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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 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

Charging that Acting CFPB Director Russell Vought has been attempting to close down the CFPB by any means necessary, Democratic Attorneys Generals (AGs) from 21 states and the District of Columbia have filed suit, asking a federal court to require Vought to seek State AGs file suit to force CFPB to request funding from the Federal Reserve funds from the Federal Reserve to operate the bureau. … Continue Reading

The Court of Appeals for the District of Columbia has granted a request for an en banc rehearing in the National Treasury Employees Union’s (NTEU) and others’ challenge to the firing of more than 1,400 CFPB employees and the taking of certain other actions to curtail the operations of the CFPB. 

The Plaintiffs sued the Administration, contending that its plan to lay off the employees at the CFPB and to take certain other actions is tantamount to an abolishment of the agency.… Continue Reading

Current and former Democratic members of Congress have told a federal court that the Trump Administration’s interpretation of the CFPB’s funding mechanism is at odds with Congress’ plan to provide the bureau with a stable, independent source of funding.

On December 5, Rise Economy, the National Reinvestment Coalition and the Woodstock Institute filed a lawsuit against the CFPB and its Acting Director Russell Vought in the Federal District Court for the Northern District of California seeking declaratory and injunctive relief related to Vought’s determination not to seek funding from the Federal Reserve Board because of an opinion from the Justice Department’s Office of Legal Counsel (OLC).… Continue Reading

The Supreme Court should abandon a 90-year-old precedent and decide that President Trump should be permitted to fire Rebecca Slaughter from the Federal Trade Commission without cause, Solicitor General D. John Sauer told the Court on December 8 during oral arguments.

“I think broad delegations to unaccountable independent agencies raise enormous constitutional and real-world problems for individual liberty,” Justice Brett Kavanaugh, said.… 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