In this week’s banking news roundup: Rohit Chopra is named senior advisor to the Democratic Attorneys General Association’s working group on consumer protection and affordability; Flagstar Bank’s private-banking division adds two additional wealth-planning capabilities; Chime promotes three members of its executive leadership team; and more.
Democratic AGs hire former CFPB Director Chopra Read More »
Senate Democrats are warning the Trump administration not to cut an arcane but critical function of the Consumer Financial Protection Bureau that underpins the housing market as officials move to dismantle the agency. At issue is the CFPB’s weekly publication of Average Prime Offer Rate tables, a key benchmark enabling the smooth operation of the
Warren warns CFPB on its ‘half-baked idea’ for mortgage-rate data Read More »
A loan program allowing homeowners to pay for clean energy upgrades through property tax bills will still be subject to tighter lending rules next year, a federal judge ordered. The Property Assessed Clean Energy (PACE) program allows borrowers to pay for home improvements, from storm hardening to solar panels, via future property tax assessments. The
Effort to halt CFPB’s new PACE rules hits roadblock Read More »
Samuel Corum/Bloomberg What’s at stake: The CFPB uses outdated software and has no strategy for responding to cybersecurity risks, the report found.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 »