Source: https://www.federalregister.gov/articles/2013/01/11/2012-31093/relocation-of-regulations
Timestamp: 2015-03-05 18:47:30
Document Index: 620517576

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Federal Register | Relocation of Regulations
Dates: This rule is effective on February 11, 2013.
Effective Date: 02/11/2013
-2331 (13 pages)
Shorter URL: https://federalregister.gov/a/2012-31093 Related Topics
I. Background and Analysis Back to Top
In 1989, Congress amended the Federal Home Loan Bank Act (Bank Act) to authorize the Banks to offer Community Investment Cash Advance (CICA) programs, and to require the Banks to offer advances for housing and economic development activities at targeted income levels through the Community Investment Program (CIP). Part 952 of the Finance Board's regulations implemented the CICA statutory provision by authorizing the Banks, in their discretion, to offer long-term advances or grants to members or housing associates to provide financing for economic development projects for specified targeted beneficiaries. Part 952 also codified the CIP statutory provisions under the CICA regulatory umbrella.
Part 977 is a very short provision that governs inter-Bank borrowing and, under certain circumstances, allows Banks to act as trustee of any trust affecting the business of any member, any institution or group applying for membership or for insurance of accounts, or any group applying for a charter for a federal savings association. FHFA is repealing all of part 977 and is relocating its substantive provisions without any material change to a new subpart B of part 1271. In the relocated regulation, FHFA is striking a reference in § 977.3 to an institution that is applying for “insurance of accounts.” That reference dates to regulations of the Federal Home Loan Bank Board, and would have referred to savings and loan associations that were applying for insurance of accounts from the former Federal Savings and Loan Insurance Corporation. As that term no longer has any relevance to the Banks, FHFA has not included it in the relocated provisions. FHFA is also striking a reference in § 977.3 to “any group applying for a charter for a federal savings association.” That provision also dates back to a time when the Federal Home Loan Bank Board chartered federal savings associations in addition to supervising the Banks. Neither FHFA nor the Banks has any regulatory authority over the chartering of federal savings associations. Therefore this outdated reference is being repealed.
FHFA is removing all references to “exit fees” that appear in part 995. Repealed provisions of the Federal Deposit Insurance Act (FDIA) provided a mechanism for institutions to change their status from Bank Insurance Fund (BIF) member to Savings Association Insurance Fund (SAIF) member and vice versa. In connection with that conversion, institutions were charged an “exit fee,” which under certain circumstances would be transferred to FICO if FICO had exhausted all other sources of funding for interest payments on its obligations. 12 U.S.C. 1815(d)(2)(E)(i)(II) (repealed). Part 995 provided a mechanism for FICO to request exit fee funds pursuant to the FDIA. With the elimination of SAIF, the conversion process was eliminated along with the exit fee and the associated portions of the FDIA. Therefore, there is no longer any need for the FICO regulations to define or refer to exit fees and FHFA is eliminating all such references, as well as obsolete related references to BIF deposits and SAIF deposits, as part of the relocation. FHFA also is not relocating section 995.8(b)(2)(ii), which by its term expired over ten years ago.
FHFA is also updating and correcting in part 995 several erroneous or outdated cross references to statutes and other parts of the CFR.
Part 996 implements section 21B of the Bank Act, which allows certain Bank personnel to perform specified functions on behalf of RefCorp. 12 U.S.C. 1441b(c)(6)(B). Part 996 also permits a Bank to assist in the collection of RefCorp's assessment from SAIF members through the use of a direct debit system.
In particular, section 996.3 requires that each Bank allow any SAIF member whose principal place of business is in its district to establish and maintain at least one demand deposit account for the purpose of facilitating the RefCorp assessment. With the elimination of SAIF some years ago, section 996.3 became obsolete and is being repealed, as is section 996.1, which is an empty reserved section. The remaining provision within part 996, section 996.2, is being relocated in its entirety from the Finance Board Chapter to the FHFA Chapter and being designated as new subpart E of part 1271.
