[Federal Register Volume 76, Number 185 (Friday, September 23, 2011)]
[Proposed Rules]
[Pages 59066-59067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-24405]


 ========================================================================
 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 76, No. 185 / Friday, September 23, 2011 / 
Proposed Rules  

[[Page 59066]]



FEDERAL HOUSING FINANCE AGENCY

12 CFR Chapter XII

[No. 2011-N-10]


Notice of Regulatory Review Plan

AGENCY: Federal Housing Finance Agency.

ACTION: Notice and request for comments.

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SUMMARY: The Federal Housing Finance Agency (FHFA) is issuing a notice 
of and requesting comments on the FHFA interim regulatory review plan 
for review of existing regulations under Executive Order 13579, 
``Regulation and Independent Regulatory Agencies,'' (July 11, 2011).

DATES: Written comments on this Notice must be received no later than 
November 22, 2011. For additional information, see SUPPLEMENTARY 
INFORMATION.

ADDRESSES: Submit comments only once, identified by ``2011-N-10,'' 
using one of the following methods:
     E-mail: Comments to Alfred M. Pollard, General Counsel, 
may be sent by e-mail to [email protected]. Please include ``2011-N-
10,'' in the subject line of the message.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at [email protected] to ensure timely receipt by FHFA. 
Include the following information in the subject line of your 
submission: ``2011-N-10.''
     U.S. Mail Service or United Parcel Service, Federal 
Express, or other commercial delivery service to: Alfred M. Pollard, 
General Counsel, Attention: Comments/2011-N-10, Federal Housing Finance 
Agency, Fourth Floor, 1700 G Street, NW., Washington, DC 20552. Please 
note that all mail sent to FHFA via the U.S. Mail service is routed 
through a national irradiation facility, a process that may delay 
delivery by approximately two weeks.
     Hand Delivery/Courier to: Alfred M. Pollard, General 
Counsel, Attention: Comments/2011-N-10, Federal Housing Finance Agency, 
Fourth Floor, 1700 G Street, NW., Washington, DC 20552. The package 
must be logged at the Guard Desk, First Floor, on business days between 
9 a.m. and 3 p.m.

FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel, 
[email protected], telephone (202) 414-3788 (not a toll-free 
number), Federal Housing Finance Agency, 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: 

I. Comments

    FHFA invites comments on all aspects of the interim regulatory 
review plan, including legal and policy considerations, and will take 
all comments into consideration before publishing a notice of the final 
regulatory review plan.
    Copies of all comments received during the public comment period 
will be posted without change on the FHFA Internet Web site, http://www.fhfa.gov, and will include any personal information provided. In 
addition, copies of all comments received will be available for 
examination by the public on business days between the hours of 10 a.m. 
and 3 p.m. at the Federal Housing Finance Agency, 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.

II. Background

Executive Order 13579

    Executive Order 13579, ``Regulation and Independent Regulatory 
Agencies,'' (July 11, 2011), requests that each independent regulatory 
agency, such as FHFA, analyze its existing regulations and modify, 
streamline, expand, or repeal them in accordance with the findings of 
the analysis. Executive Order 13579 also requests each independent 
regulatory agency to make public a plan under which the agency will 
periodically review its existing significant regulations to make the 
agency's regulatory program more effective or less burdensome in 
achieving regulatory objectives.

