a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. . 3. Authority of Director of the Federal Housing Finance Agency Subpart A of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4541 et seq.) is amended by adding at the end the following new section: 1328. Regulations for use of credit scores The Director may, by regulation, establish standards and criteria for any process used by an enterprise to validate and approve credit scoring models pursuant to section 302(b)(7) of the Federal National Mortgage Association Charter Act and section 305(d) of the Federal Home Loan Mortgage Corporation Act. . 4. Effective date The amendments made by this Act shall take effect 180 days after the date of enactment of this Act.