Published: July 2023

Coalition supports FHFA’s proposed rulemaking on fair lending oversight and equitable housing finance

Coalition: Language Access Task Force of Americans for Financial Reform (AFR)

The Language Access Task Force of Americans for Financial Reform (AFR) expressed support for the Federal Housing Finance Agency’s proposed rulemaking related to equitable and accessible housing financing.

As a member of the Language Access Task Force of Americans for Financial Reform (AFR), Consumer Action joined in comments to the Federal Housing Finance Agency (FHFA) strongly supporting the agency’s proposed rulemaking on fair lending oversight and equitable housing finance. The coalition, which was convened to advocate for improved language access for borrowers with limited English proficiency (LEP) as they navigate the financial marketplace, supports all major components of the proposed rule, including the decision to codify the requirement that the Enterprises (Fannie Mae and Freddie Mac) create and maintain Equitable Housing Finance (EHF) plans, which can be a powerful tool to ensure our conventional mortgage market works to narrow, instead of widen, our country’s racial wealth gap. The coalition also expressed support for requiring the Enterprises to use the Supplemental Consumer Information Form (“SCIF”) to collect information on borrower language preference at loan origination. In addition, said the letter, the FHFA should require the Enterprises to compel lenders and servicers to provide limited-English-proficient borrowers with meaningful language access, including translated vital documents and oral interpretation. 

Lead Organization

National Consumer Law Center

More Information

Click here to read the letter.

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