The effective date for most of the amendments will be April 2024; however, some of the amendments—including those relating to the method for computing exposure and risk-weighted asset amounts for derivatives and cleared transactions —will be effective January 2026. Receivership and Resolution Planning Under the GSE Act, the Director of FHFA must place us into receivership if they determine that our assets are less than our obligations (that is, we have a net worth deficit) or if we have not been paying our debts as they become due, in either case, for a period of 60 days. FHFA has clarified that the 60-day measurement period will commence no earlier than the SEC filing deadline for our Form 10-K or Form 10-Q for the relevant period. Under the GSE Act we could also be put into receivership at the discretion of the Director of FHFA if the statutory grounds for the discretionary appointment of a receiver are met. This includes: a substantial dissipation of assets or earnings due to unsafe or unsound practices; the existence of an unsafe or unsound condition to transact business; an inability to meet our obligations in the ordinary course of business; a weakening of our condition due to unsafe or unsound practices or conditions; critical undercapitalization; undercapitalization and no reasonable prospect of becoming adequately capitalized; the likelihood of losses that will deplete substantially all of our capital; or by consent.
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