CFPB, Federal Agencies, State Agencies, and Attorneys General
Since its inception in 2011, the CFPB has cost consumers between $237 billion and $369 billion, the Trump Administration’s Council of Economic Advisers (CEA) said, in a report.
“Through a combination of regulation, supervision, and the threat of enforcement actions, the CFPB has raised costs for both borrowers and lenders,” the CEA said, adding that the largest component– increased borrowing costs–accounts for $222 billion to $350 billion of this total.… Continue Reading
The U.S. Government Accountability Office (GAO) recently released a report in response to a request by members of Congress that it assess the effect of recent stop-work orders, workforce reductions, contract terminations, and other related actions on the CFPB’s ability to fulfill its statutorily mandated functions. The report addresses the status of CFPB’s significant reorganization and downsizing efforts from February through August 2025.… Continue Reading
The U.S. Supreme Court recently heard oral arguments in Trump v. Cook, involving the issue of whether the President may remove Lisa Cook as a member of the Board of Governors of the Federal Reserve Board. Board Members may be removed “for cause,” and the President has cited alleged mortgage fraud as the basis for the removal of Cook as a Board Member.… Continue Reading
The CFPB has received the funding it requested from the Federal Reserve, according to a January 15 letter submitted by the Justice Department to the court in the lawsuit filed against the CFPB by the National Treasury Employees Union.
On January 9, CFPB Acting Director Russell Vought notified Judge Amy Berman Jackson that, in response to her December 30, 2025 opinion in National Treasury Employees Union v.… Continue Reading
We recently blogged about President Trump’s Truth Social post in which he announced his intent to impose a 10% per annum interest rate cap on credit cards for one year beginning on January 20, 2026, the one-year anniversary of his second term of office. On January 21, during his speech delivered at the World Economic Forum in Davos, Switzerland, he announced his support for legislation to accomplish that result.… Continue Reading
The CFPB, under former Director Rohit Chopra, regularly engaged in regulatory overreach, the Bureau’s current leadership said in its semi-annual report, covering the period from April 1- September 30, 2024.
“As indicated throughout the Report, under his leadership, the Bureau regularly engaged in an overreach of its statutory mandates via punishment of disfavored industries,” the Bureau, under current Acting Director Russell Vought said, in the report.… Continue Reading
On January 9, 2026, President Donald Trump announced via Truth Social that he supports a temporary 10% cap on credit card interest rates (a concept raised during his 2024 presidential campaign), beginning on January 20, 2026. He described the proposal as an effort to address high credit card APRs and improve affordability for consumers.… Continue Reading
On January 9, CFPB Acting Director Vought notified Judge Amy Berman Jackson that, in response to her December 30, 2025 opinion in National Treasury Employees Union v. CFPB (DDC), he had just requested $145 Million from the Federal Reserve Board to operate the CFPB from January through March of this year.… Continue Reading
On January 3, 2026, the Senate sent the nomination of Stuart Levenbach to be CFPB Director back to the President without acting on it—a move that would allow Russell Vought to remain acting head of the bureau through August 1.
President Trump nominated Levenbach, an Associate Director of the Office of Management and Budget, as CFPB Director in November.… Continue Reading
In a case of first impression, in clarifying her injunction issued in the lawsuit brought by the National Treasury Employees Union and others challenging the planned reductions in force and other efforts to reduce functions at the CFPB, Judge Amy Berman Jackson of the DC Federal District Court vigorously rejected the opinion of the Office of Legal Counsel of the Department of Justice (“OLC”) that the CFPB may not be funded by the Fed because (1) the Dodd-Frank Act provides that the CFPB may only be funded by the Fed out of “combined earnings of the Federal Reserve System”, (2) the term “combined earnings” means combined profits and not combined revenues and (3) the Federal Reserve System has incurred losses since September 2022.… Continue Reading
