Jan 10 -- The Federal Housing Finance Agency (FHFA or Agency) invites public comments on OMB regarding its proposed new information collection titled “Tech Sprints.” Interested persons may submit comments on or before February 9, 2023.
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act), as amended by the Federal Housing Finance Regulatory Reform Act of 2008, Division A of the Housing and Economic Recovery Act of 2008, requires FHFA to ensure that the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets.
Recognizing the significant effects that the regulated entities' potential use of fintech products and innovations could have on the mortgage market and market participants, FHFA has an interest in learning about new and emerging technologies which may have applications in the mortgage space. To obtain information from the public, FHFA plans to conduct a series of competitions called “Tech Sprints.” The Tech Sprints will pose “problem statements” associated with fintech in the housing finance market and solicit innovative solutions from individuals and entities participating in the Tech Sprint. The Tech Sprint solutions will support the Agency in developing strategies for the regulated entities to advance housing finance fintech in a safe and sound, responsible, and equitable manner.
For each Tech Sprint, FHFA intends to collect information from potential participants through a solicitation for expression of interest to participate in the Tech Sprint, as well as information collected during the Tech Sprint through the solutions to the problem statements presented. FHFA expects participation from market participants in the housing finance industry and other industries, including technology companies, mortgage companies, academics, industry groups, and other members of the public.
FHFA estimates that two Tech Sprints will be conducted each year over the next three years. FHFA estimates that the average number of individuals applying to participate in each Tech Sprint over the next three years will be 200. FHFA estimates that each Tech Sprint will have an average of 80 participants.
FHFA submission to OMB:
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202301-2590-001 Click on IC List for questionnaire, View Supporting Statement for technical documentation. Submit comments through this site.
FR notice inviting public comment:
https://www.federalregister.gov/d/2023-00211
For AEA members wishing to submit comments, "A Primer on How to Respond to Calls for Comment on Federal Data Collections" is available at
https://www.aeaweb.org/content/file?id=5806