II. Notice and Public Participation Back to Top
Subchapter D—[Removed and Reserved] Back to Top
1.Subchapter D is removed and reserved. Subchapter F—[Removed and Reserved] Back to Top
2.Subchapter F is removed and reserved. Subchapter G—Federal Home Loan Bank Assets and Off-Balance Sheet Items Back to Top
PART 952—[REMOVED] Back to Top
3.Remove part 952. Subchapter H—[Removed and Reserved] Back to Top
4.Subchapter H is removed and reserved. Subchapter I—[Removed and Reserved] Back to Top
5.Subchapter I is removed and reserved. Subchapter J—[Removed and Reserved] Back to Top
6.Subchapter J is removed and reserved. Subchapter K—[Removed and Reserved] Back to Top
7.Subchapter K is removed and reserved. Subchapter L—[Removed and Reserved] Back to Top
8.Subchapter L is removed and reserved. Chapter XII—Federal Housing Finance Agency Back to Top
Subchapter A—Organization and Operations Back to Top
9.Part 1201 is added to read as follows: PART 1201—GENERAL DEFINITIONS APPLYING TO ALL FEDERAL HOUSING FINANCE AGENCY REGULATIONS Back to Top
12 U.S.C. 4511(b), 4513(a), 4513(b).
§ 1201.1 Definitions.
Community Investment Cash Advance or CICA means any advance made through a program offered by a Bank under section 10 of the Bank Act (12 U.S.C. 1430) and parts 1291 and 1292 of this chapter to provide funding for targeted community lending and affordable housing, including advances made under a Bank's Rural Development Funding (RDF) program, offered under section 10(j)(10) of the Bank Act (12 U.S.C. 1430(j)(10)); a Bank's Urban Development Funding (UDF) program, offered under section 10(j)(10) of the Bank Act (12 U.S.C. 1430(j)(10)); a Bank's Affordable Housing Program (AHP), offered under section 10(j) of the Bank Act (12 U.S.C. 1430(j)); a Bank's Community Investment Program (CIP), offered under section 10(i) of the Bank Act (12 U.S.C. 1430(i)); or any other program offered by a Bank that meets the requirements of part 1292 of this chapter.
Community lending means providing financing for economic development projects for targeted beneficiaries, and, for community financial institutions (as defined in § 1263.1 of this chapter), purchasing or funding small business loans, small farm loans, small agri-business loans, or community development loans (as defined in § 1266.1 of this chapter).
Member means an institution that has been approved for membership in a Bank and has purchased capital stock in the Bank in accordance with §§ 1263.20 or 1263.24(b) of this chapter.
Subchapter B—Entity Regulations Back to Top
PART 1225—MINIMUM CAPITAL—TEMPORARY INCREASE Back to Top
10.The authority citation for part 1225 continues to read as follows: Authority:
12 U.S.C. 4513, 4526 and 4612.
§ 1225.2 [Amended]
11.Amend § 1225.2 by removing the definitions for “Enterprise” and “Regulated entity”. PART 1228—RESTRICTIONS ON THE ACQUISITION OF, OR TAKING SECURITY INTERESTS IN MORTGAGES ON PROPERTIES ENCUMBERED BY CERTAIN PRIVATE TRANSFER FEE COVENANTS AND RELATED SECURITIES Back to Top
12.The authority citation for part 1228 continues to read as follows: Authority:
§ 1228.1 [Amended]
13.Amend § 1228.1 by removing the definitions for “Enterprises”, “Federal Home Loan Banks or Banks”, and “Regulated entities”. PART 1229—CAPITAL CLASSIFICATIONS AND PROMPT CORRECTIVE ACTION Back to Top
14.The authority citation for part 1229 continues to read as follows: Authority:
