United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2016_register executive 2016-01-19 article Part II Rules and Regulations D09002ee1c7f6a6ee D09002ee1c7f6a801 United States Federal Housing Finance Agency originator org United States Government Agency or Subagency The Federal Housing Finance Agency (FHFA) has adopted a final rule revising its regulations governing Federal Home Loan Bank (Bank) membership. The final rule adopts several key revisions included in the Notice of Proposed Rulemaking. These revisions will prevent the circumvention of the statute's membership restrictions by ineligible entities using captive insurers as conduits for Bank membership by defining the term "insurance company" to exclude captive insurers, thereby making them ineligible for Bank membership; permit any Bank that has admitted captives to membership a transition period within which to wind down its affairs with those entities; require a Bank to obtain and review an insurance company's audited financial statements when considering its application for membership; clarify the standards by which a Bank is to determine the "principal place of business" for its members, including specific standards for insurance companies and community development financial institutions; and remove obsolete provisions and make numerous non-substantive textual revisions so as to provide greater clarity. The final rule does not implement the proposed rule's provisions with respect to continuing eligibility requirements, in order, as explained below, to avoid compliance burdens that may outweigh the benefits. The specific revisions made, and the rationale for making them, are set forth in the SUPPLEMENTARY INFORMATION below. 81 FR 3246 https://www.govinfo.gov/app/details/FR-2016-01-20/2016-00761 2016-00761 fr20ja16-12 RIN 2590-AA39 8070-01-P https://www.govinfo.gov/app/details/FR-2016-01-20/2016-00761 https://www.govinfo.gov/content/pkg/FR-2016-01-20/html/2016-00761.htm https://www.govinfo.gov/content/pkg/FR-2016-01-20/pdf/2016-00761.pdf Federal Home Loan Banks Reporting and Recordkeeping Requirements 43 p. 3246 3288 81 FR 3246 Title 12 Part 1263 12 CFR Part 1263 RIN 2590-AA39 Members of Federal Home Loan Banks; Federal Register Vol. 81, Issue RULE 2016-00761 II FEDERAL HOUSING FINANCE AGENCY 2016-02-19 8070-01-P 2016-00761 Final rule.

The Federal Housing Finance Agency (FHFA) has adopted a final rule revising its regulations governing Federal Home Loan Bank (Bank) membership. The final rule adopts several key revisions included in the Notice of Proposed Rulemaking. These revisions will prevent the circumvention of the statute's membership restrictions by ineligible entities using captive insurers as conduits for Bank membership by defining the term "insurance company" to exclude captive insurers, thereby making them ineligible for Bank membership; permit any Bank that has admitted captives to membership a transition period within which to wind down its affairs with those entities; require a Bank to obtain and review an insurance company's audited financial statements when considering its application for membership; clarify the standards by which a Bank is to determine the "principal place of business" for its members, including specific standards for insurance companies and community development financial institutions; and remove obsolete provisions and make numerous non-substantive textual revisions so as to provide greater clarity. The final rule does not implement the proposed rule's provisions with respect to continuing eligibility requirements, in order, as explained below, to avoid compliance burdens that may outweigh the benefits. The specific revisions made, and the rationale for making them, are set forth in the SUPPLEMENTARY INFORMATION below.

Effective Date: February 19, 2016. Eric M. Raudenbush, Assistant General Counsel, Office of General Counsel, Eric.Raudenbush@fhfa.gov, (202) 649-3084; or Julie Paller, Senior Financial Analyst, Supervisory and Regulatory Policy, Division of Bank Regulation, Julie.Paller@fhfa.gov, (202) 649-3201 (not toll-free numbers), Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877- 8339. Federal Home Loan Banks Reporting and Recordkeeping Requirements Members of Federal Home Loan Banks , Eric.Raudenbush@fhfa.gov Julie.Paller@fhfa.gov http://captivereview.com/news/2015-us-captive-services-awards-winners-announced/ http://usa.marsh.com/Portals/9/Documents/6454MA14-12785CAPNewsletter03-2014.pdf http://www.fa-mag.com/news/do-it-yourself-insurance-18548.html?issue=230 http://www.naic.org/cipr_newsletter_archive/vol2_captive.htm http://www.naic.org/store/free/SPV-OP-13-ELS.pdf http://www.nytimes.com/2011/05/09/business/economy/09insure.html?pagewanted=all&_r=0 http://www.rmmagazine.com/2014/08/01/steady-as-she-goes-2014-captive-domicile-review/ http://www.willis.com/documents/publications/services/captives/20140426_50294_PUBLICATION_Global_Captive_Management_Alert_FINAL.pdf Vol. 81, no. 12 Office of the Federal Register, National Archives and Records Administration 2016-01-20 continuing daily deposited born digital 332 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2016-01-20 P0b002ee18e5564cc 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr20ja16 https://www.govinfo.gov/app/details/FR-2016-01-20 https://www.govinfo.gov/content/pkg/FR-2016-01-20/pdf/FR-2016-01-20.pdf https://www.govinfo.gov/content/pkg/FR-2016-01-20/xml/FR-2016-01-20.xml fdlp 2967 3288 DGPO 2016-01-19 2024-06-02 FR-2016-01-20 machine generated eng FR FR-2016-01-20 81 12