On December 3, Senators Elizabeth Warren (D-MA), Raphael Warnock (D-GA), Ruben Gallego (D-AZ), and Andy Kim (D-NJ) published a letter to CFPB Acting Director Russell Vought expressing concern that efforts to close the agency could disrupt the U.S. mortgage market and harm homebuyers. The letter cited the Bureau’s central role as the primary regulator of the consumer mortgage market and its responsibility for publishing average prime offer rates (APOR) tables and maintaining rules that underpin mortgage lending.

The senators warned that if the CFPB were to stop publishing standardized APOR tables or if its mortgage regulations were called into question, lenders might restrict access to credit or raise interest rates to manage legal risk, potentially skewing the cost of homeownership and limiting access for low-income and first-time buyers. The letter referenced industry concerns, principally as they were articulated in a 2023 amicus brief to the Supreme Court in CFPB v. CFSA, regarding the potential for “catastrophic consequences” and widespread disruption to the housing market if the Bureau’s rules were invalidated or suspended. The letter noted that even temporary uncertainty around the CFPB’s mortgage-related rules could prompt litigation, instability and operational challenges in the mortgage market, with broader implications for the economy and the housing crisis.