12 U.S.C. 1426, 4513, 4526, 4613, 4614, 4615, 4616, 4617, 4618, 4622, 4623.
§ 1229.1 [Amended]
15.Amend § 1229.1 by removing the definitions for “Bank”, “Bank Act”, “Director”, “Consolidated obligations”, “FHFA”, and “Safety and Soundness Act”. PART 1231—GOLDEN PARACHUTE PAYMENTS Back to Top
16.The authority citation for part 1229 continues to read as follows: Authority:
§ 1231.1 [Amended]
17.Amend § 1231.1 by removing the word “Act” and adding, in its place, the words “Safety and Soundness Act”. § 1231.2 [Amended]
18.Amend § 1231.2 by removing the definitions for “Act”, “Director”, “Enterprise”, “Federal Home Loan Bank”, “FHFA”, “HERA”, “Office of Finance”, and “Regulated entity”. PART 1233—REPORTING OF FRAUDULENT FINANCIAL INSTRUMENTS Back to Top
19.The authority citation for part 1233 continues to read as follows: Authority:
12 U.S.C. 4511, 4513, 4514, 4526, 4642.
§ 1233.2 [Amended]
20.Amend § 1233.2 by removing the definitions for “Bank or Federal Home Loan Bank”, “Director”, “Enterprise”, “Regulated entity”, and “Safety and Soundness Act”. PART 1235—RECORD RETENTION FOR REGULATED ENTITIES AND OFFICE OF FINANCE Back to Top
21.The authority citation for part 1235 continues to read as follows: Authority:
12 U.S.C. 4511(b), 4513(a), 4513b(a)(10) and (11), 4526.
§ 1235.2 [Amended]
22.Amend § 1235.2 by removing the definitions for “Director”, “Federal Home Loan Bank”, “FHFA”, “Financing Corporation”, “Office of Finance”, “Regulated entity”, and “Safety and Soundness Act”. PART 1236—PRUDENTIAL MANAGEMENT AND OPERATIONS STANDARDS Back to Top
23.The authority citation for part 1236 continues to read as follows: Authority:
12 U.S.C. 4511, 4513(a) and (f), 4513b, and 4526.
§ 1236.2 [Amended]
24.Amend § 1236.2 by removing the definition for “FHFA”. PART 1237—CONSERVATORSHIP AND RECEIVERSHIP Back to Top
25.The authority citation for part 1237 continues to read as follows: Authority:
12 U.S.C. 4513b, 4526, 4617.
§ 1237.2 [Amended]
26.Amend § 1237.2 by removing the definitions for “Director”, “Enterprise”, and “Regulated entity”. Subchapter D—Federal Home Loan Banks Back to Top
PART 1261—FEDERAL HOME LOAN BANK DIRECTORS Back to Top
27.The authority citation for part 1261 continues to read as follows: Authority:
12 U.S.C. 1426, 1427, 1432, 4511 and 4526.
§ 1261.1 [Removed and Reserved]
28.Remove and reserve § 1261.1. PART 1263—MEMBERS OF THE BANKS Back to Top
29.The authority citation for part 1263 continues to read as follows: Authority:
12 U.S.C. 1422, 1423, 1424, 1426, 1430, 1442, 4511, 4513.
§ 1263.1 [Amended]
30.Amend § 1263.1 by removing the definitions for “Bank Act” and “Director”. PART 1264—FEDERAL HOME LOAN BANK HOUSING ASSOCIATES Back to Top
31.The authority citation for part 1264 continues to read as follows: Authority:
12 U.S.C. 1430b, 4511, 4513 and 4526.
32.Amend part 1264 by removing the words “the Act”, wherever they appear, and adding, in their place, the words “the Bank Act”. § 1264.1 [Amended]
33.Amend § 1264.1 by removing the definitions for “Act”, “Bank”, and “FHFA”. PART 1265—CORE MISSION ACTIVITIES Back to Top
34.The authority citation for part 1265 continues to read as follows: Authority:
