Prudential Management and Operations Standards
Prudential Management and Operations Standards: Final Rule
FOR FURTHER INFORMATION CONTACT: Anthony Cornyn, Senior Associate Director, Office of Offsite Monitoring and Analysis, Anthony.Cornyn@fhfa.gov, (202) 649–3303; Karen Walter, Senior Associate Director, Office of Examination Policy and Programs, Karen.Walter@fhfa.gov, (202) 649–3405; Neil R. Crowley, Deputy General Counsel, Office of the General Counsel, Neil.Crowley@fhfa.gov, (202) 649–3055; or Michou Nguyen, Assistant General Counsel, Office of the General Counsel, Michou.Nguyen@fhfa.gov, (202) 649–3081; Federal Housing Finance Agency, 400 7th Street SW., Washington, DC 20024, (not toll free numbers). If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.
SUMMARY: Section 1108 of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to require the Federal Housing Finance Agency (FHFA) to establish prudential standards (Standards) relating to the management and operations of the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal Home Loan Banks (Banks) (collectively, regulated entities). This final rule implements those HERA amendments by providing for the establishment of the Standards in the form of guidelines, which initially are set out in an appendix to the rule. The final rule includes other provisions relating to the possible consequences for a regulated entity that fails to operate in accordance with the Standards.
DATES: This final rule is effective on August 7, 2012. For additional information, see SUPPLEMENTARY INFORMATION.