83_FR_14269 83 FR 14205 - Federal Housing Finance Board; Repeal of Federal Housing Finance Board Regulations

83 FR 14205 - Federal Housing Finance Board; Repeal of Federal Housing Finance Board Regulations

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 83, Issue 64 (April 3, 2018)

Page Range14205-14207
FR Document2018-06564

The Federal Housing Finance Agency (FHFA) is proposing to repeal two parts of the Federal Housing Finance Board (Finance Board) regulations, one of which defines terms used in Finance Board regulations and one of which describes the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The definitions to be repealed are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. Although FHFA intends to continue to conduct the MIRS in the same manner as it is doing presently, there is no need to carry over this provision into its own regulations. FHFA also is proposing to repeal a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text.

Federal Register, Volume 83 Issue 64 (Tuesday, April 3, 2018) 
[Federal Register Volume 83, Number 64 (Tuesday, April 3, 2018)]
[Proposed Rules]
[Pages 14205-14207]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06564]


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FEDERAL HOUSING FINANCE AGENCY

12 CFR Parts 900, 906, and 956-999

RIN 2590-AA91


Federal Housing Finance Board; Repeal of Federal Housing Finance 
Board Regulations

AGENCY: Federal Housing Finance Board; Federal Housing Finance Agency.

ACTION: Proposed rule.

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SUMMARY: The Federal Housing Finance Agency (FHFA) is proposing to 
repeal two parts of the Federal Housing Finance Board (Finance Board) 
regulations, one of which defines terms used in Finance Board 
regulations and one of which describes the process by which the Finance 
Board conducted its monthly interest rate survey (MIRS). The 
definitions to be repealed are either obsolete or duplicate definitions 
that FHFA has previously adopted. The regulation relating to the MIRS 
has become outdated because it does not accurately describe the manner 
in which FHFA currently conducts the survey. Although FHFA intends to 
continue to conduct the MIRS in the same manner as it is doing 
presently, there is no need to carry over this provision into its own 
regulations. FHFA also is proposing to repeal a number of subchapters 
of the Finance Board regulations that it had previously reserved, but 
which no longer serve any purpose because they include no regulatory 
text.

DATES: Written comments must be received on or before May 18, 2018.

ADDRESSES: You may submit your comments, identified by Regulatory 
Information Number (RIN) 2590-AA91, by any of the following methods:
     Agency Website: www.fhfa.gov/open-for-comment-or-input.
     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 email 
to FHFA at [email protected] to ensure timely receipt by FHFA. 
Please include Comments/RIN 2590-AA91 in the subject line of the 
submission.
     Courier/Hand Delivery: The hand delivery address is: 
Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590-AA91, 
Federal Housing Finance Agency, 400 Seventh Street SW, Eighth Floor, 
Washington, DC 20219. Deliver the package to the Seventh Street 
entrance Guard Desk, First Floor, on business days between 9 a.m. and 5 
p.m.
     U.S. Mail, United Parcel Service, Federal Express, or 
Other Mail Service: The mailing address for comments is: Alfred M. 
Pollard, General Counsel, Attention: Comments/RIN 2590-AA91, Federal 
Housing Finance Agency, 400 Seventh Street SW, Eighth Floor, 
Washington, DC 20219. 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. For any 
time-sensitive correspondence, please plan accordingly.

FOR FURTHER INFORMATION CONTACT: Vickie R. Olafson, Assistant General 
Counsel, [email protected], (202) 649-3025 (this is not a toll-
free number), Federal Housing Finance Agency, 400 Seventh Street SW, 
Washington, DC 20219. 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 this proposed rule. FHFA 
will make all comments timely received available

[[Page 14206]]

for examination by the public through the electronic rulemaking docket 
for this proposed rule, which is located on the FHFA website at http://www.fhfa.gov. Such comments will be posted without change and will 
include any personal information you provide, such as name, address, 
email address, and telephone number. After considering all comments, 
FHFA will issue a final rule.

