Increases federal oversight of companies that provide services to major housing and credit union groups.
This bill would give federal agencies more power to oversee companies that provide services to large housing finance groups and credit unions. It aims to improve how these financial service providers are regulated and examined. This means more scrutiny for companies working with entities like Fannie Mae, Freddie Mac, and credit unions.
Today, the Federal Housing Finance Agency does not explicitly regulate companies that provide services to major housing finance groups. Additionally, there are no specific rules for how credit unions notify the National Credit Union Administration Board. The National Credit Union Administration Board also has explicit power to terminate service contracts for unsafe practices. After this bill, the FHFA would gain direct power to oversee these service providers, and housing finance groups would need to report new service contracts within 30 days. Credit unions would also follow new, specific notification rules set by the NCUA Board. However, the NCUA Board would lose its explicit power to terminate service contracts for unsafe practices.
HR 10230 · 119th Congress · AI Summary by gemini-2.5-flash · 7/10
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