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B-334366 Jun 17, 2022 1 (2022-06-17)

handle is hein.gao/gaongc0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334366 June 17, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Housing Finance Agency: Capital Planning and Stress Capital Buffer Determination Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Housing Finance Agency (FHFA) entitled Capital Planning and Stress Capital Buffer Determination (RIN: 2590-AB16). We received the rule on May 31, 2022. It was published in the Federal Register as a final rule on June 3, 2022. 87 Fed. Reg. 33615. The effective date is August 2, 2022. According to FHFA, it is adopting a final rule that supplements its Enterprise Regulatory Capital Framework (ERCF) final rule by requiring the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to submit annual capital plans to FHFA and provide prior notice for certain capital actions. See generally 85 Fed. Reg. 82150 (Dec. 17, 2020) (ERCF final rule). FHFA stated that the final rule incorporates the stress capital buffer determination from the ERCF final rule into the capital planning process. FHFA also stated that the requirements in the final rule are consistent with the regulatory framework for capital planning for large bank holding companies. Enclosed is our assessment of FHFA's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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