Federal Housing Finance Agency June 2023 – Federal Register Recent Federal Regulation Documents
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Quality Control Standards for Automated Valuation Models
The OCC, Board, FDIC, NCUA, CFPB, and FHFA (collectively, the agencies) invite comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer's principal dwelling. Under the proposal, the agencies would require institutions that engage in certain credit decisions or securitization determinations to adopt policies, practices, procedures, and control systems to ensure that AVMs used in these transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws.
Proposed Collection; Comment Request
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the Federal Housing Finance Agency (FHFA) is seeking public comments concerning an information collection known as ``Members of the Banks,'' which has been assigned control number 2590-0003 by the Office of Management and Budget (OMB). FHFA intends to submit the information collection to OMB for review and approval of a three-year extension of the control number, which is due to expire on September 30, 2023.
Privacy Act of 1974; System of Records
In accordance with the requirements of the Privacy Act of 1974, as amended, (Privacy Act), the Federal Housing Finance Agency (FHFA or Agency) is establishing FHFA-31, ``Biographies'' (System) in order to collect photographs and biographical information of FHFA Office of General Counsel (OGC) personnel, including Federal employees, detailees, and contractors.
Prudential Management and Operations Standards
The Federal Housing Finance Agency (FHFA) is correcting inadvertent typographical errors in the preamble published in the Federal Register on May 4, 2023, regarding amendments to its regulation governing prudential management and operations standards (the regulation) to correct certain references made to the proposed rule that should have been references to the existing regulation that FHFA is proposing to amend. There are no corrections to the proposed amendments to the regulation text or to the appendix.
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