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President Trump will withdraw Jonathan McKernan’s nomination as CFPB Director, as he nominates him as the Treasury Department’s Undersecretary of Domestic Policy, the New York Times and Law360 reported.

When McKernan’s nomination was first announced on Friday, Trump Administration officials did not address McKernan’s CFPB nomination. However, the Times and Law360 later quoted White House officials as saying the nomination will be withdrawn.… Continue Reading

President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule.

The rule was issued by the Biden Administration and had attracted opposition from Republicans on Capitol Hill and Trump Administration officials. House and Senate Republicans pushed a CRA resolution through Congress, which Trump has now signed, voiding the rule.… Continue Reading

The short answer is that the outcome of the Supreme Court hearing (whose oral argument is scheduled for May 15 at 10 am) is of immense importance to all stakeholders in the consumer financial services industry. We will explain why that is the case.

The Fourteenth Amendment states:  “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”… Continue Reading

The House Financial Services Committee has approved its part of the massive budget bill, saving some $1 billion by, among other things, slashing the CFPB’s budget by more than 60%.

The Committee did so by modifying the bureau’s authority to draw funds from the Federal Reserve’s operating budget, limiting the agency to a maximum of 5% of the Fed’s total operating expenses.… Continue Reading

The podcast we are releasing today is part 2 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB – Part 4.” As a result of the diminishing impact of the CFPB on enforcing the consumer financial services laws, we expect that void to be filled by state government enforcement agencies and private civil litigation, including class and mass actions.… Continue Reading

The Government Accountability Office has agreed to investigate recent CFPB moves to fire more than 1,400 employees and the impact it and other agency actions have had on the bureau’s ability to operate.

“GAO accepts your request as work that is within the scope of its authority,” A. Nicole Clowers, GAO’s Managing Director, Congressional Relations, wrote in response to a letter from Senate Banking Committee ranking Democrat Elizabeth Warren, D-Mass.… 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 Trump Administration has appealed an order by a federal District Court Judge blocking the CFPB from firing 1483 employees effective in June 2025 and cutting off their access to CFPB work systems on April 18, 2025.

Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia last week barred the CFPB from dramatically reducing its staffing, saying she is concerned that CFPB officials are ignoring her earlier order, as modified by the D.C.… Continue Reading