Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
On April 16, three senators urged the FHFA Inspector General to investigate the agency’s purported noncompliance with federal laws and regulations concerning corporate governance at Fannie Mae and Freddie Mac. Sens. Jack Reed...more
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump...more
In recent days, Federal Housing Finance Agency (FHFA) Director Bill Pulte has made it clear that he believes fraud is a rampant problem at FHFA. In a stream of related activities, Pulte has called on the public to report...more
On April 15, ten U.S. Senators sent a letter addressed to Mr. Brian M. Tomney, Inspector General of the FHFA, requesting that the FHFA OIG review recent actions taken by FHFA leadership to overhaul the boards at Fannie Mae...more
This month’s Alert updates recent housing legislation, including proposed amendments to the DC Tenant Opportunity to Purchase Act (TOPA), the launch of the DC RentRegistry portal, and updates to Montgomery County's rent...more
On March 25, it was reported on social media that FHFA Director William Pulte signed an order terminating the Special Purpose Credit Programs (SPCPs) previously covered by Fannie Mae and Freddie Mac. The SPCPs provided...more
The Federal Housing Finance Agency (FHFA) has taken two significant deregulatory steps affecting its oversight of the government-sponsored enterprises, Fannie Mae and Freddie Mac (GSEs). The agency rescinded a 2024 advisory...more
In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
On March 14, the FHFA announced that Director William Pulte was sworn in as its fifth director in a ceremony held in Washington, D.C., on March 14. Pulte was appointed by President Trump and will serve a five-year term...more
On March 4, the FHFA ordered both government-sponsored enterprises, Fannie Mae and Freddie Mac, to submit stress testing results based on their financial positions as of December 31, 2024, following scenarios issued by the...more
February 25, 2025- The Financial Deposit Insurance Corporation released the Quarterly Banking Profile for Q4 2024 with reports from 4,487 commercial banks and savings institutions insured by the FDIC which reported a...more
According to several published reports, Mark Calabria is expected to join OMB where he will be detailed to the CFPB until Jonathan McKernan is confirmed by the Senate. Calabria previously served as the director of FHFA under...more
Recently, the FHFA issued a final rule amending its regulations on FHLBanks’ (Banks) capital requirements, specifically modifying limits on certain types of extensions of unsecured credit by the FHLBanks. Specifically,...more
January 28, 2025 - The Consumer Financial Protection Bureau released two reports looking at national rental payment data from September 2021 to November 2024. January 28, 2025 - The Consumer Financial Protection Bureau...more
January 14, 2025- Federal Deposit Insurance Corporation Chair Martin Gruenberg gave a speech entitled “Three Financial Crises and Lessons for the Future,” at the Brookings Institution....more
What Happened? On November 29, 2024, the Federal Housing Finance Agency (“FHFA”) released Advisory Bulletin AB 2024-06 (the “Advisory Bulletin”), which sets forth FHFA’s expectations and guidance for Fannie Mae and Freddie...more
January 8, 2025- The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on December 17–18, 2024. January 8, 2025 - Federal Reserve Board Governor Christopher J. Waller gave a...more
December 30, 2024- U.S. Senate Banking, Housing and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) released his 2024 Year-in-Review and Oversight Report for the 118th Congress, highlighting Banking Committee...more
On December 17, U.S. House Financial Services Committee leaders warned the Biden administration’s agencies to refrain from making any additional “partisan” rulemaking over the several weeks remaining before the transition to...more
December 23, 2024- In view of the evolving legal landscape, the Board of Governors of the Federal Reserve System announced it will soon seek public comment on significant changes to improve the transparency of its bank...more
December 20, 2024- The Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator have a Memorandum of Understanding (MoU) which sets out the high-level...more
December 19, 2024- The U.S. Department of the Treasury released a report following the issuance of its 2024 Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence in Financial Services,...more
December 17, 2024- The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the incoming Chairman and current Committee Vice Chair, French Hill (AR-02), sent letters to the outgoing Biden...more
December 16, 2024 - The Office of the Comptroller of the Currency (OCC) set forth the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2024....more