CREF Policy Update: MBA Responds to FHFA Suspended Counterparty Program Rule Re-Proposal
MBA Responds to FHFA Suspended Counterparty Program Rule Re-Proposal
Last Monday, MBA submitted a comment letter in response to the Federal Housing Finance Agency’s (FHFA) re-proposal of its Suspended Counterparty Program (SCP) regulation.
• MBA strongly opposed FHFA’s initial July 2023 proposal that would have significantly expanded the SCP and exposed GSE-approved lenders and servicers to the threat of a draconian penalty – suspension of their seller/servicer status – for minor civil/administrative sanctions or misconduct.
• In September 2024, FHFA announced a re-proposal of the amendments to its SCP regulation, which MBA commended for addressing the industry’s significant concerns with the original proposal.
Why it matters: MBA’s letter commends FHFA’s more narrowly-tailored proposal and urged FHFA to finalize the rule with one important revision to the definition of “covered misconduct” to further ensure that counterparties are not at risk for routine certifications. MBA suggests that the words “knowingly or recklessly” be inserted before “making false statements or claims.”
What’s next: MBA will continue to monitor any final developments and will keep members informed of any updates.
For more information, please contact Justin Wiseman at (202) 557-2854 or Alisha Sears at (202) 557-2930.
House Financial Services Committee Holds Hearing on Fintech, Artificial Intelligence
Last Wednesday, the full House Financial Services Committee held a hearing entitled, “Innovation Revolution: How Technology is Shaping the Future of Finance.”
• Lawmakers on both sides of the aisle expressed strong support for digital asset legislation to establish a federal regulatory regime for that sector, with members calling for the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) (H.R.4763). A bipartisan assortment of committee members noted their support for incentivizing capital formation and access, but were not unified behind any single piece of legislation.
• Find the full summary hearing here and a recording here.
Why it matters: Artificial intelligence (AI) was another major topic of discussion by the panel, with elected officials exploring the role it will play in the U.S. financial system as well as discussing the possible harms – and boons – greater use of AI may bring. Members further discussed incentivizing investment and liquidity in both public and private markets, and the need to strike a balance between the two.
What’s next: MBA will continue to monitor developments on these issues before the House Financial Services Committee during the 119th Congress.
For more information, please contact Rachel Kelley at (202) 557-2816 or Madisyn Rhone at (202) 557-2741.
RECAP: Hundreds Participate in MAA’s Post-Election Briefing
MBA’s legislative and regulatory policy staff experts hosted a Post-Election Briefing as part of the Mortgage Action Alliance (MAA) Quarterly Webinar Series – with roughly 700 advocates in attendance. The webinar focused on the incoming Trump administration’s transition process and current nominations, the incoming 119th Congress, and what’s expected for our industry on the legislative and regulatory policy fronts.
• If you were unable to register, click here to request a link to the recording.
Why it matters: MAA’s Quarterly Webinars cover a full range of key policy issues that impact the real estate finance industry – and allow active MAA members to engage in advocacy year-round.
What’s next: Attend MBA’s National Advocacy Conference (NAC) on April 8 and 9, 2025, at the Capital Hilton in Washington, D.C. Join hundreds of industry advocates to meet with and educate policymakers on issues impacting your businesses and customers.
• Register by Feb. 24, 2025, to receive the early bird rate. MBA offers special rates for members of MBA’s young professionals network (mPact), the Certified Mortgage Banker (CMB) Society, and group rates for MBA member companies as well.
For more information, please contact maa@mba.org or Jamey Lynch, AMP at (202) 557-2818.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• High Performance Negotiations – Lessons and Strategies – Dec. 17
• Managing Rising Insurance Risks in Commercial Lending – Jan. 14
• Fundamentals of Commercial Insurance Issues and Problems – Jan. 28
• CREF Career Conversations: Insights from Industry Leaders – Jan. 28
• Navigating and Ensuring Accurate Reporting with the MBA Commercial and Multifamily Inspection Form – Jan. 30
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
