CFPB, Federal Agencies, State Agencies, and Attorneys General
As we have previously reported, a lawsuit was brought early this year by the unions representing CFPB employees against Acting CFPB Director Vought and the CFPB in the DC District Court.
The Court months ago enjoined the CFPB from terminating some 2,400 employees and taking certain other actions in pursuit of Vought’s goal of minimizing the CFPB while the lawsuit is pending.… Continue Reading
The Progressive State Leaders Committee has tapped former CFPB Director Rohit Chopra to head a new Consumer Protection and Affordability Working Group. The Group is the 501(c) (4) affiliate of the Democratic Attorneys General Association.
“As part of its greater effort to tackle unfair and anticompetitive practices that drive up the cost of living and to protect consumers by filling essential gaps created by the enforcement failures of the Trump administration, the Consumer Protection and Affordability Working Group’s main priorities will be to promote a fair economy, make life more affordable for Americans, protect people’s personal data, and defend consumers from online abuses,” the committee said, in announcing the choice.… Continue Reading
Today’s podcast brings listeners a timely and insightful discussion as our panel examines the CFPB’s proposed amendments to Regulation B under the Equal Credit Opportunity Act (ECOA). As our regular listeners know, we released an episode yesterday, and we are providing this additional special episode in light of a development we consider both time-sensitive and exceptionally important.… Continue Reading
On December 5, 2025, Rise Economy, the National Reinvestment Coalition and the Woodstock Institute filed a lawsuit against the CFPB and its Acting Director Russell Vought in the Federal District Court for the Northern District of California (San Francisco) seeking declaratory and injunctive relief related to Vought’s determination not to seek funding from the Federal Reserve Board because of an opinion provided to the CFPB by the Office of Legal Counsel of the Department of Justice (“OLC”) that it would be unlawful for the CFPB to make such a request based on there being no “combined earnings of the Federal Reserve System.”… Continue Reading
On December 15, at noon, we will be producing a webinar entitled, “The CFPB’s Funding Crisis: Legal, Operational and Policy Implications.” A registration link is embedded in the invitation, which is here.
In Fiscal Year 2026, ending September 30, 2026, the CFPB will need $279.6 million just to maintain its activities that are required by law, Bureau Acting Director Russell Vought wrote in letters to House and Senate appropriators and President Trump.… Continue Reading
On December 15, at noon, we will be producing a webinar entitled, “The CFPB’s Funding Crisis: Legal, Operational and Policy Implications.” A registration link is embedded in the invitation, which is here.
Contending that the CFPB is relying on a “novel” definition of “combined earnings,” the union representing CFPB employees is asking a federal court to rule that the Trump Administration is planning to violate an injunction barring the administration from shutting down the bureau.… Continue Reading
The CFPB is transferring all of its pending litigation to the Justice Department as a result of the funding crisis the Trump Administration has said the bureau faces, several news organizations have reported.
In addition, at a meeting on Thursday, Michael Salemi, the CFPB’s acting director of enforcement, said that more than 100 people will be furloughed because the CFPB is running out of money, The American Banker reported.… Continue Reading
The Consumer Financial Protection Bureau is facing an unprecedented financial crisis—and the consequences could reshape the future of consumer financial protection. On December 10, 2025, Acting CFPB Director Russ Vought informed the U.S. District Court for the District of Columbia that the Bureau will run out of money by year-end unless Congress provides a direct appropriation.… Continue Reading
President Trump has nominated Stuart Levenbach, an Associate Director of the Office of Management and Budget, as CFPB director.
At OMB, Levenbach handles natural resources, energy, science and water issues. During President Trump’s first term, Levenbach was chief of staff of the National Oceanic and Atmospheric Administration.
Levenbach does not have a background in consumer finance and multiple news organizations have reported that Trump Administration officials have said that the nomination was a technical move.… Continue Reading
The CFPB is running out of money and has no legal way to replenish its coffers, absent Congressional appropriation, the Trump Administration told a federal court.
The bureau “anticipates exhausting its currently available funds in early 2026,” the Justice Department told the U.S. District Court for the District of Columbia as part of a lawsuit filed by the National Treasury Employees Union (NTEU).… Continue Reading
