply with the Safety and
Soundness Act and their respective authorizing statutes, as well as all
rules, regulations, guidelines and orders under those statutes, and
carry out their missions through activities that are authorized by
their respective statutes and are consistent with the public interest.
FHFA also has regulatory authority over the Federal Home Loan Bank
System's Office of Finance under section 1311(b)(2) of the Safety and
Soundness Act (12 U.S.C. 4511(b)(2)).
II. Description of the Regulation
The rule sets forth FHFA's business address and hours of operation.
The rule also informs the public about FHFA's organization and
structure, including the Office of the Director, the Division of
Enterprise Regulation, the Division of Housing Mission and Goals, the
Division of Federal Home Loan Bank Regulation, the Office of Inspector
General, the Office of General Counsel, the Office of the Ombudsman,
and the Office of Minority and Women Inclusion.
The rule describes and depicts FHFA's official logo and seal.
FHFA is removing the comparable regulations of the Finance Board
and OFHEO, 12 CFR part 905 of the Finance Board regulations and 12 CFR
part 1700 of the OFHEO regulations.
II. Regulatory Impact
Paperwork Reduction Act
This final rule does not contain any information collection
requirements that require the approval of the Office of Management and
Budget under the Paperwork Reduction Act (44 U.S.C. 3501 et seq.).
Regulatory Flexibility Act
Because no notice of proposed rulemaking is required for this
regulation, the provisions of the Regulatory Flexibility Act (5 U.S.C.
601 et seq.) do not apply. See 5 U.S.C. 601(2) and 603(a).
Administrative Procedure Act
In promulgating this regulation, FHFA has determined that notice
and public comment are not necessary. Section 553(b)(A) of title 5,
United States Code, provides that when regulations involve matters of
agency organization, procedure or practice, the agency may publish
regulations in final form. In addition, FHFA finds, in accordance with
5 U.S.C. 553(d), that a delayed effective date is unnecessary.
Accordingly, these regulations are effective upon publication.
List of Subjects
12 CFR Part 905
Federal home loan banks, Organization and functions (Government
agencies).
12 CFR Part 1200
Organization and functions (Government agencies), Seals and
insignia.
12 CFR Part 1700
Organization and functions (Government agencies).
Authority and Issuance
Accordingly, for the reasons stated in the Supplementary
Information, under the authority of 12 U.S.C. 4526, 12 U.S.C. 4512, and
5 U.S.C. 552, FHFA amends Chapters IX, XII, and XVII of title 12 of the
Code of Federal Regulations as follows:
[[Page 73264]]
Chapter IX--Federal Housing Finance Board
PART 905--[REMOVED]
0
1. Remove part 905.
Chapter XII--Federal Housing Finance Agency
Subchapter A--Organization and Operations
0
2. Add part 1200 to subchapter A to read as follows:
PART 1200--ORGANIZATION AND FUNCTIONS
Sec.
1200.1 Federal Housing Finance Agency.
1200.2 Organization of the Federal Housing Finance Agency.
1200.3 Official logo and seal.
Authority: 5 U.S.C. 552, 12 U.S.C. 4512, 12 U.S.C. 4526.
Sec. 1200.1 Federal Housing Finance Agency.
(a) Scope and authority. The Federal Housing Finance Agency (FHFA)
is an independent agency of the Federal Government. Division A of the
Housing and Economic Recovery Act of 2008, Public Law 110-289, 122
Stat. 2654, titled the Federal Housing Finance Regulatory Reform Act of
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 the Federal Home Loan Bank Act (12 U.S.C. 1421-1449) to
establish FHFA. FHFA administers the Safety and Soundness Act and the
regulated entities' authorizing statutes: the Federal Home Loan Bank
Act, the Federal National Mortgage Association Charter Act, and the
Federal Home Loan Mortgage Corporation Act. FHFA is responsible for the
supervision and regulation of the Federal National Mortgage Corporation
(Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac),
(together, Enterprises), the Federal Home Loan Banks (Banks)
(collectively, the ``regulated entities''), and the Office of Finance
(OF). FHFA is charged with ensuring that the regulated entities:
Operate in a safe and sound manner, including maintaining adequate
capital and internal controls; foster liquid, efficient, competitive,
and resilient national housing finance markets; comply with the Safety
and Soundness Act and their respective authorizing statutes, and rules,
regulations and orders issued under the Safety and Soundness Act and
the authorizing statutes; and carry out their respective statutory
missions through activities and operations that are authorized and
consistent with the Safety and Soundness Act, their respective
authorizing statutes, and the public interest. FHFA's costs and
expenses are funded by annual assessments paid by the regulated
entities. FHFA is headed by a director, who is appointed by the
President and confirmed by the Senate for a five-year term.
