CFPB, Federal Agencies, State Agencies, and Attorneys General
The two Democratic NCUA board members ousted by President Trump have filed suit, arguing that their firings violated federal law.
Todd Harper and Tanya Otsuka filed suit in the U.S. District Court for the District of Columbia, naming President Donald Trump, Treasury Secretary Scott Bessent, NCUA Chairman Kyle Hauptman and others as defendants.… Continue Reading
The two Democratic FTC members who were fired by President Trump have filed suit in federal court challenging their dismissal.
Alvaro Bedoya and Rebecca Slaughter filed suit in U.S. District Court for the District of Columbia contending that their dismissals were illegal since the FTC is supposed to be an independent agency.… Continue Reading
Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical information in credit decisions.
That CFPB rule was issued on January 7, 2025, less than two weeks before President Biden left office.… Continue Reading
President Trump on Tuesday fired the remaining two Democratic members of the FTC, leaving only two Republicans on the commission.
The commissioners, Alvaro Bedoy and Rebecca Slaughter, announced their dismissals on social media. Both called their dismissals illegal, since the FTC is supposed to be an independent agency. Both of them called their firings illegal and Bedoy already has said he would challenge his dismissal in court.… Continue Reading
The Trump Administration’s efforts to “effectively shutter the CFPB” amounts to a “total dereliction of all mandatory statutory duties,” that will harm state consumer protection efforts, Democratic state attorneys general have told a Washington, D.C. federal judge.
“The CFPB has, to date, been an invaluable partner to many States in performing a variety of consumer-protection functions mandated by Congress,” the 23 state officials said, in an amicus brief in a suit filed by the National Treasury Employees Union.… Continue Reading
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision.
The Senate voted 51-47 to adopt S.J. Res 28, a resolution that under the CRA, was not subject to a filibuster. The House has not yet considered a companion resolution.… Continue Reading
More than 185 Democrats in the House and Senate are urging Trump Administration officials to restore the enforcement and supervisory powers of the CFPB.
“The Trump Administration has effectively fired the financial cop on the beat and declared open season for predatory lenders and scam artists working to steal Americans’ money and threaten their financial security,” the Democrats wrote, in a joint letter to Russell Vought, acting director of the CFPB and director of the Office of Management and Budget, and Treasury Secretary Scott Bessent, who served as acting director of the bureau for a short period of time.… Continue Reading
The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by data brokers. However, the proposal is much broader than a data broker rule and could have far reaching implications, including what is considered a consumer report, who is considered a consumer reporting agency, and specific requirements to qualify for the written authorization permissible purpose that are not provided for in the FCRA. … Continue Reading
On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its long-anticipated proposed rule aimed at regulating data brokers under the Fair Credit Reporting Act (FCRA). Although the CFPB’s future is uncertain under the upcoming administration, if implemented, the rule would significantly expand the reach of the FCRA.
In the accompanying press release, the CFPB stated that its “proposal would ensure data brokers comply with federal law and address critical threats from current data broker practices, including” national security and surveillance risks; criminal exploitation; and violence, stalking, and personal safety threats to law enforcement personnel and domestic violence survivors. … Continue Reading
Sen. Elizabeth Warren, D-Mass., an advocate of a strict financial regulatory regime, will become the top Democrat on the Senate Banking, Housing and Urban Affairs Committee in the next Congress.
Sen. Sherrod Brown, D-Ohio., had been the chair of the Committee. However, Brown lost his bid for reelection and Democrats lost majority control of the Senate—resulting in Sen.… Continue Reading
