Bloomberg News Key Insight: In a legal filing, the former Fed officials claim an opinion from the Department of Justice’s Office of Legal Counsel is factually incorrect. What’s at Stake: The CFPB will run out of funding early next year and Vought claims that he cannot request funding from the Federal Reserve. Expert Quote: “The […]
Former Fed officials: CFPB’s Vought must ask for funding Read More »
Bloomberg News Key Insight: The CFPB’s enforcement chief called the November nomination of a permanent director a “technical maneuver,” with no plans for permanent leadership at the agency. What’s at Stake: Three enforcement directors have resigned from the CFPB this year, a sign of the massive upheaval created by the Trump administration. Expert Quote: “There
CFPB’s enforcement chief resigns, citing ‘no path’ forward Read More »
Bloomberg News Key Insight: The Consumer Financial Protection Bureau is going to run out of money early next year, putting the agency in violation of a preliminary injunction. What’s at Stake: Acting Director Russell Vought says that because he cannot request funding for the agency, he may have to furlough employees or be unable to
CFPB court battle with union continues with no end in sight Read More »
Key Insight: Acting Consumer Financial Protection Bureau Director Russell Vought says he cannot request money for the bureau because the Federal Reserve System has not turned a profit since 2022. Supporting Data: While some think the issue could be taken up eventually by the Supreme Court, new data suggests the Federal Reserve may return to
CFPB tees up second funding battle with Supreme Court Read More »
Bloomberg News What’s at Stake: The court filing comes after Vought said last week that he will not request funding for the CFPB and that the agency will run out of the money in early 2026. Key Insight: The district court issued a broad preliminary injunction in March that prohibited the Trump administration from mass
CFPB’s union asks for clarification on Vought injunction Read More »
Al Drago/Bloomberg Key Insight: The Consumer Financial Protection Bureau’s new “Humility Pledge” is mandated for all supervisory examiners, with a focus on pressing threats to consumers, particularly service members and veterans. What’s at Stake: The CFPB said it wants to avoid duplication of supervision with state regulators and reduce the 8-week exam cycle. Expert
CFPB says bank supervisors must take ‘humility oath’ Read More »
Key Insight: The CFPB has enough money to operate through Dec. 31st, but the Justice Department filed a motion about a “potential lapse in appropriations.” Supporting Data: The government is relying on claims by the Office of Legal Counsel that the central bank lacks “combined earnings” to fund the CFPB, as required by the Dodd-Frank
DOJ: CFPB cannot request new funding from the Fed Read More »
Key insight: The Department of Justice filed a motion opposing a Consumer Financial Protection Bureau employee union’s appeal of a DC Circuit ruling allowing the administration to fire hundreds of agency workers. What’s at stake: The CFPB employee union has been arguing that the administration is seeking to shut down the agency, something that only
DOJ opposes CFPB union’s request for rehearing on firings Read More »
The Supreme Court has declined to review a challenge to retroactive interpretation of a New York law that applies a new statute of limitations to foreclosures. The high court turned down without explanation a petition for a writ of certiorari in the case US Bank National Association, Trustee v. Cassandra Fox, marking the end of
Supreme Court rejects petition on New York foreclosure law Read More »
Key Insight: A higher volume of litigation necessitates the hiring of more defense and appellate counsel. What’s at Stake: A shortage of attorneys could delay rulemakings and weaken the agency’s defense in federal courts. Supporting Data: By some estimates, about 500 employees have left the agency since the Trump administration took over and Vought told
Amid looming layoffs, CFPB is hiring attorney-advisors Read More »