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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rulemaking action will include conforming changes to rescind 7 CFR 1910 subparts B and C, and 7 CFR 1955.118, which are outdated.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. 

 

 
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
Timetable:
Action Date FR Cite
Proposed Rule  03/29/2024  89 FR 22094   
NPRM Comment Period End  05/28/2024 
Final Rule  03/00/2025 
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