[Federal Register Volume 64, Number 29 (Friday, February 12, 1999)]
[Notices]
[Pages 7406-7407]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3465]
[[Page 7405]]
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Part VI
Department of Housing and Urban Development
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Delegation of Authority to the Assistant Secretary and the Deputy
Assistant Secretary for Housing-Federal Housing Commissioner; Notice
Redelegation of Authorities to the Assistant Secretary for Fair Housing
and Equal Opportunity; Notice
Federal Register / Vol. 64, No. 29 / Friday, February 12, 1999 /
Notices
[[Page 7406]]
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4461-D-01]
Delegation of Authority Under the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 to the Assistant Secretary
for Housing-Federal Housing Commissioner and the Deputy Assistant
Secretary for Housing-Deputy Federal Housing Commissioner
AGENCY: Office of the Secretary, HUD.
ACTION: Notice of delegation of authority.
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SUMMARY: This notice delegates to the Assistant Secretary for Housing-
Federal Housing Commissioner and the General Deputy Assistant Secretary
for Housing-Deputy Federal Housing Commissioner certain of the
Secretary's powers and authorities under the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992.
EFFECTIVE DATE: February 5, 1999.
FOR FURTHER INFORMATION CONTACT: Janet A. Tasker, Acting Director,
Government Sponsored Enterprise Staff, Room 6154, telephone (202) 708-
2224; or for legal questions, contact Kenneth Markison, Assistant
General Counsel for GSE/RESPA, Room 9262, telephone (202) 708-3137
(these are not toll-free numbers). The address for both persons is
Department of Housing and Urban Development, 451 Seventh Street, S.W.,
Washington, D.C. 20410. For hearing-and speech-impaired persons, the
telephone numbers may be accessed via TTY (text telephone) by calling
the Federal Information Relay Service at 1-800-877-8339.
SUPPLEMENTARY INFORMATION: Under the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (FHEFSSA) (12 USC 4501 et
seq.), the Secretary of Housing and Urban Development has general and
specific regulatory authorities respecting the Federal National
Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac) (collectively, the Government-Sponsored
Enterprises or GSEs). FHEFSSA's purpose is to establish a regulatory
framework for the GSEs that reflects their unique status as government-
sponsored enterprises that receive substantial public benefits. FHEFSSA
substantially overhauled the regulatory authorities and structure for
GSE regulation.
Under FHEFSSA, the Secretary is responsible for establishing
housing goals for the GSEs' purchases of mortgages financing: housing
for low-and moderate-income families; housing located in central
cities, rural areas, and other underserved areas; and special
affordable housing to meet the unaddressed needs of low-income families
in low-income areas and very low-income families. In addition, FHEFSSA
mandates that the Secretary: prohibit the GSEs from discriminating in
their mortgage purchases; require the GSEs to submit data to assist
investigations of mortgage lenders under the Fair Housing Act and the
Equal Credit Opportunity Act (ECOA); obtain information on Fair Housing
Act and ECOA violations and provide such information to the GSEs;
direct the GSEs to take remedial actions against lenders with
discriminatory lending practices; and periodically review and comment
on the GSEs' underwriting and appraisal guidelines to ensure that the
guidelines are consistent with FHEFSSA and the Fair Housing Act.
FHEFSSA also sets forth requirements for the Secretary's review and
approval of the GSEs' new programs, for GSE submission of mortgage
purchase data and reports to the Secretary, for the Secretary's
dissemination of data and protection of proprietary information, and
for enforcement and other proceedings. The Secretary implemented these
responsibilities in a regulation codified at 24 CFR part 81.
This notice delegates certain specified powers and authorities of
the Secretary under FHEFSSA to the Assistant Secretary for Housing-
Federal Housing Commissioner. No previous delegation of this authority
has been published in the Federal Register. The authority delegated
under this notice does not, however, include the Secretary's general
regulatory power (except to the extent that it authorizes the issuance
of regulations), authority provided to Administrative Law Judges in 24
CFR part 81, or the authority to: determine whether data is
proprietary; issue orders providing that data is proprietary; submit
annual reports to Congress; or make certain income adjustments or
determinations. The authority delegated under this notice includes the
authority to issue rules and regulations under FHEFSSA, waive such
regulations, and take other appropriate actions, as specified, to
implement FHEFSSA. When taking actions involving the Office of Federal
Housing Enterprise Oversight (OFHEO), the delegatees shall consult with
the Secretary.
