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ARTICLE · 13 OCTOBER 2025

Government Shutdown Affecting Housing Programs, But Not Financial Regulators

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As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected.

United StatesFinance and Banking
Richard J. Andreano, Jr.
Richard J. Andreano, Jr.
John L. Culhane, Jr.
John L. Culhane, Jr.
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As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected.

The CFPB is funded through the Federal Reserve system, not through annual appropriations, and technically is still operating, although as we have reported previously many CFPB employees are not being permitted to work. (That CFPB funding mechanism was the subject of a Supreme Court case and the court found the funding system constitutional.)

The lapse in appropriations also has not affected the federal banking agencies. The FDIC, Federal Reserve, OCC and NCUA are funded through fees paid by member institutions. They are not subject to the annual appropriations process. Therefore, they still are operating,

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