FHFA Proposed Rule
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IBAT Comments on Federal Housing Finance Agency Proposed Rule
If adopted, a proposed rule from the Federal Housing Finance Agency (FHFA) will delegate from the FHFA to the FHLBanks the responsibility for determining their member banks’ compliance with the FHFA’s community support requirements. IBAT filed a comment letter opposing this delegation. IBAT’s comment letter points out that FHFA is in a better position to perform this task, FHLBanks are not regulators, and Congress previously took this authority away from FHLBanks. The proposed rule would also do away with the probationary period for banks with a single CRA rating of “Needs to Improve.” IBAT opposed that change as well. Click here to read the comment letter.