HUD: Proposed Rulemaking Issued to Modernize the Country’s Largest Affordable Housing Grant Program, Making Housing More Accessible for Families Nationwide
The Notice of Proposed Rulemaking for HUD’s HOME Investment Partnerships Program would boost housing supply, support homeownership, and reduce burden on states and local governments. The U.S. Department of Housing and Urban Development (HUD) published a preview of a Notice of Proposed Rulemaking to modernize regulations for the HOME Investment Partnership Program (HOME), with publication…
HUD: New Rule Issued to Revitalize Housing Voucher Program
This Rule increases efficiency and creates opportunities for housing providers to preserve and grow the supply of affordable housing. Today, the U.S. Department of Housing and Urban Development (HUD) announced the publication of a new rule implementing portions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Principal Deputy Assistant Secretary for Public and Indian Housing…
Agencies Issue Proposal on Incentive-Based Compensation
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The National Credit…
Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to…
HUD: Fair Housing Guidance Issued on Applications of Artificial Intelligence
Department recommends best practices to prevent discriminatory uses of artificial intelligence in tenant screening and advertising of housing and housing-related services Today, the U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular…
SBA: New Rule Announced to Increase Economic Opportunity for Returning Citizens
New SBA Rule Will Make it Easier for Returning Citizens to Start and Run a Business, Creating Economic Opportunity and Reducing Recidivism Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced that the Biden-Harris Administration has finalized a new rule…
HUD: New Guidance Issued to Protect Borrowers from Appraisal Bias
Federal Housing Administration’s new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Today, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the Department’s work to protect borrowers from racial or ethnic…
FHFA: Enterprise Reconsideration of Value Policies Announced
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the…
FHFA: Fair Lending Final Rule Released
The Federal Housing Finance Agency (FHFA) today released its Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule, together with Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plan updates for 2024 and Performance Reports for 2023. The final rule codifies in regulation FHFA’s fair lending oversight requirements for the Enterprises…
HUD: Final Rule Announced to Protect Communities from Flooding Events and Rising Insurance Costs
The Federal Flood Risk Management Standard (FFRMS) protects families and federal investments against future flood risks – decreasing harm, saving lives, and reducing insurance costs Today, the U.S. Department of Housing and Urban Development (HUD) published a Federal Flood Risk Management Standard (FFRMS) final rule in the Federal Register to help communities prepare for and reduce flood…