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:

  1. 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.
… Continue Reading

Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration.

“These letters highlight the rules and guidance issued under the previous Administration that reduce competition and innovation and must be rescinded or significantly modified,” the GOP members said in a joint letter to the regulators.… Continue Reading

Chief Justice John Roberts has issued a temporary stay of a decision by the U.S. Court of Appeals for the District of Columbia that barred the Trump Administration from firing members of two independent agency boards.

The stay follows a 7-4 appeals court decision that Cathy Harris, the chairwoman of the Merit Systems Protection Board, and Gwynne Wilcox, a member of the National Labor Relations Board, should return to their jobs.… Continue Reading

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

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

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

The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for about 4,898 HMDA filers.

The data published contains loan-level information filed by financial institutions and modified to protect consumer privacy.… Continue Reading

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

Our special podcast show today deals primarily with a 112-page opinion and 3-page order issued on March 28 by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia in a lawsuit brought, among others, by two labor unions representing CFPB employees against Acting Director Russell Vought.… Continue Reading

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