The Fifth Circuit Court of Appeals has issued a stay that blocks for many financial institutions the implementation of a CFPB rule that requires the institutions to report information contained in loan applications submitted by women-owned, minority-owned and LGBTQI+-owned small businesses.

However, the stay only applies to plaintiffs and intervenors in the case.… Continue Reading

Today’s podcast show is a repurposing of the second half of a webinar we produced on January 17, 2025. That webinar was Part 3 of our webinar series entitled “The Impact of the Election on the CFPB and Others.” In Part 3, we focus on the role of state attorneys general in a rapidly shifting CFPB environment.… Continue Reading

President Trump has nominated Jonathan McKernan to be the Director of the CFPB.

If confirmed by the Senate, McKernan would replace Office of Management and Budget Director Russell Vought, who is serving as acting bureau director.

Earlier this week, McKernan stepped down as a member of the FDIC board after Trump nominated Rodney Hood as a member.… Continue Reading

In the wake of recent federal directives diminishing the Consumer Financial Protection Bureau (CFPB), state authorities are increasingly stepping in to uphold consumer protections. Michigan Attorney General Dana Nessel has been at the forefront of this movement, emphasizing the CFPB’s significant contributions and reaffirming her office’s commitment to safeguarding Michigan residents.… Continue Reading

Today’s podcast show is a repurposing of Alan Kaplinsky’s “fireside chat” with Matthew J. Platkin, the New Jersey Attorney General, which was the first half of a webinar we produced on January 17, 2025. That webinar was Part 3 of our webinar series entitled “The Impact of the Election on the CFPB and Others.”… Continue Reading

Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%.

The Senators said their bill, S. 381, would fulfill a commitment made by President Trump when he campaigned for president last year. The legislation—which has been proposed in past Congresses—would impose the cap through a change in the Truth in Lending Act.… Continue Reading

Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is and who is a “consumer reporting agency.” As previously reported, while the CFPB touts the proposal as one to cover data brokers, it is much broader than that.… Continue Reading

Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work.

President Trump designated Vought, director of the Office of Management and Budget (OMB) as acting bureau director Friday night. He replaced Treasury Secretary Scott Bessent, who had served as acting CFPB director until Vought’s appointment.… Continue Reading

As we previously blogged about, Acting Director Scott Bessent circulated a message throughout the CFPB on February 3 directing “…all employees, contractors, and other personnel of the Bureau:

  • Not to approve or issue any proposed or final rules or formal or informal guidance.
  • To suspend the effective dates of all final rules that have been issued or published but that have not yet become effective.
Continue Reading

House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule.

The rule is scheduled to go into effect Oct. 1, but Acting CFPB Director Scott Bessent has ordered a halt to all work at the agency, and a suspension of the effective dates for all rules that have not yet taken effect, so it is unclear when the overdraft rule might take effect.… Continue Reading