ICBA submitted a comment letter to the Federal Housing Finance Agency on its proposed rule that outlines the process of prior approval for Fannie Mae and Freddie Mac products. The proposal emphasizes that the FHFA director has considerable discretion to review and approve enterprise products and activities.
While citing the importance of enterprise innovation and technology, ICBA also said enterprise activities occasionally stray into areas already well-served by primary market participants. ICBA called on the FHFA to provide additional clarity on products and activities as well as more reporting on FHFA decisions, GSE pilot programs, and more.