[Federal Register Volume 77, Number 35 (Wednesday, February 22, 2012)]
[Rules and Regulations]
[Pages 10351-10352]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-4056]



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  Federal Register / Vol. 77, No. 35 / Wednesday, February 22, 2012 / 
Rules and Regulations  

[[Page 10351]]



FEDERAL HOUSING FINANCE AGENCY

[No. 2012-N-01]

12 CFR Chapter XII


Regulatory Review Plan

AGENCY: Federal Housing Finance Agency.

ACTION: Notice of final regulatory review plan.

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

DATES: The effective date of this document is April 23, 2012.

FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel, 
[email protected], telephone (202) 649-3050 (not a toll-free 
number), Federal Housing Finance Agency, Eighth Floor, 400 Seventh 
Street SW., Washington, DC 20024. The telephone number for the 
Telecommunications Device for the Deaf is (800) 877-8339.

SUPPLEMENTARY INFORMATION: 

I. 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.

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.

II. Notice of Regulatory Review Plan

    FHFA published a notice of its interim regulatory review plan and 
requested comments on the plan. 76 FR 59066 (September 23, 2011). FHFA 
received no comments. FHFA is adopting as final the interim regulatory 
review plan without change. The final 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

[[Page 10352]]

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: February 15, 2012.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. 2012-4056 Filed 2-21-12; 8:45 am]
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