On June 11, the U.S. Senate confirmed Andrew Hughes as the new Deputy Secretary of HUD, making him the youngest Deputy Secretary in the department’s history. Hughes previously served as HUD Chief of Staff under former Secretary…
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/ Administrative Law, Elections & Politics, Real Estate - Residential
On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 10, it was reported that the CFPB’s Acting Enforcement Director, Cara Petersen, resigned from her position after 15 years at the Bureau. Petersen’s departure follows the departure of former Enforcement Director, Eric…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on budget…
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/ Administrative Law, Elections & Politics, Finance & Banking
On June 3, HUD published Mortgagee Letter (ML) 2025-14, “Updates to Modernization of Engagement with Borrowers in Default and Loss Mitigation,” which revised requirements for mortgagee interviews with FHA borrowers in default…
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/ Administrative Law, Finance & Banking, Real Estate - Residential
On June 4, the Office of Information and Regulatory Affairs received five pending publications from the CFPB. The five rulemakings under consideration included: (i) Loan Originator Compensation Requirements Under the Truth in…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 6, the Fed’s Vice Chair for Supervision, Michelle Bowman, outlined her approach to enhance banking supervision and regulation during prepared remarks. In her remarks, Bowman emphasized using “pragmatism” to identify…
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/ Administrative Law, Finance & Banking
On June 6, the Fed appointed Michael E. Horowitz to lead the OIG for the Fed effective June 30. By statute, the Fed’s OIG also serves as Inspector General for the CFPB. The OIG’s mandate includes making recommendations to…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 4, the U.S. Senate voted to confirm Michelle Bowman as Vice Chair for Supervision of the Board of Governors of the Fed for a term of four years. President Trump planned to nominate Fed Governor Michelle Bowman as the…
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/ Finance & Banking
On June 5, the FDIC released an updated list of state nonmember banks that received CRA evaluation ratings assigned in March 2025. The CRA mandates that the FDIC assess and rate how well banks meet the credit needs of their…
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/ Finance & Banking
On June 9, the OCC rejected a request from a group of state bank supervisors to rescind its preemption regulations, affirming its position that its rules align with federal law, Supreme Court precedent, and recent executive…
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/ Administrative Law, Finance & Banking
On June 2, the U.S. District Court for the Eastern District of Pennsylvania granted a motion by the CFPB and DOJ to terminate a consent order and dismiss with prejudice a case alleging redlining against a mortgage lender…
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/ Consumer Protection, Finance & Banking, Real Estate - Residential
On June 9, the CFPB filed a motion to vacate a stay of proceedings and reopen a case that had been administratively closed since February. In response to the CFPB’s request, the court scheduled a hearing on July 11. The motion…
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/ Administrative Law, Consumer Protection, Finance & Banking
On June 10, the governor of Connecticut signed HB 7093, which amends the state’s credit union provisions. The legislation, effective July 1, (i) allows credit unions to extend credit with preferential rates or terms to insiders,…
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/ Finance & Banking
On June 9, the governor of Maine approved SP 586, which contains provisions related to how financial institutions can address suspected elder abuse. The legislation permits financial institutions and credit unions to disclose…
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/ Administrative Law, Consumer Protection, Finance & Banking
