Skip to main content

Prompt Supervisory Response and Corrective Action: Final Rule

Publication Details
Type
Final Rule
Document Number
02-1842
Federal Register Publish Date
01/25/2002
Federal Register Citation
67 FR 3587
PDF Format
Comment Open Date
04/10/2001
Comment End Date
07/09/2001
Comment Status
Closed
Effective Date
02/25/2002
Rulemaking Details
Rulemaking

Prompt Supervisory Response and Corrective Action: Final Rule

Contact Information

FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel, (202) 414-3788 or David W. Roderer, Deputy General Counsel, (202) 414-6924 (not toll-free numbers), 1700 G Street NW, Fourth Floor, Washington, DC 20552. 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 Additionally, the TDD 1-(800) number referenced in Rulemaking documents attached to this page is obsolete and the 7-1-1 number should be used.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

SUMMARY: The Office of Federal Housing Enterprise Oversight (OFHEO) is issuing a final rule to set forth the procedures by which OFHEO administers the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, under which OFHEO takes prompt corrective action in response to specified declines in the capital levels of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises). The rule also implements a system of prompt supervisory responses to be taken whenever developments internal or external to an Enterprise, as identified by the agency on a case-by-case basis, may warrant special supervisory review by OFHEO. The initiation of a special supervisory review pursuant to such a procedure does not of itself indicate that an Enterprise is in an unsound condition; rather, it means only that OFHEO is undertaking a focused inquiry to ascertain the likely consequences of a particular development or developments for the Enterprise.

EFFECTIVE DATE: February 25, 2002.​