[Federal Register Volume 76, Number 185 (Friday, September 23, 2011)]
[Proposed Rules]
[Pages 59066-59067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-24405]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 76, No. 185 / Friday, September 23, 2011 /
Proposed Rules
[[Page 59066]]
FEDERAL HOUSING FINANCE AGENCY
12 CFR Chapter XII
[No. 2011-N-10]
Notice of Regulatory Review Plan
AGENCY: Federal Housing Finance Agency.
ACTION: Notice and request for comments.
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SUMMARY: The Federal Housing Finance Agency (FHFA) is issuing a notice
of and requesting comments on the FHFA interim regulatory review plan
for review of existing regulations under Executive Order 13579,
``Regulation and Independent Regulatory Agencies,'' (July 11, 2011).
DATES: Written comments on this Notice must be received no later than
November 22, 2011. For additional information, see SUPPLEMENTARY
INFORMATION.
ADDRESSES: Submit comments only once, identified by ``2011-N-10,''
using one of the following methods:
E-mail: Comments to Alfred M. Pollard, General Counsel,
may be sent by e-mail to [email protected]. Please include ``2011-N-
10,'' in the subject line of the message.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at [email protected] to ensure timely receipt by FHFA.
Include the following information in the subject line of your
submission: ``2011-N-10.''
U.S. Mail Service or United Parcel Service, Federal
Express, or other commercial delivery service to: Alfred M. Pollard,
General Counsel, Attention: Comments/2011-N-10, Federal Housing Finance
Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. Please
note that all mail sent to FHFA via the U.S. Mail service is routed
through a national irradiation facility, a process that may delay
delivery by approximately two weeks.
Hand Delivery/Courier to: Alfred M. Pollard, General
Counsel, Attention: Comments/2011-N-10, Federal Housing Finance Agency,
Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The package
must be logged at the Guard Desk, First Floor, on business days between
9 a.m. and 3 p.m.
FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel,
[email protected], telephone (202) 414-3788 (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. Comments
FHFA invites comments on all aspects of the interim regulatory
review plan, including legal and policy considerations, and will take
all comments into consideration before publishing a notice of the final
regulatory review plan.
Copies of all comments received during the public comment period
will be posted without change on the FHFA Internet Web site, http://www.fhfa.gov, and will include any personal information provided. In
addition, copies of all comments received will be available for
examination by the public on business days between the hours of 10 a.m.
and 3 p.m. at the Federal Housing Finance Agency, Fourth Floor, 1700 G
Street, NW., Washington, DC 20552. To make an appointment to inspect
comments, please call the Office of General Counsel at (202) 414-6924.
II. Background
Executive Order 13579
Executive Order 13579, ``Regulation and Independent Regulatory
Agencies,'' (July 11, 2011), requests that each independent regulatory
agency, such as FHFA, analyze its existing regulations and modify,
streamline, expand, or repeal them in accordance with the findings of
the analysis. Executive Order 13579 also requests each independent
regulatory agency to make public a plan under which the agency will
periodically review its existing significant regulations to make the
agency's regulatory program more effective or less burdensome in
achieving regulatory objectives.
Establishment of FHFA; Transfer and Review of Regulations
The Housing and Economic Recovery Act of 2008 (HERA) established
FHFA on July 30, 2008, as an independent regulatory agency to supervise
and regulate the Federal National Mortgage Association (Fannie Mae),
the Federal Home Loan Mortgage Corporation (Freddie Mac), and the
Federal Home Loan Banks (collectively, regulated entities), and the
Office of Finance of the Federal Home Loan Bank System. HERA
transferred to the new agency the employees, functions, and regulations
of the Office of Federal Housing Enterprise Oversight (OFHEO), the
Federal Housing Finance Board (FHFB), and the Government-Sponsored
Enterprise mission team within the U.S. Department of Housing and Urban
Development (HUD).
HERA and, most recently, the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank Act) mandate that FHFA issue new
regulations on specific matters in connection with FHFA's supervision
and regulation of the regulated entities and the Office of Finance.
