On April 19, 2023, the FHFA announced that it is seeking comment on a proposed rule that would formalize many of the Agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities. The rule would also expand requirements for the Enterprises in fair lending compliance and provide greater oversight and transparency regarding the Equitable Housing Finance Plans.

In particular, the Notice of Proposed Rulemaking aims to codify in regulation the following:

FHFA’s fair lending oversight requirements for Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks (Banks);
The requirements for the Enterprises to maintain Equitable Housing Finance Plans; and
The requirements for the Enterprises to collect and report homeownership education, housing counseling, and language preference information from the Supplemental Consumer Information Form (SCIF).

The objective of FHFA in this rulemaking is to provide increased public transparency and greater oversight and accountability of the regulated entities’ fair housing and fair lending compliance. FHFA will accept comments on the proposed rule within 60 days from its publication in the Federal Register.

Read the FHFA’s announcement here.

The proposed rule can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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