The financial services industry has had its hands full keeping up with a multitude of actions by federal agencies rescinding and sometimes replacing guidance and entire programs related to regulatory provisions and the treatment of digital assets.
Learn about some of the most recent actions affecting financial policy in this regulatory roundup:
FHFA terminates SPCPs supported by Fannie, Freddie
The Federal Housing Finance Agency (FHFA) has decided to terminate its Special Purpose Credit Programs (SPCPs) supported by the government-sponsored enterprises. FHFA Director Bill Pulte signed an order explaining the agency’s determination that it is inappropriate for regulated entities in conservatorship to continue to provide loans for SPCPs, based on the current level of support needed. SPCPs are authorized under the Equal Credit Opportunity Act and Regulation B, to extend credit to economically or socially disadvantaged groups of people. Loans funding SPCPs require underwriting flexibilities and/or financial support such as down payment assistance. The move was announced in addition to the rescission of guidance on unfair or deceptive acts or practices late last month.
FDIC provides guidance on crypto-related activities
The Federal Deposit Insurance Corp. (FDIC) issued a Financial Institution Letter (FIL-7-2025), providing new guidance for FDIC-supervised institutions regarding crypto-related activities, while rescinding FIL-16-2022. The new guidance clarified that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval and affirmed that FDIC-supervised institutions may engage in permissible activities, including activities involving new and emerging technologies such as crypto-assets and digital assets, provided they adequately manage the associated risks. The FDIC said it plans to continue engaging with President Donald Trump’s working group on digital asset markets and expects to issue further guidance in the future to provide additional clarity regarding banks’ engagement in particular crypto-related activities. Read more here.
FFIEC appoints new members to state liaison committee
The Federal Financial Institutions Examination Council announced the appointments of Katherine M.R. Bosken, Polly Klyce Pennoyer and Aaron Luetzow to the State Liaison Committee (SLC) for two-year terms set to continue through March 31, 2027. Bosken has served as North Carolina’s commissioner of banks since 2021 and was designated by the American Council of State Savings Supervisors to serve on the SLC. Pennoyer serves as senior deputy superintendent for bank supervision at the New York State Department of Financial Services and was designated to serve on the SLC by the National Association of State Credit Union Supervisors. Luetzow serves as senior deputy director of the Michigan Department of Insurance and Financial Services and was designated for SLC service by the Conference of State Bank Supervisors. For more details about the new SLC members, follow this link.
CFTC staff withdraws advisory on digital asset risks
The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has withdrawn CFTC Staff Advisory No. 23-07, Review of Risks Associated with Expansion of DCO Clearing of Digital Assets. The DCR explained it does not want to suggest its regulatory treatment of digital asset derivatives will vary from its treatment of other products. Find more information here.