[Federal Register Volume 59, Number 232 (Monday, December 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29847]
[[Page Unknown]]
[Federal Register: December 5, 1994]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of Federal Housing Enterprise Oversight
12 CFR Chapter XVII and Part 1700
RIN 2501-AB59
Establishment of Chapter; Organization and Functions, and Seal
AGENCY: Office of Federal Housing Enterprise Oversight, HUD.
ACTION: Final rule.
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SUMMARY: By this document, the Office of Federal Housing Enterprise
Oversight (OFHEO) establishes a new chapter in the Code of Federal
Regulations for publication of its rules, regulations, and policy
statements. Along with the establishment of the chapter, OFHEO adopts
final regulations containing a description of its organization and a
description of its seal and logo.
EFFECTIVE DATE: December 5, 1994.
FOR FURTHER INFORMATION CONTACT: Anne E. Dewey, General Counsel, Office
of Federal Housing Enterprise Oversight, 1700 G Street NW, 4th Floor,
Washington, DC 20552, (202) 414-3800.
SUPPLEMENTARY INFORMATION: Title XIII of the Housing and Community
Development Act of 1992, Pub. L. 102-550, known as the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992, 12 U.S.C. 4501
et seq., established the Office of Federal Housing Enterprise Oversight
(OFHEO) as an independent office within the Department of Housing and
Urban Development. The primary function of OFHEO is to ensure the
financial safety and soundness and the capital adequacy of the nation's
two largest housing finance institutions--the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation. This
document establishes the regulations of OFHEO in title 12, chapter XVII
of the Code of Federal Regulations. These regulations delineate the
origination of OFHEO, the duties and functions of its Director, and the
organization and functions of OFHEO's various offices.
Regulatory Impact
Administrative Procedure Act
In acting on the regulations, the Office of Federal Housing
Enterprise Oversight finds that notice and public comment are
unnecessary. Section 553(b)(A) of title 5, United States Code, provides
that when regulations involve matters of agency organization, procedure
or practice, the agency may publish regulations in final form. In
addition, OFHEO finds, in accordance with 5 U.S.C. 553(d), that a
delayed effective date is unnecessary. Accordingly, these regulations
are effective upon publication.
Regulatory Flexibility Act
Because no notice of proposed rulemaking is required for this
regulation, the provisions of the Regulatory Flexibility Act (5 U.S.C.
601 et seq.) do not apply.
Executive Order 12612, Federalism
The final rule applies only to agency internal organization and
functions. It will not affect the states, the relationship between the
national government and the states, or the distribution of power and
responsibilities among the various levels of government. Therefore, in
accordance with Executive Order 12612, it is determined that this final
rule will not have federalism implications that warrant the preparation
of a Federalism Assessment.
Executive Order 12606, the Family
The final rule does not have potential for significant impact on
family formation, maintenance, and general well-being, and thus, is not
subject to review under Executive Order 12606.
Executive Order 12866, Regulatory Planning and Review
OFHEO has determined that this final rule relating to internal
organization is not a regulatory action that is subject to the
requirements of Executive Order 12866.
Paperwork Reduction Act
The final rule contains no information collection or recordkeeping
requirements under the Paperwork Reduction Act of 1980 (44 U.S.C. 3501
et seq.).
List of Subjects in 12 CFR Part 1700
Organization and functions (Government agencies), Seals and
insignia.
Accordingly, the Office of Federal Housing Enterprise Oversight
hereby establishes a new chapter XVII in title 12 of the Code of
Federal Regulations to read as follows:
CHAPTER XVII--OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT,
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SUBCHAPTER A--ADMINISTRATIVE PROVISIONS
PART 1700--ORGANIZATION AND FUNCTIONS
Sec.
1700.1 Office of Federal Housing Enterprise Oversight.
1700.2 Organization of the Office of Federal Housing Enterprise
Oversight.
1700.3 Official seal.
1700.4 Official logo.
Authority: 5 U.S.C. 552; 12 U.S.C 4513, 4526.
Sec. 1700.1 Office of Federal Housing Enterprise Oversight.
(a) Scope and authority. The Office of Federal Housing Enterprise
Oversight (referred to as OFHEO) is an independent office within the
Department of Housing and Urban Development. OFHEO was created by the
Federal Housing Enterprises Financial Safety and Soundness Act of 1992
(Act), Title XIII of the Housing and Community Development Act of 1992
(Pub. L. 102-550, October 28, 1992; 106 Stat. 3943; 12 U.S.C. 4501, et
seq.). OFHEO is responsible for the examination and financial
regulation of the Federal National Mortgage Association (Fannie Mae)
and the Federal Home Loan Mortgage Corporation (Freddie Mac)
(collectively, the Enterprises). OFHEO is charged with ensuring that
the Enterprises are adequately capitalized and operating in a safe and
sound manner. OFHEO's costs and expenses are funded by annual
assessments paid by the Enterprises. OFHEO is headed by a Director, who
is appointed by the President and confirmed by the Senate for a five-
year term.
