[Federal Register Volume 70, Number 172 (Wednesday, September 7, 2005)]
[Proposed Rules]
[Pages 53105-53106]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-17656]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of Federal Housing Enterprise Oversight

12 CFR Chap. XVII


Notice of Regulatory Review

AGENCY: Office of Federal Housing Enterprise Oversight, HUD.

ACTION: Request for comments.

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SUMMARY: The Office of Federal Housing Enterprise Oversight (OFHEO) is 
issuing notice of a regulatory review that will be conducted in 
accordance with the process set forth in OFHEO Policy Guidance titled, 
``Regulatory Review,'' which was issued on April 2, 2001 (Doc. 
: PG-01-001) (Policy Guidance). OFHEO will review its 
regulations to consider whether existing regulations have become 
inefficient or create unwarranted burden, and will identify possible 
revisions where such conditions are found. OFHEO is seeking public 
comment on its regulations for consideration in the regulatory review.

DATES: Written comments on this Notice must be received no later than 
November 7, 2005. For additional information, see SUPPLEMENTARY 
INFORMATION.

ADDRESSES: You may submit your comments to this Notice by any of the 
following methods:
     U.S. Mail, United Parcel Post, Federal Express, or Other 
Mail Service: The mailing address for comments is: David A. Felt, 
Acting General Counsel, Attention: Comments/Notice of Regulatory 
Review, Office of Federal Housing Enterprise Oversight, Fourth Floor, 
1700 G Street, NW., Washington, DC 20552.
     Hand Delivery/Courier: The hand delivery address is: David 
A. Felt, Acting General Counsel, Attention: Comments/Notice of 
Regulatory Review, Office of Federal Housing Enterprise Oversight, 
Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The package 
should be logged at the Guard Desk, First Floor, between 9 a.m. and 5 
p.m. on business days.
     E-mail: Comments to David A. Felt, Acting General Counsel, 
may be sent by e-mail at [email protected]. Please include the 
title, Notice of Regulatory Review, in the subject line of the message.
    Instructions: OFHEO requests that comments to this Notice include a 
reference to the title, Notice of Regulatory Review. OFHEO further 
requests that comments submitted in hard copy also be accompanied by 
the electronic version in Microsoft([reg]) Word or in portable document 
format (PDF) on 3.5'' disk. Please see the section, SUPPLEMENTARY 
INFORMATION, below, for additional information on the posting and 
viewing of comments.

FOR FURTHER INFORMATION CONTACT: David A. Felt, Acting General Counsel, 
telephone (202) 414-3750 (not a toll-free number); or Tina Dion, 
Associate General Counsel, telephone (202) 414-3838 (not a toll-free 
number); Office of Federal Housing Enterprise Oversight, Fourth Floor, 
1700 G Street, NW., Washington, DC 20552. The telephone number for the 
Telecommunications Device for the Deaf is (800) 877-8339.

SUPPLEMENTARY INFORMATION:

Background

    The Federal Housing Enterprises Safety and Soundness Act of 1992, 
Title XIII of Pub. L. 102-550, empowers the Director of OFHEO to 
undertake rulemaking and such other actions as the Director determines 
to be appropriate to oversee the activities and operations of Freddie 
Mac and Fannie Mae (the Enterprises). In the course of exercising such 
authority, the Director has promulgated regulations and issued 
guidelines and supervisory policies.

OFHEO's Policy Guidance

     http://www.ofheo.gov/News.asp?formmode=Regulations creates a 
process for routine review and, where appropriate, revision of 
regulations by OFHEO. Such a process provides for planned reviews of 
the regulatory infrastructure and for considering information under 
uniform criteria that assists in determinations of whether an 
unnecessary burden exists. Once a review is completed, the Director 
will determine what steps may be necessary to relieve any unnecessary 
burden, including amendment to or repeal of existing regulations or 
issuance of less formal guidance.
    The General Counsel, as the OFHEO Regulatory Policy Officer, is 
charged with undertaking the regulatory review and reporting findings 
and recommendations to the Director. The review process will be 
conducted by the Office of General Counsel, under the direction of the 
General Counsel, and will include internal consultation with other 
OFHEO offices and staff, guidance provided by the Director, as well as 
consideration of public comments. A review and report of findings and 
recommendations will be provided to the Director on a timely basis. The 
report of findings and recommendations will be privileged and 
confidential. Notably, the regulatory review to be conducted by the 
Office of the General Counsel under the Policy Guidance is not a formal 
or informal rulemaking proceeding under the Administrative Procedure 
Act and creates no right of action against OFHEO. Moreover, the 
determination of OFHEO to conduct or not to conduct a review of a 
regulation and any determination, finding, or recommendation resulting 
from any review under the Policy Guidance are not final agency actions 
and, as such, are not subject to judicial review.

