{"id":266019,"date":"2025-09-30T16:40:13","date_gmt":"2025-09-30T20:40:13","guid":{"rendered":"https:\/\/ncrc.org\/?p=266019"},"modified":"2025-09-30T16:46:15","modified_gmt":"2025-09-30T20:46:15","slug":"ncrc-letter-to-the-federal-housing-finance-agency-fhfa-about-repeal-of-12-cfr-1293-and-fair-lending-fair-housing-and-equitable-finance-plans","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-letter-to-the-federal-housing-finance-agency-fhfa-about-repeal-of-12-cfr-1293-and-fair-lending-fair-housing-and-equitable-finance-plans\/","title":{"rendered":"NCRC Letter to the Federal Housing Finance Agency (FHFA) About Repeal of 12 CFR 1293 and Fair Lending, Fair Housing, and Equitable Finance Plans"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"266019\" class=\"elementor elementor-266019\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-474d0e53 e-flex e-con-boxed e-con e-parent\" 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elementor-button-link elementor-size-sm\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6IjQ0ZTdkODIiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fd8d902 elementor-widget elementor-widget-text-editor\" data-id=\"3fd8d902\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>September 26, 2025<\/p><p>Clinton Jones<br \/>General Counsel<br \/>Office of General Counsel<br \/>Federal Housing Finance Agency<br \/>400 7th Street SW<br \/>Washington, DC 20219<\/p><p><strong>Re:\u00a0\u00a0\u00a0RIN 2590\u2013AB53: Notice of Proposed Rulemaking; Repeal of 12 CFR Part 1293, <\/strong><strong>Fair Lending, Fair Housing, and Equitable Housing Finance Plans<\/strong><\/p><p>Dear Mr. Jones:<\/p><p>The National Community Reinvestment Coalition (NCRC) appreciates the opportunity to submit written comments to the Federal Housing Finance Agency (FHFA) about its 2025 proposed rule to rescind 12 CFR Part 1293 \u2014\u00a0the Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule.\u00a0We ask that you revoke the 2025 proposed rule and reinstate the 2024 Fair Lending, Fair Housing, and Equitable Housing Finance Plans.<a href=\"#_edn1\" name=\"_ednref1\"><sup>[1]<\/sup><\/a><\/p><p>NCRC is a network of more than 700 community-based organizations dedicated to creating a nation that not only promises but delivers opportunities for all people to build wealth and attain a high quality of life. We work with community leaders and policymakers to advance solutions and build the will to solve America\u2019s persistent racial and socio-economic wealth, income, and opportunity divides, and to make a Just Economy a national priority and a local reality.<\/p><p>The 2025 Proposed Rule\u2019s repeal of key provisions of the Fair Lending, Fair Housing, and Equitable Housing Finance Plans undermines the FHFA and Enterprises\u2019 duty to \u201coperate consistent with safety and soundness and with the public interest\u201d and their commitment to \u201cadvance equitable solutions\u201d for borrowers and tenants.<a href=\"#_edn2\" name=\"_ednref2\"><sup>[2]<\/sup><\/a>\u00a0The Proposed Rule weakens the FHFA and Enterprises\u2019 ability to fulfill their mission by eliminating the provisions that require Fannie Mae, Freddie Mac, and the Federal Home Loan Banks to: adhere to fair housing and fair lending laws; comply with reporting requirements; and develop Equitable Housing Finance Plans (EHFPs).<a href=\"#_edn3\" name=\"_ednref3\"><sup>[3]<\/sup><\/a>\u00a0Eliminating these provisions impedes federal agencies\u2019 ability to curtail discrimination and exploitation, and makes it more difficult to measure the effectiveness and impact of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.<\/p><p>Ultimately, repealing this rule is harmful to the public because it makes it harder for millions of people to achieve the American Dream of\u00a0safe, stable, affordable housing during an escalating fair and affordable housing crisis.<a href=\"#_edn4\" name=\"_ednref4\"><sup>[4]<\/sup><\/a><\/p><h3><strong>We urge the FHFA to retain the 2024 Rule because:<\/strong><\/h3><ul><li>The 2024 Final Rule aligns with federal regulations, including fair housing and lending laws<\/li><li>The 2024 Final Rule promotes fair housing to ensure that all people in America have equal access to the housing market<\/li><li>The 2025 Proposed Rule makes it more difficult for people to access housing during the fair and affordable housing crisis<\/li><\/ul><h2><strong>Comments and Recommendations<\/strong><\/h2><h3><strong>1.\u00a0 The 2025 Proposed Rule Ignores the FHFA\u2019s Legal Responsibilities and Will Allow Discrimination to Flourish<\/strong><\/h3><p>The 2025 Proposed Rule\u00a0ignores the Government-Sponsored Enterprises\u2019 responsibility to comply with fair lending laws, and in doing so, ignores the ways discrimination manifests itself in various facets of the housing market and robs individuals of precious wealth.\u00a0The 2025 Proposed Rule rescinds Section 1293.11(a), which reminds the Government-Sponsored Enterprises (GSEs) of their obligations to comply with the Fair Housing Act and the Equal Credit Opportunity Act (ECOA) of 1974.<a href=\"#_edn5\" name=\"_ednref5\"><sup>[5]<\/sup><\/a>\u00a0The FHFA justified its proposal to repeal the regulation by asserting \u201cthese regulatory requirements are unnecessary because\u2026the administering agencies for those statutes have promulgated regulatory requirements.\u201d<a href=\"#_edn6\" name=\"_ednref6\"><sup>[6]<\/sup><\/a><\/p><p>However, the FHFA\u2019s perspective is inaccurate. It does not reflect its responsibility to enforce the Fair Housing Act and ECOA. It also does not represent how both Acts are written to either prohibit discrimination in multiple industries or involve multiple agencies in their enforcement.<\/p><p>The Fair Housing Act requires all executive agencies (including the FHFA) to \u201cadminister [its] programs and activities relating to housing\u2026in a manner affirmatively to further the purposes of [the Fair Housing Act].\u201d<a href=\"#_edn7\" name=\"_ednref7\"><sup>[7]<\/sup><\/a>\u00a0For example, the Fair Housing Act does not solely apply to housing, but also applies to \u201creal estate-related transactions.\u201d<a href=\"#_edn8\" name=\"_ednref8\"><sup>[8]<\/sup><\/a>\u00a0According to the Fair Housing Act, \u201creal estate-related transactions\u201d include: making or purchasing loans related to buying, rehabilitating, or repairing houses or \u201csecured by residential real estate,\u201d; selling and brokering property; or appraising a property.<a href=\"#_edn9\" name=\"_ednref9\"><sup>[9]<\/sup><\/a>\u00a0In other words, the Act applies to home purchases, lending, rehabilitation, appraisals, and several industries outside of HUD\u2019s immediate jurisdiction.<a href=\"#_edn10\" name=\"_ednref10\"><sup>[10]<\/sup><\/a>\u00a0Therefore, the FHFA\u2019s rationale for repealing this provision ignores the reality that the FHFA must enforce the Fair Housing Act and affirmatively further fair housing; the Act is still the law of the land and protects people in the country from discrimination across multiple industries.<\/p><p>The FHFA is also legally obligated to enforce the Equal Credit Opportunity Act (ECOA) of 1974 to prevent creditors from discriminating against applicants, and several agencies can also become involved with ECOA\u2019s enforcement.<a href=\"#_edn11\" name=\"_ednref11\"><sup>[11]<\/sup><\/a>\u00a0ECOA states that several entities can enforce the statute, including \u201cfederal agencies,\u201d which includes the FHFA.<a href=\"#_edn12\" name=\"_ednref12\"><sup>[12]<\/sup><\/a>\u00a0The type of credit offered and the type of discrimination that may occur determine which agencies can become involved with ECOA\u2019s enforcement.