CFPB, Federal Agencies, State Agencies, and Attorneys General
The Senate has confirmed John Crews to serve on the NCUA board. Crews will replace Kyle Hauptman as the sole board member of the agency and is expected to become chairman.
Hauptman’s term expired in August 2025, but he stayed on the board as permitted by section 102(c) of the Federal Credit Union Act, which allows any board member to continue to serve after the expiration of their term until a successor has qualified.… Continue Reading
President Trump is renewing his effort to oust Lisa D. Cook from the Federal Reserve Board.
In a letter to Cook, a Biden Administration nominee, Daniel Scavino, Assistant to the President and Deputy Chief of Staff and Director of the Office of Presidential Personnel, repeated allegations that Cook may have made false statements on one or more mortgage applications and stated that the President is considering removing her from her position as a result.… Continue Reading
CFPB Deputy Director Mark Paoletta has become the Bureau’s Acting Director following the expiration of Russell Vought’s service as Acting Director on August 1. Under the Federal Vacancies Reform Act, Vought could serve as Acting Director only for a limited period.
President Trump has nominated Brian Johnson to serve as the CFPB’s next Director, but the Senate Committee on Banking, Housing, and Urban Affairs has not yet voted on his nomination.… Continue Reading
On July 27, 2026, CFPB Deputy Director Mark Paoletta delivered remarks at a meeting of the Financial Literacy and Education Commission that left little doubt that the Bureau’s approach to financial education has undergone a dramatic philosophical shift under Acting Director Russell Vought. In his remarks, Paoletta sharply criticized former CFPB Director Rohit Chopra’s views on financial literacy while outlining the Bureau’s new priorities under the Trump Administration.… Continue Reading
During recent Congressional Hearings Acting CFPB Director Russell Vought, testifying for the first time in that capacity, stated that the Trump Administration has succeeded in improving the structure and operation of the CFPB, but more work needs to be done.
In fact, in testimony before the Senate Committee on Banking, Housing, and Urban Affairs he said he would prefer that the agency be abolished.… Continue Reading
In a pair of very important decisions issued today, the U.S. Supreme Court reshaped the constitutional landscape governing independent federal agencies. In Trump v. Slaughter, Court overruled the 91-year-old precedent of Humphrey’s Executor v. United States, 295 U.S. 602( 1935), and held that members of the Federal Trade Commission may be removed by the President at will, notwithstanding statutory “for cause” removal protections.… Continue Reading
The CFPB has adopted new Enforcement Principles designed to roll back standards used by the Biden Administration.
The bureau recently applied the new principles in attempting to ensure that customers affected by Bilt’s transition of its credit card services to a new bank partner were not harmed by the change. The CFPB stated that “[h]ere, instead of initiating a protracted investigation, followed by a public enforcement action, which could be litigated for years before consumers get any redress, as the Biden CFPB would have done under the former Director Chopra, this leadership engaged with Bilt directly and collaboratively.… Continue Reading
Banking trade groups uniformly support the nomination of former CFPB executive Brian Johnson to head the bureau.
“Brian has a distinguished track record in bank regulatory policy both at the Bureau and on Capitol Hill, and he will bring a thoughtful approach to setting the Bureau’s priorities in the years ahead if confirmed,” said Rob Nichols, President/CEO of the American Bankers Association.… Continue Reading
President Donald Trump has nominated John Crews to serve on the NCUA board. If confirmed, Crews would replace Kyle Hauptman as the sole board member of the agency.
Hauptman’s term expired in August 2025, but he has stayed on the board as permitted by section 102(c) of the Federal Credit Union Act, which allows any board member to continue to serve after the expiration of their term until a successor has qualified.… Continue Reading
President Donald Trump issued another significant Executive Order affecting the financial services industry, this time directed at integrating financial technology innovation more directly into the U.S. regulatory framework. The Executive Order, entitled “Integrating Financial Technology Innovation into Regulatory Frameworks,” was signed on May 19, 2026 and appears designed to accelerate the integration of fintech firms, digital asset providers, and other non-bank innovators into the traditional banking and payments system.… Continue Reading
