Trump Gives Fed Governor Lisa Cook 21 Days to Respond to Mortgage Fraud Allegations

President Trump has given Federal Reserve Governor Lisa Cook 21 days to respond to mortgage fraud allegations, setting a deadline of August 26, 2026. This move comes after a Supreme Court ruling in June that allowed Cook to remain on the job while litigation plays out. The allegations stem from a criminal referral filed by Federal Housing Finance Agency Director Bill Pulte, who claimed Cook misrepresented two properties as primary residences on mortgage documents signed in 2021.

Cook has denied the allegations, calling them baseless and without evidence of intent to defraud. News organizations have reviewed the underlying documentation and found material that casts doubt on the fraud claims. Despite this, no criminal charges have been filed against Cook.

The Supreme Court's 5-4 ruling in June highlighted a closely divided bench on the question of whether a president has the authority to remove a Fed governor for cause at all. This issue has never been definitively resolved, and another round of litigation is likely if the deadline resolves with Cook's dismissal.