<a href=\"#_edn13\" name=\"_ednref13\"><sup>[13]<\/sup><\/a>\u00a0The FHFA has a responsibility to enforce ECOA. Therefore, the FHFA should rescind the 2025 Proposed Rule because it conflicts with the FHFA\u2019s duty to compel Fannie, Freddie, and the FHLBs to comply with fair lending laws.<\/p><h3><strong>2. FHFA\u2019s Fair Lending, Fair Housing, and Equitable Housing Finance Plan Has Serious Implications for Reducing Discrimination Across Several Industries<\/strong><\/h3><p><strong><em>Appraisal Bias<\/em><\/strong><\/p><p>In its 2023 letter supporting the Proposed Fair Lending, Fair Housing, and Equitable Housing Finance Plans Rule that eventually became the 2024 Final Rule, NCRC wrote that housing and lending discrimination manifest themselves not only in housing, but also in several related industries.<a href=\"#_edn14\" name=\"_ednref14\"><sup>[14]<\/sup><\/a><\/p><p>As NCRC pointed out in its 2023 letter to the FHFA, the discriminatory practices that permeate housing-related industries include biased appraisals in the home appraisal industry, which continue to deprive Black and Latino families of wealth through homeownership.<a href=\"#_edn15\" name=\"_ednref15\"><sup>[15]<\/sup><\/a>\u00a0A 2018 study from The Brookings Institution found that homes in majority-Black neighborhoods were undervalued by $48,000 per home on average or $156 billion in cumulative losses.<a href=\"#_edn16\" name=\"_ednref16\"><sup>[16]<\/sup><\/a>\u00a0A recent study underscores how appraisal bias is a persistent problem. An October 2024 FHFA study discovered that between January 2015 and December 2019, \u201cappraisals below the contract price are at least 23 percent more likely in majority African American neighborhoods relative to similar neighborhoods with no African American residents.\u201d<a href=\"#_edn17\" name=\"_ednref17\"><sup>[17]<\/sup><\/a>\u00a0More specifically, the study found that there was a 66% higher rate of low appraisals for a Census tract that was at least 50% Black.<a href=\"#_edn18\" name=\"_ednref18\"><sup>[18]<\/sup><\/a><\/p><p>Over the past few years, the FHFA has taken significant steps to combat appraisal bias. Since October 2022, the FHFA has been releasing the Uniform Appraisal Dataset (UAD) Aggregate Statistics, or 47 million appraisal records, quarterly.<a href=\"#_edn19\" name=\"_ednref19\"><sup>[19]<\/sup><\/a>\u00a0Unfortunately, the UAD Aggregate Statistics provided limited data since they were aggregated. However, the FHFA\u2019s subsequent release of the UAD Appraisal-Level in 2023 is significant because its compilation of appraisal-level statistics allows researchers, advocates, and others to examine this data for appraisal bias.<a href=\"#_edn20\" name=\"_ednref20\"><sup>[20]<\/sup><\/a><\/p><p>The FHFA must continue to combat appraisal bias to ensure that this practice does not strip Black and Latino Americans of the intergenerational wealth through homeownership that subsequent generations may need to purchase homes during this fair and affordable housing crisis.<\/p><p><strong><em>Disparities in Tenant Screening<\/em><\/strong><\/p><p>The criteria that landlords use to select tenants are subjective and can, unfortunately, perpetuate discrimination against prospective tenants of color. Landlords often rely on benchmarks such as source of income and credit scores to determine whether to extend a conditional offer to a prospective tenant.<a href=\"#_edn21\" name=\"_ednref21\"><sup>[21]<\/sup><\/a>\u00a0Screening criteria frequently become stricter or more relaxed depending on the housing market; in a market with more available rental units, landlords are more likely to relax these criteria compared to a market with fewer units, where they more closely adhere to these criteria.<a href=\"#_edn22\" name=\"_ednref22\"><sup>[22]<\/sup><\/a><\/p><p>Unfortunately, bias in the tenant screening process matters because biased data can cause Black, American Indian and Alaska Native, Latino, and Asian people to have less access to a critical source of housing.<\/p><p>The FHFA and the GSEs must address disparities in tenant screening to ensure that the fair and affordable housing crisis doesn\u2019t rob underserved communities of a critical source of housing.<\/p><p><strong><em>Credit Scores in the Homebuying and Tenant Screening Processes<\/em><\/strong><\/p><p>Current credit scoring models reflect decades of historical discrimination that denied homeownership and wealth-building opportunities to Black communities and other communities of color. These legacies continue to impact the lower credit scores of Black and Latino families and can have a disproportionately negative impact on Black and Latino prospective tenants.<\/p><p>A 2022 Urban Institute study has captured the collective damage these practices have had on the credit scores of people of color.<a href=\"#_edn23\" name=\"_ednref23\"><sup>[23]<\/sup><\/a>\u00a0According to The Urban Institute\u2019s analysis of millions of consumer records, adults between the ages of 25-29 in majority-Black communities have a median credit score of 582, while adults the same age in majority Latino communities have credit scores of 644.<a href=\"#_edn24\" name=\"_ednref24\"><sup>[24]<\/sup><\/a>\u00a0Conversely, young adults in predominantly white communities have a median credit score of 687.<a href=\"#_edn25\" name=\"_ednref25\"><sup>[25]<\/sup><\/a>\u00a0Scores in mostly White areas are much higher due to decades of advantages that the government provided them with, in contrast to the disadvantages that government-sponsored discrimination wrought on communities of color.<a href=\"#_edn26\" name=\"_ednref26\"><sup>[26]<\/sup><\/a><\/p><p>In 2022 and 2023, the FHFA addressed how credit scores are a barrier to fair and affordable rental housing. In October 2022, the FHFA approved the Enterprises\u2019 use of two new credit scores \u2014\u00a0FICO 10T and\u00a0VantageScore\u00a04.0 \u2014\u00a0and gave lenders the option of using credit reports from two of three national consumer reporting agencies (FICO, FICO 10T, and\u00a0VantageScore\u00a04.0) instead of relying on credit reports from all three national consumer reporting agencies.<a href=\"#_edn27\" name=\"_ednref27\"><sup>[27]<\/sup><\/a>\u00a0Furthermore, using these new models makes it easier for borrowers to access rental housing by ensuring credit reports\u2019 accuracy.<a href=\"#_edn28\" name=\"_ednref28\"><sup>[28]<\/sup><\/a>\u00a0These new models help improve credit scores\u2019 accuracy by considering new payment histories, such as rental and utility payments.<a href=\"#_edn29\" name=\"_ednref29\"><sup>[29]<\/sup><\/a>\u00a0In remarks made before the Mortgage Bankers Association in 2023, former FHFA Director Sandra Thompson declared that the purpose of these actions was to \u201cpromote a fair and inclusive approach to evaluating borrowers while enhancing competition in the market and lowering costs for consumers.\u201d<a href=\"#_edn30\" name=\"_ednref30\"><sup>[30]<\/sup><\/a><\/p><p>In July 2023, the FHFA announced tenant protections for properties that receive federally-backed mortgages, which included negative information related to consumers\u2019 credit.<a href=\"#_edn31\" name=\"_ednref31\"><sup>[31]<\/sup><\/a>\u00a0One of these protections included applying the Fair Credit Reporting Act (FCRA) to Enterprise-backed multifamily homes.<a href=\"#_edn32\" name=\"_ednref32\"><sup>[32]<\/sup><\/a>\u00a0FCRA requires landlords or property managers to inform prospective tenants of negative information on their consumer reports that led to their rental application\u2019s rejection or another negative action.<a href=\"#_edn33\" name=\"_ednref33\"><sup>[33]<\/sup><\/a>\u00a0As a result, the FHFA strongly encouraged borrowers to provide written notices of adverse actions and copies of consumer screening reports that led to an adverse action or rejection of a rental application.