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In another case that may not augur well for the CFPB staff, the Supreme Court is allowing the Trump Administration to continue dismantling the Education Department, lifting a court order that had required the rehiring of as many as 1,400 employees, about half of the Department’s employees, while a lawsuit challenging the Administration’s firing of those employees is pending.… Continue Reading

A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports.

“The Bureau has no such power to define what in a consumer report is ‘permissible,’” Judge Sean D. Jordan of the Eastern District of Texas wrote. “Congress has defined the permissible purposes of a consumer report, and a creditor has a permissible purpose if it intends to use the report for a credit transaction.”… Continue Reading

In Trump v. American Federation of Government Employees, a case on its emergency docket  that could have implications for the CFPB, the Supreme Court issued a brief opinion allowing the Trump Administration to fire tens of thousands of workers at 19 different federal government agencies while appeals over the firings continue.… Continue Reading

The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the Trump Administration still is expected to revise the rule.

The Section 1071 rule is a Dodd-Frank provision that requires financial institutions to report information contained in loan applications submitted by small businesses, including women-owned, minority-owned and LGBTQI+-owned small businesses.… Continue Reading

The independent Office of Inspector General (OIG) for the Federal Reserve System (FRS) and Consumer Financial Protection Bureau (CFPB) is investigating the bureau’s workforce reductions and its canceled contracts, according to a letter to Senator Andy Kim, D-NJ, from Acting FRS/CFPB IG Fred Gibson.

Gibson said he already was investigating the workforce reductions at the bureau in response to a letter from Senator Gary Peters, D-Mich.… Continue Reading

Senate Banking, Housing and Urban Affairs (Banking Committee) Republicans have received the Senate Parliamentarian’s approval to cut the CFPB’s funding. As a result, in the large budget reconciliation bill now being written in the Senate the amount will drop from a maximum of 12% of the Federal Reserve’s inflation adjusted profits in 2009 to 6.5% of those profits.… Continue Reading

Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule.

“The Bureau has determined that it does not intend to reissue the BNPL Interpretive Rule because it was procedurally defective and the interpretation included therein applied ill-fitting open-end credit regulations to BNPL products, which are generally structured as closed-end loans,” the CFPB said, in a status report it submitted in a lawsuit filed by the Financial Technology Association.  … Continue Reading

The Senate parliamentarian has ruled that a key Senate Banking, Housing and Urban Affairs (Banking Committee) provision that would eliminate all funding for the CFPB cannot be included in the massive budget reconciliation bill now being prepared for Senate consideration.

Under the existing funding structure, the CFPB may draw up to 12% of the Federal Reserve’s inflation-adjusted total operating expenses in 2009.… Continue Reading

As previously reported, in addressing the fact that current stays of the section 1071 small business data collection and reporting rule only apply to the applicable plaintiffs, intervenors and their members, the CFPB advised in May 2025 that it would not make enforcement of the rule a priority in order to provide relief to parties not covered by any court stay of the rule.… Continue Reading