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USDA/RHS | RIN: 0575-AD30 | Publication ID: Fall 2024 |
Title: Updates to 7 CFR 3560--Credit Report Process | |
Abstract:
RHD intends to codify the changes of the proposed rule published in the Federal Register on March 29, 2024 [89 FR 22094] with this final rule. It is necessary to codify the updates made to the credit reporting process by the Agency, align Agency practice with industry standards, and remove the need to rely on various internal guidance documents during the credit reporting process. The requirements for obtaining credit reports for applicants and borrowers for MFH funding, transfer, and servicing actions will be updated in the regulation and the rulemaking action will include conforming changes to rescind 7 CFR 1910 subparts B and C, and 7 CFR 1955.118, which are outdated. The change is intended to improve the customer experience.
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Agency: Department of Agriculture(USDA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 7 CFR 3560 | |
Legal Authority: 42 U.S.C. 1480 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Abby Boggs Program Support Branch Chief, MFH Department of Agriculture Rural Housing Service 1400 independence Avenue SW, Washington, DC 20250 Phone:615 480-1371 Email: abby.boggs@usda.gov |