12 U.S.C. 1430, 1430b, 1431, 4511, 4513 and 4526.
§ 1265.1 [Amended]
35.Amend § 1265.1 by removing the definitions for “Bank” and “Acquired member assets or AMA”. PART 1266—ADVANCES Back to Top
36.The authority citation for part 1266 continues to read as follows: Authority:
§ 1266.1 [Amended]
37.Amend § 1266.1 by removing the definitions for “Bank”, “Bank Act”, and “FHFA”. PART 1267—FEDERAL HOME LOAN BANK INVESTMENTS Back to Top
38.The authority citation for part 1267 continues to read as follows: Authority:
§ 1267.1 [Amended]
39.Amend § 1267.1 by removing the definitions for “Bank” and “Bank Act”. PART 1269—STANDBY LETTERS OF CREDIT Back to Top
40.The authority citation for part 1269 continues to read as follows: Authority:
§ 1269.1 [Amended]
41.Amend § 1269.1 by removing the definitions for “Act” and “Bank”. § 1269.4 [Amended]
42.Amend § 1269.4 in paragraph (c) by removing the words “the Act” and adding, in their place, the words “the Bank Act”. PART 1270—LIABILITIES Back to Top
43.The authority citation for part 1269 continues to read as follows: Authority:
12 U.S.C. 1431, 1432, 1435, 4511, 4512, 4513, and 4526.
§ 1270.1 [Amended]
44.Amend § 1270.1 by removing the definitions for “Bank”, “Bank Act”, “Director”, “FHFA”, and “Safety and Soundness Act”. 45.Part 1271 is added to read as follows: PART 1271—MISCELLANEOUS FEDERAL HOME LOAN BANK OPERATIONS AND AUTHORITIES Back to Top
1271.1 Definitions.
1271.2 Authority and scope.
1271.3 General provisions.
1271.4 Incidental powers.
1271.5 Operations.
1271.6 Pricing of services.
1271.7 Rights, powers, responsibilities, duties, and liabilities.
1271.10 Transfer of funds between Banks.
1271.11 Trustee powers.
1271.15 Definitions.
1271.16 Scope.
1271.17 Request for confidential regulatory information.
1271.18 Form of request.
1271.19 Storage of confidential regulatory information.
1271.20 Access to confidential regulatory information.
1271.21 Third party requests for confidential regulatory information.
1271.22 Computer data.
1271.30 Definitions.
1271.31 General authority.
1271.32 Authority to establish investment policies and procedures.
1271.33 Book-entry procedure for Financing Corporation obligations.
1271.34 Bank and Office of Finance employees.
1271.35 Budget and expenses.
1271.36 Administrative expenses.
1271.37 Non-administrative expenses; assessments.
1271.38 Reports to FHFA.
1271.39 Review of books and records.
1271.41 Bank employees.
12 U.S.C. 1430, 1431, 1432, 1441(b)(8), (c), (j), 1442, 4511(b), 4513(a), 4526.
Subpart A—Collection, Settlement, and Processing of Payment Instruments Back to Top
§ 1271.1 Definitions.
§ 1271.2 Authority and scope.
§ 1271.3 General provisions.
§ 1271.4 Incidental powers.
§ 1271.5 Operations.
§ 1271.6 Pricing of services.
§ 1271.7 Rights, powers, responsibilities, duties, and liabilities.
Subpart B—Miscellaneous Bank Authorities Back to Top
§ 1271.10 Transfer of funds between Banks.
§ 1271.11 Trustee powers.
Subpart C—Bank Requests for Information Back to Top
§ 1271.15 Definitions.
§ 1271.16 Scope.
§ 1271.17 Request for confidential regulatory information.
§ 1271.18 Form of request.
§ 1271.19 Storage of confidential regulatory information.
§ 1271.20 Access to confidential regulatory information.
§ 1271.21 Third party requests for confidential regulatory information.
(d) Disclosure to FHFA. (1) Neither this subpart nor any confidentiality agreement executed between a Bank and a financial regulatory agency shall prevent a Bank from disclosing confidential regulatory information in its possession to FHFA whenever disclosure is necessary to accomplish FHFA's supervision of Bank membership applications or Bank director eligibility issues, or disclosing any confidential regulatory information in its possession if such disclosure is made pursuant to an audit conducted pursuant to § 1271.19 or section 20 of the Bank Act (12 U.S.C. 1440).
§ 1271.22 Computer data.
