CFPB, Federal Agencies, State Agencies, and Attorneys General
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
The House Financial Services Committee’s Financial Institutions Subcommittee will hold a hearing on Wednesday, March 26, to discuss possible changes to the structure and responsibilities of the CFPB.
“The Subcommittee will review the structure and funding of the Consumer Financial Protection Bureau (CFPB), in addition to statutory authorities granted to the CFPB under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,’ the subcommittee said, in a memo in advance of the hearing.… Continue Reading
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
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
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
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
