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    FHFA Rule on Reporting of Dodd-Frank Act Stress Testing Results

    July 25, 2019

    FHFA published a Federal Register notice specifying that it issued Orders, dated March 05, 2019, with respect to the stress test reporting as of December 31, 2018, under section 165(i)(2) of the Dodd-Frank Act. Summary instructions and guidance accompanied the Orders and also provided testing scenarios. The Orders were issued to Fannie Mae, Freddie Mac, and Federal Home Loan Banks (FHLBanks). Each regulated entity shall report to FHFA and to FED the results of the stress testing, as required by 12 CFR 1238, in the form and with the content described therein and in the summary instructions and guidance, with Appendices 1 through 12 thereto.

    FHFA is responsible for ensuring that the regulated entities operate safely and soundly, including the maintenance of adequate capital and internal controls; that their operations and activities foster liquid, efficient, competitive, and resilient national housing finance markets; and that they carry out their public policy missions through authorized activities. These Orders are being issued under 12 U.S.C. 4516(a), which authorizes the Director of FHFA to require by Order that the regulated entities submit regular or special reports to FHFA and establishes remedies and procedures for failing to make reports required by Order. The Orders, through the accompanying summary instructions and guidance, prescribe, for the regulated entities, the scenarios to be used for stress testing. The summary instructions and guidance also provide, to the regulated entities, advice concerning the content and format of reports required by the Orders and the rule.

    The Enterprises (Fannie Mae and Freddie Mac) must submit results of the Baseline, Adverse, and Severely Adverse scenarios to FHFA and FED on or before May 20, 2019 and must publicly disclose a summary of the results of only the Severely Adverse scenario between August 01 and August 15. FHLBanks are to report results of the Baseline, Adverse, and Severely Adverse scenarios to FHFA and FED by August 31 and publicly disclose a summary of the results of only the Severely Adverse scenario between November 15 and November 30.

     

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    Keywords: Americas, US, Banking, DFAST, Stress Testing, Dodd-Frank Act, Orders, Reporting, Fannie Mae, Freddie Mac, FHL Bank System, FED, FHFA

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