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Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall consider, as proper and consistent with suitable law, proposing changes to Guideline C to raise the property limit for exemption from HMDA information collection and reporting requirements for smaller banks, to leave out questions from the scope of HMDA, and to make sure that disclosures safeguard personal privacy and minimize burdens, including insufficiently customized, expensive, and complex software and training needed for reporting banks.

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4. Capital and Liquidity Positioning. (a) The Vice Chairman for Guidance of the Federal Reserve, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the Federal Real Estate Financing Firm (FHFA) will think about, as appropriate and constant with relevant law: (i) modifying capital policies, consistent with suitable risk-management requirements, to tailor risk weights for all banks, consisting of neighborhood banks and other smaller banks, for portfolio mortgages, maintenance rights, and storage facility lines of credit to the product credit risk of the exposure; (ii) modernizing collateral appraisal and transfer systems between the Federal Reserve and Federal Home Loan Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to residential home loan properties; (iv) creating targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and little residential contractors; (v) speeding up security boarding and assessment processes through standardized data and digital documents; and (vi) refocusing the FHLBs' Cost Effective Housing Program on faster-cycle execution and greater financial take advantage of for small-scale and owner-occupied real estate tasks.

(c) Within 120 days of the date of this order, the Director of the FHFA, in consultation with the heads of other relevant executive departments and agencies, will submit a report to the Assistant to the President for Economic Policy and the Director of the Workplace of Management and Spending plan on the effectiveness of national real estate financing markets.

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Construction and Real Estate Supply. (a) The Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency, will consider, as suitable and constant with relevant law, revising supervisory guidance both to exclude one-to four-family property development and construction lending from industrial genuine estate concentration guidance and to guarantee supervisory expectations support responsible construction lending by community banks.

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6. Appraisal Modernization. (a) The Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the FHFA shall think about, as suitable and constant with suitable law and their statutory authorities: (i) improving appraisal regulations and guidance to expand using alternative valuation designs, desktop and hybrid appraisals, and synthetic intelligence evaluation tools; (ii) simplifying appraiser credentials requirements; and (iii) lowering appraisal requirements for low-risk transactions, consisting of low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Home Loan Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA shall think about, as appropriate and constant with applicable law: (i) removing unneeded wetsignature requirements for disclosures, applications, closing documents, and similar files; (ii) standardizing approval of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home loan requirements.

8. Maintenance and Supervisory Certainty. (a) The Secretary of HUD, the Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency will consider, as proper and constant with relevant law: (i) aligning supervisory expectations to support portfolio home loan maintenance as a core neighborhood banking function; extending curefirst standards to goodfaith maintenance errors; streamlining loss mitigation requirements; and providing a proposed guideline offering exemptions from complex mortgage services for smaller banks; and (ii) guaranteeing that supervisory assessments of carrying out, prudently underwritten portfolio loans do not focus on technical flaws or count on developing supervisory interpretations.

9. Enforcement. (a) The Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency will consider, as appropriate and constant with applicable law, promoting a policy against enforcement actions for violations of customer financial laws that: (i) prevents imposing civil financial penalties, other than where the underlying violations are willful, knowing, or reckless; (ii) considers great corporate conduct, consisting of a bank's correction of good-faith, technical compliance mistakes; and (iii) allows organizations an affordable chance for self-identification and removal of suitable compliance matters.