President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications.

Trump signed the resolution under the Congressional Review Act, which grants Congress and the President the power to nullify agency rules. The resolution passed the House and Senate before being sent to Trump.… Continue Reading

Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on May16 in connection with oral arguments on the government’s appeal of the preliminary injunction issued by the District Court, which essentially required the government to maintain the status quo pending the outcome of the litigation.… Continue Reading

As Rich Andreano blogged on April 15, 2025, legislation to prohibit or restrict so-called “trigger leads” in the home-buying process has been reintroduced in the House and Senate. The legislation has broad industry and consumer group support.

While we await the outcome of the proposed bills, it is worth noting that a number of states have enacted laws that impose restrictions on the manner in which brokers or lenders are permitted to leverage trigger leads in connection with their mortgage activities. … Continue Reading

Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents  issued since the bureau began operating in 2011.

“In many instances, this guidance has adopted interpretations that are inconsistent with the statutory text and impose compliance burdens on regulated parties outside of the strictures of notice-and-comment rulemaking,” Acting CFPB Director Russell Vought said, in announcing the policy changes.… Continue Reading

We are very proud to report that podcast database service Million Podcasts has ranked Ballard Spahr’s Consumer Finance Monitor podcast in the top 25 among hundreds of financial services podcasts nationally. The service recently published a list of the top 100 financial services podcasts.

Consumer Finance Monitor also ranks as the top law firm podcast among the top 100 financial services podcasts, as well as the only one focused on consumer financial services.… Continue Reading

Today’s podcast show is a repurposed webinar that we produced on April 22nd, titled “Navigating State AG Investigations: A Playbook For Financial Services Companies.” State Attorneys General (AG) investigations can present significant challenges for businesses and legal practitioners. We offer a detailed dive into effective strategies and practical tips drawn from our State AG Investigation Playbook.… Continue Reading

The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority.

“The bureau takes this step in the interest of focusing resources on supporting hard-working American taxpayers, servicemen, veterans, and small businesses,” the bureau said, in announcing the move.… Continue Reading

President Trump will withdraw Jonathan McKernan’s nomination as CFPB Director, as he nominates him as the Treasury Department’s Undersecretary of Domestic Policy, the New York Times and Law360 reported.

When McKernan’s nomination was first announced on Friday, Trump Administration officials did not address McKernan’s CFPB nomination. However, the Times and Law360 later quoted White House officials as saying the nomination will be withdrawn.… Continue Reading

President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule.

The rule was issued by the Biden Administration and had attracted opposition from Republicans on Capitol Hill and Trump Administration officials. House and Senate Republicans pushed a CRA resolution through Congress, which Trump has now signed, voiding the rule.… Continue Reading

Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury.

The Senate Banking Committee approved McKernan’s nomination to head the CFPB on March 6, but it has not gone to the Senate floor.… Continue Reading