FHFA seeks to codify fair lending practices

The Federal Housing Finance Agency today announced a proposed rule to codify many of the agency’s existing practices and programs regarding fair housing and fair lending oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

According to FHFA, the rule would codify in regulation its fair lending oversight requirements for both GSEs and FHLBs; its requirements for the GSEs to maintain equitable housing finance plans; and its requirements for the GSEs to collect and report homeownership education, housing counseling and language preference information from the supplemental consumer information form.

The rule would also expand requirements for both GSEs in fair lending compliance and provide greater oversight and transparency regarding equitable housing finance plans, according to the agency. Comments on the proposal are due 60 days after publication in the Federal Register.