Nothing in this subpart shall preclude a Bank from arranging with any financial regulatory agency to transmit or allow access to confidential regulatory information with the consent of such agency by means of an electronic computer system. Any such arrangement shall ensure the security of the computerized data stored in a Bank's computer and restrict access to such data in order to preserve confidentiality in a manner agreed upon by the Bank and the financial regulatory agency.
Subpart D—Financing Corporation Operations Back to Top
§ 1271.30 Definitions.
§ 1271.31 General authority.
§ 1271.32 Authority to establish investment policies and procedures.
§ 1271.33 Book-entry procedure for Financing Corporation obligations.
§ 1271.34 Bank and Office of Finance employees.
§ 1271.35 Budget and expenses.
§ 1271.36 Administrative expenses.
(a) Payment by Banks. The Banks shall pay all administrative expenses of the Financing Corporation approved pursuant to § 1271.35.
§ 1271.37 Non-administrative expenses; assessments.
(b) Assessments on insured depository institutions—(1) Authority. To provide sufficient funds to pay the non-administrative expenses of the Financing Corporation approved under § 1271.35, the Financing Corporation shall, with the approval of the board of directors of the FDIC, assess against each insured depository institution an assessment in the same manner as assessments are made by the FDIC under section 7 of the Federal Deposit Insurance Act (12 U.S.C. 1817).
(c) Receivership proceeds—(1) Authority. To the extent the amounts collected under paragraph (b) of this section are insufficient to pay the non-administrative expenses of the Financing Corporation approved under § 1271.35, the Financing Corporation shall have authority to require the FDIC to transfer receivership proceeds to the Financing Corporation in accordance with section 21(f)(3) of the Bank Act (12 U.S.C. 1441(f)(3)).
(2) Procedure. The Directorate shall request in writing that the FDIC transfer the receivership proceeds to the Financing Corporation. Such request shall specify the estimated amount of funds required to pay the non-administrative expenses of the Financing Corporation approved under § 1271.35.
§ 1271.38 Reports to FHFA.
§ 1271.39 Review of books and records.
Subpart E—Authority for Bank Assistance of the Resolution Funding Corporation Back to Top
§ 1271.41 Bank employees.
46.The authority citation for part 1272 continues to read as follows: Authority:
§ 1272.1 [Amended]
47.Amend § 1272.1 by removing the definitions for “Bank”, “Bank Act”, and “FHFA”. PART 1273—OFFICE OF FINANCE Back to Top
48.The authority citation for part 1273 continues to read as follows: Authority:
§ 1273.1 [Amended]
49.Amend § 1273.1 by removing the definitions for “Bank”, “Bank Act”, “FHFA”, and “Safety and Soundness Act”. PART 1274—FINANCIAL STATEMENTS OF THE BANKS Back to Top
50.The authority citation for part 1274 continues to read as follows: Authority:
§ 1274.1 [Amended]
51.Amend § 1274.1 by removing the definitions for “Bank”, “FHFA”, and “Office of Finance or OF”. PART 1278—VOLUNTARY MERGERS OF FEDERAL HOME LOAN BANKS Back to Top
52.The authority citation for part 1278 continues to read as follows: Authority:
12 U.S.C. 1432(a), 1446, 4511.
§ 1278.1 [Amended]
53.Amend § 1278.1 by removing the definitions for “Bank”, “Bank Act”, “Director”, “FHFA”, and “Office of Finance”. Subchapter E—Housing Goals and Mission Back to Top
PART 1281—FEDERAL HOME LOAN BANK HOUSING GOALS Back to Top
54.The authority citation for part 1281 continues to read as follows: Authority:
§ 1281.1 [Amended]
55.Amend § 1281.1 by removing the definitions for “Bank”, “Bank Act”, “Director”, and “FHFA”. PART 1282—ENTERPRISE HOUSING GOALS AND MISSION Back to Top
56.The authority citation for part 1282 continues to read as follows: Authority:
§ 1282.1 [Amended]
57.Amend § 1282.1 by removing the definitions for “Director”, “Enterprise”, “Fannie Mae”, “FHFA”, “Freddie Mac”, “Ginnie Mae” and “Safety and Soundness Act”. PART 1290—COMMUNITY SUPPORT REQUIREMENTS Back to Top
58.The authority citation for part 1290 continues to read as follows: Authority:
§ 1290.1 [Amended]
59.Amend § 1290.1 by removing the definitions for “Bank” and “FHFA”. PART 1291—FEDERAL HOME LOAN BANKS' AFFORDABLE HOUSING PROGRAM Back to Top
60.The authority citation for part 1291 continues to read as follows: Authority:
§ 1291.1 [Amended]
61.Amend § 1291.1 by removing the definitions for “Director” and “FHFA”. 62.Part 1292 is added to read as follows: PART 1292—COMMUNITY INVESTMENT CASH ADVANCE PROGRAMS Back to Top