<a href=\"#_edn34\" name=\"_ednref34\"><sup>[34]<\/sup><\/a>\u00a0These actions were a great first step to address the inaccuracies and historical discrimination that riddle credit reports and deprive Black, Latino, Asian, and Native Americans of fair and affordable housing.<\/p><p>It is imperative that the Enterprises and GSEs continue to tackle racism in credit scoring systems so that these systems do not limit vulnerable communities\u2019 access to housing and intensify the fair and affordable housing crisis.<\/p><p><strong><em>Source of Income Discrimination<\/em><\/strong><\/p><p>Landlords\u2019 rejection and economic exploitation of prospective tenants who use housing vouchers to pay their rent present another challenge for renters when they search for housing. Exclusion from rental housing limits voucher holders\u2019 ability to access safe, decent, and affordable housing.<a href=\"#_edn35\" name=\"_ednref35\"><sup>[35]<\/sup><\/a>\u00a0The purpose of the Housing Choice Voucher (HCV) program (also known as Section 8) is to deconcentrate poverty by allowing families to choose where they want to live.<a href=\"#_edn36\" name=\"_ednref36\"><sup>[36]<\/sup><\/a>\u00a0Rejecting prospective tenants because they use housing vouchers limits housing choice, particularly for Black renters.<strong>\u00a0<\/strong>According to Fannie Mae, Black renters are overrepresented among voucher holders relative to their share of the renter population. Black people are 20% of the renter population, but comprise 48% of voucher holders.<a href=\"#_edn37\" name=\"_ednref37\"><sup>[37]<\/sup><\/a>\u00a0Rejecting renters who use vouchers to pay their rent can thus have an outsized negative impact on Black renters, as well as harm other low-income households.\u00a0\u00a0Discrimination based on source of income may violate state or local laws that provide protections on this basis, or it may reflect disparate treatment if Black and White\u00a0voucherholders\u00a0are treated differently.<\/p><p>The FHFA announced in July 2024 protections for tenants who live in multifamily GSE-backed housing, which included a 30-day notice for rent increases, a 30-day notice for lease expiration, and a 5-day grace period for late rent payments, but the protections did not include source of income protections.<a href=\"#_edn38\" name=\"_ednref38\"><sup>[38]<\/sup><\/a>\u00a0Without this protection, people who use housing vouchers can be denied housing solely because of how they pay their rent.<a href=\"#_edn39\" name=\"_ednref39\"><sup>[39]<\/sup><\/a>\u00a0The FHFA and the GSEs must offer source of income protections to help abate the fair and affordable housing crisis.<\/p><h3><strong>3. Repealing the Final Rule Will Roll Back the Equitable Housing Finance Plans\u2019 Frameworks, Which Provide a Plan for the FHFA and Enterprises to Address the Fair and Affordable Housing Crisis<\/strong><\/h3><p>The 2025 Proposed Rule\u2019s elimination of 1293.25 of Subpart C dilutes the FHFA\u2019s ability to curtail discriminatory practices. Subpart C requires the Enterprises to engage in \u201cequitable housing finance planning\u201d and take \u201cmeaningful actions to support underserved communities,\u201d while section 1293.25 of Subpart C lists the requirements for the EHFPs.<a href=\"#_edn40\" name=\"_ednref40\"><sup>[40]<\/sup><\/a>\u00a0According to the 2024 Fair Lending, Fair Housing, and Equitable Housing Finance Plan Final Rule, EHFPs are a blueprint to address barriers to \u201csustainable housing opportunities\u201d for underserved communities through strategic planning and public participation.<a href=\"#_edn41\" name=\"_ednref41\"><sup>[41]<\/sup><\/a>\u00a0Section 1293.25 enumerates the components of EHFPs. These components include but are not limited to: public engagement with underserved communities, identifying underserved communities\u2019 needs, tying plan objectives to identified barriers, and creating meaningful actions to achieve goals that are related to supporting \u201csustainable housing opportunities for an identified underserved community.\u201d<a href=\"#_edn42\" name=\"_ednref42\"><sup>[42]<\/sup><\/a><\/p><p>Rescinding this provision also ignores the FHLBs\u2019 role in perpetuating historically discriminatory practices and their responsibility to provide homeownership opportunities that they initially denied to many people of color, as well as address current barriers that stem from their actions. As noted in the FHFA\u2019s 2023 report, \u201cFHLBank System at 100: Focusing on the Future,\u201d the FHFA acknowledged that FHLBs\u2019 supervisory organization \u2014 the Federal Home Loan Bank Board \u2014 engaged in redlining alongside the Home Owners\u2019 Loan Corporation (HOLC).<a href=\"#_edn43\" name=\"_ednref43\"><sup>[43]<\/sup><\/a>\u00a0Redlining prevented many Black, Latino, and Asian people from receiving mortgage loans and thus made it more difficult, if not impossible, for them to become homeowners and accumulate intergenerational wealth through homeownership.<a href=\"#_edn44\" name=\"_ednref44\"><sup>[44]<\/sup><\/a>\u00a0In \u201cFHLBank System at 100,\u201d the FHFA recommended that the FHLBs allocate funding to implement new voluntary programs such as Special Purpose Credit Programs (SPCPs), as well as to expand existing statutory programs, such as the Affordable Housing Programs (AHPs), Community Investment Partnerships (CIPs), and Community Investment Cash Advances (CICA), to help underserved communities.<a href=\"#_edn45\" name=\"_ednref45\"><sup>[45]<\/sup><\/a>\u00a0FHFA\u2019s March 25, 2025, directive to terminate the FHLBs\u2019 use of SPCPs reverses the FHFA\u2019s previous work to provide equal homeownership opportunities to all.<a href=\"#_edn46\" name=\"_ednref46\"><sup>[46]<\/sup><\/a><\/p><p>The FHFA asserts that the 2024 Final Rule is inconsistent with the Administration\u2019s policy, citing recent Executive Orders. Executive Order 14173 and Executive Order 14151 prohibit diversity, equity, and inclusion programs.<a href=\"#_edn47\" name=\"_ednref47\"><sup>[47]<\/sup><\/a>\u00a0However, Executive Orders do not have the power to overturn the law \u2014\u00a0only Congress can pass laws.<\/p><p>Moreover, discrimination and the failure to remedy it harm the American Economy.<a href=\"#_edn48\" name=\"_ednref48\"><sup>[48]<\/sup><\/a>\u00a0As Federal Reserve Chair Alan Greenspan remarked before NCRC\u2019s Annual Conference in 2000, when \u201cmarket participants discriminate,\u201d they block \u201cthe free flow of capital and labor to their most profitable employment.\u201d<a href=\"#_edn49\" name=\"_ednref49\"><sup>[49]<\/sup><\/a>\u00a0He continued, stating that discrimination leads to higher costs and slows \u201cnational wealth accumulation,\u201d but noted that removing the artificial barrier of discrimination can help \u201cgenerate higher returns to both human and physical capital.\u201d<a href=\"#_edn50\" name=\"_ednref50\"><sup>[50]<\/sup><\/a><\/p><p>Similarly, NFHA highlighted this topic in its own letter to the FHFA opposing the repeal of the 2024 Fair Lending, Fair Housing, and Equitable Housing Finance Plans.<a href=\"#_edn51\" name=\"_ednref51\"><sup>[51]<\/sup><\/a>\u00a0NFHA noted that if one part of the \u201chousing and lending ecosystem\u201d doesn\u2019t fulfill its fair housing obligations, people will lose the ability to participate in the American Dream of \u201csafe, stable, affordable housing.\u201d<a href=\"#_edn52\" name=\"_ednref52\"><sup>[52]<\/sup><\/a>\u00a0Further, \u201cbusinesses will lose profits,\u201d and states and localities will operate \u201cineffectively\u201d and in ways that harm their residents.