FHFA issues final rule for fair lending

The Federal Housing Finance Agency  issued a final rule to formalize its fair housing and fair lending oversight practices for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

The rule enhances Fannie’s and Freddie’s Equitable Housing Finance Plans for greater accountability, adds oversight of unfair or deceptive practices, requires additional compliance certification and sets precise standards for fair housing and lending principles for their boards.

Additionally, the rule mandates that FHLBs annually report any voluntary actions taken to address barriers to sustainable housing for underserved communities.