The Washington Report

Today, NAR sent a letter to Chairman Tim Scott and Ranking Member Elizabeth Warren of the Senate Banking Committee recommending the confirmation of Federal Housing Finance Agency (FHFA) Director nominee Bill Pulte. Mr. Pulte is known as a businessman and a philanthropist, and if confirmed by the Senate, would lead the agency that oversees Fannie Mae and Freddie Mac, a key role as reform efforts begin in D.C. Mr. Pulte is the founder and CEO of the private equity firm Pulte Capital Partners. He is also chair of The Pulte Family Office and the former director of PulteGroup, Inc., the real estate development company that was started by his grandfather, William Pulte.

NAR highlighted Mr. Pulte’s previous work in helping Detroit rebound from the Great Recession and his past construction experience. The letter also highlighted the necessity of taking a measured and thoughtful approach to any GSE reforms and highlighted our excitement in working with him to help improve both housing affordability and housing supply.

No confirmation hearing has been scheduled at this time.

Read NAR's letter to the Senate Banking Committee.

This weekend, Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought ordered agency employees to suspend all work activity, including supervision and enforcement actions, as well as all outreach and correspondence with regulated entities. Acting Director Vought also posted on X that the CFPB would receive no further funding from the Federal Reserve. In an email to staff Monday morning, the Acting Director informed employees that the DC Headquarters Office would be closed this week, and that they "should not come into the office" and "not perform any work tasks."

This shutdown marks an escalation from last week when then Acting Director Scott Bessent ordered a limited pause on agency activity, which included new rulemakings, litigation, and outside correspondence.

The halt on all agency activities raises serious questions about the laws that CFPB is legally mandated by Congress to oversee and enforce, including mortgage lending laws, the Equal Credit Opportunity Act (ECOA), oversight of credit bureaus and credit reports, the Real Estate Settlement Procedures Act (RESPA), lender supervision, and other fair lending laws. Critics have argued that uncertainty in regulation and oversight could lead to lenders each playing by a different set of rules, creating chaos for consumers and the financial markets, and potentially creating weakness in the housing economy.

In May of 2024, the Supreme Court ruled that the funding mechanism for the CFPB—while unique—was constitutional. In a 7-2 ruling, the court stated that, “Congress’ statutory authorization allowing the Bureau to draw money from the earnings of the Federal Reserve System to carry out the Bureau’s duties satisfies the Appropriations Clause.”

NAR has long supported reforms to the CFPB, including changing the single director model to a board, to ensure a more leveled and mindful rulemaking and supervision environment. NAR also has policy supporting federal enforcement of federal laws prohibiting mortgage-lending discrimination. The recent actions at the CFPB create uncertainty for companies regarding their legal obligations while the legality of the actions face challenges in the federal courts.

NAR continues to monitor the situation to receive clarity about the status of important rules and oversight of the financial markets.