(b) Location. OFHEO is located at 1700 G Street NW, 4th Floor,
Washington, DC 20552. OFHEO's hours of business are 8:30 a.m.-5:00 p.m.
(eastern standard time), Monday through Friday, excluding Federal
holidays.
Sec. 1700.2 Organization of the Office of Federal Housing Enterprise
Oversight.
(a) Director. The Director has exclusive authority under the Act
with respect to the management of OFHEO, and is responsible for
directing the development, implementation, and review of all OFHEO
programs and functions. The Director appoints such personnel as may be
necessary to carry out the functions of OFHEO. The Director may
delegate to OFHEO officers and employees any of the functions, powers,
and duties of the Director, as the Director considers appropriate. The
Director may establish and fix the responsibilities of the offices
within OFHEO as the Director deems necessary for the efficient
functioning of OFHEO.
(b) Deputy Director. The Deputy Director of OFHEO is appointed by
the Director in accordance with the Act. In the event of the absence,
sickness, death or resignation of the Director, the Deputy Director
serves as acting Director until the Director's return or the
appointment of a successor. The Deputy Director performs such
functions, powers and duties as the Director determines are necessary
with respect to OFHEO's management and the development and
implementation of OFHEO's programs and functions.
(c) Offices and functions. (1) Office of Examination and Oversight.
The Office of Examination and Oversight plans and conducts examinations
of the Enterprises, as required by the Act, prepares and issues reports
of examination summarizing examination findings, and recommends
corrective action as appropriate. This office is also responsible for
developing appropriate off-site monitoring procedures.
(2) Office of Research, Analysis and Capital Standards. The Office
of Research, Analysis and Capital Standards conducts research and
ongoing financial and economic analyses on issues related to the
activities of the Enterprises. This office is responsible for
determining the ongoing capital classifications and establishing a
risk-based capital test for the Enterprises as required by the Act, to
ensure the adequacy of capital levels for the Enterprises.
(3) Office of Finance and Administration. The Office of Finance and
Administration provides support services in the financial and
administrative management of OFHEO. This office is responsible for
establishing and implementing policies and procedures in the following
areas: human resources management, contracting and procurement, office
automation, general office management, records management and security,
travel and transportation, budget systems, accounting and related
transactions systems, internal control systems, financial reporting
systems, and other related services.
(4) Office of General Counsel. The Office of General Counsel
advises the Director and OFHEO staff on all legal matters concerning
the functions, activities, and operations of OFHEO and of the
Enterprises under the Act. This office is responsible for interpreting
the Act and other applicable law, including financial institutions
regulatory issues, securities and corporate law principles, and
administrative and general legal matters. This office also coordinates
the preparation of legislation and agency regulations.
(5) Office of Congressional and Public Affairs. The Office of
Congressional and Public Affairs is responsible for ensuring
appropriate coordination and communication by OFHEO with the Congress,
for monitoring relevant legislative developments and for analyzing and
developing legislative proposals. This office is also responsible for
directing and coordinating communication with the news media and the
public. The Director for Public Affairs serves as spokesperson for
OFHEO.
(6) Office of the Chief Economist. The Office of the Chief
Economist is responsible for directing, planning and conducting
research and economic and policy analyses to assess and project the
short- and long-term impact of issues and trends in the housing and
mortgage finance industries on OFHEO's financial regulatory and
supervisory responsibilities.
(d) Additional information. Current information on the organization
of the Office of Federal Housing Enterprise Oversight may be obtained
from the Office of Congressional and Public Affairs, 1700 G Street NW,
4th Floor, Washington, DC 20552.
Sec. 1700.3 Official seal.
This section describes and displays the official seal of the Office
of Federal Housing Enterprise Oversight.
(a) Description. A disc consisting of two concentric circles
enclosing the words ``Office of Federal Housing Enterprise Oversight''
and the inaugural year, 1993. In the center of the disc is a stylized
image of a structure consisting of a solid trapezoidal base topped by a
solid triangular shape. Placed between the base and the top is the
acronym for the organization, ``OFHEO.'' Encircling this stylized
building shape are twelve five-pointed stars.
(b) Display.
BILLING CODE 4220-01-P
TR05DE94.000
BILLING CODE 4220-01-C
Sec. 1700.4 Official logo.
This section describes and displays the logo adopted by the Office
of Federal Housing Enterprise Oversight as the official symbol
representing OFHEO. It is displayed on correspondence and selected
documents.
(a) Description. A stylized image of a structure consisting of a
solid trapezoid-shaped base that becomes increasingly wider at the
bottom. At the top is a triangular shape which represents the roof of
the structure. Placed between the triangle and the trapezoid are the
letters ``OFHEO.'' These letters spell out the acronym of the Office of
Federal Housing Enterprise Oversight and act as a visual link between
the top and bottom of the structure.
(b) Display.
BILLING CODE 4220-01-P
TR05DE94.001
BILLING CODE 4220-01-C
Dated: November 29, 1994.
Aida Alvarez,
Director, Office of Federal Housing Enterprise Oversight.
[FR Doc. 94-29847 Filed 12-2-94; 8:45 am]
BILLING CODE 4220-01-P