A key Republican housing regulator’s responses to an inquiry from Sen. Catherine Cortez Masto, D-Nev., on the status of several Federal Home Loan Bank reforms suggests few are likely to move forward.

 Federal Housing Finance Agency Director Bill Pulte, who oversees the Federal Home Loan Banks, said in a letter to the senator posted on X that he has been “rescinding and revising” supervisory guidance that is “no longer applicable” to their activities.

The FHFA, which Pulte has rebranded US Federal Housing, lists FHLB advisory bulletins related to fair lending and housing compliance, climate risk, and pilot and advisory programs as rescinded in 2025.

Pulte said Cortez Masto, who broke ranks with her party in budget talks, would have his ear if she had additional feedback. He called her inquiries about several items related to FHLB risk management and affordable housing support “relatively constructive.”

“Director Pulte has taken meaningful steps to roll back unnecessary regulatory burdens that limited the FHLBanks’ ability to fully serve their members,” said Ryan Donovan, president and CEO of The Council of Federal Home Loan Banks. “With a primary focus on safety and soundness, he has demonstrated his support for the FHLBanks’ core mission of serving as reliable providers of liquidity and a key source of support for housing, both of which are essential to the FHLBanks’ ability to continue empowering local communities.”

Cortez Masto voted against Pulte’s confirmation but has shown a willingness to reach across the aisle on other occasions besides the budget.

She has been involved in at least one bipartisan legislative proposal related to FHLB pay with Sen. Andy Kim, R-N.J. Cortez Masto also floated another reform bill earlier this year aimed at strengthening the system’s focus on housing finance and community development.

Separately, Pulte took issue with allegations in a letter from Sen. Elizabeth Warren, D-Mass. and some other Democrats, that an interagency group called the Federal Housing Finance Oversight Board related to their assertion that it has not met in years. 

As previously reported, statutory language shows regular FHFOB meetings have been required for some time but it appears that outside a Freedom of Information Act request in 2017 noted in Warren’s letter there had been little public information about them until recently. Warren’s office has not responded to inquiries.

As far as the call for more transparency, Pulte said the statute “does not require the board to publish information related to its meetings.”

The letter followed Pulte’s mention of one of the meetings between FHFA, the Securities and Exchange Commission, Department of Housing and Urban Development and the Treasury as the Trump administration’s exploration of new types of Fannie Mae-Freddie Mac reform.

While the meetings haven’t been public, Pulte reiterated interest in feedback on Fannie and Freddie’s conservatorship status, which they’ve had since the Great Financial Crisis. 

“The agency welcomes all dialogue on this important issue, including perspectives from members of Congress,” Pulte said.

Most recently, the Trump administration has been exploring possibly exploring new public stock-offering related to Fannie and Freddie. A scenario in which they stay in conservatorship with the government retaining a stake is currently considered the most likely, if it moves forward.