83 FR 14605 - Notice of Regulatory Review

FEDERAL HOUSING FINANCE AGENCY

Federal Register Volume 83, Issue 66 (April 5, 2018)

Page Range		14605-14606
FR Document		2018-06918
The Federal Housing Finance Agency (FHFA) is issuing a notice of a regulatory review to be conducted in accordance with the process set forth in its Regulatory Review Plan published in February 2012, and requesting comments on how its regulations may be made more effective and less burdensome.
Federal Register, Volume 83 Issue 66 (Thursday, April 5, 2018)
[Federal Register Volume 83, Number 66 (Thursday, April 5, 2018)]
[Proposed Rules]
[Pages 14605-14606]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-06918]


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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. 83, No. 66 / Thursday, April 5, 2018 / 
Proposed Rules

[[Page 14605]]



FEDERAL HOUSING FINANCE AGENCY

12 CFR Chapter XII

[No. 2018-N-03]


Notice of Regulatory Review

AGENCY: Federal Housing Finance Agency.

ACTION: Request for comment.

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SUMMARY: The Federal Housing Finance Agency (FHFA) is issuing a notice 
of a regulatory review to be conducted in accordance with the process 
set forth in its Regulatory Review Plan published in February 2012, and 
requesting comments on how its regulations may be made more effective 
and less burdensome.

DATES: Written comments on this notice of regulatory review must be 
received no later than June 4, 2018.

ADDRESSES: You may submit your comments, identified by ``Regulatory 
Review [No. 2018-N-03]'', 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 ``Regulatory Review [No. 2018-N-03]'' in the subject 
line of the message.
     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/Regulatory Review [No. 
2018-N-03], Federal Housing Finance Agency, Constitution Center, (OGC) 
Eighth Floor, 400 Seventh Street SW, Washington, DC 20219.
     Hand Delivered/Courier: The hand delivery address is: 
Alfred M. Pollard, General Counsel, Attention: Comments/Regulatory 
Review [No. 2018-N-03], Federal Housing Finance Agency, Constitution 
Center, (OGC) Eighth Floor, 400 Seventh Street SW, 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.
    All comments received will be posted without change on FHFA's 
website at http://www.fhfa.gov, and will include any personal 
information provided, such as name, address (mailing and email), and 
telephone numbers. In addition, copies of all comments received will be 
available for examination by the public through the electronic 
rulemaking docket for this proposed rule also located on the FHFA 
website.

FOR FURTHER INFORMATION CONTACT: Ellen S. Bailey, Managing Associate 
General Counsel, [email protected], (202) 649-3056 (this is not a 
toll-free number), Federal Housing Finance Agency, Constitution Center, 
(OGC) Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. The 
telephone number for the Telecommunications Device for the Hearing 
Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION:

I. Background; FHFA's Regulatory Review Plan

    FHFA was established by the Housing and Economic Recovery Act of 
2008, Public Law 110-289, to supervise and regulate the Federal 
National Mortgage Association (Fannie Mae), the Federal Home Loan 
Mortgage Corporation (Freddie Mac) (together, the Enterprises), the 
Federal Home Loan Banks (the Banks), and the Office of Finance of the 
Federal Home Loan Bank System (OF). In 2012, FHFA developed its 
Regulatory Review Plan (Review Plan) after considering principles set 
forth in Executive Order 13579, ``Regulation and Independent Regulatory 
Agencies'' (July 11, 2011).\1\ Executive Order 13579 requested--but did 
not require--independent regulatory agencies, such as FHFA, to develop, 
release to the public, and implement a plan for the periodic review of 
their existing significant regulations to determine whether any 
regulation should be modified, streamlined, expanded, or repealed to 
make the agency's regulatory program more effective or less burdensome 
in achieving its objectives.
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    \1\ 77 FR 10351 (Feb. 22, 2012) (FHFA Regulatory Review Plan); 
see also 76 FR 41585 (July 14, 2011) (E.O. 13579).
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    Under its Review Plan, FHFA reviews its regulations at least every 
five years, except for those regulations that were adopted or 
substantially amended within the two years prior to issuance of a 
Notice of Regulatory Review and rules of agency organization, 
procedure, or practice. The Review Plan suggests factors that 
commenters should consider to assist FHFA, including factors related to 
legal, regulatory, or market developments, regulatory overlap, less 
burdensome alternatives, and clarity of regulatory requirements.

