CFPB Rulemaking

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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

Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision.

The Senate voted 51-47 to adopt S.J. Res 28, a resolution that under the CRA, was not subject to a filibuster. The House has not yet considered a companion resolution.… Continue Reading

The House Financial Services Committee on March 5 took the first step toward repealing the CFPB’s overdraft rule, adopting a resolution under the Congressional Review Act.

The resolution, H. J. Res 59, sponsored by committee Chairman Rep. French Hill, R-Ark., was adopted, 30-19. The resolution simply repeals the overdraft rule.

As we previously noted, it now goes to the House floor, where it can be adopted by a simple majority.… Continue Reading

The CFPB has extended the comment period for its Notice of Proposed Rulemaking on data brokers until April 2, 2025; the comment period had been slated to expire on March 3, 2025

The bureau said it was extending the comment period to allow interested persons more time to consider and submit their comments on the rule.… Continue Reading

The Chairmen of the House and Senate committees with jurisdiction over banking issues have introduced Congressional Review Act resolutions to nullify the CFPB’s overdraft rule.

House Financial Services Committee Chairman Rep. French Hill, R-Ark., introduced H.J. Res 59 and Senate Banking Committee Chairman Sen. Tim Scott, R-S.C. introduced S.J Res 18 to void the rule.… 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

More than 185 Democrats in the House and Senate are urging Trump Administration officials to restore the enforcement and supervisory powers of the CFPB.

“The Trump Administration has effectively fired the financial cop on the beat and declared open season for predatory lenders and scam artists working to steal Americans’ money and threaten their financial security,” the Democrats wrote, in a joint letter to Russell Vought, acting director of the CFPB and director of the Office of Management and Budget, and Treasury Secretary Scott Bessent, who served as acting director of the bureau for a short period of time.… Continue Reading

The Fifth Circuit Court of Appeals has issued a stay that blocks for many financial institutions the implementation of a CFPB rule that requires the institutions to report information contained in loan applications submitted by women-owned, minority-owned and LGBTQI+-owned small businesses.

However, the stay only applies to plaintiffs and intervenors in the case.… Continue Reading

Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work.

President Trump designated Vought, director of the Office of Management and Budget (OMB) as acting bureau director Friday night. He replaced Treasury Secretary Scott Bessent, who had served as acting CFPB director until Vought’s appointment.… Continue Reading

House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule.

The rule is scheduled to go into effect Oct. 1, but Acting CFPB Director Scott Bessent has ordered a halt to all work at the agency, and a suspension of the effective dates for all rules that have not yet taken effect, so it is unclear when the overdraft rule might take effect.… Continue Reading