Politics

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.

Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.

The Federal Reserve is widely expected to lower interest rates, but questions about how big of a cut and the trajectory for future cuts remain uncertain — and the White House's power struggle with the central bank is a complicating factor.

A report from Democratic staff on the Senate Permanent Subcommittee on Investigations said accounting firm KPMG gave Silicon Valley Bank, Signature Bank and First Republic clean audits despite internal warnings, fraud allegations and apparent risks of failure.

Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.

Market watchers expect the Federal Open Market Committee to announce a 25 basis point rate cut today, but are also watching for signals of more cuts to come and how many members push for a larger 50 basis point cut.

A group of Democratic Senators led by Elizabeth Warren, D-Mass., urged regulators to keep the 2023 Community Reinvestment Act overhaul, saying the rule was carefully crafted with bipartisan input.

The White House said it will appeal a circuit court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the central bank board while her lawsuit challenging her dismissal is litigated.