0575-AD30 202410 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 0575 Rural Housing Service RHS 0500 Department of Agriculture USDA Updates to 7 CFR 3560--Credit Report Process

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action will include conforming changes to rescind 7 CFR 1910 subparts B and C, and 7 CFR 1955.118, which are outdated.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

 

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage No No 7 CFR 3560 42 U.S.C. 1480 No Proposed Rule 03/29/2024 89 FR 22094 NPRM Comment Period End 05/28/2024 Final Rule 03/00/2025 No No None No No No No Abby Boggs Program Support Branch Chief, MFH 0575 Rural Housing Service RHS 615 480-1371 abby.boggs@usda.gov 1400 independence Avenue SW, Washington DC 20250