CFPB, Federal Agencies, State Agencies, and Attorneys General
FTC Chairman Andrew N. Ferguson has sent letters to four major financial services providers warning them that they may not engage in debanking—disqualifying potential and current customers from receiving services based on religious, or political views.
The letters were sent to the CEOs of PayPal, Stripe, Visa, and Mastercard and cite publicly reported instances of debanking by PayPal and Stripe.… Continue Reading
Acting CFPB Director Russell Vought has requested $75.8 million from the Federal Reserve for operations of the Bureau in the 3rd Quarter of the government’s current fiscal year (April 1, through June 30, 2026).
That compares with $104.2 million the CFPB received during the 3rd Quarter of Fiscal Year 2024, $0 during the 3rd Quarter of Fiscal Year 2025 and $145 million during the 2nd Quarter of the 2026 Fiscal Year.… Continue Reading
The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2025 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for about 4,768 HMDA filers.
The data published contains loan-level information filed by financial institutions and is modified to protect consumer privacy.… Continue Reading
Senator Josh Hawley (R-MO) recently sent a letter to Fair Isaac Corporation announcing that as Chairman of the Senate Judiciary Subcommittee on Crime and as a member of the Subcommittee on Antitrust, Competition Policy, and Consumer Rights, he is investigating the company’s pricing practices in the mortgage credit scoring market.
Fair Isaac generates a consumer credit score known as FICO, which the Senator notes “dominates the credit scoring market with a product used by 90% of lenders, potentially commanding an even larger market share for first-time home buyers.”… Continue Reading
In a decision that delivered a blistering rejection of the Trump Administration’s CFPB plans, a federal judge has ruled that the Bureau must continue to request funds from the Federal Reserve Board.
The administration’s plans amounted to a “transparent attempt to ‘close down the agency,’” Judge Edward J. Davila of the Northern District of California said, in a lawsuit filed by three groups challenging the Administration’s decision not to request from the Fed funds for the CFPB. He… Continue Reading
President Trump recently issued an Executive Order entitled “Promoting Access to Mortgage Credit” seeking to promote mortgage lending by community banks and smaller banks. The Executive Order refers to community banks and smaller banks as banks with assets of less than $30 billion and $100 billion, respectively.
The premise of the Executive Order is that “[o]ver the past two decades .… Continue Reading
Since its inception in 2011, the CFPB has cost consumers between $237 billion and $369 billion, the Trump Administration’s Council of Economic Advisers (CEA) said, in a report.
“Through a combination of regulation, supervision, and the threat of enforcement actions, the CFPB has raised costs for both borrowers and lenders,” the CEA said, adding that the largest component– increased borrowing costs–accounts for $222 billion to $350 billion of this total.… Continue Reading
The FTC has announced that it has submitted an Advance Notice of Proposed Rulemaking (ANPRM) regarding negative option plans to the OMB Office of Information and Regulatory Affairs (OIRA) for review — an indication that the commission may be interested in revisiting click-to-cancel issues. The OIRA has disclosed that it received the ANPRM on February 4. … Continue Reading
The U.S. Government Accountability Office (GAO) recently released a report in response to a request by members of Congress that it assess the effect of recent stop-work orders, workforce reductions, contract terminations, and other related actions on the CFPB’s ability to fulfill its statutorily mandated functions. The report addresses the status of CFPB’s significant reorganization and downsizing efforts from February through August 2025.… Continue Reading
The Justice Department and State of Texas recently entered into a settlement agreement with Colony Ridge Development, LLC and related entities (Colony Ridge) to settle allegations that Colony Ridge violated certain federal and state laws. The Justice Department had alleged violations of the Equal Credit Opportunity Act (ECOA) and Fair Housing Act (FHA).… Continue Reading
