Releases, Statements, Speeches and Testimony



FHFA Proposes Rule to Help Enterprises Better Serve Colonias382179/28/2022 4:00:00 AMNews Release<p style="padding-top&#58;8px !important;">​​​​​​​​​​​​​<strong>​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Washington, ​D.C.</strong> –&#160;The Federal Housing Finance Agency (FHFA) today proposed to amend the Agency’s Duty to Serve (DTS) Underserved Markets regulation to facilitate Fannie Mae and Freddie Mac’s (the Enterprises) activities related to serving colonias.</p><p>“FHFA is committed to promoting affordability, equity, and sustainability in the nation’s housing finance markets, especially in underserved communities,” said FHFA Director Sandra L. Thompson. “With this rule, we seek to remove barriers that have hindered the Enterprises’ Duty to Serve activities for people living in colonias.”</p><p>In this proposed rule, FHFA would revise 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 amend the definition of “high-needs rural region” in the regulation by substituting “colonia census tract” for “colonia.”</p><p>The proposed rule would also update the definition of “rural area” in the regulation to include all colonia census tracts regardless of location. These changes would make Enterprise activities in all colonia census tracts eligible for Duty to Serve credit.</p><p>Interested parties are invited to <a href="/SupervisionRegulation/Rules/Pages/Enterprise-Duty-To-Serve-Underserved-Markets-Amendments-Proposed-Rule.aspx">submit comments</a> on this proposed rule within 60 days of publication in the Federal Register. Comments should be submitted via FHFA’s website or to the Federal Housing Finance Agency, Office of General Counsel, Attention&#58; Comments/RIN 2590-AB22, 400 7th Street, S.W., Washington, DC 20219.</p><p style="margin-bottom&#58;0px !important;">​ <a href="/SupervisionRegulation/Rules/Pages/Enterprise-Duty-To-Serve-Underserved-Markets-Amendments-Proposed-Rule.aspx">DTS Colonias Proposed Rule</a>​<br></p>9/28/2022 5:00:53 PMHome / Media / FHFA Proposes Rule to Help Enterprises Better Serve Colonias News Release 924https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces New Staffing Updates382139/28/2022 4:00:00 AMNews Release<p><strong>​​Washington, D.C.</strong> —Today, the Federal Housing Finance Agency (FHFA) announced two personnel updates. Karen Chang will serve as FHFA's Chief of Staff, and Samuel Frumkin has been named the Agency’s Executive Secretary. These appointments are effective immediately.<br></p><p>&quot;Having already served as a detailee in the Office of the Director since June, Karen will continue to be a key advisor and leverage her decision-making and subject matter expertise to provide strategic and operational excellence across the Agency,&quot; said FHFA Director Sandra Thompson. &quot;Through his previous positions as Principal Advisor within both the Office of the Director and the Division of Mission and Housing Goals, as well as his policy and supervisory background at a number of other federal financial regulators, Sam’s holistic view of financial institution supervision will enable him to play a key role in ensuring FHFA meets a wide range of its statutory responsibilities.&quot;<br></p><p>Karen Chang has been with FHFA since April 2021, serving as Supervisory Financial Analyst in the Division of Enterprise Regulation (DER) Office of Financial Analysis. She previously worked for the Consumer Financial Protection Bureau (CFPB), the White House, the U.S. Department of the Treasury, and other public and private sector organizations.&#160;<br></p><p>Samuel Frumkin joined FHFA in 2014 after working for the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and CFPB.​</p>9/28/2022 2:00:50 PMHome / Media / FHFA Announces New Staffing Updates News Release Washington, D.C. —Today, the Federal Housing 1285https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Releases Annual Report on Low-Income Housing and Community Development Activities of the Federal Home Loan Banks381619/27/2022 4:00:00 AMNews Release<p><strong>​​​Washington, D.C. </strong>– Today, the Federal Housing Finance Agency (FHFA) released its annual report on the low-income housing and community development activities of the Federal Home Loan Banks (FHLBanks).<br></p><p>The report highlights the FHLBanks’ activities and performance in 2021 through the Affordable Housing Program (AHP), the Community Investment Program (CIP), and the Community Investment Cash Advance Program (CICA). The report also covers Community Development Financial Institution (CDFI) membership in the FHLBank System, the FHLBanks’ affordable housing goals, and their purchases of Acquired Member Assets (AMA).&#160;<br></p><p>The FHLBanks provide loans (referred to as advances) or grants to their members or housing associates under these programs. These funds are then used to assist very low-, low-, and moderate-income households and communities.<br></p><p>“The Federal Home Loan Banks provided more than $2.7 billion in 2021 for targeted economic development and housing advances,” said Director Sandra L. Thompson. “As FHFA begins its comprehensive review of the Federal Home Loan Bank System, we recognize its long-term importance in providing liquidity in the housing finance market and funding for community investment projects.”<br></p><p>Key takeaways of the report include&#58;<br></p><ul><li>The FHLBanks awarded approximately $352.4 million in total contributions to the AHP in 2021, which assisted more than 32,000 low- and moderate-income households, more than 17,000 of which were very low-income households.</li><li>The FHLBanks funded approximately $1.7 billion in targeted housing and economic development advances through the CIP in 2021. These CIP housing advances assisted approximately 8,000 households in 2021.</li><li>In 2021, targeted economic development advances from the CICA Program were approximately $1 billion.</li><li>Ten FHLBanks purchased AMA mortgages in 2021, and each met the mortgage purchase and community-based AMA user goals.</li></ul><p>​The FHLBanks also support the financing of low-income housing and community development through other activities, including advances to their non-depository CDFI members. CDFIs assist underserved communities by promoting economic investment and affordable housing opportunities, and providing community development financial services and other banking services. At the end of 2021, 68 FHLBank members were non-depository CDFIs.​<br></p>9/27/2022 5:00:20 PMWashington, D.C. – Today, the Federal Housing Finance Agency (FHFA) released its annual report on the low-income housing and community development activities of the Federal Home 729https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx