Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
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 August 29, three Democratic senators submitted a letter to FHFA Director Bill Pulte to urge him to prioritize lowering housing costs and expanding access to affordable homeownership. The letter — signed by Sens. Elizabeth...more
What Happened? On July 8, 2025, U.S. Federal Housing Agency (FHFA) announced that lenders will soon be able to use the VantageScore® 4.0 credit model or Classic FICO® via the tri-merge credit report requirement when they...more
As I read through my last commentary on the future of the GSEs and fielded some comments from readers, I realized I glossed over hard questions about how the governmental backstop would work, sort of like envisioning a plane...more
On August 12, the U.S. Court of Appeals for the Federal Circuit affirmed a lower court’s dismissal of a shareholder suit brought by two stockholders. The two plaintiff stockholders held interests in both Fannie Mae and...more
The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars....more
I am joining the hordes occupying the chatter-sphere to opine about what the GSEs should look like, post conservatorship. Having reviewed loads of opinions about the future of the Twins, I’m pretty sure the bar on looking...more
In a July 8 social media post, Federal Housing Finance Agency (FHFA) Director Bill Pulte stated that Fannie Mae and Freddie Mac (the Enterprises) will maintain the long-standing tri-merge requirement requiring lenders to pull...more
The Department of Housing and Development is seeking information about the impact that the frequent use of Buy Now, Pay Later (BNPL) products may have on borrowers’ ability to meet housing-related expenses, including rent or...more
On June 25, the Federal Housing Finance Agency (FHFA) issued a directive ordering Fannie Mae and Freddie Mac to prepare proposals for treating cryptocurrency held on U.S.-regulated exchanges as assets for reserves in...more
Crypto policy continues to be a hot topic in the nation’s Capitol ahead of the July 4 holiday. Senate Banking Committee Chairman Tim Scott (R-SC) and Digital Assets Subcommittee Chair Cynthia Lummis (R-WY) announced that the...more
What Happened? On June 26, Federal Housing Finance Agency (“FHFA”) Director William Pulte told Fannie Mae and Freddie Mac (the “government sponsored entities”) to draft policies that would consider a borrower’s cryptocurrency...more
Artificial intelligence (AI) is increasingly woven into financial services operations, transforming everything from consumer interactions through chatbots and targeted marketing to essential functions like underwriting,...more
Fannie Mae (1938) and Freddie Mac (1970) were created with the end goal of promoting homeownership across the United States. Fannie Mae and Freddie Mac, both government-sponsored entities (“GSEs”), are publicly traded and...more
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
Mr. Pulte is now the great poohbah of Fannie and Freddie supervising the Twins from his seat at FHFA and also now acting as chair of their respective boards. What is he going to do (assuming he has any agency here)?...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
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