Comments due on FHFA prior approval proposal
The FHFA is seeking comments on a notice of proposed rulemaking that would require Fannie Mae and Freddie Mac (the Enterprises) to provide advance notice to FHFA of new activities and obtain prior approval before launching new products. The proposed rule would also establish revised criteria for determining whether a new activity requires notice to FHFA and for determining if that activity is a new product that merits public notice and comment. The proposed rule would replace the interim final rule that has been in effect since 2009.
The proposed rule’s requirements would also outline the process for FHFA review of a new activity and the timelines for approving a new product, including issuing a public notice and requesting public comment about a potential new product. Comments on the proposal will be accepted for 60 days following Federal Register publication.
PUBLICATION AND COMMENT DEADLINE UPDATE: Published at 85 FR 71276 on November 9, 2020, with a comment period ending on January 8, 2021.
- FHFA press release