Key Benefits of New Home Relief Programs

Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will think about, as appropriate and constant with relevant law, proposing changes to Regulation C to raise the asset threshold for exemption from HMDA information collection and reporting requirements for smaller sized banks, to omit queries from the scope of HMDA, and to guarantee that disclosures secure personal privacy and minimize concerns, including insufficiently tailored, expensive, and complex software and training required for reporting monetary institutions.

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4. Capital and Liquidity Positioning. (a) The Vice Chairman for Guidance of the Federal Reserve, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the Federal Housing Financing Company (FHFA) shall think about, as appropriate and consistent with relevant law: (i) revising capital guidelines, constant with suitable risk-management requirements, to customize threat weights for all banks, consisting of neighborhood banks and other smaller sized banks, for portfolio home loans, maintenance rights, and storage facility lines of credit to the product credit danger of the exposure; (ii) updating security valuation and transfer systems between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances connected to domestic home mortgage properties; (iv) creating targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and small residential builders; (v) speeding up security boarding and appraisal processes through standardized data and digital documentation; and (vi) refocusing the FHLBs' Budget Friendly Real estate Program on faster-cycle execution and higher financial utilize for small and owner-occupied real estate jobs.

(c) Within 120 days of the date of this order, the Director of the FHFA, in assessment with the heads of other relevant executive departments and agencies, will send a report to the Assistant to the President for Economic Policy and the Director of the Office of Management and Budget plan on the effectiveness of national housing financing markets.

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Sec. 5. Construction and Real Estate Supply. (a) The Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency, will consider, as proper and consistent with relevant law, modifying supervisory guidance both to omit one-to four-family property development and building and construction loaning from commercial real estate concentration assistance and to make sure supervisory expectations support accountable construction loaning by neighborhood banks.

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6. Appraisal Modernization. (a) The Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the FHFA shall think about, as suitable and constant with suitable law and their statutory authorities: (i) improving appraisal guidelines and assistance to expand making use of alternative appraisal designs, desktop and hybrid appraisals, and synthetic intelligence valuation tools; (ii) streamlining appraiser qualification requirements; and (iii) decreasing appraisal requirements for low-risk transactions, consisting of low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Home Loan Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA will think about, as proper and consistent with suitable law: (i) removing unneeded wetsignature requirements for disclosures, applications, closing documents, and comparable documents; (ii) standardizing acceptance of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home loan requirements.

8. Servicing and Supervisory Certainty. (a) The Secretary of HUD, the Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency will think about, as suitable and constant with appropriate law: (i) lining up supervisory expectations to support portfolio home mortgage maintenance as a core community banking function; extending curefirst standards to goodfaith servicing errors; simplifying loss mitigation requirements; and issuing a proposed guideline supplying exemptions from intricate home mortgage services for smaller sized banks; and (ii) making sure that supervisory assessments of performing, prudently underwritten portfolio loans do not focus on technical defects or depend on evolving supervisory interpretations.

9. Enforcement. (a) The Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency will consider, as suitable and constant with applicable law, promulgating a policy versus enforcement actions for violations of customer financial laws that: (i) dissuades imposing civil financial penalties, except where the underlying infractions are willful, understanding, or negligent; (ii) considers excellent business conduct, consisting of a bank's correction of good-faith, technical compliance mistakes; and (iii) allows institutions a sensible chance for self-identification and removal of proper compliance matters.