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Miscellaneous Federal Home Loan Bank Operations and Authorities-Financing Corporation Assessments

FHFA · final-rule · Published 2018-12-07 · Effective 2019-01-07 · 83 FR 63054

Document

Document number
2018-26449
Federal Register citation
83 FR 63054
CFR reference
12 CFR 1271
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Housing Finance Agency
Publication date
2018-12-07
Effective date
2019-01-07

Abstract

The Federal Housing Finance Agency (FHFA) is adopting a final rule pertaining to the operation of the Financing Corporation (FICO), a vehicle established by one of FHFA's predecessors to issue bonds, the proceeds of which were used to help fund the resolution of failed savings and loan associations during the 1980s. The last of those FICO bonds will mature in September 2019. By statute, FICO obtains the monies to pay the interest on those bonds by assessing depository institutions (FICO assessments) that are insured by the Federal Deposit Insurance Corporation (FDIC). The final rule addresses the manner in which FICO will conduct the 2019 FICO assessments, which will be the last of those assessments. Specifically, the final rule provides that all payments made by FDIC-insured depository institutions during 2019 are final, and that no adjustments to prior FICO assessments will be permitted after March 26, 2019, the projected date as of which the FDIC will finalize the amounts of the final collection for the 2019 FICO assessments.

Source

Authoritative
Federal Register document
Machine
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