1292.1 Definitions.
1292.2 Scope.
1292.3 Purpose.
1292.4 Targeted Community Lending Plan.
1292.5 Community Investment Cash Advance Programs.
1292.6 Reporting.
1292.7 Documentation.
12 U.S.C. 1430, 4511(b)(2).
§ 1292.1 Definitions.
(3) A Bank's RDF program or UDF program using any combination of the targeted beneficiaries and targeted income levels specified in § 1292.1 of this part; and
(4) Any other advance or grant program offered by a Bank using targeted beneficiaries and targeted income levels other than those specified in § 1292.1 of this part, established by the Bank with the prior approval of FHFA.
Housing projects means projects or activities that involve the purchase, construction, rehabilitation or refinancing (subject to § 1292.5(c) of this part) of, or predevelopment financing for:
(i) The project is located in a neighborhood with a median income at or below the targeted income level; (ii) The project is located in a rural Champion Community, or a rural Empowerment Zone or rural Enterprise Community, as designated by the Secretary of the USDA;
§ 1292.2 Scope.
§ 1292.3 Purpose.
The purpose of this part is to identify targeted community lending projects that the Banks may support through the establishment of CICA programs under section 10(j)(10) of the Bank Act (12 U.S.C. 1430(j)(10)). Pursuant to this part, a Bank may offer RDF or UDF programs, or both, for targeted community lending using the targeted beneficiaries or targeted income levels specified in § 1292.1, without prior FHFA approval. A Bank also may offer other CICA programs for targeted community lending using targeted beneficiaries and targeted income levels other than those specified in § 1292.1, established by the Bank with the prior approval of FHFA. In addition, a Bank shall offer CICA programs under section 10(i) of the Bank Act (12 U.S.C. 1430(i)) (Community Investment Program (CIP)) and section 10(j) of the Bank Act (12 U.S.C. 1430(j)) (AHP). A Bank may provide advances or grants under its CICA programs except for CIP programs, under which a Bank may only provide advances.
§ 1292.4 Targeted Community Lending Plan.
Each Bank shall develop and adopt an annual Targeted Community Lending Plan pursuant to § 1290.6 of this chapter.
§ 1292.5 Community Investment Cash Advance Programs.
(3) Each Bank may offer RDF programs or UDF programs, or both, for targeted community lending using the targeted beneficiaries or targeted income levels specified in § 1292.1 of this part, without prior FHFA approval.
(4) Each Bank may offer CICA programs for targeted community lending using targeted beneficiaries and targeted income levels other than those specified in § 1292.1 of this part, established by the Bank with the prior approval of FHFA.
(d) Pricing and Availability of advances—(1) Advances to members.
For CICA programs other than AHP and CIP, a Bank shall price advances to members as provided in § 1266.5 of this chapter, and may price such advances at rates below the price of advances of similar amounts, maturities and terms made pursuant to section 10(a) of the Bank Act. (12 U.S.C. 1430(a)).
(ii) A Bank shall price advances to housing associate borrowers as provided in § 1266.17 of this chapter, and may price such advances at rates below the price of advances of similar amounts, maturities and terms made pursuant to section 10b of the Bank Act. (12 U.S.C. 1430b).
§ 1292.6 Reporting.
§ 1292.7 Documentation.