CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB, under former Director Rohit Chopra, regularly engaged in regulatory overreach, the Bureau’s current leadership said in its semi-annual report, covering the period from April 1- September 30, 2024.
“As indicated throughout the Report, under his leadership, the Bureau regularly engaged in an overreach of its statutory mandates via punishment of disfavored industries,” the Bureau, under current Acting Director Russell Vought said, in the report.… Continue Reading
The Trump Administration is ordering all CFPB examiners to read a “Humility Pledge” to officials at supervised entities before conducting exams.
In making the announcement, CFPB officials sharply criticized the Biden Administration’s approach to exams. “Previously, under the leadership of Director Chopra and Biden’s Director of Supervision Lorelei Salas, a former Soros activist who was put on leave in February 2025, this division was the weaponized arm of the CFPB,” the CFPB said.… Continue Reading
Effective October 29, 2025, the CFPB finalized its rule, published at 90 Fed. Reg. 48737-60, rescinding certain amendments to the rules made on February 22, 2022 (prior blog) and on March 29, 2023 (prior blog) (collectively, the 2022 and 2023 amendments).
Under Section 1053(e) of the Consumer Financial Protection Act, the CFPB is authorized to prescribe rules for hearings and adjudication proceedings.… Continue Reading
On October 29, 2025, CFPB withdrew its proposed rule titled Registry of Supervised Nonbanks That Use Form Contracts To Impose Terms and Conditions That Seek To Waive or Limit Consumer Legal Protections, which was published on February 1, 2023. The proposed rule would have required nonbanks to submit annual reports on the terms and conditions in their form contracts and on related court or arbitrator decisions on the enforceability of those terms and conditions.… Continue Reading
Effective October 27, 2025, the CFPB rescinded the amendments to the Procedures for Supervisory Designation Proceedings that it adopted in April 2022, November 2022, and April 2024, , with the exception of some limited process adjustments.
Section 1024(b)(7) of the Consumer Financial Protection Act authorizes the CFPB to “prescribe rules to facilitate supervision” of the nonbank covered persons described in section 1024(a), i.e.,… Continue Reading
We recently wrote about the August 15th D.C. Circuit Court of Appeals decision in the lawsuit brought by the labor unions representing CFPB employees against Acting Director Russell Vought. The unions sought injunctive relief in response to what they described as an attempted “shutdown” of the Bureau.
In a 2–1 ruling, the Court of Appeals vacated a preliminary injunction issued by the District Court.… Continue Reading
On August 8, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued four advance notices of proposed rulemaking (“ANPR”) inviting comments on whether it should substantially reduce the number of nonbank companies the CFPB supervises in the auto finance, international money transfer, debt collection, and consumer credit reporting markets. An agency spokesperson told Law 360, “As part of President Trump’s overhaul of this abusive agency, ‘Larger Participant’ regulations are open for re-examining after more than a decade.… Continue Reading
Our podcast show being released today is Part 2 of our two-part series featuring two former CFPB senior officers who were key employees in the Enforcement Division under prior directors: Eric Halperin and Craig Cowie. Eric Halperin served as the Enforcement Director at the CFPB from 2010 until former Director, Rohit Chopra, was terminated by President Trump.… Continue Reading
Our podcast shows being released today and next Wednesday, June 18 feature two former CFPB senior officers who were key employees in the Enforcement Division under prior directors: Eric Halperin and Craig Cowie. Eric Halperin served as the Enforcement Director at the CFPB from 2010 until former Director, Rohit Chopra, was terminated by President Trump.… Continue Reading
Our podcast show being released today features two former CFPB senior officers who were key employees in the Supervision Division under prior directors: Peggy Twohig and Paul Sanford. Peggy was a founding executive of the CFPB when the agency was created in 2010 and led the development of the first federal supervision program over nonbank consumer financial companies.… Continue Reading
