Washington, D.C. – The Office of Federal Housing Enterprise Oversight (OFHEO) today sent a final Record Retention regulation to the Federal Register for publication. The regulation requires Fannie Mae and Freddie Mac to establish and maintain a record retention program to ensure that complete and accurate records are readily accessible by OFHEO for examination and other supervisory purposes. The regulation also requires the Enterprises to establish internal controls, procedures and training programs to ensure the adequacy and effectiveness of the record retention program. In addition, the regulation directs Enterprise management to evaluate the program for its adequacy and effectiveness at least every three years and to report findings to the boards of directors and OFHEO.
“With this regulation, the Enterprises will have an obligation to maintain and promptly produce records needed in regulatory examinations and other proceedings, an essential element of safe and sound operations,” said OFHEO Director James Lockhart.
The final regulation is effective upon publication in the Federal Register.
Complete text of the regulation attached.
Corinne Russell (202) 414-6921 / Stefanie Mullin (202) 414-6376