<a href=\"#_edn53\" name=\"_ednref53\"><sup>[53]<\/sup><\/a><\/p><h3><strong>4. The 2025 Proposed Rule Eliminates Critical Metrics to Measure The Effectiveness of Fannie Mae, Freddie Mac, and the FHLBs<\/strong><\/h3><p>As a result of the 2025 Proposed Rule repealing Part 1293, the Enterprises, including the Federal Home Loan Banks (FHLBs), will no longer be required to develop, execute, and report on the EHFPs. The FHFA claims that this change to the 2024 Final Rule will save on \u201cadministrative cost, including personnel and outreach.\u201d<a href=\"#_edn54\" name=\"_ednref54\"><sup>[54]<\/sup><\/a>\u00a0This is an unacceptable rationale because these reporting requirements hold the Enterprises accountable for engaging in fair lending and fair housing practices to ensure\u00a0<strong><em>all<\/em><\/strong><em>\u00a0<\/em>people have equal access to affordable housing. In addition, as NFHA highlights, families will not receive this saved money, but will \u201close out on wealth-building opportunities and community investments.\u201d<a href=\"#_edn55\" name=\"_ednref55\"><sup>[55]<\/sup><\/a>\u00a0These administrative costs are a small price to pay for significantly expanded opportunities for stable and affordable housing.<\/p><h3><strong>A. The Lack of Metrics Makes it More Difficult to Hold the FHLBs Accountable for Promoting Fair and Affordable Housing<\/strong><\/h3><p>The rollback of FHFA\u2019s Equitable Housing Finance Rule removes even the minimal reporting requirements meant to hold the FHLBs accountable for promoting fair and affordable housing.<a href=\"#_edn56\" name=\"_ednref56\"><sup>[56]<\/sup><\/a>\u00a0The 2024 Final Rule required the 11 FHLBs to submit basic narrative reports on voluntary actions and programs they undertake annually to promote equitable housing opportunities.<a href=\"#_edn57\" name=\"_ednref57\"><sup>[57]<\/sup><\/a>\u00a0Now, even that modest requirement is being eliminated.<\/p><p>This rollback is especially troubling given the FHLBs\u2019 $7.3 billion annual public subsidy and their long-standing lack of oversight.<a href=\"#_edn58\" name=\"_ednref58\"><sup>[58]<\/sup><\/a>\u00a0Rescinding even minimal reporting signals that the FHLBs can continue to operate in the dark, despite their public mission as taxpayer-backed institutions. In November 2022, two FHLB members \u2014 Silvergate Bank (FHLB San Francisco) and Signature Bank (FHLB New York) \u2014 exemplified this troubling behavior.<a href=\"#_edn59\" name=\"_ednref59\"><sup>[59]<\/sup><\/a><strong>\u00a0<\/strong>After their largely cryptocurrency company customers withdrew extensive funds to compensate for recent financial volatility, Silvergate Bank and Signature Bank relied on billions in FHLB advances to prop up their failing business model.<a href=\"#_edn60\" name=\"_ednref60\"><sup>[60]<\/sup><\/a>\u00a0FHLB San Francisco member Silicon Valley Bank\u2019s customers were primarily tech startups, and to offset rising inflation rates and difficulty obtaining financing, its customers also rapidly made withdrawals in March 2023.<a href=\"#_edn61\" name=\"_ednref61\"><sup>[61]<\/sup><\/a>\u00a0Silicon Valley Bank received $30 billion in FHLB advances.<a href=\"#_edn62\" name=\"_ednref62\"><sup>[62]<\/sup><\/a>\u00a0In March 2023, Silvergate Bank voluntarily dissolved, while Silicon Valley Bank and Signature Bank failed.<a href=\"#_edn63\" name=\"_ednref63\"><sup>[63]<\/sup><\/a>\u00a0These advances had little to nothing to do with the FHLBs\u2019 mission of supporting housing finance and community development.<a href=\"#_edn64\" name=\"_ednref64\"><sup>[64]<\/sup><\/a>\u00a0Without accountability, we cannot know whether their advances, investments, and voluntary programs support equitable and fair housing, including in all the states and rural and urban communities they serve. FHFA should substantially strengthen, not eliminate, requirements for FHLBanks to publicly demonstrate how they are advancing equitable housing finance across the nation, and how they put their billion-dollar taxpayer subsidy in action for housing.<\/p><p>Equally as concerning as the 2025 Proposed Rule\u2019s nullification of Equitable Housing Finance Plans (EHFPs) is its assertion that many of the EHFP requirements can be met through the FHLBs\u2019 Affordable Housing Programs (AHP) and Community Investment Programs (CIP).<a href=\"#_edn65\" name=\"_ednref65\"><sup>[65]<\/sup><\/a>\u00a0The FHFA further posits in its Proposed Rule that the AHPs require the FHLBs to identify and address district affordable housing and credit needs, \u201cin their Targeted Community Lending Plans, in coordination with their Affordable Housing Advisory Council, members, and other key stakeholders.\u201d<a href=\"#_edn66\" name=\"_ednref66\"><sup>[66]<\/sup><\/a>\u00a0This particular view is short-sighted and fails to consider the AHP and CIP\u2019s current limitations to help all people, including underserved communities, fairly access affordable housing.<\/p><p>The AHP provides grants or subsidized advances that finance houses or rental housing for low- or moderate-income households.<a href=\"#_edn67\" name=\"_ednref67\"><sup>[67]<\/sup><\/a>\u00a0The CIP also provides lower-cost advances to finance affordable housing and economic development projects.<a href=\"#_edn68\" name=\"_ednref68\"><sup>[68]<\/sup><\/a>\u00a0The Federal Home Loan Bank Act requires each FHLB to contribute at least 10% of its previous year\u2019s earnings to its AHP, but does not set a minimum funding contribution to the CIP.<a href=\"#_edn69\" name=\"_ednref69\"><sup>[69]<\/sup><\/a><\/p><p>The larger problem with AHP funding is the minimal funding that the FHLBs devote to affordable housing development. According to a May 2025 blog post from the Coalition for Federal Home Loan Bank Reform (CFR), 2024 data reveals that the FHLBs earned $6.36 billion in profits and paid over 50% or $3.7 billion in dividends to private members.<a href=\"#_edn70\" name=\"_ednref70\"><sup>[70]<\/sup><\/a>\u00a0By contrast, the FHLBs only spent $856 million (13.5% of their net income) or slightly more than the 10% minimum that Congress requires them to devote to the AHP.<a href=\"#_edn71\" name=\"_ednref71\"><sup>[71]<\/sup><\/a>\u00a0There is a large gap between FHLB profits and how much they contribute to AHP, especially as the nation is in the throes of a fair and affordable housing crisis.<\/p><p>The FHFA should demand greater accountability in all its programs, including how AHP and CIP programs specifically are furthering fair housing goals. This lack of accountability means that each FHLB will not contribute nearly enough to their AHP and CIP to assuage the fair and affordable housing crisis. This accountability is vital to ensuring that all people, regardless of race, color, national origin, religion, sex, disability, or familial status, have equal access to such affordable housing.<\/p><h3><strong>B. The 2025 Proposed Rule Makes it More Difficult for People with Limited English Proficiency to Access Affordable Housing<\/strong><\/h3><p>The FHFA\u2019s reversal of the EHFP will make it more difficult to track the data to ensure that people with Limited English Proficiency (LEP) have equal access to housing. In the 2025 Proposed Rule, the FHFA declared that it would abolish section 1293.41 of the EHFP, which requires \u201ceach Enterprise to collect, maintain, and provide to FHFA single-family mortgage data on borrower and applicant language preference and homeownership education.\u201d<a href=\"#_edn72\" name=\"_ednref72\"><sup>[72]<\/sup><\/a>\u00a0One part of the FHFA\u2019s explanation for eradicating language collection in single-family mortgage data is that the Enterprises and Industry stakeholders already collect this data through MISMO (Mortgage Industry Standards Maintenance), or the mortgage industry standards development body.