II. Background

    Effective July 30, 2008, the Housing and Economic Recovery Act of 
2008 (HERA),\1\ created FHFA as a new independent agency of the Federal 
Government, and transferred to FHFA the supervisory and oversight 
responsibilities of the Finance Board over the Federal Home Loan Banks 
(Banks), the oversight responsibilities of the Office of Federal 
Housing Enterprise Oversight (OFHEO) over the Federal National Mortgage 
Association and the Federal Home Loan Mortgage Corporation (the 
Enterprises), and certain functions of the Department of Housing and 
Urban Development.\2\ Under section 1313(a) of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 (Safety and 
Soundness Act), FHFA is responsible for ensuring that the Banks and the 
Enterprises operate in a safe and sound manner, including that they 
maintain adequate capital and internal controls, that their activities 
foster liquid, efficient, competitive and resilient national housing 
finance markets, and that they carry out their public policy missions 
through authorized activities.\3\ The Banks and the Enterprises remain 
subject to, and continue to operate under, regulations promulgated by 
the Finance Board and by OFHEO and HUD, respectively, until such 
regulations are superseded by regulations issued by FHFA.\4\ The 
Finance Board regulations that are the subject of this rulemaking have 
remained in effect pursuant to that authority.
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    \1\ HERA, Public Law 110-289, 122 Stat. 2654.
    \2\ See id. at section 1101, 122 Stat. 2661-62 (codified at 12 
U.S.C. 4511, 4511 note, and 4513).
    \3\ 12 U.S.C. 4513(a).
    \4\ Id. at 4511 note.
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III. The Proposal

A. Definitions--Finance Board Part 900

    FHFA proposes to repeal part 900 of the Finance Board regulations, 
which includes definitions of forty-two terms that had been used 
throughout the Finance Board regulations. In 2013, FHFA carried over 
into its own regulations, at part 1201, most of the Finance Board 
definitions, but did not repeal the Finance Board definitions at that 
time because a number of substantive Finance Board regulations that 
used those terms remained in effect.\5\ Since 2013, FHFA has relocated 
or repealed all of the substantive Finance Board regulations, other 
than those relating to Bank capital requirements, which are the subject 
of a separate rulemaking.\6\ Accordingly, FHFA is now proposing to 
repeal all of the definitions within part 900 of the Finance Board 
regulations. Certain of those defined terms, however, such as ``capital 
plan,'' ``excess stock,'' and ``advance,'' are used within the Finance 
Board capital regulations at parts 930 and 932, which likely will 
remain in effect during an extended transition period to the new FHFA 
Bank capital regulations. Each of those terms is well understood by the 
Banks and also has been carried over into the FHFA definitions at part 
1201 without substantive change. Accordingly, to the extent that any 
interpretive questions may arise with respect to parts 930 and 932 
after FHFA repeals the definitions in part 900, the Banks may look to 
the identical definitions in part 1201 of the FHFA regulations to 
address those questions.
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    \5\ See Relocation of Regulations, 78 FR 2319 (Jan. 11, 2013).
    \6\ See Proposed rule, Federal Home Loan Bank Capital 
Requirements, 82 FR 30776 (July 3, 2017).
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B. Finance Board Part 906

    FHFA proposes to repeal Part 906 of the Finance Board Regulations, 
consisting of reserved subparts A and C, and subpart B, Sec.  906.5, 
which describes the manner in which the Finance Board conducted the 
``Monthly Survey of Rates and Terms on Conventional One-Family Non-farm 
Mortgage Loans'' commonly referred to as the ``Monthly Interest Rate 
Survey'' or ``MIRS.'' The MIRS is a monthly survey of mortgage lenders 
that solicits information on the terms and conditions on all 
conventional, single-family, fully amortizing, purchase-money mortgage 
loans closed during the last five working days of the preceding month. 
It was originally conducted by the Federal Home Loan Bank Board 
(FHLBB), and was continued by the Finance Board, in accordance with the 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 
the legislation that abolished the FHLBB and established the Finance 
Board as its successor. FHFA also has continued to conduct the survey 
and publish the data tables monthly, as successor to the Finance Board.
    Historically, two housing finance benchmarks have been based on 
data obtained through the MIRS: (1) The ``national average one-family 
house price,'' which, between 1980 and 2008, Fannie Mae and Freddie Mac 
were statutorily required to use in making annual adjustments to the 
conforming loan limit; \7\ and (2) the Adjustable Rate Mortgage (ARM) 
Index, which at one time was widely used by lenders in determining the 
appropriate periodic interest rate adjustment on their ARM loans.
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    \7\ The Housing and Community Development Act of 1980 tied the 
Fannie Mae and Freddie Mac conforming loan limits to MIRS. See 
Public Law 96-399, Title III, section 313(a), (b), 94 Stat. 1644-45 
(Oct. 8, 1980).
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    Adjustments in the conforming loan limits for Fannie Mae and 
Freddie Mac are no longer based on data collected through the MIRS. 
Some lenders, however, may still use FHFA's ARM Index, which is derived 
from MIRS data, as one factor in pricing mortgage loans that they 
originate. In addition, businesses, trade associations, and government 
agencies at both the federal and state level rely upon the MIRS data 
for various business and regulatory purposes.
    FHFA intends to continue conducting the MIRS and publishing the 
data results on its website monthly. Because the current MIRS 
regulation includes an outdated description of the manner in which the 
survey is conducted, however, and is not necessary in order to 
implement the statutory mandate that FHFA conduct the survey, FHFA has 
determined that the regulation is unnecessary.\8\ Therefore, FHFA is 
proposing to repeal part 906 in its entirety, consisting of the MIRS 
regulation in subpart B, Sec.  906.5, and reserved subparts A and C.
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    \8\ See Financial Institutions Reform, Recovery, and Enforcement 
Act of 1989, Public Law 101-73, Title IV, section 402(e), 103 Stat. 
359-360 (Aug. 9, 1989), codified at 12 U.S.C. 1437 note (regarding 
the continuation of the ARM Index).
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C. Finance Board Parts 956-999 [Reserved] and Subchapters F-M 
[Reserved]

