The first Black woman to serve as head of the Federal Housing Finance Agency squeaked through the confirmation with just one Republican vote, Sen. Mike Rounds of South Dakota.

Ginnie and FHFA are working together to set capital and liquidity requirements for nonbanks. Separately, Ginnie is working to allow for changes at the loan level and FHFA is considering reforms involving the Federal Home Loan Banks.

Small lenders may be able to avoid some of the margin requirements by diversifying the pool of broker-dealers they use for hedging.