II. Results of the 2013 Regulatory Review

    FHFA's first regulatory review was initiated by a Notice of 
Regulatory Review and request for comments in April 2013,\2\ and 
considered 44 regulations. FHFA received two comment letters: a joint 
letter from all of the Banks that addressed the Affordable Housing 
Program, capital regulation, liabilities, and new business activities, 
and a letter from a state-chartered credit union on compliance 
requirements for organizations that deliver loans for sale to Fannie 
Mae and Freddie Mac, but that did not identify any particular 
regulation for revision. FHFA also conducted an internal review of its 
regulations that were subject to the five-year Review Plan, seeking 
staff input on the same questions on which the Review Notice sought 
public comment.
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    \2\ 78 FR 23507 (Apr. 19, 2013).
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    FHFA evaluated all of the comments that it received and determined 
that some amendments were warranted. Recent rulemakings to amend FHFA's 
regulations on new business activities and affordable housing programs 
of the Banks included proposed amendments that addressed concerns 
raised in the Banks' joint comment letter.\3\ Revised liquidity 
guidance, which was also requested by the Banks, is under development.
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    \3\ For revisions to the regulation on New Business Activities 
of the Banks, see 81 FR 57499, 57500-02 (Aug. 23, 2016) (Notice of 
Proposed Rulemaking) and 81 FR 91690 (Dec. 19, 2016) (Final Rule), 
amending 12 CFR part 1272. For proposed amendments to the Affordable 
Housing Program (AHP) regulation, see 83 FR 11344 (Mar. 14, 2018), 
which would amend 12 CFR parts 1290 and 1291.

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[[Page 14606]]

III. FHFA's 2018 Regulatory Review; Request for Comment

    Consistent with its Review Plan, FHFA's next regulatory review must 
begin not later than five years after its prior review, or by March or 
April 2018. All current regulations--except, as noted, rules of agency 
organization, procedure, or practice, or regulations adopted or 
substantially amended since April 2016 (meaning, within the past two 
years)--are subject to review. Members of the public may comment on 
recently adopted or amended regulations, and FHFA will take those 
comments into account as appropriate. FHFA does not anticipate 
responding to individual comments.
    FHFA's regulations are published in Chapter XII of Title 12 of the 
Code of Federal Regulations, except for those regulations of 
predecessor agencies which FHFA has not yet moved.\4\ FHFA's 
regulations are also posted on the FHFA internet website at http://www.fhfa.gov.
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    \4\ FHFA currently administers three regulations that are not 
rules of agency organization, procedure, or practice that are 
located outside of Chapter XII. These are a regulation of the former 
Federal Housing Finance Board on Federal Home Loan Bank Capital 
Requirements, at 12 CFR part 932; a regulation of the former Office 
of Federal Housing Enterprise Oversight on Enterprise Capital, at 12 
CFR part 1750; and a regulation of the Department of Housing and 
Urban Development on public-use databases and public information 
provided by the Enterprises, at 24 CFR part 81, subpart F. FHFA 
proposed amending the Bank Capital Requirements regulation in 2017 
(82 FR 30776 (July 3, 2017)), and is taking comments received on 
that proposal into account to develop a final rule. FHFA will not 
delay publication of that final rule based solely on this regulatory 
review. The Enterprise Capital Requirements regulation has been 
suspended. See FHFA News Release, ``FHFA Announces Suspension of 
Capital Classifications'' (Oct. 9, 2008). FHFA is currently 
developing a proposed rule on public-use databases and public 
information provided by the Enterprises and will solicit comments 
when that notice of proposed rulemaking is published.
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    FHFA hereby requests comment on its regulations for purposes of 
improving their effectiveness and reducing their burden. Factors that 
FHFA's Review Plan identifies as relevant to the review, and which FHFA 
suggests should guide commenters, are:
    (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 a regulation inefficient, 
obsolete, contrary to controlling legal precedent, or unduly 
burdensome;
    (2) Marketplace developments, technological evolution, and related 
changes that may have rendered a regulation, in whole or in part, 
inefficient, outmoded, or outdated;
    (3) The extent to which provisions of the regulation are written in 
plain language or need clarification;
    (4) 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 Fannie Mae, 
Freddie Mac, the Banks, or OF with the regulation, or would improve 
supervision by FHFA of Fannie Mae, Freddie Mac, the Banks, or OF; and
    (5) 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.
    In accordance with FHFA's Review Plan, the 2018 regulatory review 
process will be conducted by the FHFA Office of General Counsel, which 
will review all comments received. FHFA's Office of General Counsel 
consults with other FHFA offices and divisions. 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. After receiving the report of findings and 
recommendations, the 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.
    The 2018 FHFA regulatory review is not a formal or informal 
rulemaking proceeding under the Administrative Procedure Act, and 
creates no right of action against FHFA. FHFA's determination whether 
to conduct or not to conduct a review of a regulation and any 
determination, finding, or recommendation resulting from any review is 
not a final agency action and therefore is not subject to judicial 
review.