Establishment of FHFA; Transfer and Review of Regulations

    The Housing and Economic Recovery Act of 2008 (HERA) established 
FHFA on July 30, 2008, as an independent regulatory agency to supervise 
and regulate the Federal National Mortgage Association (Fannie Mae), 
the Federal Home Loan Mortgage Corporation (Freddie Mac), and the 
Federal Home Loan Banks (collectively, regulated entities), and the 
Office of Finance of the Federal Home Loan Bank System. HERA 
transferred to the new agency the employees, functions, and regulations 
of the Office of Federal Housing Enterprise Oversight (OFHEO), the 
Federal Housing Finance Board (FHFB), and the Government-Sponsored 
Enterprise mission team within the U.S. Department of Housing and Urban 
Development (HUD).
    HERA and, most recently, the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act) mandate that FHFA issue new 
regulations on specific matters in connection with FHFA's supervision 
and regulation of the regulated entities and the Office of Finance. 
Currently, in determining whether to revise, adopt without change, or 
repeal transferred OFHEO, FHFB, and certain HUD regulations, FHFA 
reviews such regulations to determine the appropriate action and 
publishes the regulations for comment. Public comments provide 
additional information to FHFA on how to make the regulations more 
effective and less burdensome.

[[Page 59067]]

Regulatory Review Plan Under Executive Order 13579

    FHFA's current review of OFHEO, FHFB, and certain HUD regulations 
is similar to the review it will conduct of existing regulations under 
Executive Order 13579. The regulatory review plan is set forth below. 
FHFA will conduct the review of its existing regulations under 
Executive Order 13579 at least every five years. In light of the recent 
establishment of FHFA and ongoing regulatory activities mandated by 
HERA and the Dodd-Frank Act, the first review will begin no later than 
August 2013, five years after the establishment of FHFA. FHFA 
regulations published in Chapter XII of Title 12 of the Code of Federal 
Regulations and are also posted on the FHFA Internet Web site at http://www.fhfa.gov.
    After considering all comments received, FHFA will publish a notice 
of the final regulatory review plan in the Federal Register and post it 
on the FHFA Web site, http://www.fhfa.gov.
    The interim regulatory review plan follows.

Plan for Review of Existing Regulations Under Executive Order 13579

    a. Scope and timing of regulatory reviews. At least every five 
years, FHFA will conduct a review of the regulations it has issued and 
that are in effect. The first regulatory review will begin no later 
than August 2013.
    b. Factors considered in the regulatory reviews. The regulatory 
reviews will take into consideration the following factors, as 
applicable:
    (1) 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;
    (2) Application by Fannie Mae, Freddie Mac, or a Federal Home Loan 
Bank (regulated entity) or the Office of Finance of the Federal Home 
Loan Bank System for revision of a regulation because of reasonably 
discernible regulatory burden or inefficiency;
    (3) Marketplace developments, technological evolution and related 
changes that may have rendered an existing regulation, in whole or in 
part, inefficient, outmoded, or outdated;
    (4) Such other occurrences or developments as determined by FHFA to 
be relevant to a review for inefficiency or unwarranted regulatory 
burden;
    (5) Whether the provisions of the regulation are written in plain 
language or otherwise need clarification;
    (6) Compelling evidence that a consolidation of two or more 
regulations, elimination of a duplicative regulation, or other revision 
to regulatory requirements would facilitate compliance by or 
supervision of a regulated entity or the Office of Finance;
    (7) 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
    (8) Such other factors as determined by FHFA to be relevant to 
determining and evaluating the need for and effectiveness of a 
particular regulation.
    c. Regulatory review process.--(1) The regulatory reviews will be 
conducted by the FHFA Office of General Counsel, under the direction of 
the General Counsel, and will include internal consultation with other 
FHFA offices and staff, guidance provided by the FHFA Director, as well 
as consideration of public comments.
    (2) A review and report of findings and recommendations will be 
provided to the FHFA Director on a timely basis. The report of findings 
and recommendations will be privileged and confidential.
    (3) After receiving the report of findings and recommendations, the 
FHFA 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.
    d. No right of action. The regulatory reviews are not formal or 
informal rulemaking proceedings under the Administrative Procedure Act 
and create no right of action against FHFA. Moreover, the determination 
of FHFA to conduct or not to conduct a review of a regulation and any 
determination, finding, or recommendation resulting from any review are 
not final agency actions and, as such, are not subject to judicial 
review.

    Dated: September 16, 2011.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2011-24405 Filed 9-22-11; 8:45 am]
BILLING CODE 8070-01-P