On October 24th, the Second Circuit affirmed the dismissal of challenges to a directive issued by the Federal Housing Finance Agency and a Bulletin released by the OCC. The FHFA's directive required Fannie Mae and Freddie Mac to review their collateral policies "to assure that pledged collateral is not adversely affected by energy retrofit programs that include first liens." The OCC Bulletin told lenders to be aware of the FHFA's directives and to take steps to mitigate exposures and protect collateral positions. The cumulative effect of the agencies' publications was a decrease in the number of participants in energy efficiency programs. In an effort to reverse that effect, plaintiffs challenged the agencies' action but the Second Circuit held that the statute empowering the FHFA to act as conservator for Fannie Mae and Freddie Mac prohibits judicial review of the agency's directive. It further found that plaintiffs lack standing to challenge the OCC Bulletin. Town of Babylon v. FHFA.