Federal Updates
Federal Reserve Leadership Transition
The Senate Banking Committee advanced the nomination of Kevin Warsh to serve as Chair of the Federal Reserve Board of Governors following an April 21 hearing focused on monetary policy, affordability, and institutional independence.
Momentum for the nomination increased after the Department of Justice announced it would close its investigation into current Chair Jerome Powell related to Federal Reserve renovation cost overruns. The matter will instead be reviewed by the Federal Reserve’s Inspector General. With those concerns resolved, the Committee voted 13–11 on April 29 to move the nomination to the full Senate.
Chair Powell’s term as Chair expires May 15, though he has indicated he will remain on the Board of Governors through 2028. The leadership transition comes at a pivotal moment as the Federal Reserve continues to navigate inflation, interest rates, and ongoing housing market pressures.
Because Federal Reserve decisions influence mortgage rates, borrowing costs, and overall economic growth, this transition could have direct impacts on housing affordability in the months ahead.
CFPB Revises Fair Lending Rule (ECOA)
The Consumer Financial Protection Bureau finalized significant changes to its Equal Credit Opportunity Act (ECOA) regulations on April 22. The revised rule eliminates “disparate impact” liability, limiting enforcement to cases of “disparate treatment” or, in other words, intentional discrimination.
Additional changes affect how lenders define and administer Special Purpose Credit Programs (SPCPs), requiring clearer justification for why borrowers would not otherwise qualify for credit and narrowing eligibility criteria. The rule also updates standards related to discouraging credit applicants.
Set to take effect July 21 of this year, these changes may alter how lenders design equitable lending programs. They could also impact efforts to expand access to credit in historically underserved communities.
PCRG will continue monitoring how these changes affect fair lending enforcement, community reinvestment efforts, and access to responsible credit.
Local Updates
Allegheny County Property Assessments
Allegheny County Council is hosting a series of public hearings throughout May and June to gather input on a potential countywide property reassessment.
Property assessments play a critical role in determining tax burdens for homeowners and funding for local governments and school districts. As discussions move forward, stakeholders have raised concerns about tax fairness, transparency, and the risk of displacement — particularly for long-time homeowners in neighborhoods experiencing rising property values.
These hearings provide an important opportunity for residents, advocates, and community development organizations to share input and help shape a process that promotes equity and stability. Broad participation will be key to ensuring that any future reassessment is implemented in a way that protects vulnerable households while maintaining municipal fiscal health.
For communities facing rapid appreciation, reassessment outcomes could significantly shape housing affordability and neighborhood stability for years to come.