CFPB

Subscribe to CFPB via RSS

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

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

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

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

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

On today’s episode of the Consumer Finance Monitor Podcast our host, Alan Kaplinsky, discusses the rapidly evolving landscape of federal financial supervision with Sherra Brown, Head of Regulatory Research and Analysis for the Americas at Vixio Regulatory Intelligence. Our conversation focuses on what may be a fundamental shift in supervisory practices at the Consumer Financial Protection Bureau and the implications of parallel changes at the federal banking agencies.… Continue Reading

Since its inception in 2011, the CFPB has cost consumers between $237 billion and $369 billion, the Trump Administration’s Council of Economic Advisers (CEA) said, in a report.

“Through a combination of regulation, supervision, and the threat of enforcement actions, the CFPB has raised costs for both borrowers and lenders,” the CEA said, adding that the largest component– increased borrowing costs–accounts for $222 billion to $350 billion of this total.… Continue Reading

For the first time since 2017, the total number of college- and university-affiliated credit card issuers did not decrease, but stayed at 133, according to the CFPB’s annual “College Credit Card Agreements” report.

The Credit Card Accountability, Responsibility and Disclosure Act requires the bureau to issue an annual report on the agreements between credit card issuers, institutions of higher education and certain organizations affiliated with such institutions.… Continue Reading

The U.S. Government Accountability Office (GAO) recently released a report in response to a request by members of Congress that it assess the effect of recent stop-work orders, workforce reductions, contract terminations, and other related actions on the CFPB’s ability to fulfill its statutorily mandated functions. The report addresses the status of CFPB’s significant reorganization and downsizing efforts from February through August 2025.… Continue Reading

In the request for comments, the CFPB states that it is soliciting comments on how to improve its Consumer Response Intake Form. The CFPB advises that Consumer Response Intake Form is designed to help consumers in submitting complaints, inquiries and feedback.

Consumers may complete and submit information using the Intake Form on the Bureau’s website.… Continue Reading