CREF Policy Update: Recap-MAA Town Hall on Trump Administration Updates, MBA’s Legislative Priorities, and #MBANAC25
Recap: MAA Town Hall on Trump Administration Updates, MBA’s Legislative Priorities, and #MBANAC25
Last Thursday, MBA President and CEO Bob Broeksmit, CMB, Bill Killmer, SVP of Legislative & Political Affairs, and members of MBA’s lobbying and policy teams hosted a Mortgage Action Alliance (MAA) webinar on the latest developments in the single-family and commercial/multifamily arenas under the Trump administration and MBA’s ongoing response to them.
• More than 650 attendees received intel on what is happening and how MBA is engaging with the Trump Administration on its policy priorities, staffing plans, and potential next steps at the Federal Housing Administration (FHA) and Ginnie Mae (and the Department of Housing and Urban Development (HUD) as a whole), the Consumer Financial Protection Bureau (CFPB), and more.
• Broeksmit highlighted MBA’s recent successes in advocating on behalf of members’ interests, including the swift response to ensure government lending programs were excluded from a January federal spending freeze.
Go deeper: Attendees also learned of the top priorities and issues to be covered at MBA’s upcoming National Advocacy Conference (NAC), taking place April 8-9 in Washington, D.C., including the potential for GSE release, trigger leads, housing tax policy, legislation to increase housing supply, property insurance, and more. Register today.
What’s next: MBA is monitoring the ongoing developments at the federal agencies and is engaging with the Trump administration to better understand the review of these agencies’ activities and future priorities. MBA and MAA plan to host additional Town Hall webinars as needed and/or as developments arise.
For more information, please contact Bill Killmer at (202) 557- 2736, Megan Booth at (202) 557-2740, or Jamie Woodwell at (202) 557-2936.
Combined McKernan, Pulte Senate Committee Confirmation Hearing Set for Next Week
The Senate Committee on Banking, Housing, and Urban Affairs is set to hold a confirmation hearing today on a slate of Trump administration nominees, including Jonathan McKernan to serve as the Director of the CFPB and Bill Pulte to serve as the Director of the Federal Housing Finance Agency (FHFA).
• McKernan was most recently a member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC). He also has deep housing finance experience from his past work at FHFA and Treasury Department – and during his work in the Senate. Until McKernan is confirmed by the full Senate, the agency will continue to be led by Acting Director Russell Vought, who also serves as the now fully confirmed Director of the Office of Management and Budget (OMB).
• Pulte’s experience includes being the CEO of the housing-focused investment firm Pulte Capital Partners and serving on the board of directors of Pulte Homes.
What they’re saying: See MBA President and CEO Bob Broeksmit’s press statement last week on McKernan’s nomination, and his press statement on Pulte after his nomination in January.
• MBA last month also endorsed Pulte in a letter sent to Senate Banking Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA), stating, “We believe he brings a wealth of real world, private sector experience to this role at a critical time for the housing Government Sponsored Enterprises (GSEs),” wrote MBA’s Broeksmit and current MBA Chair Laura Escobar.
What’s next: Following Thursday’s hearing, MBA will urge Senate leaders to schedule a confirmation floor vote on them both as soon as possible.
For more information, please contact Ethan Saxon at (202) 557-2913 or Bill Killmer at (202) 557-2736.
President Trump Issues Executive Order Limiting Independent Agencies
Last Tuesday, President Trump issued an executive order (EO), “Ensuring Accountability for All Agencies,” that curbs the ability of independent agencies to act independently.
• Under the order, independent agencies are bound by the legal interpretations of the President and the Attorney General. An independent agency may not issue regulations, guidance, or take positions in litigation unless they are authorized to do so in writing by the President or Attorney General.
Why it matters: This order will give the President and Attorney General review and approval authority over rulemaking and spending by independent agencies. This order covers independent agencies, including the CFPB, FDIC, FHFA, Federal Trade Commission (FTC), Securities and Exchange Commission (SEC), and the Office of the Comptroller of the Currency (OCC). The order exempts the Federal Reserve, except as it relates to the supervision and regulation of financial institutions.
Go deeper: Going forward, the affected agencies must submit all proposed and final rules to OMB’s Office of Information and Regulatory Affairs (OIRA) for approval. OMB Director Russell Vought – who is also CFPB Acting Director – has the authority to adjust spending by the agency. While “independent” agencies have had their independence narrowed by the Supreme Court in recent years – notably both FHFA and CFPB directors now serve at the pleasure of President – the EO provides OMB with further control over these agencies.
• Notably, on Wednesday, Mark Calabria, who was FHFA Director during President Trump’s first term, made it known that he will be starting at the OMB and will be on detail to the CFPB until Bureau Director nominee Jonathan McKernan is confirmed for a five-year term.
What’s next: MBA will track the implementation of this order and keep members informed of any updates.
For more information, please contact Justin Wiseman at (202) 557-2854, Alisha Sears at (202) 557- 2930 or Megan Booth at (202) 557-2740.
WATCH: mPower Moments: On the Value of Advocacy with Nanci Weissgold, MBA MORPAC Chair and Partner at Alston & Bird
mPower Founder Marcia M. Davies sits down with Nanci Weissgold, Chair of the Mortgage Bankers Association Political Action Committee (MORPAC) and Partner at Alston & Bird, for an in-depth conversation on her career.
Go deeper: Weissgold discusses her role as MORPAC Chair and how she has been able to use her expertise in relationship building to increase MORPAC’s reach within the industry, buttressing MBA’s efforts on Capitol Hill. She also discusses the importance of self-evaluation and the power of networking.
What’s next: To watch more mPower Moments, click here.
For more information, please contact Marcia Davies at (202) 557-2707.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• The Evolving Role of Document Management in Commercial Real Estate Lending – March 13
• Understanding Parametric Insurance: A Lender’s Guide to Maximizing Protection and Efficiency – April 10
• Uncovering Fraud in Commercial/Multifamily Lender-Placed Insurance – April 15
• Builder’s Risk Insurance: Analysis & Perspectives – April 17
• Basics of Commercial Loan Closing and Loan Documentation – May 1
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
