Politics

Sen. Cynthia Lummis, R-Wyo., says she and Sen. Gillibrand, D-N.Y., plan to release draft legislation next week that would establish a supervisory entity for emerging financial technologies and new rules for stablecoin issuers.

Lending that can fulfill Biden administration aims around equity and supply, like an FHA premium cut or financing for accessory dwelling units, remain possible, but late-cycle housing risk is a concern.

The White House outlined a specific role for the agency in its housing supply agenda, which has not happened before, Ginnie President Alanna McCargo said at the MBA Secondary Conference. Meanwhile, the acting head of the FHFA said preferred stock talks haven’t happened — yet.

Mark Calabria, who oversaw the two government giants under Trump and was fired by the Biden administration, said in a recent interview that the government-sponsored enterprises are once again at risk of insolvency.

A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.

Calls for “reform” in times of high liquidity ignore the scalability of the system, and the need to have it around in times of trouble.

Servicers are encouraged to put foreclosures on hold in several circumstances involving the state-distributed housing relief, but they’ll need to request extensions of their normal timelines to do it.

The Senate voted 80-19 Thursday to confirm Powell to the top spot on the Federal Reserve Board of Governors. He joins Philip Jefferson, who was confirmed by the Senate to serve on the board Wednesday night, and Lisa Cook, who was confirmed Tuesday night.

The vote was 51-50 in favor, with Vice President Kamala Harris breaking a tie as opposition by Republicans continued.

Lorie Logan manages the Fed’s System Open Market Account and played key roles in the central bank’s crisis responses in 2020 and 2008. She replaces Robert Kaplan, who resigned amid a stock trading scandal last fall.

Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court. 

The Federal Housing Finance Agency is shoring up the government-sponsored enterprises’ finances as it returns to considering a mission-centric conservatorship exit, and its related policies have implications for lenders.

Borrowers must be protected against discrimination at all steps of the credit process — including after they’ve already been granted credit, the regulator affirmed.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

It will soon become mandatory to give consumers, nonprofits and governmental entities first crack at homes sold through the claims without conveyance of title process for 30 days.

The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. issued a joint proposed rule Thursday meant to refocus and update its implementation of the landmark 1977 law.

The Federal Reserve’s Federal Open Market Committee voted Wednesday to raise interest rates to between 0.75% and 1%, the largest single rate hike since 2000.

Johnson, who currently heads a housing-finance industry group, will take over this summer from longtime president and CEO Richard Hunt.

Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.

The National Association of Home Builders asked the White House to take action to address the supply-chain disruptions that are pushing up the costs of materials and labor, in a letter sent Wednesday.