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B-336376 May 31, 2024 1 (2024-05-31)

handle is hein.gao/gaoqdx0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-336376 May 31, 2024 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Federal Housing Finance Agency: Fair Lending, Fair Housing, and Equitable Housing Finance Plans Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Housing Finance Agency (FHFA) entitled Fair Lending, Fair Housing, and Equitable Housing Finance Plans (RIN: 2590-AB29). We received the rule on April 30, 2024. It was published in the Federal Register as a final rule on May 16, 2024. 89 Fed. Reg. 42768. The effective date of the rule is July 15, 2024, except for subpart D to part 1293 (amendatory instruction 2), which will become effective on February 15, 2026. FHFA states that this final rule codifies in regulation much of the agency's existing practices and programs regarding fair housing and fair lending oversight of its regulated entities, the Equitable Housing Finance Plan program for the Enterprises, and requirements for the Enterprises to collect and report language preference, homeownership education, and housing counseling information. FHFA also states that the rule makes changes to the Equitable Housing Finance Plan program to promote greater accountability for the Enterprises and public transparency, adds oversight of unfair or deceptive acts or practices to FHFA's fair housing and fair lending oversight programs, requires additional certification of compliance by the regulated entities, and establishes more precise standards related to fair housing, fair lending, and principles of equitable housing for regulated entity boards of directors. Finally, FHFA states that the rule establishes a requirement for the Federal Home Loan Banks to report annually on any actions they voluntarily take to address barriers to sustainable housing opportunity for underserved communities in order to provide public transparency but does not require the Federal Home Loan Banks to undertake such actions or engage in the planning process required of the Enterprises. Enclosed is our assessment of FHFA's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions

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