    FHFA proposes to repeal parts 956-999 of title 12 of the CFR, which 
are Finance Board provisions that are designated as ``[r]eserved.'' 
These reserved parts are currently the only items under subchapters F-M 
of chapter IX of title 12. Because these parts contain no substantive 
provisions, there is nothing to revise and relocate to the FHFA 
regulations. Nonetheless, unless FHFA affirmatively removes the 
reference to those parts as being reserved and removes subchapters F-M 
those references and empty subchapters

[[Page 14207]]

F-M would remain in the CFR after FHFA has removed or relocated all of 
the other substantive Finance Board regulations. Therefore, in the 
interest of ensuring that all Finance Board regulations that will not 
be carried forward into the FHFA regulations are removed, FHFA is 
repealing parts 956-999 and subchapters F-M in their entirety.

IV. Considerations of Differences Between the Banks and the Enterprises

    Section 1313(f) of the Safety and Soundness Act requires the FHFA 
Director, when promulgating regulations ``of general applicability and 
future effect'' relating to the Banks, to consider the differences 
between the Banks and the Enterprises as they may relate 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.\9\ With respect to the 
repeal of Finance Board regulations subject to this rulemaking, this 
proposal does not impose any new obligations on the Banks, but instead 
simply removes existing Finance Board regulations that either have been 
previously carried over to the FHFA regulations or, as a result of the 
passage of HERA and changed circumstances, are obsolete, unnecessary 
and no longer of any regulatory purpose. Further, the repeal of parts 
900, 906 and 956-999 of title 12 of the CFR would not have a ``future 
effect'' on the rights and responsibilities of the Banks. For all of 
these reasons, a statutory differences analysis is not required for 
this final rule.\10\
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    \9\ 12 U.S.C. 4513(f).
    \10\ This is consistent with prior FHFA rulemakings that 
involved only the repeal of Finance Board regulations. See Repeal of 
Regulations, 76 FR 74648 (Dec. 1, 2011).
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V. Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (PRA) requires that FHFA 
consider the impact of paperwork and other information collection 
burdens imposed on the public.\11\ Under the PRA and the implementing 
regulations of the Office of Management and Budget (OMB), an agency may 
not collect or sponsor the collection of information, nor may it impose 
an information collection requirement unless it displays a currently 
valid control number assigned by OMB.\12\ The MIRS addressed by 12 CFR 
906.5 is a collection of information that OMB has approved under 
control number 2590-0004, which is due to expire on September 30, 2020.
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    \11\ See 44 U.S.C. 3507(a) and (d).
    \12\ See 44 U.S.C. 3512(a); 5 CFR 1320.8(b)(3)(vi).
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    Although the proposed rule would remove the descriptive provision 
regarding the MIRS that now appears at 12 CFR 906.5, that removal would 
not change any aspect of the information collection; that is, FHFA 
would continue to conduct the survey in accordance with the terms of 
the existing PRA clearance. Therefore, FHFA has not submitted to OMB a 
request to approve a revision to control number 2590-0004.