    Dated: March 30, 2018.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2018-06918 Filed 4-4-18; 8:45 am]
 BILLING CODE 8070-01-P
14605

Proposed Rules Federal Register
Vol. 83, No. 66

Thursday, April 5, 2018

This section of the FEDERAL REGISTER Constitution Center, (OGC) Eighth Floor, effective or less burdensome in
contains notices to the public of the proposed 400 Seventh Street SW, Washington, DC achieving its objectives.
issuance of rules and regulations. The 20219. Deliver the package to the
purpose of these notices is to give interested Under its Review Plan, FHFA reviews
Seventh Street entrance Guard Desk, its regulations at least every five years,
persons an opportunity to participate in the First Floor, on business days between 9
rule making prior to the adoption of the final except for those regulations that were
a.m. and 5 p.m. adopted or substantially amended
rules.
All comments received will be posted
within the two years prior to issuance
without change on FHFA’s website at
of a Notice of Regulatory Review and
FEDERAL HOUSING FINANCE http://www.fhfa.gov, and will include
any personal information provided, rules of agency organization, procedure,
AGENCY or practice. The Review Plan suggests
such as name, address (mailing and
email), and telephone numbers. In factors that commenters should consider
12 CFR Chapter XII to assist FHFA, including factors related
addition, copies of all comments
[No. 2018–N–03] received will be available for to legal, regulatory, or market
examination by the public through the developments, regulatory overlap, less
Notice of Regulatory Review burdensome alternatives, and clarity of
electronic rulemaking docket for this
AGENCY: Federal Housing Finance proposed rule also located on the FHFA regulatory requirements.
Agency. website. II. Results of the 2013 Regulatory
ACTION: Request for comment. FOR FURTHER INFORMATION CONTACT: Review
Ellen S. Bailey, Managing Associate
SUMMARY: The Federal Housing Finance General Counsel, ellen.bailey@fhfa.gov, FHFA’s first regulatory review was
Agency (FHFA) is issuing a notice of a (202) 649–3056 (this is not a toll-free initiated by a Notice of Regulatory
regulatory review to be conducted in number), Federal Housing Finance Review and request for comments in
accordance with the process set forth in Agency, Constitution Center, (OGC) April 2013,2 and considered 44
its Regulatory Review Plan published in Eighth Floor, 400 Seventh Street SW, regulations. FHFA received two
February 2012, and requesting Washington, DC 20219. The telephone comment letters: a joint letter from all
comments on how its regulations may number for the Telecommunications of the Banks that addressed the
be made more effective and less Device for the Hearing Impaired is (800) Affordable Housing Program, capital
burdensome. 877–8339. regulation, liabilities, and new business
DATES: Written comments on this notice SUPPLEMENTARY INFORMATION: activities, and a letter from a state-
of regulatory review must be received chartered credit union on compliance
I. Background; FHFA’s Regulatory
no later than June 4, 2018. requirements for organizations that
Review Plan
ADDRESSES: You may submit your deliver loans for sale to Fannie Mae and
FHFA was established by the Housing Freddie Mac, but that did not identify
comments, identified by ‘‘Regulatory
and Economic Recovery Act of 2008, any particular regulation for revision.
Review [No. 2018–N–03]’’, by any of the
Public Law 110–289, to supervise and FHFA also conducted an internal review
following methods:
regulate the Federal National Mortgage
• Agency Website: www.fhfa.gov/ of its regulations that were subject to the
Association (Fannie Mae), the Federal five-year Review Plan, seeking staff
open-for-comment-or-input.
• Federal eRulemaking Portal: http:// Home Loan Mortgage Corporation input on the same questions on which
(Freddie Mac) (together, the the Review Notice sought public
www.regulations.gov. Follow the
Enterprises), the Federal Home Loan comment.
instructions for submitting comments. If
Banks (the Banks), and the Office of
you submit your comment to the FHFA evaluated all of the comments
Finance of the Federal Home Loan Bank
Federal eRulemaking Portal, please also that it received and determined that
System (OF). In 2012, FHFA developed
send it by email to FHFA at some amendments were warranted.
its Regulatory Review Plan (Review
RegComments@fhfa.gov to ensure Recent rulemakings to amend FHFA’s
Plan) after considering principles set
timely receipt by FHFA. Please include regulations on new business activities
forth in Executive Order 13579,
‘‘Regulatory Review [No. 2018–N–03]’’ and affordable housing programs of the
‘‘Regulation and Independent
in the subject line of the message. Banks included proposed amendments
Regulatory Agencies’’ (July 11, 2011).1
• U.S. Mail, United Parcel Service, that addressed concerns raised in the
Executive Order 13579 requested—but
Federal Express, or Other Mail Service: Banks’ joint comment letter.3 Revised
did not require—independent regulatory
The mailing address for comments is: liquidity guidance, which was also
agencies, such as FHFA, to develop,
Alfred M. Pollard, General Counsel, requested by the Banks, is under
release to the public, and implement a
Attention: Comments/Regulatory development.
plan for the periodic review of their
Review [No. 2018–N–03], Federal existing significant regulations to
amozie on DSK30RV082PROD with PROPOSALS