<a href=\"#_edn73\" name=\"_ednref73\"><sup>[73]<\/sup><\/a><\/p><p>This logic is disconcerting because it relies on the faulty premise that an industry can actively police itself; prior experience reveals that industry players may engage in bad behavior without supervision.<\/p><p>In the 2025 Proposed Rule, the FHFA further justified not collecting this data by equating its collection to \u201cinappropriately elevating these elements over others that may be equally or more critical to industry operations, risk management, or consumer protection.\u201d<a href=\"#_edn74\" name=\"_ednref74\"><sup>[74]<\/sup><\/a>\u00a0Given the Federal Home Loan Bank Board\u2019s past participation in redlining, it is perplexing why the FHFA would make this comparison.<a href=\"#_edn75\" name=\"_ednref75\"><sup>[75]<\/sup><\/a>\u00a0Thus, it is plausible that the FHFA\u2019s reliance on MISMO instead of having each Enterprise collect mortgage borrowers\u2019 language preference could allow bad behavior to flourish, if not out-and-out discrimination to proliferate. The latter practices would violate these borrowers\u2019 fair housing and fair lending rights.<\/p><p>Therefore, NCRC does not support the EHFP\u2019s elimination of 1293.4.<\/p><h3><strong>Conclusion<\/strong><\/h3><p>The 2025 Proposed Rule impedes the FHFA, Enterprises, and the FHLBs\u2019 ability to ensure all individuals\u2019 access to safe and affordable housing. The Proposed Rule makes it more difficult, not easier, for all people to access housing during an affordable housing shortage.\u00a0\u00a0We urge the FHFA to withdraw the 2025 Proposed Rule and retain the 2024 EHFP Final Rule.<\/p><p>Thank you for considering our recommendations on this important issue. Please contact Nichole Nelson, Senior Policy Advisor, at\u00a0<a href=\"mailto:nnelson@ncrc.org\">nnelson@ncrc.org<\/a>\u00a0with any questions.<\/p><p>Sincerely,<br \/>Jesse Van Tol<\/p><p>President &amp; CEO, National Community Reinvestment Coalition<\/p><p>Advocates for Basic Legal Equity (ABLE)<\/p><p>African American Alliance of CDFI CEOs<\/p><p>Asian Community Development Corporation<\/p><p>Ceiba<\/p><p>Codman Square Neighborhood Development Corporation<\/p><p>Community Housing Development Corporation<\/p><p>Fair Housing Center of Central Indiana<\/p><p>Harlingen Community Development Corporation<\/p><p>Housing Oregon<\/p><p>Massachusetts Association of Community Development Corporations<\/p><p>Metropolitan Milwaukee Fair Housing Council<\/p><p>National Coalition for Asian Pacific American Community Development (National CAPACD)<\/p><p>National Fair Housing Alliance<\/p><p>Native Community Capital<\/p><p>NeighborWorks Umpqua<\/p><p>Northwest Counseling Service, Inc.<\/p><p>Philadelphia Association of Community Development Corporations<\/p><p>Pima County Community Land Trust<\/p><p>Prosperity Indiana<\/p><p>Prosperity Unlimited<\/p><p>Rockland Housing Action Coalition, Inc.<\/p><p>Self Help Enterprises<\/p><p>Southwest CDC<\/p><p>Southwest Native Assets Coalition<\/p><p>Surface 3 Meeting Room LLC<\/p><p>United South Broadway Corporation<\/p><p>Urban Land Conservancy<\/p><p><a href=\"#_ednref1\" name=\"_edn1\"><sup>[1]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d Federal Register, 90, no. 142, (July 28, 2025): 35475-35483,\u00a0<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2025-07-28\/pdf\/2025-14183.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.govinfo.gov\/content\/pkg\/FR-2025-07-28\/pdf\/2025-14183.pdf<\/a>\u00a0and Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 89, no. 96, (May 16, 2024):<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2024-05-16\/pdf\/2024-09559.pdf\" target=\"_blank\" rel=\"noopener\">\u00a042768-42788,\u00a0<\/a><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2024-05-16\/pdf\/2024-09559.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.govinfo.gov\/content\/pkg\/FR-2024-05-16\/pdf\/2024-09559.pdf<\/a>.<\/p><p><a href=\"#_ednref2\" name=\"_edn2\"><sup>[2]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 89, no. 96, (May 16, 2024): 42769.<\/p><p><a href=\"#_ednref3\" name=\"_edn3\"><sup>[3]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 90, no. 142, (July 28, 2025): 35477, 35478-35479, and 35481.<\/p><p><a href=\"#_ednref4\" name=\"_edn4\"><sup>[4]<\/sup><\/a>\u00a0National Fair Housing Alliance, \u201cRe: RIN 2590\u2013AB53: Notice of proposed rulemaking; repeal of 12 CFR part 1293 Fair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d September 26, 2025.<\/p><p><a href=\"#_ednref5\" name=\"_edn5\"><sup>[5]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 90, no. 142, (July 28, 2025): 35477 and Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 89, no. 96, (May 16, 2024): 42784.<\/p><p><a href=\"#_ednref6\" name=\"_edn6\"><sup>[6]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 90, no. 142, (July 28, 2025): 35477.<\/p><p><a href=\"#_ednref7\" name=\"_edn7\"><sup>[7]<\/sup><\/a>\u00a0Cornell Law School Legal Information Institute, \u201c42 U.S. Code \u00a7 3608 &#8211; Administration,\u201d\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/42\/3608\" target=\"_blank\" rel=\"noopener\">https:\/\/www.law.cornell.edu\/uscode\/text\/42\/3608<\/a>.<\/p><p><a href=\"#_ednref8\" name=\"_edn8\"><sup>[8]<\/sup><\/a>\u00a0Cornell Law School Legal Information Institute, \u201c42 U.S. Code \u00a7 3605 &#8211; Discrimination in Residential Real Estate-Related Transactions,\u201d\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/42\/3605\" target=\"_blank\" rel=\"noopener\">https:\/\/www.law.cornell.edu\/uscode\/text\/42\/3605<\/a>.<\/p><p><a href=\"#_ednref9\" name=\"_edn9\"><sup>[9]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref10\" name=\"_edn10\"><sup>[10]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref11\" name=\"_edn11\"><sup>[11]<\/sup><\/a>\u00a0Cornell Law School Legal Information Institute, \u201c15 U.S. Code \u00a7 1691c &#8211; Administrative Enforcement,\u201d (a) (1)(B),\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/15\/1691c\" target=\"_blank\" rel=\"noopener\">https:\/\/www.law.cornell.edu\/uscode\/text\/15\/1691c<\/a>.<\/p><p><a href=\"#_ednref12\" name=\"_edn12\"><sup>[12]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref13\" name=\"_edn13\"><sup>[13]<\/sup><\/a>\u00a0U.S. Department of Justice, Civil Rights Division, \u201cThe Equal Credit Opportunity Act,\u201d\u00a0<a href=\"https:\/\/www.justice.gov\/crt\/equal-credit-opportunity-act-3\" target=\"_blank\" rel=\"noopener\">https:\/\/www.justice.gov\/crt\/equal-credit-opportunity-act-3<\/a>.<\/p><p><a href=\"#_ednref14\" name=\"_edn14\"><sup>[14]<\/sup><\/a>\u00a0Megan Haberle, Josh Silver, and Nichole Nelson, \u201cNCRC Letter to FHFA re Fair Lending, Fair Housing, and Equitable Housing Finance Plans Proposed Rule,\u201d\u00a0<em>National Community Reinvestment Coalition<\/em>, June 27, 2023,\u00a0<a href=\"https:\/\/www.ncrc.org\/ncrc-letter-to-fhfa-re-fair-lending-fair-housing-and-equitable-housing-finance-plans-proposed-rule\/\">https:\/\/www.ncrc.org\/ncrc-letter-to-fhfa-re-fair-lending-fair-housing-and-equitable-housing-finance-plans-proposed-rule\/<\/a>.<\/p><p><a href=\"#_ednref15\" name=\"_edn15\"><sup>[15]<\/sup><\/a>\u00a0Ibid. and Troy McMullen, \u201cFor Black Homeowners, a Common Conundrum with Appraisals,\u201d\u00a0<em>The Washington Post<\/em>, January 21, 2021,\u00a0<a href=\"https:\/\/www.washingtonpost.com\/realestate\/for-black-homeowners-a-common-conundrum-with-appraisals\/2021\/01\/20\/80fbfb50-543c-11eb-a817-e5e7f8a406d6_story.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.washingtonpost.com\/realestate\/for-black-homeowners-a-common-conundrum-with-appraisals\/2021\/01\/20\/80fbfb50-543c-11eb-a817-e5e7f8a406d6_story.html<\/a>.