The Federal Housing Finance Agency (FHFA) issued on April 19 a proposed rule that would codify in regulation FHFA’s fair lending oversight requirements for Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks and the requirements for Fannie Mae and Freddie Mac to maintain Equitable Housing Finance Plans. Through its participation in the Underserved Mortgage Markets Coalition (UMMC), LeadingAge supports the effort to ensure the longevity of the Equitable Housing Finance Plans. Once final, the proposed rule would expand FHFA oversight of “potential unfair or deceptive acts or practices by [Fannie and Freddie]” and require them to file regular reports certifying compliance with fair-lending and fair-housing laws as well as the Equitable Housing Finance Plans, which are designed to foster housing finance markets that provide equitable access to affordable and sustainable housing.

As the proposed rule describes, “Under the Fair Housing Act, all Federal agencies having regulatory or supervisory authority over financial institutions, including FHFA, are required to administer their programs and activities relating to housing and urban development in a manner that affirmatively furthers the purposes of the Fair Housing Act, which includes providing for fair housing throughout the United States.” There is a 60-day comment period for the proposed rule.

For additional information on LeadingAge’s work in this area, visit the 2023 Policy Priorities page and select the Affordable Housing tab on the left.