Finance
FHLBs Invoke End of Chevron Doctrine in Face of New US Rules
- Trade group cites high court’s recent ruling in letter to FHFA
- Loper Bright opinion limits agency’s power, group’s chief says
The FHFA outlined a series of planned actions in a sweeping report in November.
Photographer: Ting Shen/BloombergThis article is for subscribers only.
Eight months after US regulators laid out a sweeping plan to overhaul the $1.3 trillion Federal Home Loan Bank system, a fresh Supreme Court ruling risks derailing their strategy for muscling through changes.
The Council of Federal Home Loan Banks, a trade group representing the system, wrote to rulemakers this week that they need to consider the high court’s decision upending a 40-year-old legal precedent known as the Chevron doctrine. Under the old standard, courts generally deferred to the technical expertise of regulators when interpreting ambiguous laws.