<\/p><p><a href=\"#_ednref16\" name=\"_edn16\"><sup>[16]<\/sup><\/a>\u00a0Andre M. Perry, Jonathan Rothwell, and David Harshbarger,\u00a0<em>The Devaluation of Assets in Black Neighborhoods: The Case of Residential Property<\/em>, The Brookings Institution, November 27, 2018,\u00a0<a href=\"https:\/\/www.brookings.edu\/articles\/devaluation-of-assets-in-black-neighborhoods\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.brookings.edu\/articles\/devaluation-of-assets-in-black-neighborhoods\/<\/a>\u00a0and Haberle, Silver, and Nelson, \u201cNCRC Letter to FHFA re Fair Lending, Fair Housing, and Equitable Housing Finance Plans Proposed Rule.\u201d<\/p><p><a href=\"#_ednref17\" name=\"_edn17\"><sup>[17]<\/sup><\/a>\u00a0Daniel Grodzicki, Sean Cannon, Christopher W. Davis, and Ken Lam, \u201cFHFA Staff Working Paper Series: Home Purchase Appraisals in Minority Neighborhoods,\u201d\u00a0<em>Federal Housing Finance Agency Division of Research and Statistics<\/em>, Working Paper 24-06, October 2024, Abstract, 1, 2, and 11,\u00a0<a href=\"https:\/\/www.fhfa.gov\/document\/wp2406.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/document\/wp2406.pdf<\/a>.<\/p><p><a href=\"#_ednref18\" name=\"_edn18\"><sup>[18]<\/sup><\/a>\u00a0Ibid., 2, 22, and 23.<\/p><p><a href=\"#_ednref19\" name=\"_edn19\"><sup>[19]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFHFA Publishes 2023Q2 UAD Aggregate Statistics,\u201d October 5, 2023, <a href=\"https:\/\/www.fhfa.gov\/blog\/statistics\/fhfa-publishes-2023q2-uad-aggregate-statistics\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/blog\/statistics\/fhfa-publishes-2023q2-uad-aggregate-statistics<\/a>\u00a0and FHFA Director Sandra L. Thompson, \u201cPrepared Remarks of FHFA Director Sandra L. Thompson at the 2023 Mortgage Bankers Association Annual Convention &amp; Expo,\u201d October 16, 2023,\u00a0<a href=\"https:\/\/www.fhfa.gov\/news\/speech\/prepared-remarks-of-fhfa-director-sandra-l.-thompson-at-the-2023-mortgage-bankers-association-annual\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/news\/speech\/prepared-remarks-of-fhfa-director-sandra-l.-thompson-at-the-2023-mortgage-bankers-association-annual<\/a>.<\/p><p><a href=\"#_ednref20\" name=\"_edn20\"><sup>[20]<\/sup><\/a>\u00a0Ibid. and Federal Housing Finance Agency, \u201cCounting Comps: Exploring the Number of Comparable Properties in Home Appraisals,\u201d July 18, 2024,\u00a0<a href=\"https:\/\/www.fhfa.gov\/blog\/statistics\/counting-comps-exploring-the-number-of-comparable-properties-in-home-appraisals\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/blog\/statistics\/counting-comps-exploring-the-number-of-comparable-properties-in-home-appraisals<\/a>.<\/p><p><a href=\"#_ednref21\" name=\"_edn21\"><sup>[21]<\/sup><\/a>\u00a0Nichole Nelson and Adam Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d May 31, 2023, National Community Reinvestment Coalition,\u00a0<a href=\"https:\/\/ncrc.org\/ncrc-comment-letter-to-the-ftc-and-cfpb-on-equity-in-the-tenant-screening-process\/#_edn85\">https:\/\/ncrc.org\/ncrc-comment-letter-to-the-ftc-and-cfpb-on-equity-in-the-tenant-screening-process\/#_edn85<\/a>; Wonyoung So, \u201cWhich Information Matters? Measuring Landlord Assessment of Tenant Screening Reports,\u201d\u00a0<em>Housing Policy Debate<\/em>, 33, no. 6, (2023): 1488,\u00a0<a href=\"https:\/\/doi.org\/10.1080\/10511482.2022.2113815\" target=\"_blank\" rel=\"noopener\">https:\/\/doi.org\/10.1080\/10511482.2022.2113815<\/a>; and National Housing Law Project, \u201cSource of Income Discrimination,\u201d November 17, 2017,\u00a0<a href=\"https:\/\/www.nhlp.org\/resources\/source-of-income-discrimination-2\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nhlp.org\/resources\/source-of-income-discrimination-2\/<\/a>.<\/p><p><a href=\"#_ednref22\" name=\"_edn22\"><sup>[22]<\/sup><\/a>\u00a0Nelson and Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d and Anna Resoti, \u201c\u2018We Go Totally Subjective\u2019:Discretion, Discrimination, and Tenant Screening in a Landlord\u2019s Market,\u201d\u00a0<em>Law &amp; Social Inquiry<\/em>, 45, no. 3, (August 2020): 627,\u00a0<a href=\"https:\/\/www.cambridge.org\/core\/journals\/law-and-social-inquiry\/article\/we-go-totally-subjective-discretion-discrimination-and-tenant-screening-in-a-landlords-market\/1AABF71AEA176ADA1F8D93E7C424C4D2\/share\/3f4060bf42159f964bbd50055a9db16a78f9789a#pf24\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cambridge.org\/core\/journals\/law-and-social-inquiry\/article\/we-go-totally-subjective-discretion-discrimination-and-tenant-screening-in-a-landlords-market\/1AABF71AEA176ADA1F8D93E7C424C4D2\/share\/3f4060bf42159f964bbd50055a9db16a78f9789a#pf24<\/a>.<\/p><p><a href=\"#_ednref23\" name=\"_edn23\"><sup>[23]<\/sup><\/a>\u00a0Thea Gorn, \u201cYoung Adults\u2019 Credit Trajectories Vary Widely by Race and Ethnicity,\u201d\u00a0<em>Urban Institute<\/em>, August 22, 2022,\u00a0<a href=\"https:\/\/www.urban.org\/urban-wire\/young-adults-credit-trajectories-vary-widely-race-and-ethnicity\" target=\"_blank\" rel=\"noopener\">https:\/\/www.urban.org\/urban-wire\/young-adults-credit-trajectories-vary-widely-race-and-ethnicity<\/a>.<\/p><p><a href=\"#_ednref24\" name=\"_edn24\"><sup>[24]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref25\" name=\"_edn25\"><sup>[25]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref26\" name=\"_edn26\"><sup>[26]<\/sup><\/a> Ibid; Nelson and Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d;\u00a0and National Consumer Law Center, \u201cPast Imperfect: How Credit Scores and Other Analytics \u2018Bake In\u2019 and Perpetuate Past Discrimination,\u201d May 2016, 2,\u00a0<a href=\"https:\/\/www.nclc.org\/wp-content\/uploads\/2022\/09\/Past_Imperfect.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nclc.org\/wp-content\/uploads\/2022\/09\/Past_Imperfect.pdf<\/a>.<\/p><p><a href=\"#_ednref27\" name=\"_edn27\"><sup>[27]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFHFA Announces Validation of FICO 10T and VantageScore\u00ae 4.0 for Use by Fannie Mae and Freddie Mac,\u201d October 14, 2022,\u00a0<a href=\"https:\/\/www.fhfa.gov\/news\/news-release\/fhfa-announces-validation-of-fico-10t-and-vantagescore-4.0-for-use-by-fannie-mae-and-freddie-mac\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/news\/news-release\/fhfa-announces-validation-of-fico-10t-and-vantagescore-4.0-for-use-by-fannie-mae-and-freddie-mac<\/a>\u00a0and FHFA Director Sandra L. Thompson, \u201cPrepared Remarks of FHFA Director Sandra L. Thompson at the 2023 Mortgage Bankers Association Annual Convention &amp; Expo.\u201d<\/p><p><a href=\"#_ednref28\" name=\"_edn28\"><sup>[28]<\/sup><\/a>\u00a0\u201cFHFA Announces Validation of FICO 10T and VantageScore\u00ae 4.0 for Use by Fannie Mae and Freddie Mac.\u201d<\/p><p><a href=\"#_ednref29\" name=\"_edn29\"><sup>[29]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref30\" name=\"_edn30\"><sup>[30]<\/sup><\/a>\u00a0\u201cPrepared Remarks of FHFA Director Sandra L. Thompson at the 2023 Mortgage Bankers Association Annual Convention &amp; Expo.\u201d<\/p><p><a href=\"#_ednref31\" name=\"_edn31\"><sup>[31]<\/sup><\/a>\u00a0FHFA Director Sandra L. Thompson, \u201cFHFA Director Sandra L. Thompson\u2019s Statement on Best Practices For Adverse Action Notices for Renters,\u201d Federal Housing Finance Agency,\u00a0\u00a0July 27, 2023,\u00a0<a href=\"https:\/\/www.fhfa.gov\/news\/statement\/fhfa-director-sandra-l.-thompsons-statement-on-best-practices-for-adverse-action-notices-for-renters#:~:text=A%20written%20notice%20paired%20with%20a%20report,companies%2C%20and%20more%20effectively%20correct%20their%20records\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/news\/statement\/fhfa-director-sandra-l.