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As required by amendments to the FDCPA made by Section 1089 of Dodd Frank, the CFPB recently released its annual report to Congress on FDCPA compliance. We note below information provided by the bureau about the complaints it received in 2024, the results of examinations publicly reported in 2024, and enforcement actions by other agencies. … Continue Reading

The Progressive State Leaders Committee has tapped former CFPB Director Rohit Chopra to head a new Consumer Protection and Affordability Working Group. The Group is the 501(c) (4) affiliate of the Democratic Attorneys General Association.

“As part of its greater effort to tackle unfair and anticompetitive practices that drive up the cost of living and to protect consumers by filling essential gaps created by the enforcement failures of the Trump administration, the Consumer Protection and Affordability Working Group’s main priorities will be to promote a fair economy, make life more affordable for Americans, protect people’s personal data, and defend consumers from online abuses,” the committee said, in announcing the choice.… Continue Reading

Today’s podcast brings listeners a timely and insightful discussion as our panel examines the CFPB’s proposed amendments to Regulation B under the Equal Credit Opportunity Act (ECOA). As our regular listeners know, we released an episode yesterday, and we are providing this additional special episode in light of a development we consider both time-sensitive and exceptionally important.… Continue Reading

The Trump Administration is ordering all CFPB examiners to read a “Humility Pledge” to officials at supervised entities before conducting exams.

In making the announcement, CFPB officials sharply criticized the Biden Administration’s approach to exams. “Previously, under the leadership of Director Chopra and Biden’s Director of Supervision Lorelei Salas, a former Soros activist who was put on leave in February 2025, this division was the weaponized arm of the CFPB,” the CFPB said.… Continue Reading

On December 15, at noon, we will be producing a webinar entitled, “The CFPB’s Funding Crisis: Legal, Operational and Policy Implications.” A registration link is embedded in the invitation, which is here.

Contending that the CFPB is relying on a “novel” definition of “combined earnings,” the union representing CFPB employees is asking a federal court to rule that the Trump Administration is planning to violate an injunction barring the administration from shutting down the bureau.… Continue Reading

The CFPB is transferring all of its pending litigation to the Justice Department as a result of the funding crisis the Trump Administration has said the bureau faces, several news organizations have reported.

In addition, at a meeting on Thursday, Michael Salemi, the CFPB’s acting director of enforcement, said that more than 100 people will be furloughed because the CFPB is running out of money, The American Banker reported.… Continue Reading

President Trump has nominated Stuart Levenbach, an Associate Director of the Office of Management and Budget, as CFPB director.

At OMB, Levenbach handles natural resources, energy, science and water issues. During President Trump’s first term, Levenbach was chief of staff of the National Oceanic and Atmospheric Administration.

Levenbach does not have a background in consumer finance and multiple news organizations have reported that Trump Administration officials have said that the nomination was a technical move.… Continue Reading

The CFPB has issued a proposed rule that would make substantial changes to Regulation B under the Equal Credit Opportunity Act (ECOA). In one of the most significant changes, the bureau has preliminary determined that disparate-impact claims are not authorized by ECOA. The proposal also addresses what constitutes prohibited discouragement of applicants or prospective applicants and would substantially revise the rules governing special purpose credit programs (SPCPs) offered by for-profit creditors, essentially eliminating many of such SPCPs.… Continue Reading

The CFPB is proposing major changes to its final rule that would require financial institutions to report information contained in loan applications submitted by small businesses, including women-owned and minority-owned small businesses.

The rule is better known as the “Section 1071 rule” after the section of the Dodd-Frank Act that required the CFPB to adopt it.… Continue Reading

The CFPB is running out of money and has no legal way to replenish its coffers, absent Congressional appropriation, the Trump Administration told a federal court.

The bureau “anticipates exhausting its currently available funds in early 2026,” the Justice Department told the U.S. District Court for the District of Columbia as part of a lawsuit filed by the National Treasury Employees Union (NTEU).… Continue Reading