; and (4) continue and seek to increase transactions in which the first loss position is transferred or shared and through structures that are scalable and transparent. (c) Guarantee fees The enterprises shall set and publish guarantee fees, including up-front delivery fees and loan level price adjustments, commensurate with the enterprises’ reduced credit risk resulting from any new risk-transfer transaction. (d) APA compliance The guidelines required under subsection (a) shall be issued and made available to the public pursuant to section 553 of title 5, United States Code. (e) Compensation The Director shall adjust individual and corporate scorecards used in determining compensation for relevant enterprise employees to align with the considerations of subsection (b). (f) Exemption from certain Commodity Exchange Act provisions A swap (as such term is defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) entered into for the purpose of transferring or sharing credit risk in connection with a risk-transfer transaction shall not be deemed to be a commodity interest (as such term is defined in section 1.3(yy) of the regulations of the Commodity Futures Trading Commission (17 C.F.R. 1.3(yy))), and no swap counterparty or other person sponsoring or arranging a risk-transfer transaction shall be deemed to be a commodity pool operator (as such term is defined in section 1.3(cc) of such regulations), solely by virtue of entering into or sponsoring or arranging such a swap in connection with such transaction. (g) Report The Director shall submit a report, not later than October 30 of each year, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, on the activities of each enterprise in meeting the guidelines established under subsection (a) and any obstacles the Director has determined have impeded the ability of the enterprises to meet such guidelines. (h) Definitions For purposes of this section, the following