-thompsons-statement-on-best-practices-for-adverse-action-notices-for-renters#:~:text=A%20written%20notice%20paired%20with%20a%20report,companies%2C%20and%20more%20effectively%20correct%20their%20records<\/a>\u00a0and National Low Income Housing Coalition, \u201cFHFA Announces Minimal New Tenant Protections,\u201d July 15, 2024,\u00a0<a href=\"https:\/\/nlihc.org\/resource\/fhfa-announces-minimal-new-tenant-protections\" target=\"_blank\" rel=\"noopener\">https:\/\/nlihc.org\/resource\/fhfa-announces-minimal-new-tenant-protections<\/a>.<\/p><p><a href=\"#_ednref32\" name=\"_edn32\"><sup>[32]<\/sup><\/a>\u00a0\u201cFHFA Director Sandra L. Thompson\u2019s Statement on Best Practices For Adverse Action Notices for Renters.\u201d<\/p><p><a href=\"#_ednref33\" name=\"_edn33\"><sup>[33]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref34\" name=\"_edn34\"><sup>[34]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref35\" name=\"_edn35\"><sup>[35]<\/sup><\/a>\u00a0Nelson and Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d; National Housing Law Project, \u201cSource of Income Discrimination,\u201d; and Fair Housing Council of Oregon, \u201cLearn About the Protected Class of Source of Income,\u201d\u00a0<a href=\"https:\/\/fhco.org\/learn-about-the-protected-class-of-source-of-income\/\" target=\"_blank\" rel=\"noopener\">https:\/\/fhco.org\/learn-about-the-protected-class-of-source-of-income\/<\/a>.<\/p><p><a href=\"#_ednref36\" name=\"_edn36\"><sup>[36]<\/sup><\/a>\u00a0Nelson and Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d; U.S. Department of Housing and Urban Development, \u201cHousing Choice Vouchers Fact Sheet,\u201d\u00a0<a href=\"https:\/\/www.hud.gov\/topics\/housing_choice_voucher_program_section_8#hcv01\" target=\"_blank\" rel=\"noopener\">https:\/\/www.hud.gov\/topics\/housing_choice_voucher_program_section_8#hcv01<\/a>; U.S. Department of Housing and Urban Development, Office of Inspector General, \u201cNewark Landlords Agree to Pay $430,000 to Settle Allegations of Collecting Excess Rent in Sparrow Run,\u201d May 2, 2022,\u00a0<a href=\"https:\/\/www.hudoig.gov\/newsroom\/press-release\/newark-landlords-agree-pay-430000-settle-allegations-collecting-excess-rent\" target=\"_blank\" rel=\"noopener\">https:\/\/www.hudoig.gov\/newsroom\/press-release\/newark-landlords-agree-pay-430000-settle-allegations-collecting-excess-rent<\/a>; and Kayla Canne, \u201c\u2018We Don\u2019t Take That:\u2019 Why Illegal Discrimination Toward Section 8 Tenants Goes Unchecked in NJ,\u201d\u00a0<em>Asbury Park Press<\/em>, October 25, 2021,\u00a0<a href=\"https:\/\/www.app.com\/in-depth\/news\/investigations\/2021\/10\/26\/section-8-nj-housing-choice-voucher-discrimination-law-new-jersey\/5602044001\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.app.com\/in-depth\/news\/investigations\/2021\/10\/26\/section-8-nj-housing-choice-voucher-discrimination-law-new-jersey\/5602044001\/<\/a>.<\/p><p><a href=\"#_ednref37\" name=\"_edn37\"><sup>[37]<\/sup><\/a>\u00a0Nelson and Rust, \u201cNCRC Comment Letter to the FTC and CFPB on Equity in the\u00a0\u00a0Tenant Screening Process,\u201d and Fannie Mae, \u201cHousing Choice Voucher Program Explained,\u201d 2021,\u00a0<a href=\"https:\/\/fm.fanniemae.com\/media\/5861\/display\" target=\"_blank\" rel=\"noopener\">https:\/\/fm.fanniemae.com\/media\/5861\/display<\/a>.<\/p><p><a href=\"#_ednref38\" name=\"_edn38\"><sup>[38]<\/sup><\/a>\u00a0Fannie Mae, \u201cFannie Mae Announces New Plans for Tenant Protections at GSE-Financed Multifamily Properties,\u201d August 28, 2024,\u00a0<a href=\"https:\/\/www.fanniemae.com\/newsroom\/fannie-mae-news\/fannie-mae-announces-new-plans-tenant-protections-gse-financed-multifamily-properties\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fanniemae.com\/newsroom\/fannie-mae-news\/fannie-mae-announces-new-plans-tenant-protections-gse-financed-multifamily-properties<\/a>\u00a0and National Low Income Housing Coalition, \u201cFHFA Announces Minimal New Tenant Protections,\u201d July 15, 2024,\u00a0<a href=\"https:\/\/nlihc.org\/resource\/fhfa-announces-minimal-new-tenant-protections\" target=\"_blank\" rel=\"noopener\">https:\/\/nlihc.org\/resource\/fhfa-announces-minimal-new-tenant-protections<\/a>.<\/p><p><a href=\"#_ednref39\" name=\"_edn39\"><sup>[39]<\/sup><\/a>\u00a0National Low Income Housing Coalition, \u201c14-1 Advancing Tenant Protections: Source-of-Income Protections,\u201d February 7, 2023,<\/p><p><a href=\"https:\/\/nlihc.org\/resource\/14-1-advancing-tenant-protections-source-income-protections\" target=\"_blank\" rel=\"noopener\">https:\/\/nlihc.org\/resource\/14-1-advancing-tenant-protections-source-income-protections<\/a>.<\/p><p><a href=\"#_ednref40\" name=\"_edn40\"><sup>[40]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 89, no. 96, (May 16, 2024): 42785.<\/p><p><a href=\"#_ednref41\" name=\"_edn41\"><sup>[41]<\/sup><\/a>\u00a0Ibid., 42770.<\/p><p><a href=\"#_ednref42\" name=\"_edn42\"><sup>[42]<\/sup><\/a>\u00a0Ibid., 42787.<\/p><p><a href=\"#_ednref43\" name=\"_edn43\"><sup>[43]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFHLBank System at 100: Focusing on the Future,\u201d March 2023, 79,\u00a0<a href=\"https:\/\/www.fhfa.gov\/AboutUs\/Reports\/ReportDocuments\/FHLBank-System-at-100-Report.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fhfa.gov\/AboutUs\/Reports\/ReportDocuments\/FHLBank-System-at-100-Report.pdf<\/a>\u00a0and \u201cRecords of the Federal Home Loan Bank Board [FHLBB],\u201d (Record Group 195), 1933-74,\u00a0<em>National Archives<\/em>,\u00a0<a href=\"https:\/\/www.archives.gov\/research\/guide-fed-records\/groups\/195.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.archives.gov\/research\/guide-fed-records\/groups\/195.html<\/a>. According to this webpage from the National Archives, \u201c<strong>Functions:<\/strong>\u00a0Provided reserve credit for member institutions engaged in home mortgage lending. Governed the Federal Home Loan Bank System, which consists of 12 regional Federal Home Loan banks and other member institutions. Supervised the operations of Federal Savings and Loan Associations, which collectively constituted the Federal Savings and Loan System. Served as the Board of Trustees for the Federal Savings and Loan Insurance Corporation (FSLIC).\u201d<\/p><p><a href=\"#_ednref44\" name=\"_edn44\"><sup>[44]<\/sup><\/a>\u00a0Robert K. Nelson, \u201cIntroduction,\u201d\u00a0<em>Mapping Inequality: Redlining in New Deal America<\/em>,\u00a0<a href=\"https:\/\/dsl.richmond.edu\/panorama\/redlining\/introduction\" target=\"_blank\" rel=\"noopener\">https:\/\/dsl.richmond.edu\/panorama\/redlining\/introduction<\/a>.<\/p><p><a href=\"#_ednref45\" name=\"_edn45\"><sup>[45]<\/sup><\/a>\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d 53.<\/p><p><a href=\"#_ednref46\" name=\"_edn46\"><sup>[46]<\/sup><\/a>\u00a0Bill Pulte, \u201cOrder Issuing Directive to Terminate Special Purpose Credit Programs, Decision No. 2025-145, Federal Housing Finance Agency, March 25, 2025,\u00a0<a href=\"https:\/\/x.com\/pulte\/status\/1904621959213965690\">https:\/\/x.com\/pulte\/status\/1904621959213965690<\/a>\u00a0and Matthew Emery, \u201cWashington Report: FHFA\u2019s Recent Directive on Special Purpose Credit Programs,\u201d\u00a0<em>National Association of Realtors<\/em>, March 28, 2025,\u00a0<a href=\"https:\/\/www.nar.realtor\/washington-report\/fhfas-recent-directive-on-special-purpose-credit-programs\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nar.realtor\/washington-report\/fhfas-recent-directive-on-special-purpose-credit-programs<\/a>.<\/p><p><a href=\"#_ednref47\" name=\"_edn47\"><sup>[47]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d Federal Register, 90, no. 142, (July 28, 2025): 35476 and 35479.