CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta.
The CFPB will focus its enforcement and supervision resources on pressing threats to consumers, particularly servicemembers, their families, as well as veterans, Paoletta wrote, in a memo to bureau employees.… Continue Reading
At the request of both sides of the lawsuit, a federal judge has voided the CFPB’s credit card late fee rule.
“The parties agree that, in the Late Fee Rule, the Bureau violated the CARD Act by failing to allow card issuers to ‘charge penalty fees reasonable and proportional to violations,’” Judge Mark T.… Continue Reading
Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules.
In addition, the GOP members are calling for the CFPB to withdraw guidance documents, circulars, interpretive rules, and advisory opinions that did not go through the comment period required under the Administrative Procedure Act.… Continue Reading
The resolution to nullify the CFPB’s overdraft rule now is in President Trump’s hands.
The House on Wednesday adopted H. J. Res. 18 by a vote of 217-211. The Senate already has adopted the resolution, which now goes to the President for his signature. Trump is expected to sign the measure.… Continue Reading
As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing court challenges. The U.S. Court of Appeals for the Fifth Circuit has stayed compliance with the rule for many financial institutions.
Most recently, the CFPB filed a response to a motion for a stay by the Revenue Based Finance Coalition in the lawsuit before the U.S.… Continue Reading
The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA challenging the rule.
The revocation is one of several steps the Trump Administration is taking to reverse Biden Administration CFPB actions.… Continue Reading
The Senate on March 27 adopted a resolution that would nullify the CFPB’s overdraft rule.
The Senate adopted S. J. Res. 18 by a vote of 52-48, with Sen. John Hawley, R-Mo., the only Republican voting against repeal.
The House Financial Services Committee already has adopted a companion resolution; it now goes to the House floor.… Continue Reading
Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical information in credit decisions.
That CFPB rule was issued on January 7, 2025, less than two weeks before President Biden left office.… Continue Reading
A federal judge has granted the CFPB 30 days to try to settle the lawsuit challenging the bureau’s credit card late fee rule that was issued during the Biden Administration.
“The Bureau’s new leadership is currently reviewing and considering its positions on various agency actions, including the regulation at issue in this case,” the CFPB’s attorneys said, in filing the request with Judge Mark T.… Continue Reading
The Trump Administration’s efforts to “effectively shutter the CFPB” amounts to a “total dereliction of all mandatory statutory duties,” that will harm state consumer protection efforts, Democratic state attorneys general have told a Washington, D.C. federal judge.
“The CFPB has, to date, been an invaluable partner to many States in performing a variety of consumer-protection functions mandated by Congress,” the 23 state officials said, in an amicus brief in a suit filed by the National Treasury Employees Union.… Continue Reading
