Samuel Corum/Bloomberg What’s at stake: The CFPB uses outdated software and has no strategy for responding to cybersecurity risks, the report found. Supporting Data: The CFPB’s information security program experienced a rapid drop in effectiveness — from a level 4 in fiscal year 2024 to a level 2 rating in fiscal year 2025. Forward Look: […]
CFPB’s cybersecurity program ‘no longer effective:’ OIG says Read More »
Russell Vought, acting director of the Consumer Financial Protection Bureau, also heads the Office of Management and Budget.Andrew Harrer/Bloomberg Key Insight: The rescission of the two nonbank registries is in line with the Trump administration’s deregulatory posture. What’s at Stake: Nonbank technology companies are no longer a target of the CFPB. Supporting Data: Acting CFPB
CFPB kills two Biden-era nonbank registries, citing costs Read More »
Mortgage industry trade groups quickly expressed support for the Trump administration’s elimination of two nonbank registry rules, including a reporting requirement that first went into effect last year. Leaders welcomed the decision, citing the additional headaches it presented to mortgage lenders with little to no benefit in return. “Rescinding these two requirements just makes sense,”
Mortgage groups praise rollbacks of CFPB nonbank rules Read More »
Key Insight: Washington Federal Bank and Planet Home Lending are only the latest in a long list of businesses against which the CFPB has terminated its consent orders. Supporting Data: Since Donald Trump returned to the White House, the CFPB has dropped dozens of enforcement actions and initiated only two. Expert quote: “It’s clear that
CFPB drops enforcement actions against two more lenders Read More »
Key Insight: The CFPB still exists and mass layoffs have not yet occurred but the Trump administration has dropped enforcement actions and eliminated rules, nullifying the agency’s broad reach. Expert Quote: “The last eight months or so have been unlike any others with just a completely different tenor, completely different levels of activity and a
How the Trump administration has neutralized the CFPB Read More »
Russ Vought, acting director of the Consumer Financial Protection Bureau, is also the director of the Office of Management and Budget.Al Drago/Bloomberg In a major win for the Trump administration, a federal appeals court on Friday ruled against the Consumer Financial Protection Bureau’s union, allowing the bureau’s acting Director Russel Vought to fire up to
DC Circuit panel lets Trump administration fire CFPB staff Read More »
Al Drago/Bloomberg The Consumer Financial Protection Bureau is proposing reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers. The move aligns with the bureau’s new priorities of reducing regulations, slashing staff and cutting funding. Acting CFPB Director Russell Vought on Friday
CFPB proposes a rule change to cut nonbank supervision Read More »
Employees at the Consumer Financial Protection Bureau are bracing for mass layoffs now that Congress has slashed the agency’s budget in half and the Supreme Court gave the Trump administration the go-ahead to gut federal agencies. Acting CFPB Director Russell Vought is expected to issue a reduction in force, or RIF, immediately after an appellate
Budget bill, SCOTUS give ‘clear path’ to CFPB firings Read More »
Representative French Hill, a Republican from Arkansas and vice chair of the House Financial Services Committee, speaks during a hearing in Washington, D.C.Al Drago/Bloomberg WASHINGTON — House Republicans began their attempt to roll back significant parts of the Dodd-Frank Act, targeting not just the Consumer Financial Protection Bureau but a laundry list of bank regulation
Republicans gear up for Dodd-Frank rollback Read More »
With the Consumer Financial Protection Bureau scaling back enforcement under the Trump administration, states are emerging as the new frontline in mortgage oversight but the shift is more incremental than dramatic, experts say. As the Consumer Financial Protection Bureau remains in stasis, some mortgage professionals fear a new era of fragmented compliance — “50 state
States lay groundwork for post-CFPB oversight Read More »