<\/p><p><a href=\"#_ednref48\" name=\"_edn48\"><sup>[48]<\/sup><\/a>\u00a0Alan Greenspan, \u201cRemarks by Chairman Alan Greenspan:\u00a0<em>Economic Challenges in the New Century <\/em>Before the Annual Conference of the National Community Reinvestment Coalition,\u201d\u00a0<em>The Federal Reserve Board,\u00a0<\/em>March 22, 2000, <a href=\"https:\/\/www.federalreserve.gov\/boarddocs\/speeches\/2000\/20000322.htm\" target=\"_blank\" rel=\"noopener\">https:\/\/www.federalreserve.gov\/boarddocs\/speeches\/2000\/20000322.htm<\/a>\u00a0and National Fair Housing Alliance, \u201cRe: RIN 2590\u2013AB53: Notice of proposed rulemaking; repeal of 12 CFR part 1293 Fair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d September 26, 2025.<\/p><p><a href=\"#_ednref49\" name=\"_edn49\"><sup>[49]<\/sup><\/a>\u00a0Greenspan, \u201cRemarks by Chairman Alan Greenspan:\u00a0<em>Economic Challenges in the New Century<\/em>.\u201d<\/p><p><a href=\"#_ednref50\" name=\"_edn50\"><sup>[50]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref51\" name=\"_edn51\"><sup>[51]<\/sup><\/a>\u00a0National Fair Housing Alliance, \u201cRe: RIN 2590\u2013AB53: Notice of proposed rulemaking; repeal of 12 CFR part 1293 Fair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d September 26, 2025.<\/p><p><a href=\"#_ednref52\" name=\"_edn52\"><sup>[52]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref53\" name=\"_edn53\"><sup>[53]<\/sup><\/a>\u00a0Ibid. and Citi GPS: Global Perspectives &amp; Solutions, \u201cClosing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S,\u201d September 2020,\u00a04, 7, 35-38, 59, 61, 64-65, 76, and 78,\u00a0<a href=\"https:\/\/ir.citi.com\/%2FPRxPvgNWu319AU1ajGf%2BsKbjJjBJSaTOSdw2DF4xynPwFB8a2jV1FaA3Idy7vY59bOtN2lxVQM%3D\" target=\"_blank\" rel=\"noopener\">https:\/\/ir.citi.com\/%2FPRxPvgNWu319AU1ajGf%2BsKbjJjBJSaTOSdw2DF4xynPwFB8a2jV1FaA3Idy7vY59bOtN2lxVQM%3D<\/a>.<\/p><p><a href=\"#_ednref54\" name=\"_edn54\"><sup>[54]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d Federal Register, 90, no. 142, (July 28, 2025): 35481.<\/p><p><a href=\"#_ednref55\" name=\"_edn55\"><sup>[55]<\/sup><\/a>\u00a0National Fair Housing Alliance, \u201cRe: RIN 2590\u2013AB53: Notice of proposed rulemaking; repeal of 12 CFR part 1293 Fair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d September 26, 2025.<\/p><p><a href=\"#_ednref56\" name=\"_edn56\"><sup>[56]<\/sup><\/a>\u00a0Sharon Cornelissen and Barry Zigas, \u201cNew FHFA Fair Lending Rule Falls Short on Federal Home Loan Banks,\u201d\u00a0<em>Consumer Federation of America<\/em>, April 30, 2024,<\/p><p><a href=\"https:\/\/consumerfed.org\/press_release\/new-fhfa-fair-lending-rule-falls-short-on-federal-home-loan-bank\" target=\"_blank\" rel=\"noopener\">https:\/\/consumerfed.org\/press_release\/new-fhfa-fair-lending-rule-falls-short-on-federal-home-loan-bank<\/a>.<\/p><p><a href=\"#_ednref57\" name=\"_edn57\"><sup>[57]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 89, no. 96, (May 16, 2024): 42784, and 42787-42788.<\/p><p><a href=\"#_ednref58\" name=\"_edn58\"><sup>[58]<\/sup><\/a>\u00a0David Torregrosa and Mitchell Remy, \u201cThe Role of Federal Home Loan Banks in the Financial System,\u201d\u00a0<em>Congressional Budget Office<\/em>, March 2024,\u00a0<a href=\"https:\/\/www.cbo.gov\/publication\/60064\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cbo.gov\/publication\/60064<\/a>\u00a0and National Fair Housing Alliance, \u201cRe: RIN 2590\u2013AB53: Notice of proposed rulemaking; repeal of 12 CFR part 1293 Fair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d September 26, 2025.<\/p><p><a href=\"#_ednref59\" name=\"_edn59\"><sup>[59]<\/sup><\/a>\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d103.<\/p><p><a href=\"#_ednref60\" name=\"_edn60\"><sup>[60]<\/sup><\/a>\u00a0Ibid, 103-105.<\/p><p><a href=\"#_ednref61\" name=\"_edn61\"><sup>[61]<\/sup><\/a>\u00a0\u201cThe Silicon Valley Bank Collapse Explained,\u201d School of Law, University of Wisconsin, March 24, 2023,\u00a0<a href=\"https:\/\/www.law.uw.edu\/news-events\/news\/2023\/svb-collapse\" target=\"_blank\" rel=\"noopener\">https:\/\/www.law.uw.edu\/news-events\/news\/2023\/svb-collapse<\/a>.<\/p><p><a href=\"#_ednref62\" name=\"_edn62\"><sup>[62]<\/sup><\/a>\u00a0\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d104.<\/p><p><a href=\"#_ednref63\" name=\"_edn63\"><sup>[63]<\/sup><\/a>\u00a0Ibid., 103.<\/p><p><a href=\"#_ednref64\" name=\"_edn64\"><sup>[64]<\/sup><\/a>\u00a0Ibid., 7, 104, and 110.<\/p><p><a href=\"#_ednref65\" name=\"_edn65\"><sup>[65]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 90, no. 142, (July 28, 2025): 35481-35482.<\/p><p><a href=\"#_ednref66\" name=\"_edn66\"><sup>[66]<\/sup><\/a>\u00a0Ibid., 35482.<\/p><p><a href=\"#_ednref67\" name=\"_edn67\"><sup>[67]<\/sup><\/a>\u00a0\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d 16.<\/p><p><a href=\"#_ednref68\" name=\"_edn68\"><sup>[68]<\/sup><\/a>\u00a0Ibid., 8 and 16.<\/p><p><a href=\"#_ednref69\" name=\"_edn69\"><sup>[69]<\/sup><\/a>\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d 16, 48, and 74.<\/p><p><a href=\"#_ednref70\" name=\"_edn70\"><sup>[70]<\/sup><\/a>\u00a0Avinash Chivakula and Sharon Cornelissen, \u201cA Government-Sponsored Banking System that Spends more on Salaries than on Housing? An Analysis of 2024 Financial Data,\u201d Coalition for FHLB Reform, May 27, 2025, 1,\u00a0<a href=\"https:\/\/assets.zyrosite.com\/dJoeNB3kN0cr6oW1\/cfa-blog-final-gse-that-spends-more-on-salaries-than-on-housing-may-30-2025-AoPW3k5ogXfW7G8v.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/assets.zyrosite.com\/dJoeNB3kN0cr6oW1\/cfa-blog-final-gse-that-spends-more-on-salaries-than-on-housing-may-30-2025-AoPW3k5ogXfW7G8v.pdf<\/a>.<\/p><p><a href=\"#_ednref71\" name=\"_edn71\"><sup>[71]<\/sup><\/a>\u00a0Ibid., 1 and 5.<\/p><p><a href=\"#_ednref72\" name=\"_edn72\"><sup>[72]<\/sup><\/a>\u00a0Federal Housing Finance Agency, \u201cFair Lending, Fair Housing, and Equitable Housing Finance Plans,\u201d\u00a0<em>Federal Register<\/em>, 90, no. 142, (July 28, 2025): 35481.<\/p><p><a href=\"#_ednref73\" name=\"_edn73\"><sup>[73]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref74\" name=\"_edn74\"><sup>[74]<\/sup><\/a>\u00a0Ibid.<\/p><p><a href=\"#_ednref75\" name=\"_edn75\"><sup>[75]<\/sup><\/a>\u00a0\u201cFHLBank System at 100: Focusing on the Future,\u201d 79.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now Complete the form to download the pdf: Download September 26, 2025 Clinton JonesGeneral CounselOffice of General CounselFederal Housing Finance Agency400 7th Street SWWashington, DC 20219 Re:\u00a0\u00a0\u00a0RIN 2590\u2013AB53: Notice of Proposed Rulemaking; Repeal of 12 [&hellip;]<\/p>\n","protected":false},"author":932,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"page_builder":"","footnotes":""},"categories":[1046],"tags":[],"class_list":["post-266019","post","type-post","status-publish","format-standard","hentry","category-testimony"],"acf":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"NCRC","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now Complete the form to download the pdf: Download September 26, 2025 Clinton JonesGeneral CounselOffice of General CounselFederal Housing Finance Agency400 7th Street SWWashington, DC 20219 Re:\u00a0\u00a0\u00a0RIN 2590\u2013AB53: Notice of Proposed Rulemaking; Repeal of 12&hellip;","_links":{"self":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/266019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/users\/932"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/comments?post=266019"}],"version-history":[{"count":0,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/posts\/266019\/revisions"}],"wp:attachment":[{"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/media?parent=266019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/categories?post=266019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrc.org\/wp-json\/wp\/v2\/tags?post=266019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}