Politics

The acting leader is a co-author of the conservative playbook in which a former Fannie Mae and HUD director calls for abolishing the regulator.

A rally outside the Consumer Financial Protection Bureau headquarters in Washington Monday afternoon boasted 17 lawmakers and roughly 600 attendees, organizers said, who were decrying Trump administration efforts to effectively shutter the bureau.

McKernan, a member of the Federal Deposit Insurance Corp.'s board of directors, offered measured resistance to Biden-era bank regulation and led on a number of issues including cracking down on the influence of asset managers who hold stakes in FDIC-insured banks.

Acting Consumer Financial Protection Bureau Director Russell Vought ordered bureau employees to "stand down" and perform no work, effective immediately.

Experts said the government-sponsored enterprises could change their tack on some of the innovation seen since the pandemic in loss mitigation, lending and technology.

Newly-confirmed Office of Management and Budget Director Russell Vought, a key architect of Project 2025, has been charged with overseeing an agency Republicans have vowed to eliminate, according to a Wall Street Journal report.

HUD, Ginnie Mae and USDA weighed in on the status of recent actions, some of which could change due to transitions in Washington.

The prospect of both megalenders being released from conservatorship and the downgrading of each firm's respective stock are top of mind for executives.

Mortgage companies under scrutiny could see a reprieve, while the status of functions like behind-the-scenes guidance inquiries is uncertain, experts say.

Mortgage and housing industry groups cheered the U.S. Senate vote, which found only two Democrats crossing over to support Scott Turner's nomination.

As the Federal Reserve's overnight reverse repurchase agreement program nears zero, pressure could mount on the central bank to slow or stop its asset runoff as it fights inflation.

Tom Krause, the chief executive of Cloud Software Group, and Marko Elez, an engineer who has worked for SpaceX and social-media platform X, have offices in the Treasury Department, according to sources.

Some mortgage stakeholders say Trump's tariffs would make interest rates rise and housing costs shoot up.

Donald Trump's second administration is widely expected to be far less skeptical of bank mergers than the Biden administration has been, but industry experts say that political opposition to big bank mergers and business considerations will still be roadblocks.

The mortgage securities guarantor told the Government Accountability Office it was held back by the limits of its role and information sharing constraints.

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

The regulator has a projected fiscal year 2025 budget of $810 million, according to a nonpartisan analysis.

The Federal Home Loan Bank called the transition to special policy advisor a joint decision between the executive and board as new reviews in Washington start.