Overview

• FHFA Director Bill Pulte sent a Aug. 15 criminal referral alleging Lisa Cook misrepresented primary-residence status on two 2021 mortgages in Ann Arbor, Michigan, and Atlanta, with the Georgia property later listed for rent.
• President Trump demanded Cook resign, while Cook said she will not be bullied into stepping down and is gathering records to address questions about her finances.
• Reuters, citing Bloomberg, reported DOJ official Ed Martin told Chair Jerome Powell the matter requires further examination and urged him to remove Cook, though the Fed chair lacks authority to dismiss a governor.
• No criminal charges have been filed to date, and both the Justice Department and the Federal Reserve have declined broader comment on the allegations.
• A resignation or removal would open a board seat for the White House to fill, intensifying a wider campaign to reshape the Fed and push for lower interest rates.