VI. Regulatory Flexibility Act

    The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires an 
agency to analyze a proposed rule's impact on small entities if the 
final rule is expected to have a significant economic impact on a 
substantial number of small entities. 5 U.S.C. 605(b). FHFA has 
considered the impact of this rulemaking and determined that it is not 
likely to have a significant economic impact on a substantial number of 
small entities because, even assuming it had an economic impact, it 
would apply only to the regulated entities, which are not small 
entities for purposes of the Regulatory Flexibility Act.

List of Subjects

12 CFR Part 900

    Federal home loan banks, Office of Finance, Regulated entity.

12 CFR Part 906

    Conventional one-family non-farm mortgage loans, Government 
contracts, Minority businesses, Monthly interest rate survey, 
Mortgages, Reporting and recordkeeping requirements.

12 CFR Parts 956-999

    Reserved.

Authority and Issuance

    Accordingly, for reasons stated in the preamble and under the 
authority of 12 U.S.C. 4511, 4512, 4513, and 4526, FHFA proposes to 
amend subchapters A, B, and F-M of chapter IX of the Code of Federal 
Regulations as follows:

CHAPTER IX--FEDERAL HOUSING FINANCE BOARD

SUBCHAPTER A--[REMOVED AND RESERVED]

0
1. Remove and reserve subchapter A consisting of part 900.

SUBCHAPTER B--[REMOVED AND RESERVED]

0
2. Remove and reserve subchapter B consisting of part 906.

SUBCHAPTERS F-M--[REMOVED]

0
3. Remove reserved subchapters F-M.

    Dated: March 26, 2018.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2018-06564 Filed 4-2-18; 8:45 am]
BILLING CODE 8070-01-P

Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Proposed Rules 14205 the average grower price for the 2017– guide should be sent to Richard Lower continue to conduct the MIRS in the 18 season should be approximately at the previously mentioned address in same manner as it is doing presently, $21.38 per 4/5-bushel cartons of citrus. the FOR FURTHER INFORMATION CONTACT there is no need to carry over this Therefore, the estimated assessment section. provision into its own regulations. revenue for the 2017–18 fiscal period as FHFA also is proposing to repeal a a percentage of total grower revenue List of Subjects in 7 CFR Part 905 number of subchapters of the Finance would be about 0.09 percent. Grapefruit, Marketing agreements, Board regulations that it had previously This proposed action would increase Oranges, Reporting and recordkeeping reserved, but which no longer serve any the assessment obligation imposed on requirements, Tangerines, Pummelos. purpose because they include no handlers. While assessments impose For the reasons set forth in the regulatory text. some additional costs on handlers, the preamble, 7 CFR part 905 is proposed to DATES: Written comments must be costs are minimal and uniform on all be amended as follows: received on or before May 18, 2018. handlers. Some of the additional costs ADDRESSES: You may submit your may be passed on to producers. PART 905—ORANGES, GRAPEFRUIT, comments, identified by Regulatory However, these costs would be offset by TANGERINES, AND PUMMELOS Information Number (RIN) 2590–AA91, the benefits derived by the operation of GROWN IN FLORIDA by any of the following methods: the Order. In addition, the Committee’s • Agency Website: www.fhfa.gov/ meetings were widely publicized ■ 1. The authority citation for 7 CFR part 905 continues to read as follows: open-for-comment-or-input. throughout the Florida citrus industry. • Federal eRulemaking Portal: http:// All interested persons were invited to Authority: 7 U.S.C. 601–674. www.regulations.gov. Follow the attend the meetings and participate in instructions for submitting comments. If ■ 2. Section 905.235 is revised to read Committee deliberations on all issues. you submit your comment to the Like all Committee meetings, the June as follows: Federal eRulemaking Portal, please also 29, 2017, and November 9, 2017, § 905.235 Assessment rate. send it by email to FHFA at meetings were public meetings and all On and after August 1, 2017, an RegComments@fhfa.gov to ensure entities, both large and small, were able assessment rate of $0.02 per 4/5-bushel timely receipt by FHFA. Please include to express views on this issue. Finally, carton or equivalent is established for Comments/RIN 2590–AA91 in the interested persons are invited to submit Florida citrus covered under the Order. subject line of the submission. comments on this proposed rule, • Courier/Hand Delivery: The hand including the regulatory and Dated: March 28, 2018. Erin Morris, delivery address is: Alfred M. Pollard, information collection impacts of this General Counsel, Attention: Comments/ action on small businesses. Associate Administrator, Agricultural Marketing Service. RIN 2590–AA91, Federal Housing In accordance with the Paperwork Finance Agency, 400 Seventh Street Reduction Act of 1995 (44 U.S.C. [FR Doc. 2018–06726 Filed 4–2–18; 8:45 am] SW, Eighth Floor, Washington, DC Chapter 35), the Order’s information BILLING CODE 3410–02–P 20219. Deliver the package to the collection requirements have been Seventh Street entrance Guard Desk, previously approved by the OMB and First Floor, on business days between 9 assigned OMB No. 0581–0109 Generic FEDERAL HOUSING FINANCE a.m. and 5 p.m. Fruit Crops. No changes in those AGENCY • U.S. Mail, United Parcel Service, requirements would be necessary as a Federal Express, or Other Mail Service: result of this action. Should any changes 12 CFR Parts 900, 906, and 956–999 The mailing address for comments is: become necessary, they would be RIN 2590–AA91 Alfred M. Pollard, General Counsel, submitted to OMB for approval. Attention: Comments/RIN 2590–AA91, This proposed rule would not impose Federal Housing Finance Board; Federal Housing Finance Agency, 400 any additional reporting or Repeal of Federal Housing Finance Seventh Street SW, Eighth Floor, recordkeeping requirements on either Board Regulations Washington, DC 20219. Please note that small or large Florida citrus handlers. AGENCY: Federal Housing Finance all mail sent to FHFA via the U.S. Mail As with all Federal marketing order Board; Federal Housing Finance service is routed through a national programs, reports and forms are Agency. irradiation facility, a process that may periodically reviewed to reduce delay delivery by approximately two information requirements and ACTION: Proposed rule. weeks. For any time-sensitive duplication by industry and public SUMMARY: The Federal Housing Finance correspondence, please plan sector agencies. AMS is committed to complying with Agency (FHFA) is proposing to repeal accordingly. the E-Government Act, to promote the two parts of the Federal Housing FOR FURTHER INFORMATION CONTACT: use of the internet and other Finance Board (Finance Board) Vickie R. Olafson, Assistant General information technologies to provide regulations, one of which defines terms Counsel, Vickie.Olafson@FHFA.gov, increased opportunities for citizen used in Finance Board regulations and (202) 649–3025 (this is not a toll-free access to Government information and one of which describes the process by number), Federal Housing Finance services, and for other purposes. which the Finance Board conducted its Agency, 400 Seventh Street SW, USDA has not identified any relevant monthly interest rate survey (MIRS). Washington, DC 20219. The telephone nshattuck on DSK9F9SC42PROD with PROPOSALS Federal rules that duplicate, overlap, or The definitions to be repealed are either number for the Telecommunications conflict with this proposed rule. obsolete or duplicate definitions that Device for the Deaf is (800) 877–8339. A small business guide on complying FHFA has previously adopted. The SUPPLEMENTARY INFORMATION: with fruit, vegetable, and specialty crop regulation relating to the MIRS has marketing agreements and orders may become outdated because it does not I. Comments be viewed at: http://www.ams.usda.gov/ accurately describe the manner in FHFA invites comments on all aspects rules-regulations/moa/small-businesses. which FHFA currently conducts the of this proposed rule. FHFA will make Any questions about the compliance survey. Although FHFA intends to all comments timely received available VerDate Sep<11>2014 14:20 Apr 02, 2018 Jkt 244001 PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 E:\FR\FM\03APP1.SGM 03APP1

