Newsroom
FHFA issues proposed rule for GSEs, extends COVID loan flexibilities
The Federal Housing Finance Agency (FHFA) Monday issued a proposed rule that would require the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to provide advance notice of new activities and obtain approval from the agency before launching new products. The proposed rule replaces the interim final rule that has been in effect since 2009.
As proposed, the rule would establish criteria for determining whether a new activity requires notice to the FHFA and if the activity merits public notice and comment, as well as implement section 1321 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
“The proposed rule will enhance the safety and soundness of the secondary mortgage market by ensuring the Enterprises adhere to their statutory missions,” said FHFA Director Mark Calabria. “This proposed rule is an important step as the Agency works to end the Enterprises’ conservatorships.”
In addition, the agency has announced that it is extending several of its pandemic-related loan flexibilities through Nov. 30 to ensure continued support for borrowers. The flexibilities, which were originally set to expire Oct. 31 include:
- alternative appraisals on purchase and rate term refinance loans;
- alternative methods for documenting income and verifying employment before loan closing; and
- expanding the use of power of attorney to assist with loan closings.
NAFCU will continue to work with the FHFA on any housing finance reform-related efforts and to ensure credit unions’ concerns are addressed as they work to meet the needs of their members during the pandemic.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.