Miscellaneous Federal Home Loan Bank Operations and Authorities – Financing Corporation Assessments
Miscellaneous Federal Home Loan Bank Operations and Authorities – Financing Corporation Assessments
FOR FURTHER INFORMATION CONTACT: Louis M. Scalza, Associate Director, Examinations, Office of Safety & Soundness Examinations, Louis.Scalza@fhfa.gov, (202) 649-3710; Winston Sale, Assistant General Counsel, Winston.Sale@fhfa.gov, (202) 649-3081; or Neil R. Crowley, Deputy General Counsel, Neil.Crowley@fhfa.gov, (202) 649-3055 (these are not toll-free numbers), Federal Housing Finance Agency, 400 Seventh Street, SW., Washington, DC 20219. 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 Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.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: The Federal Housing Finance Agency (FHFA) is adopting a final rule pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA’s predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The final rule addresses the manner in which FICO will conduct the 2019 FICO assessments, which will be the last of those assessments. Specifically, the final rule provides that all payments made by FDIC-insured depository institutions during 2019 are final, and that no adjustments to prior FICO assessments will be permitted after March 26, 2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments.
DATES: The rule is effective January 7, 2019.