Housing Finance Agency, Constitution determine whether any regulation 2 78FR 23507 (Apr. 19, 2013).
Center, (OGC) Eighth Floor, 400 Seventh should be modified, streamlined, 3 For revisions to the regulation on New Business
Street SW, Washington, DC 20219. expanded, or repealed to make the Activities of the Banks, see 81 FR 57499, 57500–
• Hand Delivered/Courier: The hand 02 (Aug. 23, 2016) (Notice of Proposed Rulemaking)
agency’s regulatory program more and 81 FR 91690 (Dec. 19, 2016) (Final Rule),
delivery address is: Alfred M. Pollard,
amending 12 CFR part 1272. For proposed
General Counsel, Attention: Comments/ 1 77 FR 10351 (Feb. 22, 2012) (FHFA Regulatory amendments to the Affordable Housing Program
Regulatory Review [No. 2018–N–03], Review Plan); see also 76 FR 41585 (July 14, 2011) (AHP) regulation, see 83 FR 11344 (Mar. 14, 2018),
Federal Housing Finance Agency, (E.O. 13579). which would amend 12 CFR parts 1290 and 1291.

VerDate Sep<11>2014 18:15 Apr 04, 2018 Jkt 244001 PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 E:\FR\FM\05APP1.SGM 05APP1
14606 Federal Register / Vol. 83, No. 66 / Thursday, April 5, 2018 / Proposed Rules

