It was reported last night that the CFPB had laid off about 90% of its staff. This came on the heels of the CFPB providing each of its employees with its 2025 Supervisory and Enforcement Priorities which calls for a much narrower mission for the CFPB than under former Director Chopra.… Continue Reading
CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025
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
Today’s podcast episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More – Part 2
Our podcast show being released today is part 2 of a repurposed interactive webinar that we presented on March 24 featuring two of the leading journalists who cover the CFPB – Jon Hill from Law360 and Evan Weinberger from Bloomberg.
Our show begins with Tom Burke, a Ballard Spahr consumer financial services litigator, describing in general terms the status of the 38 CFPB enforcement lawsuits that were pending when Rohit Chopra was terminated.… Continue Reading
DC Circuit so far largely upholds Judge Jackson’s order preliminarily enjoining the CFPB Acting Director from shutting down the CFPB
On Friday, April 11, a panel of the D.C. Circuit Court of Appeals modified Judge Jackson’s preliminary injunction order of March 28 pending appeal, as follows:
- Provision two (which required blanket reinstatement of probationary and term employees that were fired by the CFPB) stayed insofar as it requires the CFPB to reinstate employees whom defendants have determined, after an individualized assessment, to be unnecessary to the performance of defendants’ statutory duties.
House sends Trump resolution to nullify CFPB overdraft rule
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
Today’s podcast episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More – Part 1
Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB – Jon Hill from Law360 and Evan Weinberger from Bloomberg.
Our show began with Jon and Evan chronicling the initiatives beginning on February 3 by CFPB Acting Directors Scott Bessent, Russell Vought and DOGE to shut down or at least minimize the CFPB.… Continue Reading
Appeals Court blocks judge’s order temporarily prohibiting large-scale changes at CFPB
The Circuit Court of Appeals for the District of Columbia has issued an administrative stay of a judge’s order blocking wholesale changes at the CFPB.
The three-judge panel said the administrative stay means the CFPB is returned to the state it was in before U.S. District Judge Amy Berman Jackson issued an order blocking the possible dismantling of the CFPB.… Continue Reading
CFPB to Reopen Rulemaking on the Section 1071 Small Business Loan Data Collection and Reporting Rule
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
Today’s podcast episode: Prominent Journalist, David Dayen, Describes his Reporting on the Efforts of Trump 2.0 to Curb CFPB
Today’s podcast show features a discussion with David Dayen, executive editor of the American Prospect, which is an online magazine about ideas, politics, and power. He’s the author of “Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud,” which was published in 2016. David has written and published about 10 or so articles in which he chronicles in great detail the apparent effort by the Trump Administration, acting through Scott Bessent and Russell Vought, to dismantle the CFPB by abruptly ordering a cessation of all activities and layoffs of probationary and term employees and a plan to layoff 1,300 or so additional employees.… Continue Reading
A deep dive into Judge Jackson’s preliminary injunction order against CFPB Acting Director Vought
On Friday, March 28, Judge Amy Berman Jackson issued a 112-page opinion and 3-page order in National Treasury Employees Union, et al. v. Russell Vought, in his official capacity as Acting Director of the Consumer Financial Protection Bureau, et al, Civil Action No. 25-0381 (D.D.C.). Judge Jackson granted a motion for Preliminary Injunction which, in broad terms, enjoined the defendants from continuing to dismantle the CFPB without Congressional authorization to do so.… Continue Reading