14206 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Proposed Rules for examination by the public through repeal the Finance Board definitions at Historically, two housing finance the electronic rulemaking docket for this that time because a number of benchmarks have been based on data proposed rule, which is located on the substantive Finance Board regulations obtained through the MIRS: (1) The FHFA website at http://www.fhfa.gov. that used those terms remained in ‘‘national average one-family house Such comments will be posted without effect.5 Since 2013, FHFA has relocated price,’’ which, between 1980 and 2008, change and will include any personal or repealed all of the substantive Fannie Mae and Freddie Mac were information you provide, such as name, Finance Board regulations, other than statutorily required to use in making address, email address, and telephone those relating to Bank capital annual adjustments to the conforming number. After considering all requirements, which are the subject of a loan limit; 7 and (2) the Adjustable Rate comments, FHFA will issue a final rule. separate rulemaking.6 Accordingly, Mortgage (ARM) Index, which at one FHFA is now proposing to repeal all of time was widely used by lenders in II. Background the definitions within part 900 of the determining the appropriate periodic Effective July 30, 2008, the Housing Finance Board regulations. Certain of interest rate adjustment on their ARM and Economic Recovery Act of 2008 those defined terms, however, such as loans. (HERA),1 created FHFA as a new ‘‘capital plan,’’ ‘‘excess stock,’’ and Adjustments in the conforming loan independent agency of the Federal limits for Fannie Mae and Freddie Mac ‘‘advance,’’ are used within the Finance Government, and transferred to FHFA are no longer based on data collected Board capital regulations at parts 930 the supervisory and oversight through the MIRS. Some lenders, and 932, which likely will remain in responsibilities of the Finance Board however, may still use FHFA’s ARM effect during an extended transition over the Federal Home Loan Banks Index, which is derived from MIRS data, (Banks), the oversight responsibilities of period to the new FHFA Bank capital as one factor in pricing mortgage loans the Office of Federal Housing Enterprise regulations. Each of those terms is well that they originate. In addition, Oversight (OFHEO) over the Federal understood by the Banks and also has businesses, trade associations, and National Mortgage Association and the been carried over into the FHFA government agencies at both the federal Federal Home Loan Mortgage definitions at part 1201 without and state level rely upon the MIRS data Corporation (the Enterprises), and substantive change. Accordingly, to the for various business and regulatory certain functions of the Department of extent that any interpretive questions purposes. Housing and Urban Development.2 may arise with respect to parts 930 and FHFA intends to continue conducting Under section 1313(a) of the Federal 932 after FHFA repeals the definitions the MIRS and publishing the data Housing Enterprises Financial Safety in part 900, the Banks may look to the results on its website monthly. Because and Soundness Act of 1992 (Safety and identical definitions in part 1201 of the the current MIRS regulation includes an Soundness Act), FHFA is responsible FHFA regulations to address those outdated description of the manner in for ensuring that the Banks and the questions. which the survey is conducted, Enterprises operate in a safe and sound B. Finance Board Part 906 however, and is not necessary in order manner, including that they maintain to implement the statutory mandate that adequate capital and internal controls, FHFA proposes to repeal Part 906 of FHFA conduct the survey, FHFA has that their activities foster liquid, the Finance Board Regulations, determined that the regulation is efficient, competitive and resilient consisting of reserved subparts A and C, unnecessary.8 Therefore, FHFA is national housing finance markets, and and subpart B, § 906.5, which describes proposing to repeal part 906 in its that they carry out their public policy the manner in which the Finance Board entirety, consisting of the MIRS missions through authorized activities.3 conducted the ‘‘Monthly Survey of regulation in subpart B, § 906.5, and The Banks and the Enterprises remain Rates and Terms on Conventional One- reserved subparts A and C. subject to, and continue to operate Family Non-farm Mortgage Loans’’ C. Finance Board Parts 956–999 under, regulations promulgated by the commonly referred to as the ‘‘Monthly [Reserved] and Subchapters F–M Finance Board and by OFHEO and Interest Rate Survey’’ or ‘‘MIRS.’’ The [Reserved] HUD, respectively, until such MIRS is a monthly survey of mortgage regulations are superseded by lenders that solicits information on the FHFA proposes to repeal parts 956– regulations issued by FHFA.4 The terms and conditions on all 999 of title 12 of the CFR, which are Finance Board regulations that are the conventional, single-family, fully Finance Board provisions that are subject of this rulemaking have amortizing, purchase-money mortgage designated as ‘‘[r]eserved.’’ These remained in effect pursuant to that loans closed during the last five working reserved parts are currently the only authority. days of the preceding month. It was items under subchapters F–M of chapter originally conducted by the Federal IX of title 12. Because these parts III. The Proposal contain no substantive provisions, there Home Loan Bank Board (FHLBB), and A. Definitions—Finance Board Part 900 was continued by the Finance Board, in is nothing to revise and relocate to the FHFA regulations. Nonetheless, unless FHFA proposes to repeal part 900 of accordance with the Financial FHFA affirmatively removes the the Finance Board regulations, which Institutions Reform, Recovery, and reference to those parts as being includes definitions of forty-two terms Enforcement Act of 1989, the legislation reserved and removes subchapters F–M that had been used throughout the that abolished the FHLBB and those references and empty subchapters Finance Board regulations. In 2013, established the Finance Board as its nshattuck on DSK9F9SC42PROD with PROPOSALS FHFA carried over into its own successor. FHFA also has continued to 7 The Housing and Community Development Act regulations, at part 1201, most of the conduct the survey and publish the data of 1980 tied the Fannie Mae and Freddie Mac Finance Board definitions, but did not tables monthly, as successor to the conforming loan limits to MIRS. See Public Law Finance Board. 96–399, Title III, section 313(a), (b), 94 Stat. 1644– 1 HERA, 45 (Oct. 8, 1980). Public Law 110–289, 122 Stat. 2654. 8 See Financial Institutions Reform, Recovery, 2 See id. at section 1101, 122 Stat. 2661–62 5 See Relocation of Regulations, 78 FR 2319 (Jan. and Enforcement Act of 1989, Public Law 101–73, (codified at 12 U.S.C. 4511, 4511 note, and 4513). 11, 2013). Title IV, section 402(e), 103 Stat. 359–360 (Aug. 9, 3 12 U.S.C. 4513(a). 6 See Proposed rule, Federal Home Loan Bank 1989), codified at 12 U.S.C. 1437 note (regarding the 4 Id. at 4511 note. Capital Requirements, 82 FR 30776 (July 3, 2017). continuation of the ARM Index). 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Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Proposed Rules 14207 F–M would remain in the CFR after number 2590–0004, which is due to Dated: March 26, 2018. FHFA has removed or relocated all of expire on September 30, 2020. Melvin L. Watt, the other substantive Finance Board Although the proposed rule would Director, Federal Housing Finance Agency. regulations. Therefore, in the interest of remove the descriptive provision [FR Doc. 2018–06564 Filed 4–2–18; 8:45 am] ensuring that all Finance Board regarding the MIRS that now appears at BILLING CODE 8070–01–P regulations that will not be carried 12 CFR 906.5, that removal would not forward into the FHFA regulations are change any aspect of the information removed, FHFA is repealing parts 956– collection; that is, FHFA would DEPARTMENT OF TRANSPORTATION 999 and subchapters F–M in their continue to conduct the survey in entirety. accordance with the terms of the Federal Aviation Administration existing PRA clearance. Therefore, IV. Considerations of Differences FHFA has not submitted to OMB a 14 CFR Part 39 Between the Banks and the Enterprises request to approve a revision to control number 2590–0004. [Docket No. FAA–2017–0127; Product Section 1313(f) of the Safety and Identifier 2016–NM–161–AD] Soundness Act requires the FHFA VI. Regulatory Flexibility Act RIN 2120–AA64 Director, when promulgating regulations The Regulatory Flexibility Act (5 ‘‘of general applicability and future U.S.C. 601 et seq.) requires an agency to Airworthiness Directives; The Boeing effect’’ relating to the Banks, to consider analyze a proposed rule’s impact on Company Airplanes the differences between the Banks and small entities if the final rule is the Enterprises as they may relate to the expected to have a significant economic AGENCY: Federal Aviation Banks’ cooperative ownership structure, impact on a substantial number of small Administration (FAA), DOT. mission of providing liquidity to entities. 