81 FR 22520 - Orders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2015; Summary Instructions and Guidance

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 81, Issue 74 (April 18, 2016)

Page Range		22520-22520
FR Document		2016-08903

In this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 2, 2016, with respect to stress test reporting as of December 31, 2015, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios.

Federal Register, Volume 81 Issue 74 (Monday, April 18, 2016)

[Federal Register Volume 81, Number 74 (Monday, April 18, 2016)]
[Rules and Regulations]
[Page 22520]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08903]


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FEDERAL HOUSING FINANCE AGENCY

12 CFR Part 1238

[No. 2016-N-05]


Orders: Reporting by Regulated Entities of Stress Testing Results 
as of December 31, 2015; Summary Instructions and Guidance

AGENCY: Federal Housing Finance Agency.

ACTION: Orders.

-----------------------------------------------------------------------

SUMMARY: In this document, the Federal Housing Finance Agency (FHFA) 
provides notice that it issued Orders, dated March 2, 2016, with 
respect to stress test reporting as of December 31, 2015, under section 
165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the 
Orders to provide testing scenarios.

DATES: Effective April 18, 2016. Each Order is applicable March 2, 
2016.

FOR FURTHER INFORMATION CONTACT: Naa Awaa Tagoe, Senior Associate 
Director, Office of Financial Analysis, Modeling and Simulations, (202) 
649-3140, naaawaa.tagoe@fhfa.gov; Stefan Szilagyi, Examination Manager, 
FHLBank Modeling, FHLBank Risk Modeling Branch (202) 649-3515, 
stefan.szilagyi@fhfa.gov; Karen Heidel, Senior Counsel, Office of 
General Counsel, (202) 649-3073, karen.heidel@fhfa.gov; or Mark D. 
Laponsky, Deputy General Counsel, Office of General Counsel, (202) 649-
3054, mark.laponsky@fhfa.gov. The telephone number for the 
Telecommunications Device for the Hearing Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

I. Background

    FHFA is responsible for ensuring that the regulated entities 
operate in a safe and sound manner, including the maintenance of 
adequate capital and internal controls, that their operations and 
activities foster liquid, efficient, competitive, and resilient 
national housing finance markets, and that they carry out their public 
policy missions through authorized activities. See 12 U.S.C. 4513. 
These Orders are being issued under 12 U.S.C. 4516(a), which authorizes 
the Director of FHFA to require by Order that the regulated entities 
submit regular or special reports to FHFA and establishes remedies and 
procedures for failing to make reports required by Order. The Orders, 
through the accompanying Summary Instructions and Guidance, prescribe 
for the regulated entities the scenarios to be used for stress testing. 
The Summary Instructions and Guidance also provides to the regulated 
entities advice concerning the content and format of reports required 
by the Orders and the rule.

II. Orders, Summary Instructions and Guidance

    For the convenience of the affected parties and the public, the 
text of the Orders follows below in its entirety. You may access these 
Orders and the Summary Instructions and Guidance from FHFA's Web site 
at http://www.fhfa.gov/SupervisionRegulation/DoddFrankActStressTests. 
The Orders and Summary Instructions and Guidance also will be available 
for public inspection and copying at the Federal Housing Finance 
Agency, Eighth Floor, 400 Seventh St. SW., Washington, DC 20219. To 
make an appointment call (202) 649-3804.
    The text of the Orders is as follows:

Federal Housing Finance Agency

Order Nos. 2016-OR-B-1, 2016-OR-FNMA-1, and 2016-OR-FHLMC-1

REPORTING BY REGULATED ENTITIES OF STRESS TESTING RESULTS AS OF 
DECEMBER 31, 2015

    Whereas, section 165(i)(2) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act'') requires certain financial 
companies with total consolidated assets of more than $10 billion, and 
which are regulated by a primary Federal financial regulatory agency, 
to conduct annual stress tests to determine whether the companies have 
the capital necessary to absorb losses as a result of adverse economic 
conditions;
    Whereas, FHFA's rule implementing section 165(i)(2) of the Dodd-
Frank Act is codified as 12 CFR 1238 and requires that ``[e]ach 
regulated entity must file a report in the manner and form established 
by FHFA.'' 12 CFR 1238.5(b);
    Whereas, The Board of Governors of the Federal Reserve System 
issued stress testing scenarios on January 28, 2016 and supplemented on 
February 4, 2016; and
    Whereas, section 1314 of the Safety and Soundness Act, 12 U.S.C. 
4514(a) authorizes the Director of FHFA to require regulated entities, 
by general or specific order, to submit such reports on their 
management, activities, and operation as the Director considers 
appropriate.
    Now Therefore, it is hereby Ordered as follows:
    Each regulated entity shall report to FHFA and to the Board of 
Governors of the Federal Reserve System the results of the stress 
testing as required by 12 CFR 1238, in the form and with the content 
described therein and in the Summary Instructions and Guidance, with 
Appendices 1 through 12 thereto, accompanying this Order and dated 
March 2, 2016.
    It Is So Ordered, this the 2nd day of March, 2016.
    This Order is effective immediately.
    Signed at Washington, DC, this 2nd day of March, 2016.

Melvin L. Watt,
Director, Federal Housing Finance Agency.

    Dated: April 12, 2016.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2016-08903 Filed 4-15-16; 8:45 am]
 BILLING CODE 8070-01-P

22520 Federal Register / Vol. 81, No. 74 / Monday, April 18, 2016 / Rules and Regulations

‘‘dehumidifier,’’ that delivers cooled, carry out their public policy missions and supplemented on February 4, 2016;
conditioned air to an enclosed space, through authorized activities. See 12 and
and is powered by single-phase electric U.S.C. 4513. These Orders are being Whereas, section 1314 of the Safety
current. It includes a source of issued under 12 U.S.C. 4516(a), which and Soundness Act, 12 U.S.C. 4514(a)
refrigeration and may include additional authorizes the Director of FHFA to authorizes the Director of FHFA to
means for air circulation and heating. require by Order that the regulated require regulated entities, by general or
* * * * * entities submit regular or special reports specific order, to submit such reports on
[FR Doc. 2016–08891 Filed 4–15–16; 8:45 am] to FHFA and establishes remedies and their management, activities, and
BILLING CODE 6450–01–P procedures for failing to make reports operation as the Director considers
required by Order. The Orders, through appropriate.
the accompanying Summary Now Therefore, it is hereby Ordered
FEDERAL HOUSING FINANCE Instructions and Guidance, prescribe for as follows:
AGENCY the regulated entities the scenarios to be Each regulated entity shall report to
used for stress testing. The Summary FHFA and to the Board of Governors of
12 CFR Part 1238 Instructions and Guidance also provides the Federal Reserve System the results
to the regulated entities advice of the stress testing as required by 12
[No. 2016–N–05] CFR 1238, in the form and with the
concerning the content and format of
reports required by the Orders and the content described therein and in the
Orders: Reporting by Regulated
rule. Summary Instructions and Guidance,
Entities of Stress Testing Results as of
with Appendices 1 through 12 thereto,
December 31, 2015; Summary II. Orders, Summary Instructions and accompanying this Order and dated
Instructions and Guidance Guidance March 2, 2016.
AGENCY: Federal Housing Finance For the convenience of the affected It Is So Ordered, this the 2nd day of
Agency. parties and the public, the text of the March, 2016.
ACTION: Orders. Orders follows below in its entirety. This Order is effective immediately.
You may access these Orders and the Signed at Washington, DC, this 2nd
SUMMARY: In this document, the Federal Summary Instructions and Guidance day of March, 2016.
Housing Finance Agency (FHFA) from FHFA’s Web site at http://www. Melvin L. Watt,
provides notice that it issued Orders, fhfa.gov/SupervisionRegulation/Dodd Director, Federal Housing Finance
dated March 2, 2016, with respect to FrankActStressTests. The Orders and Agency.
stress test reporting as of December 31, Summary Instructions and Guidance Dated: April 12, 2016.
2015, under section 165(i)(2) of the also will be available for public Melvin L. Watt,
Dodd-Frank Wall Street Reform and inspection and copying at the Federal
Consumer Protection Act (Dodd-Frank Director, Federal Housing Finance Agency.
Housing Finance Agency, Eighth Floor,
Act). Summary Instructions and [FR Doc. 2016–08903 Filed 4–15–16; 8:45 am]
400 Seventh St. SW., Washington, DC
Guidance accompanied the Orders to 20219. To make an appointment call BILLING CODE 8070–01–P
provide testing scenarios. (202) 649–3804.
DATES: Effective April 18, 2016. Each The text of the Orders is as follows:
Order is applicable March 2, 2016. DEPARTMENT OF HEALTH AND
Federal Housing Finance Agency HUMAN SERVICES
FOR FURTHER INFORMATION CONTACT: Naa
Awaa Tagoe, Senior Associate Director, Order Nos. 2016–OR–B–1, 2016–OR–
Food and Drug Administration
Office of Financial Analysis, Modeling FNMA–1, and 2016–OR–FHLMC–1
and Simulations, (202) 649–3140, REPORTING BY REGULATED 21 CFR Parts 520, 522, 524, 529, 556,
naaawaa.tagoe@fhfa.gov; Stefan ENTITIES OF STRESS TESTING and 558
Szilagyi, Examination Manager, RESULTS AS OF DECEMBER 31, 2015
FHLBank Modeling, FHLBank Risk [Docket No. FDA–2016–N–0002]
Modeling Branch (202) 649–3515, Whereas, section 165(i)(2) of the
stefan.szilagyi@fhfa.gov; Karen Heidel, Dodd-Frank Wall Street Reform and New Animal Drugs; Approval of New
Senior Counsel, Office of General Consumer Protection Act (‘‘Dodd-Frank Animal Drug Applications; Changes of
Counsel, (202) 649–3073, karen.heidel@ Act’’) requires certain financial Sponsorship
fhfa.gov; or Mark D. Laponsky, Deputy companies with total consolidated AGENCY: Food and Drug Administration,
General Counsel, Office of General assets of more than $10 billion, and HHS.
Counsel, (202) 649–3054, which are regulated by a primary
Final rule; technical
ACTION:
mark.laponsky@fhfa.gov. The telephone Federal financial regulatory agency, to
amendment.
number for the Telecommunications conduct annual stress tests to determine
Device for the Hearing Impaired is (800) whether the companies have the capital SUMMARY: The Food and Drug
877–8339. necessary to absorb losses as a result of Administration (FDA, we) is amending
SUPPLEMENTARY INFORMATION: adverse economic conditions; the animal drug regulations to reflect
Whereas, FHFA’s rule implementing application-related actions for new
I. Background section 165(i)(2) of the Dodd-Frank Act animal drug applications (NADAs) and
FHFA is responsible for ensuring that is codified as 12 CFR 1238 and requires abbreviated new animal drug
mstockstill on DSK4VPTVN1PROD with RULES

