Richard J. Andreano, Jr.

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A high-stakes procedural battle is unfolding in the en banc U.S. Court of Appeals for the District of Columbia Circuit that could determine the near-term fate of the Consumer Financial Protection Bureau (“CFPB”).

In a newly filed response, the National Treasury Employees Union (“NTEU”) and other plaintiffs are pushing back forcefully against efforts by Acting CFPB Director Russell Vought and the government to modify an existing preliminary injunction that has, to date, prevented large-scale layoffs at the agency.… Continue Reading

The Office of the Comptroller of the Currency (OCC) recently entered into a consent order with The Federal Savings Bank in Chicago, Illinois (Bank) to settle allegations of false or misleading statements regarding cash-out mortgage refinance loans guaranteed by the Department of Veterans Affairs (VA). The consent order includes typical allegations of improper marketing of VA cash-out loans, although the remedy provisions have drawn the ire of at least one consumer group.… Continue Reading

The FDIC and the OCC have adopted a joint final rule that will prohibit the agencies from criticizing or taking adverse action against a financial institution based on reputation risk.  The rule is effective June 6.

The rule will also prohibit the agencies from “requiring, instructing, or encouraging an institution to close customer accounts or take other actions on the basis of a person or entity’s political, social, cultural, or religious views or beliefs, constitutionally protected speech, or solely on the basis of politically disfavored but lawful business activities perceived to present reputation risk,” according to a statement from the agencies.… Continue Reading

A significant new filing on March 31 in the D.C. Circuit Court of Appeals, National Treasury Employees Union v. Vought (Case No. 25-5091), purportedly provides the most up-to-date, detailed picture yet of how leadership of the Consumer Financial Protection Bureau (CFPB) intends to dramatically scale back the agency’s operations—if permitted to do so by the courts.… Continue Reading

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