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Politics and policy

CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws

CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws

Litigation, Politics and policy, Regulation and compliance /

Bloomberg News President Trump’s efforts to unilaterally and radically reduce the workforce at the Consumer Financial Protection Bureau is teeing up a rarely-considered constitutional question: if Congress makes the laws and the president enforces them, can the courts intervene if they think those laws are not being enforced “faithfully?” Appellate judges overseeing the ongoing legal […]

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Is third time the charm for Basel III endgame?

Is third time the charm for Basel III endgame?

Minimum capital requirements, Politics and policy, Regulation and compliance /

Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Newly minted Federal Reserve Vice Chair for Supervision Michelle Bowman is aiming to do something that escaped both her predecessors: finalize the U.S. implementation of the so-called Basel III framework.  In her first speech since being confirmed to the central bank’s top regulatory role, Bowman outlined

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Senate confirms Trump’s pick for HUD deputy secretary

Affordable housing, HUD, Politics and policy, Trump administration /

The U.S. Senate approved President Donald Trump’s nominee for deputy secretary at the Department of Housing and Urban Development on a party-line vote Tuesday. Andrew Hughes, a former HUD official who most recently had been serving as chief of staff to department Secretary Scott Turner, was confirmed by a vote of 51-44. All Republicans voiced

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Fed likely to hold steady after muted tariff impact in CPI

Fed likely to hold steady after muted tariff impact in CPI

Federal Reserve, Monetary policy, Politics and policy, Tariffs /

David Paul Morris/Bloomberg UPDATE: This article includes a quote from Treasury Sec. Scott Bessent. Inflation rose modestly last month, signaling that the U.S. economy might be feeling the effects of elevated tariffs.  The Consumer Price Index increased 0.1% in May, bringing the year-over-year inflation rate to 2.4%. The monthly increase was less than the 0.2%

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Former FDIC chair fears deregulation could spur new crisis

Former FDIC chair fears deregulation could spur new crisis

Politics and policy, Regulation and compliance /

Sheila Bair, former chair of the Federal Deposit Insurance Corp., in 2023.Bloomberg News The former Chair of the Federal Deposit Insurance Corp. Tuesday said she is concerned that the current push to deregulate banks could lead to a calamity in the financial system down the road. Bair, speaking before the Brookings Institution Tuesday, expressed concern

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CFPB’s top enforcement official, Cara Petersen, resigns

CFPB’s top enforcement official, Cara Petersen, resigns

Industry News, Politics and policy, Regulation and compliance, Trump administration /

Bloomberg News Cara Petersen, the principal deputy enforcement director at the Consumer Financial Protection Bureau, has resigned from the agency, stating in an email to staff that the bureau’s leadership under the Trump administration has “no intention to enforce the law in any meaningful way.” On Tuesday, Petersen sent an email to the CFPB’s enforcement

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How DOGE could shrink federal housing spending

Distressed, HUD, Politics and policy, Secondary markets /

Enjoy complimentary access to top ideas and insights — selected by our editors. As the Trump Administration looks for cost savings at HUD and FHFA, they are learning that things that seem easy to achieve on the surface can be far more complex in practice. After the relatively easy task of headcount reductions, for example,

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Exclusive: Sens. Banks, Cortez Masto to offer FHLB pay bill

Exclusive: Sens. Banks, Cortez Masto to offer FHLB pay bill

FHFA, FHLB, Housing, Politics and policy /

Sen. Jim Banks, R-Ind., joined Sen. Catherine Cortez Masto, D-Nev., in sponsoring a forthcoming bill that would allow the Federal Housing Finance Agency to set executive compensation rules for leaders at the Federal Home Loan banks.Bloomberg News WASHINGTON — Sens. Jim Banks, R-Ind., and Catherine Cortez-Masto, D-Nev., are introducing a bill that would allow the

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Ginnie Mae lifts buydown limit for custom pools

Originations, Politics and policy, Secondary markets /

Mortgage companies could soon find it easier to sell the many single-family loans with interest-rate buydowns into the Ginnie Mae market as it plans to soon exempt custom pools from a recently added restriction. Ginnie, which guarantees securitizations of mortgages that other public entities back at the loan level, said it is updating temporary rules

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Why the Senate should protect funding for the CFPB

CFPB News & Analysis, Politics and policy /

The Consumer Financial Protection Bureau has been an effective watchdog for consumers, and its secure, independent funding is key to its effectiveness. That’s why a new proposal from the Senate Banking Committee for the massive budget bill now quickly moving through Congress (H.R. 1) to eliminate this source of funding for the Consumer Bureau is

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