CFPB, Federal Agencies, State Agencies, and Attorneys General
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
The U.S. Circuit Court of Appeals for the District of Columbia has upheld a temporary injunction issued by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia prohibiting the CFPB from firing more than 1,400 employees, leaving only about 200 employees at the agency.
The order comes as the latest development in a suit brought by the National Treasury Employees Union, which represents many CFPB employees, and other groups, challenging the Trump Administration’s efforts to reduce the agency’s operations.… Continue Reading
The judge who barred the Trump Administration from dismantling the CFPB says the agency cannot implement plans to fire the majority of the bureau’s employees at this stage.
During a hearing on April 18, Judge Amy Berman Jackson said she is concerned that CFPB officials are ignoring her earlier order that keeps the agency in existence until she rules on the merits of a lawsuit filed by the National Treasury Employees Union challenging plans to dismantle the agency.… Continue Reading
Earlier today Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”
The comment, made during his confirmation hearing before the Senate Banking Committee, came in stark contrast to the Trump Administration’s previous statements that it intends to take the actions necessary to dismantle the CFPB.… Continue Reading
Legislation that would eliminate all funding for the CFPB has been introduced in the House and Senate, with the main House sponsor now calling for the bill to be placed on a fast track by including it in budget reconciliation.
Rep. Keith Self, R-Texas, has introduced H.R. 814 and Sen. Ted Cruz, R-Texas has introduced S.… Continue Reading
A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB.
U.S. District Judge Amy Berman Jackson of the U.S. District Court of the District of Columbia has scheduled a March 3 hearing in the suit filed by the National Treasury Employees Union, the National Consumer Law Center, the NAACP, the Virginia Poverty Law Center, Pastor Eva Steege and the CFPB Employee Association.… Continue Reading
Accusing the CFPB of planning to use its funding mechanism to abolish the agency, the mayor and the city council of Baltimore (the “City of Baltimore”) and the Economic Action Maryland Fund (the “Economic Fund”), a nonprofit economic assistance organization, are asking a federal judge to keep the bureau from folding.… Continue Reading
