CFPB, Federal Agencies, State Agencies, and Attorneys General
During recent Congressional Hearings Acting CFPB Director Russell Vought, testifying for the first time in that capacity, stated that the Trump Administration has succeeded in improving the structure and operation of the CFPB, but more work needs to be done.
In fact, in testimony before the Senate Committee on Banking, Housing, and Urban Affairs he said he would prefer that the agency be abolished.… Continue Reading
The Consumer Financial Protection Bureau has released its Semiannual Regulatory Agenda covering the period from January 2026 through November 2026. Published through the Office of Information and Regulatory Affairs (OIRA) as part of the Unified Agenda of Federal Regulatory and Deregulatory Actions, the agenda provides an important roadmap of the Bureau’s anticipated regulatory activity during the remainder of the year.… Continue Reading
House and Senate committees next week will hold hearings on the “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”
The hearings will mark the first time that Trump Administration CFPB officials will testify before Congress.
The House Financial Services Committee hearing will be held at 10 a.m. on July 15, while the Senate Banking, Housing and Urban Affairs hearing will be held at 10 a.m.… Continue Reading
The CFPB has rescinded a December 2020 advisory opinion that addressed Special Purpose Credit Programs (SPCP) offered by for-profit entities that use the common characteristics of race, color, national origin, or sex, or any combination thereof, as eligibility criteria. The advisory opinion had addressed the content of the written plan that would have been required for the SPCP and the data that could have been used to support a determination that the SPCP was necessary because people sharing those characteristics probably would not have received credit or would have received it on less favorable terms than those ordinarily available to other applicants. … Continue Reading
The CFPB has adopted new Enforcement Principles designed to roll back standards used by the Biden Administration.
The bureau recently applied the new principles in attempting to ensure that customers affected by Bilt’s transition of its credit card services to a new bank partner were not harmed by the change. The CFPB stated that “[h]ere, instead of initiating a protracted investigation, followed by a public enforcement action, which could be litigated for years before consumers get any redress, as the Biden CFPB would have done under the former Director Chopra, this leadership engaged with Bilt directly and collaboratively.… Continue Reading
Banking trade groups uniformly support the nomination of former CFPB executive Brian Johnson to head the bureau.
“Brian has a distinguished track record in bank regulatory policy both at the Bureau and on Capitol Hill, and he will bring a thoughtful approach to setting the Bureau’s priorities in the years ahead if confirmed,” said Rob Nichols, President/CEO of the American Bankers Association.… Continue Reading
When the CFPB and Department of Justice withdrew a joint statement on the consideration of immigration status under the Equal Credit Opportunity Act in January 2026, we pointed out that “the agencies could have, but did not, [seek] to reduce compliance burdens by providing helpful guidance on how creditors may appropriately consider an applicant’s immigration status under ECOA.… Continue Reading
The CFPB is ending telework—a move that requires 1,100 employees to report to work five days a week to a new headquarters in Washington, D.C., The American Banker reported.
The publication reported that the bureau’s Chief Operating Officer, Adam Martinez, said in a memo that employees will begin moving to the new headquarters at 445 12th St.… Continue Reading
CFPB Chief Legal Officer Mark Paoletta has been selected as the bureau’s Deputy Director—a move that reflects that Acting Director Russell Vought’s term is coming to a close and that Paoletta will succeed him, Bloomberg reports.
Under federal law, Vought cannot serve as Acting Director past August 1. However, under the Federal Vacancies Reform Act, a top deputy or other senior official may serve as Acting Director until a full-time agency head is confirmed by the Senate.… Continue Reading
On a recent episode of the Consumer Finance Monitor Podcast, Alan Kaplinsky, host of the podcast, had the opportunity to interview Amelia O’Rourke-Owens, a legal scholar and former CFPB policy fellow, about her article, “Tearing Holes in Consumer Protection: Democracy’s Safety Net.” Amelia is the founder and CEO of Resilience Solutions, which provides subject matter expertise and consulting services around policy solutions and strategic planning.… Continue Reading
