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The Federal Housing Finance Agency (FHFA) issued a Policy Statement on Fair Lending, articulating their commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, as well as providing a foundation for building FHFA’s fair lending program.
The Policy Statement notes that the Fair Housing Act and the Equal Credit Opportunity Act are instrumental in supporting an inclusive U.S. housing system. Additionally, the Federal Housing Enterprises Financial Safety and Soundness Act empowers the FHFA to effectuate the fair lending laws through monitoring, information-gathering, and engaging in enforcement activities.
The FHFA has also issued orders for all enterprises to submit quarterly Fair Lending Reports with fair lending data and information to improve the FHFA’s capabilities.
Acting director of the FHFA, Sandra L. Thompson, said, “Illegal discrimination has not and will not be tolerated by FHFA. The FHFA is committed to fair mortgage lending because it ensures that all Americans have equal access to safe, decent, and affordable housing. FHFA's Policy Statement on Fair Lending clearly communicates the Agency's fair lending expectations for the regulated entities and outlines the Agency's fair lending oversight and enforcement to ensure compliance with the law.”
The FHFA invites comments on the application of the Policy Statement within 60 days of its publication in the Federal Register. Comments can be submitted electronically or via mail to the FHFA, Office of Fair Lending Oversight, 400 7th Street, S.W., Washington, D.C., 20219.
To read the full policy statement, visit the FHFA website.