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Enterprise Duty To Serve Underserved Markets Amendments Proposed Rule

Open Date:
Open for comment 10/5/2022
Deadline:
All comments are due by 12/5/2022
Type:
Notice of Proposed Rulemaking
Number:
RIN-2590-AB22
Group:
 
Fannie Mae; Freddie Mac
Document Number:
2022-21404
CFR:
12 CFR Part 1282 Subpart C
CFR Description:
Duty to Serve Underserved Markets
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/DTS Colonias Proposed Rule for Web.pdf|328.7 KB;
Contact Information:

FOR FURTHER INFORMATION CONTACT:  Ted Wartell, Associate Director, Office of Housing and Community Investment, 202-649-3157, Ted.Wartell@fhfa.gov; Marcea Barringer, Supervisory Policy Analyst, Office of Housing and Community Investment, 202-649-3275, Marcea.Barringer@fhfa.gov; or Dinah Knight, Assistant General Counsel, Office of General Counsel, (202) 748-7801, Dinah.Knight@fhfa.gov, Federal Housing Finance Agency, 400 Seventh Street, SW, Washington, DC 20219.  These are not toll-free numbers.  For TTY/TRS users with hearing and speech disabilities, dial 711 and ask to be connected to any of the contact numbers above.

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SUMMARY:  FHFA is proposing to amend its Enterprise Duty to Serve Underserved Markets regulation to add a definition of “colonia census tract,” which would serve as a census tract-based proxy for a “colonia,” and to amend the definition of “high-needs rural region” in the regulation by substituting “colonia census tract” for “colonia.” The proposed rule would also revise the definition of “rural area” in the regulation to include all colonia census tracts regardless of their location.  These changes would make activities by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) in all colonia census tracts eligible for Duty to Serve credit.  The intent of the changes is to facilitate the Enterprises’ ability to operationalize their Duty to Serve activities and thereby help increase liquidity in these underserved communities.  

DATES:  Interested persons may submit written comments on the proposed rule on or before December 5, 2022.

Submit a Comment
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