Advocacy Update: House Passes Government Funding Extension, Avoiding Potential Government Shutdown

FHFA Director Discusses Credit Reporting Reform in Social Media Posts

On Thursday and Friday, FHFA Director William Pulte took to X to highlight ongoing issues related to credit scoring and reporting. In addition to stating that VantageScore 4.0 would be made fully available to all lenders delivering loans to the GSEs, Pulte also commented on credit reporting costs and the harm they have caused to the American consumer, stating that he was “strongly considering bi-merge, and stronger solutions.”

• Director Pulte went on to say that FHFA is “studying the use of just one credit report” to bring even more savings to the American consumer. MBA has long advocated for credit score and report reform, including the broad adoption of modernized credit scores and the removal of the universal tri-merge mandate. 

What they are saying: In a press statement issued this morning, MBA’s President and CEO Bob Broeksmit commended Director Pulte and FHFA for their continued leadership on this issue. “…we welcome the full adoption of VantageScore 4.0 as an important step toward modernizing the credit scoring framework, increasing competition, and lowering costs for borrowers. This milestone builds on MBA’s industry-leading advocacy over several years to promote greater competition in credit reporting and scoring.”

“We also support ending the tri-merge requirement and moving to a single-file approach for borrowers with strong credit profiles, which would further promote competition and reduce costs for consumers.”

What’s next: MBA supports bold action that rethinks the status quo to modernize credit scoring and reporting and enhance the housing system and looks forward to working with FHFA and the GSEs to establish a credit reporting system that increases competition and better supports today’s housing market.  

For more information, please contact Sasha Hewlett at (202) 557-2805.

House Passes Government Funding Extension Through Dec. 11, Avoiding Potential Government Shutdown

On Tuesday, the House overwhelmingly passed a stopgap funding bill, sending the measure to President Donald Trump for his signature to fund the federal government through December 11, 2026.

• The Continuing Resolution (CR), which passed the Senate in early August, largely maintains FY 2026 funding levels across most of the federal government, including at the Department of Housing and Urban Development (HUD), Veterans Affairs (VA), Treasury, and the Department of Agriculture (USDA).
• Importantly, the measure also extends the National Flood Insurance Program (NFIP) through December 11.

What’s next: The House’s passage of the Senate’s version clears the way for the measure to be signed into law, avoiding a September 30 government shutdown. MBA will remain engaged with congressional leaders as they work toward longer-term funding legislation and continue to advocate for certainty for the housing and real estate markets.

For more information, please contact Rachel Kelley at (202) 557-2816, Madisyn Rhone at (202) 557-2741, George Rogers at (202) 557-2797, or Jeremy Green at (202) 557-2849.

House Financial Services Committee Holds Hearing, CPFB Reform Fireside Chat

Last Tuesday, House Financial Services Chairman French Hill (R-AR) and Financial Institutions Subcommittee Chairman Andy Barr (R-KY) held a “fireside chat” regarding their Consumer Financial Protection Bureau (CFPB) reform legislation that was introduced this week.

And on Wednesday, the House Financial Services Committee held a hearing examining the state of the economy, with housing affordability and the recently-enacted 21st Century ROAD to Housing Act among the major topics.

Go deeper: The dialogue on Tuesday delved into the proposed reforms within H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026. Find a “one pager” summary and the text of the bill here.

The Wednesday hearing highlighted the recently-enacted housing package’s (now Public Law 119-101) focus on increased housing supply and reducing housing production/regulatory costs. Several witnesses also highlighted the new law’s provisions intended to support community banks.

• Find a summary of the hearing here.

Why it matters: The two events underscore many lawmakers’ continued focus on issues affecting MBA members, including: proposed changes to the governance and regulatory authorities of the CFPB, steps designed to increase the supply of affordable housing, and the need to further reduce regulatory barriers. These discussions also touched on broader questions surrounding the role of the GSEs and the potential for federal intervention in the mortgage market.

Go deeper: Last month, MBA sent a letter (and joined a joint trades letter) to the CFPB in response to its Request for Information (RFI) seeking input on reforms to the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) and the combined TILA/RESPA Integrated Disclosure Rule (TRID Rule).

• MBA encouraged the Bureau to prioritize narrow targeted reforms that meaningfully reduce compliance burdens, improve consumer understanding, and expand access to mortgage credit rather than largescale, substantial changes.