Accordingly, the Secretary hereby delegates the following:
Section A. Authority
1. With the exception of the income adjustments and determinations
under 12 U.S.C. 4502(8)(B), (9), (10)(B), and (19)(B), and the
authority and power provided to Administrative Law Judges under 24 CFR
81.82(b)(2) and (b)(3), 81.83(d)(3)-(4), and 81.84, the Secretary
delegates to the Assistant Secretary for Housing-Federal Housing
Commissioner and the General Deputy Assistant Secretary for Housing-
Deputy Federal Housing Commissioner all the power and authority with
respect to housing goal activities in 12 U.S.C. 4502 and 4561-88
including, but not limited to: monitoring the GSEs' performance under
the housing goals and enforcing compliance with the goals, including
determining whether a GSE has failed, or is likely to fail, to meet a
housing goal; providing written notices to the GSEs of failure or
substantial probability of failure to meet a goal; extending response
periods for the GSEs; requiring a housing plan; providing required
notices to Congress under the housing goal provisions; reviewing
housing plans; approving and disapproving housing plans; monitoring
compliance with housing plans; issuing cease-and-desist orders and
imposing civil money penalties; requesting the Attorney General to
bring actions; settling and depositing civil money penalties; and
making orders and agreements publicly available.
2. With the exception of the authority and power provided to
Administrative Law Judges under 24 CFR 81.46(e)(1), the Secretary
delegates to the Assistant Secretary for Housing-Federal Housing
Commissioner and the General Deputy Assistant Secretary for Housing-
Deputy Federal Housing Commissioner all the power and authority under
the Fair Housing provisions of FHEFSSA at 12 U.S.C. 4545 and under
regulations at 24 CFR part 81, subpart C, including, but not limited
to: prohibiting each GSE from discriminating in any manner in the
purchase of any mortgage because of race, color, religion, sex,
handicap, familial status, age, or national origin, including any
consideration of the age or location of the dwelling or the age of the
neighborhood or census tract where the dwelling is located in a manner
that has a discriminatory effect; requiring each GSE to submit data to
assist in investigating whether a mortgage lender with which a GSE does
business has failed to comply with the Fair Housing Act; requiring each
GSE to submit data to assist in investigating whether a mortgage lender
with which a GSE does business has failed to comply with the Equal
Credit Opportunity Act (ECOA) and to submit information to ECOA
enforcement agencies; obtaining information on Fair Housing Act and
[[Page 7407]]
ECOA violations and providing that to the GSEs; directing the GSEs to
take remedial actions against lenders with discriminatory lending
practices; reviewing and commenting on the GSEs' underwriting and
appraisal guidelines to ensure that such guidelines are consistent with
the Fair Housing Act and FHEFSSA; and requesting the Director of the
Office of Federal Housing Enterprise Oversight to bring actions under
12 U.S.C. 4631 and 12 U.S.C. 4636 to enforce violations of 12 U.S.C.
4545.
3. With the exception of the authority and power provided to
Administrative Law Judges under 24 CFR 81.82(b)(2) and (b)(3),
81.83(d)(3)-(4), and 81.84, the Secretary delegates to the Assistant
Secretary for Housing-Federal Housing Commissioner and the General
Deputy Assistant Secretary for Housing-Deputy Federal Housing
Commissioner all the power and authority with respect to prior approval
of new programs under 12 U.S.C. 4542 including, but not limited to:
requiring that GSEs submit information about a program and requiring
that GSEs submit new program requests under 24 CFR 81.52; approving and
disapproving new program requests; extending the period for new program
review.
