Nov 2 -- The Federal Housing Finance Agency (FHFA or Agency) invites public comments on a new information collection titled “Tech Sprints.” Interested persons may submit comments on or before January 3, 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 challenge statements presented. FHFA expects participation from market participants in the housing finance industry and other industries, including without limitation 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 500. FHFA estimates that each Tech Sprint will have an average of 50 participants. Each participant will spend an average of 40 hours participating in the Tech Sprint.
FHFA writes by AEA: "At this time, FHFA does not have any additional materials to provide beyond the information contained in the Federal Register notice."
Submit comments at https://www.fhfa.gov/SupervisionRegulation/Rules/Pages/60-Day-notice-of-submission-of-information-collection-Tech-Sprints-for-approval-from-OMB.aspx#