What’s next: MBA will provide additional/specific comments prior to an expected markup of the CFPB legislation later this month – while continuing to monitor the ongoing regulatory implementation of the 21st Century ROAD to Housing Act.

For more information, please contact Rachel Kelley at (202) 557-2816 and/or Madisyn Rhone at (202) 557-2741.

California Legislature Adjourns: Industry Advocacy Secures Key Wins and Mitigates Risks

The California Senate and Assembly adjourned for the year on Monday, and collaboration between California MBA and MBA produced a series of important legislative outcomes.

Legislative victories include:

• Passage of Assembly Bill 801, which was originally drafted to impose CRA-style obligations on IMBs, credit unions, and state-chartered banks. Amendments instead focus the bill on establishing a regular examination cycle for fair lending exams that are already authorized under existing state law.
• Defeat of Assembly Bill 1018, a concerning proposal that would have mirrored Colorado’s flawed Automated Decision-Making Technology Act ([B26-189]SB26-189). That first-in-the-nation law is currently subject to a capricious rulemaking process that has raised urgent concerns about how industry can implement compliance protocols.
• Enactment of Assembly Bill 179, drafted in collaboration with California MBA, establishes California’s Disaster Rebuilding Fund—a $100 million program designed to help wildfire survivors access construction financing when insurance payouts fall short of rebuilding costs.

Additionally, the state passed two forbearance-related bills improved through industry engagement, and likely to be indicators of future disaster response legislation in other states: 

• Assembly Bill 1842, The California Mortgage Relief Act, enables eligible homeowners affected by federally declared disasters to request up to 12 months of mortgage forbearance without extensive documentation. Servicers must pause payments without late fees, report accounts as current, halt foreclosures, and offer affordable repayment plans.
• Assembly Bill 1847, allows wildfire-affected homeowners to pause mortgage payments for up to 24 months—doubling the previous limit—if their home is uninhabitable and they face financial hardship due to the Palisades/Eaton wildfires. While the final version does not reflect all of industry’s concerns, advocacy achieved significant improvements.

What’s next: MBA will support California MBA as legislation is under California Governor Gavin Newsom’s consideration and move into implementation. MBA will continue to support advocacy efforts to stay ahead of future renditions of harmful policies in the next session.

For more information, please contact William Kooper (202) 557-2737 or Liz Facemire CMB, at (202) 557- 2870.

MAA Pre-Election Webinar Prepares Advocates for the 2026 Midterms

As part of MBA Advocacy Week (September 14-18), MBA’s Legislative and Political Affairs team will host the MAA Pre-Election Webinar on Tuesday, Sept. 15, from 3:00 to 4:00 p.m. ET. 

• The webinar will provide a nonpartisan overview of the congressional landscape, federal policy deadlines, priority real estate finance issues, and key races to watch ahead of the 2026 midterm elections. This event is open to all MBA and MAA members – and registration automatically establishes or renews each participant’s MAA membership.

Go deeper: The webinar builds on MAA’s Advocacy in August campaign, an annual grassroots effort that connects mortgage professionals with federal lawmakers while they are home during the congressional recess and fall campaign season.

Why it matters: These state/district-level meetings give advocates an opportunity to explain how federal housing and real estate finance policies affect their businesses, customers and communities. They also help [re]establish relationships with congressional offices and reinforce MBA’s legislative priorities heading into the election and the next Congress.

What’s next: With the election approaching and the policy environment continuing to evolve, industry advocates need reliable information and a clear understanding of the political forces shaping legislative outcomes. The webinar will equip MAA members with the context, timelines, and policy insights needed to communicate confidently with elected officials and remain engaged throughout the election cycle.

For more information, please contact Jamey Lynch, AMP, at (202) 557-2818, Erin Reilly at (202)-557-2751 or Mike Fiegoli at (202) 557-2708.

Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely 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:

• Maximizing Home Equity Without Refinancing – Sept. 8
• Benchmarking for Performance and the Performance Ratios Every Mortgage Banker Must Know – Sept. 10
• Gain Confidence, Efficiency and Savings with Loan Product Advisor (LPA) – Sept. 15
• Underwriting the New URAR: A Practical Walkthrough of UAD 3.6 – Sept. 17
• UAD 3.6 Office Hours Part IV – Sept. 21
• The Future of Mortgage Servicing: How Agentic AI Is Transforming Borrower Communications – Sept. 22

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.