4. With the exception of the authority and power provided to
Administrative Law Judges under 24 CFR 81.82(b)(2) and (b)(3),
81.83(d)(3)-(4), and 81.84, the Secretary delegates to the Assistant
Secretary for Housing-Federal Housing Commissioner and the General
Deputy Assistant Secretary for Housing--Deputy Federal Housing
Commissioner all the power and authority with respect to reporting
activities in 12 U.S.C. 1456(e)-(f), 1723a(m)-(n), and 4547, and under
24 CFR 81.102, including but not limited to: determining the form of
data submitted; requiring the submission of additional data
characteristics; requiring additional reports and other information
concerning GSE activities; requiring the GSEs to provide data
underlying any of the reports required under 24 CFR part 81 and to
conduct additional analyses concerning any report required under 24 CFR
part 81; and to independently verify the accuracy and completeness of
data, information, and reports provided by each GSE, including
conducting on-site verification when such steps are reasonably related
to: determining whether a GSE is complying with 12 U.S.C. 4541-4589 and
the GSEs' Charter Acts; establishing standards and procedures for and
imposing civil money penalties; requesting the Attorney General to
bring actions; settling and depositing civil money penalties; making
orders and agreements publicly available; ); and requesting the
Director of the Office of Federal Housing Enterprise Oversight to bring
actions under 12 U.S.C. 4631 and 12 U.S.C. 4636 to enforce violations
of 12 U.S.C. 1456(e)-(f), 1723a(m)-(n), and 4547, and 24 CFR 81.102.
5. The Secretary delegates to the Assistant Secretary for Housing--
Federal Housing Commissioner and the General Deputy Assistant Secretary
for Housing-Deputy Federal Housing Commissioner all the power and
authority with respect to access to information activities in 12 U.S.C.
4525, 4543, and 4546 including, but not limited to: recommending the
invocation of 5 U.S.C. 552(b)(4), (6), and (8); and not providing
public access to proprietary data.
6. The Secretary delegates to the Assistant Secretary for
Housing'Federal Housing Commissioner and the General Deputy Assistant
Secretary for Housing-Deputy Federal Housing Commissioner all the power
and authority with respect to book-entry procedure activities in 24 CFR
part 81, subpart H, including, but not limited to establishing certain
procedures for Federal Reserve Banks and waiving book-entry
regulations.
7. The Secretary delegates to the Assistant Secretary for Housing-
Federal Housing Commissioner and the General Deputy Assistant Secretary
for Housing-Deputy Federal Housing Commissioner all the power and
authority with respect to the Office of Federal Housing Enterprise
Oversight (OFHEO) activities in 12 U.S.C. 4513(c), 4516(g)(1)-(2), and
4548(b) including, but not limited to: reviewing and approving certain
actions of the OFHEO Director; and receiving and commenting to Congress
on OFHEO's financial plans, forecasts, and operations reports. When
taking action relating to OFHEO under this paragraph, the Assistant
Secretary for Housing--Federal Housing Commissioner and the General
Deputy Assistant Secretary for Housing-Deputy Federal Housing
Commissioner shall consult with the Secretary.
8. The Secretary delegates to the Assistant Secretary for Housing-
Federal Housing Commissioner and the General Deputy Assistant Secretary
for Housing-Deputy Federal Housing Commissioner all the power and
authority with respect to issuing regulations under the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501
et seq.) and waiving regulations promulgated under such Act.
9. The Secretary delegates to the Assistant Secretary for Housing--
Federal Housing Commissioner and the General Deputy Assistant Secretary
for Housing-Deputy Federal Housing Commissioner the power and authority
to take any appropriate action to implement the power and authority
delegated under this delegation.
Section B. Authority to Redelegate
The Assistant Secretary for Housing-Federal Housing Commissioner
and the General Deputy Assistant Secretary for Housing-Deputy Federal
Housing Commissioner may redelegate to employees of the Department any
of the power and authority delegated under this delegation.
Authority: Secs. 1302 and 1331-48 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992, 12 U.S.C.
4502 and 4561-88; section 7(d), Department of Housing and Urban
Development Act, 42 U.S.C. 3535(d).
Dated: February 5, 1999.
Andrew Cuomo,
Secretary.
[FR Doc. 99-3465 Filed 2-11-99; 8:45 am]
BILLING CODE 4210-32-P