Regulations Under Review; Criteria

    The regulations of OFHEO that are subject to the regulatory review 
described in this Notice are codified in Title 12, Chapter XVII, 
Subchapters A, C, and D, Parts 1700-1780 of the Code of Federal 
Regulations (CFR). The regulations are listed in the CFR as follows:

[[Page 53106]]

Subchapter A--OFHEO Organization and Functions

Part
1700--Organization and functions
1701--Assessments
1702 Implementation of The Privacy Act of 1974
1703--Release of information
1704 Debt collection
1705 Implementation of the Equal Access to Justice Act

Subchapter B--[Reserved]

Subchapter C--Safety and Soundness

1710--Corporate governance
1720--Safety and soundness
1730--Disclosure of financial and other information
1731--Mortgage Fraud Reporting
1750--Capital
1770--Executive compensation
1773--Flood insurance
1777--Prompt corrective action

Subchapter D--Rules of Practice and Procedure

1780--Rules of Practice and Procedure

    In addition to being found in the CFR, the regulations (as well as 
the Policy Guidance referenced in this Notice) are available on the 
OFHEO Web site, http://www.ofheo.gov, by clicking on the ``Regulations 
and Policy Guidance'' category on the left side of the Web page.
    Under the review process set forth in the Policy Guidance, criteria 
that may be used in the review of the existence of regulatory 
inefficiency or burden are as follows:
    (i) Legal or regulatory developments, including new laws, executive 
orders or judicial decisions that have been adopted since the 
promulgation of a regulation that make such regulation inefficient, 
obsolete, contrary to controlling legal precedent or unduly burdensome;
    (ii) Application by an Enterprise for revision of a regulation, 
because of reasonably discernible regulatory burden or inefficiency;
    (iii) Marketplace developments, technological evolution and related 
changes that may have rendered an existing regulation, in whole or in 
part, inefficient, outmoded or outdated; and
    (iv) Such other occurrences or developments as determined by the 
Director or General Counsel to be relevant to a review for inefficiency 
or unwarranted regulatory burden.
    Among other factors that may be considered in reviewing possible 
inefficiency or unwarranted regulatory burden are the following:
    (i) Compelling evidence that a consolidation of two or more 
regulations, elimination of a duplicative regulation, or other revision 
to regulatory requirements would facilitate compliance or supervision;
    (ii) A demonstration of a better alternative method to effect a 
regulatory purpose or requirement supported by compelling evidence of 
significantly less intrusive means or of a substantially more efficient 
method of accomplishing the same supervisory purpose; and
    (iii) Such other factors as determined by the Director to be 
relevant to determining and evaluating the need for, appropriateness 
of, and effectiveness of a particular regulation.

Request for Comments

    The Office of the General Counsel invites comments on all aspects 
of the proposed regulatory review, including legal and policy 
considerations, and will take all comments into consideration before 
issuing its report of findings and recommendations to the Director. The 
comment period has been set at 60 days to afford ample opportunity for 
comment.
    All comments received will be posted without change to http://www.ofheo.gov, including any personal information provided. Copies of 
all comments received will be available for inspection by the public on 
business days between the hours of 10 a.m. and 3 p.m., at the Office of 
Federal Housing Enterprise Oversight, Fourth Floor, 1700 G Street NW., 
Washington, DC 20552. To make an appointment to inspect comments, 
please call the Office of General Counsel at (202) 414-6924.

    Dated: August 30, 2005.
Stephen A. Blumenthal,
Acting Director, Office of Federal Housing Enterprise Oversight.
[FR Doc. 05-17656 Filed 9-6-05; 8:45 am]
BILLING CODE 4220-01-P