III. FHFA’s 2018 Regulatory Review; (3) The extent to which provisions of DEPARTMENT OF TRANSPORTATION
Request for Comment the regulation are written in plain
language or need clarification; Federal Aviation Administration
Consistent with its Review Plan,
FHFA’s next regulatory review must (4) Compelling evidence that a
14 CFR Part 39
begin not later than five years after its consolidation of two or more
prior review, or by March or April 2018. regulations, elimination of a duplicative [Docket No. FAA–2018–0254; Product
All current regulations—except, as regulation, or other revision to Identifier 2017–SW–116–AD]
noted, rules of agency organization, regulatory requirements would facilitate RIN 2120–AA64
procedure, or practice, or regulations compliance by Fannie Mae, Freddie
adopted or substantially amended since Mac, the Banks, or OF with the Airworthiness Directives; Bell
April 2016 (meaning, within the past regulation, or would improve Helicopter Textron Canada Limited
two years)—are subject to review. supervision by FHFA of Fannie Mae, Helicopters
Members of the public may comment on Freddie Mac, the Banks, or OF; and
recently adopted or amended AGENCY: Federal Aviation
regulations, and FHFA will take those (5) Demonstration of a better Administration (FAA), DOT.
comments into account as appropriate. alternative method to effect a regulatory ACTION: Notice of proposed rulemaking
FHFA does not anticipate responding to purpose or requirement, supported by (NPRM).
individual comments. compelling evidence of significantly
FHFA’s regulations are published in less intrusive means or of a substantially SUMMARY: We propose to supersede
Chapter XII of Title 12 of the Code of more efficient method of accomplishing Airworthiness Directive (AD) 2017–13–
Federal Regulations, except for those the same supervisory purpose. 03 for Bell Helicopter Textron Canada
regulations of predecessor agencies Limited (Bell) Model 429 helicopters.
In accordance with FHFA’s Review AD 2017–13–03 requires adding an
which FHFA has not yet moved.4 Plan, the 2018 regulatory review process
FHFA’s regulations are also posted on identification number to life-limited rod
will be conducted by the FHFA Office ends that do not have a serial number
the FHFA internet website at http:// of General Counsel, which will review
www.fhfa.gov. (S/N). Since we issued AD 2017–13–03,
all comments received. FHFA’s Office of an additional life-limited rod end was
FHFA hereby requests comment on its
General Counsel consults with other identified that is affected by the same
regulations for purposes of improving
their effectiveness and reducing their FHFA offices and divisions. A review unsafe condition. This proposed AD
burden. Factors that FHFA’s Review and report of findings and would retain the requirements of AD
Plan identifies as relevant to the review, recommendations will be provided to 2017–13–03 and revise the Applicability
and which FHFA suggests should guide the FHFA Director on a timely basis. paragraph by adding that rod end. The
commenters, are: The report of findings and actions of this proposed AD are
(1) Legal or regulatory recommendations will be privileged and intended to address an unsafe condition
developments—including new laws, confidential. After receiving the report on these products.
executive orders, or judicial decisions of findings and recommendations, the DATES: We must receive comments on
that have been adopted since the Director will determine what steps may this proposed AD by June 4, 2018.
promulgation of a regulation—that make be necessary to relieve any unnecessary ADDRESSES: You may send comments by
a regulation inefficient, obsolete, burden, including amendment to or any of the following methods:
contrary to controlling legal precedent, repeal of existing regulations or • Federal eRulemaking Docket: Go to
or unduly burdensome; issuance of less formal guidance. http://www.regulations.gov. Follow the
(2) Marketplace developments, The 2018 FHFA regulatory review is online instructions for sending your
technological evolution, and related comments electronically.
not a formal or informal rulemaking
changes that may have rendered a
proceeding under the Administrative • Fax: 202–493–2251.
regulation, in whole or in part, • Mail: Send comments to the U.S.
inefficient, outmoded, or outdated; Procedure Act, and creates no right of
Department of Transportation, Docket
action against FHFA. FHFA’s
Operations, M–30, West Building
4 FHFA currently administers three regulations determination whether to conduct or Ground Floor, Room W12–140, 1200
that are not rules of agency organization, procedure, not to conduct a review of a regulation New Jersey Avenue SE, Washington, DC
or practice that are located outside of Chapter XII. and any determination, finding, or
These are a regulation of the former Federal 20590–0001.
Housing Finance Board on Federal Home Loan
recommendation resulting from any • Hand Delivery: Deliver to the
Bank Capital Requirements, at 12 CFR part 932; a review is not a final agency action and ‘‘Mail’’ address between 9 a.m. and 5
regulation of the former Office of Federal Housing therefore is not subject to judicial p.m., Monday through Friday, except
Enterprise Oversight on Enterprise Capital, at 12 review.
CFR part 1750; and a regulation of the Department Federal holidays.
of Housing and Urban Development on public-use Dated: March 30, 2018.
databases and public information provided by the
Examining the AD Docket
Enterprises, at 24 CFR part 81, subpart F. FHFA Melvin L. Watt,
You may examine the AD docket on
proposed amending the Bank Capital Requirements Director, Federal Housing Finance Agency. the internet at http://
regulation in 2017 (82 FR 30776 (July 3, 2017)), and
[FR Doc. 2018–06918 Filed 4–4–18; 8:45 am] www.regulations.gov by searching for
is taking comments received on that proposal into
account to develop a final rule. FHFA will not delay BILLING CODE 8070–01–P and locating Docket No. FAA–2018–
amozie on DSK30RV082PROD with PROPOSALS

publication of that final rule based solely on this 0254; or in person at Docket Operations
regulatory review. The Enterprise Capital
Requirements regulation has been suspended. See
between 9 a.m. and 5 p.m., Monday
FHFA News Release, ‘‘FHFA Announces through Friday, except Federal holidays.
Suspension of Capital Classifications’’ (Oct. 9, The AD docket contains this proposed
2008). FHFA is currently developing a proposed AD, the Transport Canada AD, the
rule on public-use databases and public information
provided by the Enterprises and will solicit
economic evaluation, any comments
comments when that notice of proposed rulemaking received and other information. The
is published. street address for Docket Operations

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Document Created: 2018-11-01 09:13:49
Document Modified: 2018-11-01 09:13:49
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		Proposed Rules
Action		Request for comment.
Dates		Written comments on this notice of regulatory review must be received no later than June 4, 2018.
Contact		Ellen S. Bailey, Managing Associate General Counsel, [email protected], (202) 649-3056 (this is not a toll-free number), Federal Housing Finance Agency, Constitution Center, (OGC) Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339.
FR Citation		83 FR 14605