,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bdga  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bh1 #bjbe,ms4   
,lummis introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require gov]nm5t-sponsor$   
ent]prises to consid] digital assets 9 a
 mortgage loan risk assessm5t4  #a4     
,%ort title ,?is ,act may be cit$ z !   
#ba/ ,c5tury ,mortgage ,act ( #bjbe4    
#b4 ,consid]ation ( ,digital ,assets    
7a7 ,f$]al ,national ,mortgage          
,association ,section #cjb7;b7 ( !      
,f$]al ,national ,mortgage ,association 
,*>t] ,act 7#ab ,u4,s4,c4 #agag7;b77 is 
am5d$ by add+ at ! end ! foll[+3  7#h7  
,digital ,assets 9 ,mortgage ,risk      
,assessm5ts  7,a7 ,def9itions ,9 ?is    
p>agraph3 7i7 ,digital asset ,! t]m     
digital asset-- 7,i7 means any digital  
repres5tation ( value t is record$ on a 
cryptographically-secur$ di/ribut$ l$g]2
 &  7,,ii7 does n include any asset t-- 
7aa7 is n comm]cially fungible1 includ+ 

a digital collectible or o!r unique     
asset describ$ 9 subclause 7,i72 or     
7bb7 repres5ts own]%ip (1 or control    
ov]1 an asset t is n itself an asset    
describ$ 9 subclause 7,i74  7ii7        
,qualifi$ ,cu/odial ,arrangem5t ,! t]m  
qualifi$ cu/odial arrangem5t means--    
7,i7 cu/ody ( a digital asset by a      
?ird-p>ty cu/odian :o is *>t]$1 lic5s$1 
or o!rwise regulat$ "u ,f$]al or ,/ate  
law & is subject to ! jurisdiction ( !  
c\rts ( ! ,unit$ ,/ates2 or  7,,ii7 a   
multi-p>ty cu/odial arrangem5t 9 :i* a  
controll+ quorum ( any private key1     
acc\nt1 or o!r control compon5t         
suffici5t to au?orize a transf] ( !     
digital asset is held by cu/odians      
describ$ 9 subclause 7,i71 & !          
arrangem5t is subject to an en=ceable   
gov]n+ agreem5t "u ! laws ( ! ,unit$    
,/ates4  7,b7 ,digital ,assets z        
,res]ves ,! corporation %all1 9 assess+ 
! risk ( a s+le-family mortgage loan1   
p]mit ! hold+s ( a borr[] 9 a digital   
asset1 evid5c$ & ma9ta9$ pursuant to a  

qualifi$ cu/odial arrangem5t1 to be     
includ$ 9 ! res]ves ( a borr[] )\t      
conv]sion ( ! digital asset to ,unit$   
,/ates doll>s4  7,c7 ,risk ,mitigation  
,9 c>ry+ out subp>agraph 7,b71 !        
corporation %all-- 7i7 apply any        
appropriate adju/m5t = m>ket volatility 
& liquidity ( ! digital asset2  7ii7    
apply any appropriate adju/m5t =        
conc5tration ( digital assets z a       
portion ( res]ves2 &  7iii7 p]iodically 
review & update any risk-bas$ adju/m5t  
appli$ "u clauses 7i7 & 7ii74  7,d7     
,notice & ,approval ,prior to implem5t+ 
or mat]ially revis+ any me?odology us$  
to assess a digital asset "u ?is        
p>agraph1 ! corporation %all submit !   
propos$ me?odology to ! bo>d ( directors
 ( ! corporation = approval &1 ^u       
approval1 to ! ,director ( ! ,f$]al     
,h\s+ ,f9ance ,ag5cy = review4  4  7b7  
,f$]al ,home ,loan ,mortgage            
,corporation ,section #cje ( ! ,f$]al   
,home ,loan ,mortgage ,corporation ,*>t]
 ,act 7#ab ,u4,s4,c4 #aded7 is am5d$ by 

ins]t+ at ! end ! foll[+3  7e7 ,digital 
,assets 9 ,mortgage ,risk ,assessm5ts   
7#a7 ,def9itions ,9 ?is subsection3 7,a7
 ,digital ,asset ,! t]m digital asset-- 
7i7 means any digital repres5tation (   
value record$ on a                      
cryptographically-secur$ di/ribut$ l$g]2
 &  7ii7 does n include any asset t--   
7,i7 is n comm]cially fungible1 includ+ 
a digital collectible or o!r unique     
asset describ$ 9 clause 7i72 or  7,,ii7 
repres5ts own]%ip (1 or control ov]1 z  
asset t is n itself an asset describ$ 9 
clause 7i74  7,b7 ,qualifi$ ,cu/odial   
,arrangem5t ,! t]m qualifi$ cu/odial    
arrangem5t means-- 7i7 cu/ody ( a       
digital asset by a ?ird-p>ty cu/odian :o
 is *>t]$1 lic5s$1 or o!rwise regulat$  
"u ,f$]al or ,/ate law & is subject to !
 jurisdiction ( ! c\rts ( ! ,unit$      
,/ates2 or  7ii7 a multi-p>ty cu/odial  
arrangem5t 9 :i* a controll+ quorum (   
any private key1 acc\nt1 or o!r control 
compon5t suffici5t to au?orize a transf]
 ( ! digital asset is held by cu/odians 

describ$ 9 clause 7i71 & ! arrangem5t is
 subject to an en=ceable gov]n+ agreem5t
 "u ! laws ( ! ,unit$ ,/ates4  7#b7     
,digital ,assets z ,res]ves ,!          
,corporation %all1 9 assess+ ! risk ( a 
s+le-family mortgage loan1 p]mit !      
hold+s ( a borr[] 9 a digital asset1    
evid5c$ & ma9ta9$ pursuant to a qualifi$
 cu/odial arrangem5t1 to be includ$ 9 ! 
res]ves ( a borr[] )\t conv]sion ( !    
digital asset to ,unit$ ,/ates doll>s4  
7#c7 ,risk ,mitigation ,9 c>ry+ out     
p>agraph 7#b71 ! ,corporation %all--    
7,a7 apply any appropriate adju/m5t =   
m>ket volatility & liquidity ( ! digital
 asset2  7,b7 apply any appropriate     
adju/m5t = conc5tration ( digital assets
 z a portion ( res]ves2 &  7,c7         
p]iodically review & update any         
risk-bas$ adju/m5t appli$ "u            
subp>agraphs 7,a7 & 7,b74  7#d7 ,notice 
& ,approval ,prior to implem5t+ or      
mat]ially revis+ any me?odology us$ to  
assess digital assets "u ?is subsection1
 ! ,corporation %all submit ! propos$   

me?odology to ! ,bo>d ( ,directors =    
approval &1 ^u approval1 to ! ,director 
( ! ,f$]al ,h\s+ ,f9ance ,ag5cy =       
review4  4