(b) Location. FHFA's headquarters is located at 400 Seventh Street
SW., Washington, DC 20024. FHFA's official hours of business are 8:00
a.m.-5 p.m. (Eastern Time), Monday through Friday, excluding Federal
holidays.
Sec. 1200.2 Organization of the Federal Housing Finance Agency.
(a) Director. The Director is responsible for overseeing the
prudential operations of each regulated entity, and for ensuring that
each regulated entity: Operates in a safe and sound manner; operates
and acts to foster liquid, efficient, competitive, and resilient
national housing financing markets; complies with the Safety and
Soundness Act, its authorizing statute, and rules, regulations,
guidelines, and orders issued under those statutes; carries out its
mission only through activities that are authorized by statute; and
acts and operates consistent with the public interest. The Director may
delegate to FHFA officers and employees any of the functions, powers,
and duties of the Director as the Director considers appropriate. The
Director manages FHFA, including through authorities delegated to FHFA
officers and employees.
(b) Deputy Director of the Division of Enterprise Regulation. The
Deputy Director is responsible for managing FHFA's program of
prudential supervision of the Enterprises. The Deputy Director provides
management oversight, direction, and support for all examination
activity involving the Enterprises, the development of supervision
findings, and preparation of the annual reports of examination. The
Deputy Director provides support and advice to the Director and other
senior executives and represents the division on significant and
emerging supervisory issues and development of FHFA supervisory policy,
and has such other responsibilities as the Director may prescribe.
(c) Deputy Director of the Division of Housing Mission and Goals.
The Deputy Director is responsible for FHFA policy development and
analysis, oversight of housing and regulatory policy, and oversight of
the mission and goals of the Enterprises. The Deputy Director oversees
and coordinates FHFA activities regarding data analysis, market
surveillance, policy development, policy research and analysis
affecting housing finance and financial markets, and policy analysis
and research in support of FHFA's mission and the Director's
responsibilities as a member of the Federal Housing Finance Oversight
board, the Financial Stability Oversight Board, and the Financial
Stability Oversight Council, and has such other responsibilities as the
Director may prescribe.
(d) Deputy Director of the Division of Federal Home Loan Bank
Regulation. The Deputy Director is responsible for managing FHFA's
program of prudential supervision of the Banks and the OF. The Deputy
Director provides management oversight, direction and support for all
examination activity involving the Banks, the development of
supervision findings, and preparation of the annual reports of
examination. The Deputy Director provides support and advice to the
Director and other senior executives and represents the division on
significant and emerging supervisory issues and development of FHFA
supervisory policy, and has such other responsibilities as the Director
may prescribe.
(e) Offices and functions--(1) Office of the Director. The Office
of the Director supports the activities of the Director and includes
Offices as the Director may create within the Office of the Director.
(2) Division of Enterprise Regulation. The division supports and
implements the responsibilities of the Deputy Director described in
paragraph (b) of this section. The division oversees and directs all
Enterprise supervisory activities, develops examination findings,
prepares reports of examination, and prepares the sections of the
Annual Report to Congress that describe the condition and performance
of each Enterprise. The division monitors and assesses the financial
condition and performance of the Enterprises. By means of annual
examinations and a continuous on-site presence, the division monitors
and assesses the amount of risk each Enterprise assumes, the quality of
risk management, and compliance with regulations.
(3) Division of Housing Mission and Goals. The division supports
and implements the responsibilities of the Deputy Director described in
paragraph (c) of this section. In support of FHFA's mission and the
Director's responsibilities as a member of the Federal Housing Finance
Oversight Board, the Financial Stability Oversight Board, and the
Financial Stability
[[Page 73265]]
Oversight Committee, the division also oversees and coordinates FHFA
activities that involve certain data analysis, and analysis affecting
housing finance and financial markets.
