FHFA Launches a Office of Financial Technology for Fintech

BY  ON JULY 27, 2022

The Federal Housing Finance Agency (FHFA) recently announced the establishment of an Office of Financial Technology. According to an agency release, the new department will serve as a centralized source of information to support FHFA in addressing emerging risks and advancing agency priorities related to the adoption and deployment of financial technology (fintech). Click here to read more.

One of the focus areas of this new department will be engaging market participants, industry, nonprofits, consumer groups, and academia to facilitate the sharing of best practices of housing finance fintech and innovation.

“When used responsibly, fintech has the potential to improve borrowers’ experiences with the mortgage process by reducing barriers, increasing efficiencies, and lowering costs,” said Director Sandra L. Thompson. “The new office will help advance effective risk management as FHFA evaluates applications of fintech in housing finance, as well as in compliance, and regulatory activities.”

Click here to read the full media release at the FHFA.

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  • Hamza Ashfaq
    published this page in Updates 2022-08-31 11:28:19 -0600