A federal judge has granted the CFPB 30 days to try to settle the lawsuit challenging the bureau’s credit card late fee rule that was issued during the Biden Administration.

“The Bureau’s new leadership is currently reviewing and considering its positions on various agency actions, including the regulation at issue in this case,” the CFPB’s attorneys said, in filing the request with Judge Mark T.… Continue Reading

Today’s podcast show features a discussion with Professor Gregory Klass of Georgetown University Law School about an article he co-authored with Professor Ian Ayres, entitled “How to Use the Restatement of Consumer Contracts: A Guide for Judges.” The article will be published this year in the Harvard Business Law Review (vol 15), and is available here.… Continue Reading

Saying that the CFPB’s consideration of returning funds to the Federal Reserve is not a sign that the Trump Administration intends to abolish the bureau, a federal judge has refused to issue a preliminary injunction stopping those transfers.

“For the Court to intervene and entangle itself in the Bureau’s administrative processes before the agency has made any final decision about the disposition of its operating and reserve funds — and without clear indication that an unlawful and injurious decision will be made imminently — would exceed the bounds of the Court’s proper role and jurisdiction,” Judge Matthew Maddox, of the District of Maryland, wrote.… 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

As the Trump Administration attempts to drastically cut CFPB funding and staffing, New York regulators and legislators are attempting to fill what could be a void in consumer protection efforts.

 “We’re hiring,” Adrienne A. Harris, the state’s Superintendent of the Department of Financial Services, said during a presentation on March 12 at the Brookings Institution.… Continue Reading

On June 6 of last year, Prof. Hal Scott of Harvard Law School was our podcast guest. On that occasion he delved into the thought-provoking question of whether the Supreme Court’s decision on May 16 in the landmark case of CFSA v. CFPB really hands the CFPB a winning outcome, or does the Court’s validation of the agency’s statutory funding structure simply open up another question – namely, whether the CFPB is legally permitted under Dodd-Frank to receive funds from the Federal Reserve even though the Federal Reserve Banks have lost money on a combined basis since September 2022.… Continue Reading

Recent developments in the world of crypto have come at a rapid pace to open 2025 not only signaling but, in some instances, explicitly declaring the Trump Administration’s intent to significantly relax or eliminate regulation and enforcement in the crypto markets. 

Yet, while the new administration has declared its intent to take a far more hands-off approach to cryptocurrency regulation and enforcement, it is possible all such efforts are not necessarily dead

Continue reading here:

… Continue Reading

Saying that its proposed brokered deposits rule would have “significantly disrupted many aspects of the deposit landscape,” the FDIC has withdrawn the proposal. 

The agency said that it no longer intends to issue a brokered deposits rule.

The FDIC proposed the rule last year, when Democrats controlled the agency. The proposal would have subjected brokered deposits to heightened regulation; it also would have expanded the definition of brokered deposits, including by eliminating certain exceptions to the rule.… 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