(4) Division of Federal Home Loan Bank Regulation. The division
supports and implements the responsibilities of the Deputy Director
described in paragraph (d) of this section, including overseeing and
directing all Bank supervisory activities, developing examination
findings, preparing reports of examination, and preparing the sections
of the annual report to Congress that describe the condition and
performance of the Banks. The division monitors and assesses the
financial condition and performance of the Banks and the OF and
monitors and assesses their compliance with regulations, the amount of
risk they assume, and the quality of their risk management through
annual on-site examinations, periodic visits, and ongoing off-site
monitoring and analysis.
(5) Office of Inspector General. The office is headed by a
presidentially appointed and Senate-confirmed Inspector General who
serves under the general supervision of the Director. The office
carries out activities and responsibilities established in the
Inspector General Act of 1978.
(6) Office of General Counsel. The office advises and supports the
Director and FHFA staff on legal matters related to the functions,
activities, and operations of FHFA and the regulated entities; it
supports supervision functions, development and promulgation of
regulations and orders, and enforcement actions. The office manages the
Freedom of Information, Privacy Act and ethics programs. The Designated
Agency Ethics Official advises, counsels, and trains FHFA employees on
ethical standards and conflicts of interest, and manages the agency's
financial disclosure program.
(7) Office of the Ombudsman. The office is responsible for
considering complaints and appeals from the regulated entities, the OF
and any person that has a business relationship with a regulated entity
or the OF concerning any matter relating to FHFA's regulation and
supervision of that entity or the OF.
(8) Office of Minority and Women Inclusion. The office is
responsible for all matters of FHFA relating to diversity in
management, employment, and business activities, and for supervising
the diversity requirements applicable to the regulated entities and the
OF.
(f) Other Offices and Departments. The Director may from time to
time establish other Offices and Divisions of the agency as the
Director deems necessary or appropriate to carry out FHFA's mission,
such as an Office of Conservatorship Operations during such period as
regulated entities are under FHFA's conservatorship; an Office of
Strategic Initiatives to manage such strategic initiatives as the
Director may identify; and a Division of Supervision Policy and Support
to facilitate consistent supervision and examination policies across
all regulated entities. The Director may also establish other Offices
and positions as the Director deems necessary and appropriate to
support the operations of a federal agency, such as a Chief Operating
Officer, a Chief Financial Officer, an Office of Information
Technology, and such other offices, departments, and positions as are
necessary and appropriate or may be required by statute.
(g) Additional information. Current information on the organization
of FHFA may be obtained by mail from the Office of Congressional
Affairs and Communications, 400 Seventh Street, SW., Washington, DC
20024. Such information, as well as other FHFA information, also may be
obtained electronically by accessing FHFA's Web site located at
www.FHFA.gov.
Sec. 1200.3 Official logo and seal.
This section describes and displays the logo adopted by the
Director as the official symbol representing FHFA. It is displayed on
correspondence, selected documents, and signage. The logo serves as the
official seal to certify and authenticate official documents of the
agency.
(a) Description. The logo is a disc consisting of three polygons
each drawn in a manner resembling a silhouette of a pitched roof house
and with distinctive eaves under its roof. Each polygon is placed one
in front of the other, two of which are diminished in size from the
polygon behind it. Placed in the center of the smallest polygon is the
acronym for the organization, ``FHFA.'' The polygons are encircled by a
designation scroll having an outer and inner border of plain heavy
lines and containing the words ``FEDERAL HOUSING FINANCE AGENCY'' in
capital letters with serifs, with two mullets on the extreme left and
right of the scroll.
(b) Display. FHFA's official logo and seal appears below:
[GRAPHIC] [TIFF OMITTED] TR10DE12.004
Chapter XVII--Office of Federal Housing Enterprise Oversight,
Department of Housing and Urban Development
PART 1700--[REMOVED]
0
3. Remove part 1700.
Dated: December 3, 2012.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2012-29695 Filed 12-7-12; 8:45 am]
BILLING CODE 8070-01-P