MBA Statement on FHFA Order Rescinding Regulated Entity UDAP Compliance
March 25, 2025
WASHINGTON, D.C. (March 25, 2025) — MBA's President and CEO Bob Broeksmit, CMB, released the following statement on the Federal Housing Finance Agency’s (FHFA) order that rescinds Advisory Bulletin 2024:06: Regulated Entity Unfair or Deceptive Acts or Practices (UDAP) Compliance:
“MBA supports the rescission of this advisory bulletin and thanks Director Pulte for prioritizing this issue in response to our members’ concerns, which we raised at the time of the policy’s release in November and reiterated to the Director immediately upon his confirmation.
“The November bulletin’s specific expectations for Fannie Mae and Freddie Mac (the GSEs) to conduct consumer protection oversight of their customers wrongly established the GSEs as compliance regulators, was duplicative of federal and state regulatory oversight of UDAPs, and would have negatively impacted consumers and lenders through higher costs.
“Common sense regulation and oversight is crucial to ensuring that the GSEs operate in a safe and sound manner that allows them to continue their pivotal role in providing affordable homeownership and rental housing opportunities for all Americans.”