CFPB, Federal Agencies, State Agencies, and Attorneys General
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
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
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
Contending that the Trump Administration still intends to dismantle the CFPB, a federal judge on Friday issued a temporary injunction prohibiting the administration from firing employees without cause, prohibiting it from enforcing the stop work order or forcing employees to take administrative leave, and requiring it to provide employees with the means to perform their statutorily mandated functions.… Continue Reading
House Financial Institutions Subcommittee Chairman Rep. Andy Barr, R-Ky., said last week that his subcommittee will place a high priority on changing the CFPB’s structure and funding.
“Today, we’ll propose transitioning the CFPB to a bipartisan commission and bringing it under congressional appropriations,” Barr said, as he opened a subcommittee hearing on oversight of the agency.… Continue Reading
The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA challenging the rule.
The revocation is one of several steps the Trump Administration is taking to reverse Biden Administration CFPB actions.… Continue Reading
The Senate on March 27 adopted a resolution that would nullify the CFPB’s overdraft rule.
The Senate adopted S. J. Res. 18 by a vote of 52-48, with Sen. John Hawley, R-Mo., the only Republican voting against repeal.
The House Financial Services Committee already has adopted a companion resolution; it now goes to the House floor.… Continue Reading
Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial.
“CFPB abused its power, used radical ‘equity’ arguments to tag Townstone as racist with zero evidence, and spent years persecuting and extorting them – all to further the goal of mandating DEI in lending via their regulation by enforcement tactics,” said CFPB Acting Director Russell Vought.… 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