5 U.S.C. 605(b). FHFA has ACTION: Supplemental notice of members, affordable housing and considered the impact of this proposed rulemaking (SNPRM); community development mission, rulemaking and determined that it is not reopening of comment period. capital structure, and joint and several likely to have a significant economic liability.9 With respect to the repeal of SUMMARY: We are revising an earlier impact on a substantial number of small proposal for all The Boeing Company Finance Board regulations subject to entities because, even assuming it had this rulemaking, this proposal does not Model 737–600, –700, –700C, –800, an economic impact, it would apply –900, and –900ER series airplanes; impose any new obligations on the only to the regulated entities, which are Banks, but instead simply removes Model 757 airplanes; and Model 767 not small entities for purposes of the airplanes. This action revises the notice existing Finance Board regulations that Regulatory Flexibility Act. either have been previously carried over of proposed rulemaking (NPRM) by to the FHFA regulations or, as a result List of Subjects adding Model 737–8 airplanes and of the passage of HERA and changed future Model 737 airplanes to the 12 CFR Part 900 applicability. We are proposing this circumstances, are obsolete, Federal home loan banks, Office of airworthiness directive (AD) to address unnecessary and no longer of any Finance, Regulated entity. the unsafe condition on these products. regulatory purpose. Further, the repeal 12 CFR Part 906 Since these actions impose an of parts 900, 906 and 956–999 of title 12 additional burden over those proposed of the CFR would not have a ‘‘future Conventional one-family non-farm in the NPRM, we are reopening the effect’’ on the rights and responsibilities mortgage loans, Government contracts, comment period to allow the public the of the Banks. For all of these reasons, a Minority businesses, Monthly interest chance to comment on these changes. statutory differences analysis is not rate survey, Mortgages, Reporting and DATES: The comment period for the required for this final rule.10 recordkeeping requirements. NPRM published in the Federal V. Paperwork Reduction Act 12 CFR Parts 956–999 Register on March 9, 2017 (82 FR Reserved. 13073), is reopened. The Paperwork Reduction Act of 1995 We must receive comments on this (PRA) requires that FHFA consider the Authority and Issuance SNPRM by May 18, 2018. impact of paperwork and other Accordingly, for reasons stated in the ADDRESSES: You may send comments, information collection burdens imposed preamble and under the authority of 12 using the procedures found in 14 CFR on the public.11 Under the PRA and the U.S.C. 4511, 4512, 4513, and 4526, 11.43 and 11.45, by any of the following implementing regulations of the Office FHFA proposes to amend subchapters methods: of Management and Budget (OMB), an A, B, and F–M of chapter IX of the Code • Federal eRulemaking Portal: Go to agency may not collect or sponsor the of Federal Regulations as follows: http://www.regulations.gov. Follow the collection of information, nor may it instructions for submitting comments. impose an information collection CHAPTER IX—FEDERAL HOUSING FINANCE BOARD • Fax: 202–493–2251. requirement unless it displays a • Mail: U.S. Department of currently valid control number assigned SUBCHAPTER A—[REMOVED AND Transportation, Docket Operations, M– by OMB.12 The MIRS addressed by 12 RESERVED] 30, West Building Ground Floor, Room CFR 906.5 is a collection of information ■ 1. Remove and reserve subchapter A W12–140, 1200 New Jersey Avenue SE, nshattuck on DSK9F9SC42PROD with PROPOSALS that OMB has approved under control consisting of part 900. Washington, DC 20590. • Hand Delivery: U.S. Department of SUBCHAPTER B—[REMOVED AND 9 12 U.S.C. 4513(f). RESERVED] Transportation, Docket Operations, M– 10 This is consistent with prior FHFA rulemakings 30, West Building Ground Floor, Room that involved only the repeal of Finance Board ■ 2. Remove and reserve subchapter B W12–140, 1200 New Jersey Avenue SE, regulations. See Repeal of Regulations, 76 FR 74648 consisting of part 906. (Dec. 1, 2011). Washington, DC 20590, between 9 a.m. 11 See 44 U.S.C. 3507(a) and (d). SUBCHAPTERS F–M—[REMOVED] and 5 p.m., Monday through Friday, 12 See 44 U.S.C. 3512(a); 5 CFR 1320.8(b)(3)(vi). ■ 3. Remove reserved subchapters F–M. except Federal holidays. VerDate Sep<11>2014 14:20 Apr 02, 2018 Jkt 244001 PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 E:\FR\FM\03APP1.SGM 03APP1


Document Created: 2018-04-03 00:50:38
Document Modified: 2018-04-03 00:50:38
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionProposed Rules
ActionProposed rule.
DatesWritten comments must be received on or before May 18, 2018.
ContactVickie R. Olafson, Assistant General Counsel, [email protected], (202) 649-3025 (this is not a toll- free number), Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The telephone number for the Telecommunications Device for the Deaf is (800) 877-8339.
FR Citation83 FR 14205 
RIN Number2590-AA91
CFR Citation12 CFR 900
12 CFR 906
12 CFR 956-999
CFR AssociatedFederal Home Loan Banks; Office of Finance; Regulated Entity; Conventional One-Family Non-Farm Mortgage Loans; Government Contracts; Minority Businesses; Monthly Interest Rate Survey; Mortgages; Reporting and Recordkeeping Requirements and Reserved
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