California Governor Gavin Newsom has appointed former CFPB Director Rohit Chopra to be the inaugural Secretary of a new cabinet-level agency that he created last year — the Business and Consumer Services Agency (“BCSA”). Although the appointment must be confirmed by the California Senate, the move is already generating significant attention within the financial services industry because it may signal California’s intent to assume a substantially larger role in consumer financial regulation and enforcement at a time when many expect reduced federal regulatory activity.… Continue Reading
CFPB Surprisingly Appeals Judge Davila’s Funding Decision to the Ninth Circuit
By Alan S. Kaplinsky on
Posted in CFPB
Just when the conventional wisdom seemed to be that the CFPB was no longer going to assert that it could not request funding from the Federal Reserve because of combined losses at the Federal Reserve Banks, things have once again been thrown into a cocked hat. On May 11, 2026, the CFPB filed a notice of appeal to the U.S.… Continue Reading
CFPB’s OIG investigating current workforce and contracting developments plus interpretations adopted and enforcement actions taken under then Director Chopra
The CFPB’s Office of Inspector General is still investigating the agency’s workforce and contracting moves to see what impact it has had on agency actions.
“We are reviewing the CFPB’s workforce and contracting actions to determine their high-level effects on mission-related activities and support functions,” the OIG said, in an update of its activities.… Continue Reading
Fed transfers funds to CFPB for agency operations
The Federal Reserve has transferred funds to the Federal Reserve Bank of New York to pay the expenses of the CFPB for the third quarter of this fiscal year, according to a letter posted on the agency’s website.
The letter from Federal Reserve Chief Financial Officer Rendell Jones to CFPB Chief Financial Officer Janfar Gueye does not disclose the amount of the deposit, but the bureau requested $75.8 million.… Continue Reading
D.C. Circuit Showdown Over CFPB: Plaintiffs Oppose Effort to Fast-Track Agency Downsizing But Surprisingly Support Remand to District Court for it to First Consider Modifying the Preliminary Injunction as CFPB Urged in Motion
Posted in CFPB
A high-stakes procedural battle is unfolding in the en banc U.S. Court of Appeals for the District of Columbia Circuit that could determine the near-term fate of the Consumer Financial Protection Bureau (“CFPB”).
In a newly filed response, the National Treasury Employees Union (“NTEU”) and other plaintiffs are pushing back forcefully against efforts by Acting CFPB Director Russell Vought and the government to modify an existing preliminary injunction that has, to date, prevented large-scale layoffs at the agency.… Continue Reading
CFPB Workforce Restructuring Plan: New CFPB Motion Details Sweeping Proposed Reductions in Staff Across All Divisions While Injunction Remains in Place
Posted in CFPB, CFPB People
A significant new filing on March 31 in the D.C. Circuit Court of Appeals, National Treasury Employees Union v. Vought (Case No. 25-5091), purportedly provides the most up-to-date, detailed picture yet of how leadership of the Consumer Financial Protection Bureau (CFPB) intends to dramatically scale back the agency’s operations—if permitted to do so by the courts.… Continue Reading
Consumer Finance Monitor Podcast Draws Coverage from “Inside the CFPB”: A First for Our Platform
By Ballard CFS Group on
We are pleased to share a notable milestone for the Consumer Finance Monitor podcast: for the first time, a leading industry publication “Inside the CFPB” has written about one of our episodes.
In its April 6, 2026 issue, “Inside the CFPB,” a widely read subscription publication published by “Inside Mortgage Finance Publications” highlighted our recent podcast episode released on April 2, 2026 featuring discussion of emerging regulatory developments in the buy now, pay later (BNPL) space.… Continue Reading
Vought requests $75.8 million for CFPB for 3rd Quarter of Fiscal Year
Posted in CFPB, Trump Administration
Acting CFPB Director Russell Vought has requested $75.8 million from the Federal Reserve for operations of the Bureau in the 3rd Quarter of the government’s current fiscal year (April 1, through June 30, 2026).
That compares with $104.2 million the CFPB received during the 3rd Quarter of Fiscal Year 2024, $0 during the 3rd Quarter of Fiscal Year 2025 and $145 million during the 2nd Quarter of the 2026 Fiscal Year.… Continue Reading
Federal judge rules CFPB must continue to ask Federal Reserve for funds
Posted in CFPB, Trump Administration
In a decision that delivered a blistering rejection of the Trump Administration’s CFPB plans, a federal judge has ruled that the Bureau must continue to request funds from the Federal Reserve Board.
The administration’s plans amounted to a “transparent attempt to ‘close down the agency,’” Judge Edward J. Davila of the Northern District of California said, in a lawsuit filed by three groups challenging the Administration’s decision not to request from the Fed funds for the CFPB. He… Continue Reading
Executive Order Seeks to Promote Mortgage Lending by Community and Smaller Banks Through Easing Regulatory Requirements
President Trump recently issued an Executive Order entitled “Promoting Access to Mortgage Credit” seeking to promote mortgage lending by community banks and smaller banks. The Executive Order refers to community banks and smaller banks as banks with assets of less than $30 billion and $100 billion, respectively.
The premise of the Executive Order is that “[o]ver the past two decades .… Continue Reading