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In July 2024, the U.S. House Committee on Appropriations submitted its report (No. 118–556) on the Financial Services and General Government Appropriations Bill, 2025, to accompany H.R. 8773.
Proposed Credit Reporting Changes.—The Committee is concerned that the Federal Housing Finance Agency’s (FHFA) proposal to change single-family loan originations credit report requirements from the tri-merge system to a bi-merge system will have adverse impacts on homebuyers and the mortgage industry. Within one year of enactment of this Act, FHFA is directed to conduct a study in coordination with the Financial Stability Oversight Council regarding the potential impacts of such a change on consumers and housing markets and submit a report with its findings to the Committee. The report should include the impact the change would have on: (1) consumers in every credit score band, (2) minority and rural populations, (3) the pricing of mortgage loans and risk posed by the mortgage loan to the enterprise, and (4) lenders and other industry stakeholders. Until such time as FHFA has conducted the study and reported the findings to the Committee, FHFA is directed to withhold changes to single-family loan originations credit report requirements. The Committee further reminds FHFA of its obligations under the Administrative Procedure Act to ensure any such change be made in an open and transparent process subject to notice and comment.
Report, 6.