CFPB, Federal Agencies, State Agencies, and Attorneys General
The Federal Reserve has transferred funds to the Federal Reserve Bank of New York to pay the expenses of the CFPB for the third quarter of this fiscal year, according to a letter posted on the agency’s website.
The letter from Federal Reserve Chief Financial Officer Rendell Jones to CFPB Chief Financial Officer Janfar Gueye does not disclose the amount of the deposit, but the bureau requested $75.8 million.… Continue Reading
We were honored to host former New Jersey Attorney General Matt Platkin on our live webinar on January 17, 2025 where I conducted a “fireside chat” with him that, because of its popularity, was later repurposed on our weekly podcast show, Consumer Finance Monitor. At that time, Matt spoke passionately about the evolving landscape of consumer protection and how his office was preparing to fill the anticipated gap left by efforts to scale back the Consumer Financial Protection Bureau (CFPB).… Continue Reading
The CFPB recently released a Report on Actions Taken to Implement Gold Standard Science that addresses steps the CFPB has taken and plans to take to implement the May 2025 Executive Order entitled “Restoring Gold Standard Science” (GSS) and subsequent guidance issued to federal agencies.
In the introductory portions of the Report, the CFPB advises as follows:
“Until the CFPB adopts formal policies and procedures governing the production and use of scientific information, CFPB staff are developing policies and procedures to help ensure that the scientific information produced and used by the CFPB, to the extent practicable, meets all GSS requirements.… Continue Reading
The budget bill signed by President Trump on July 4 will make massive cuts to the CFPB’s budget.
The huge bill changes the amount that the CFPB may receive from the Federal Reserve from a maximum of 12% of the Fed’s inflation-adjusted total operating expenses in 2009 to a maximum of 6.5%.… Continue Reading
The independent Office of Inspector General (OIG) for the Federal Reserve System (FRS) and Consumer Financial Protection Bureau (CFPB) is investigating the bureau’s workforce reductions and its canceled contracts, according to a letter to Senator Andy Kim, D-NJ, from Acting FRS/CFPB IG Fred Gibson.
Gibson said he already was investigating the workforce reductions at the bureau in response to a letter from Senator Gary Peters, D-Mich.… Continue Reading
Senate Banking, Housing and Urban Affairs (Banking Committee) Republicans have received the Senate Parliamentarian’s approval to cut the CFPB’s funding. As a result, in the large budget reconciliation bill now being written in the Senate the amount will drop from a maximum of 12% of the Federal Reserve’s inflation adjusted profits in 2009 to 6.5% of those profits.… Continue Reading
The Senate parliamentarian has ruled that a key Senate Banking, Housing and Urban Affairs (Banking Committee) provision that would eliminate all funding for the CFPB cannot be included in the massive budget reconciliation bill now being prepared for Senate consideration.
Under the existing funding structure, the CFPB may draw up to 12% of the Federal Reserve’s inflation-adjusted total operating expenses in 2009.… Continue Reading
The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill, according to legislative language released by the Banking Committee.
Under the existing funding structure, the CFPB may draw up to 12% of the Federal Reserve’s inflation-adjusted total operating expenses in 2009.… Continue Reading
The huge FY26 budget reconciliation bill, H.R. 1, dubbed the “One Big Beautiful Bill Act,” contains provisions that would slash CFPB spending.
“We put a firm cap on the Consumer Financial Protection Bureau’s budget, setting its funding at no more than $249 million for 2025, with an annual adjustment for inflation going forward,” House Financial Services Committee Chairman Rep.… 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