Currently, in determining whether to revise, adopt without change, or
repeal transferred OFHEO, FHFB, and certain HUD regulations, FHFA
reviews such regulations to determine the appropriate action and
publishes the regulations for comment. Public comments provide
additional information to FHFA on how to make the regulations more
effective and less burdensome.
[[Page 59067]]
Regulatory Review Plan Under Executive Order 13579
FHFA's current review of OFHEO, FHFB, and certain HUD regulations
is similar to the review it will conduct of existing regulations under
Executive Order 13579. The regulatory review plan is set forth below.
FHFA will conduct the review of its existing regulations under
Executive Order 13579 at least every five years. In light of the recent
establishment of FHFA and ongoing regulatory activities mandated by
HERA and the Dodd-Frank Act, the first review will begin no later than
August 2013, five years after the establishment of FHFA. FHFA
regulations published in Chapter XII of Title 12 of the Code of Federal
Regulations and are also posted on the FHFA Internet Web site at http://www.fhfa.gov.
After considering all comments received, FHFA will publish a notice
of the final regulatory review plan in the Federal Register and post it
on the FHFA Web site, http://www.fhfa.gov.
The interim regulatory review plan follows.
Plan for Review of Existing Regulations Under Executive Order 13579
a. Scope and timing of regulatory reviews. At least every five
years, FHFA will conduct a review of the regulations it has issued and
that are in effect. The first regulatory review will begin no later
than August 2013.
b. Factors considered in the regulatory reviews. The regulatory
reviews will take into consideration the following factors, as
applicable:
(1) Legal or regulatory developments, including new laws, executive
orders or judicial decisions that have been adopted since the
promulgation of a regulation that make such regulation inefficient,
obsolete, contrary to controlling legal precedent, or unduly
burdensome;
(2) Application by Fannie Mae, Freddie Mac, or a Federal Home Loan
Bank (regulated entity) or the Office of Finance of the Federal Home
Loan Bank System for revision of a regulation because of reasonably
discernible regulatory burden or inefficiency;
(3) Marketplace developments, technological evolution and related
changes that may have rendered an existing regulation, in whole or in
part, inefficient, outmoded, or outdated;
(4) Such other occurrences or developments as determined by FHFA to
be relevant to a review for inefficiency or unwarranted regulatory
burden;
(5) Whether the provisions of the regulation are written in plain
language or otherwise need clarification;
(6) Compelling evidence that a consolidation of two or more
regulations, elimination of a duplicative regulation, or other revision
to regulatory requirements would facilitate compliance by or
supervision of a regulated entity or the Office of Finance;
(7) A demonstration of a better alternative method to effect a
regulatory purpose or requirement supported by compelling evidence of
significantly less intrusive means or of a substantially more efficient
method of accomplishing the same supervisory purpose; and
(8) Such other factors as determined by FHFA to be relevant to
determining and evaluating the need for and effectiveness of a
particular regulation.
c. Regulatory review process.--(1) The regulatory reviews will be
conducted by the FHFA Office of General Counsel, under the direction of
the General Counsel, and will include internal consultation with other
FHFA offices and staff, guidance provided by the FHFA Director, as well
as consideration of public comments.
(2) A review and report of findings and recommendations will be
provided to the FHFA Director on a timely basis. The report of findings
and recommendations will be privileged and confidential.
(3) After receiving the report of findings and recommendations, the
FHFA Director will determine what steps may be necessary to relieve any
unnecessary burden, including amendment to or repeal of existing
regulations or issuance of less formal guidance.
d. No right of action. The regulatory reviews are not formal or
informal rulemaking proceedings under the Administrative Procedure Act
and create no right of action against FHFA. Moreover, the determination
of FHFA to conduct or not to conduct a review of a regulation and any
determination, finding, or recommendation resulting from any review are
not final agency actions and, as such, are not subject to judicial
review.
Dated: September 16, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2011-24405 Filed 9-22-11; 8:45 am]
BILLING CODE 8070-01-P