the regulated entities operate in a safe that ‘‘[e]ach regulated entity must file a applications (ANADAs) during January
and sound manner, including the report in the manner and form and February 2016. FDA is also
maintenance of adequate capital and established by FHFA.’’ 12 CFR informing the public of the availability
internal controls, that their operations 1238.5(b); of summaries of the basis of approval
and activities foster liquid, efficient, Whereas, The Board of Governors of and of environmental review
competitive, and resilient national the Federal Reserve System issued stress documents, where applicable. The
housing finance markets, and that they testing scenarios on January 28, 2016 animal drug regulations are also being

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Document Created: 2016-04-16 01:45:37
Document Modified: 2016-04-16 01:45:37

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Rules and Regulations
Action		Orders.
Dates		Effective April 18, 2016. Each Order is applicable March 2, 2016.
Contact		Naa Awaa Tagoe, Senior Associate Director, Office of Financial Analysis, Modeling and Simulations, (202) 649-3140, [email protected]; Stefan Szilagyi, Examination Manager, FHLBank Modeling, FHLBank Risk Modeling Branch (202) 649-3515, [email protected]; Karen Heidel, Senior Counsel, Office of General Counsel, (202) 649-3073, [email protected]; or Mark D. Laponsky, Deputy General Counsel, Office of General Counsel, (202) 649- 3054, [email protected] The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339.
FR Citation		81 FR 22520