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Law and regulation

Trump picks Brian Johnson, former CFPB No. 2, to lead bureau

Trump picks Brian Johnson, former CFPB No. 2, to lead bureau

Financial regulations, Law and regulation, Politics and policy /

Samuel Corum/Bloomberg Processing Content Key insight: If he’s confirmed by the Senate, Johnson will replace Russell Vought, the CFPB’s controversial acting director, whose tenure was defined by mass staff cuts and a retreat from rigorous bank supervision.  What’s at stake: The move signals an end to the administration’s yearlong reliance on Vought as acting director […]

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Senate Dems introduce bill to fully restore CFPB funding

Senate Dems introduce bill to fully restore CFPB funding

Law and regulation, Politics and policy /

Andrew Harrer/Bloomberg Processing Content Key insight: The bill is largely symbolic since it has little chance of passing the Senate. But it signals what Democrats have in store if they are successful in the midterm elections.  What’s at stake: The legislation aims to immunize the agency from future partisan attacks. The CFPB’s funding was slashed

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Billions at stake as Supreme Court mulls interest on escrow

Billions at stake as Supreme Court mulls interest on escrow

Law and regulation, Politics and policy /

Firefighters battle flames during the Palisades Fire in Los Angeles on Jan. 7, 2025.Kyle Grillot/Bloomberg Processing Content Key insight: At least 12 states have passed laws requiring banks to pay interest on escrow accounts in a complex legal battle over federal preemption of state laws.  What’s at stake: The case deepens a federal circuit court

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Watchdog warns of failures in Fed and CFPB security programs

Watchdog warns of failures in Fed and CFPB security programs

Financial regulations, Law and regulation, Politics and policy /

Processing Content Key insight: Audits of both the Federal Reserve Board and the Consumer Financial Protection Bureau found each agency’s security systems had declined. What’s at stake: The findings come at a time when banks face an unprecedented wave of sophisticated cyber threats, raising questions about data protection. Forward look: The OIG also found lag

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CFPB sued over new rule that would weaken fair-lending laws

CFPB sued over new rule that would weaken fair-lending laws

Consumer lending, Law and regulation, Racial bias, Regulation and compliance /

Russell Vought, acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content Key insight: The new CFPB rule protects lenders from being penalized for unintentional discrimination, including in cases involving automated algorithms and credit models. What’s at stake: The new rule narrows the legal definition of “discouragement,” making it easier for banks to avoid

CFPB sued over new rule that would weaken fair-lending laws Read More »

How Trump’s EO could redraw QM’s safe harbor lines

CFPB News & Analysis, Law and regulation, Mortgages, Politics and policy /

Part of a recent executive order from President Trump that calls for potential changes to the qualified mortgage definition and its safe harbor could increase competition for certain types of loans, depending on how and if it progresses. Processing Content Changes that the broader mortgage credit order calls for include having the Consumer Financial Protection

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Can Trump fire nearly all CFPB staff? Appeals court isn’t sure

Can Trump fire nearly all CFPB staff? Appeals court isn’t sure

Law and regulation, Litigation, Trump administration /

Russell Vought, director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content What’s at stake: The appeals court judges questioned whether various actions taken by the CFPB last year constituted a final agency action that is reviewable by a district court.   Key insight: The

Can Trump fire nearly all CFPB staff? Appeals court isn’t sure Read More »

CFPB shutdown battle reaches crucial D.C. Circuit hearing

CFPB shutdown battle reaches crucial D.C. Circuit hearing

Law and regulation, Litigation, Trump administration /

Al Drago/Bloomberg Processing Content Key Insight: The high-stakes case revolves around the actions of Russell Vought and President Trump’s publicly stated goal to eliminate the CFPB, challenging Congress’ authority to establish the agency. What’s at stake: The National Treasury Employees Union is fighting to maintain an injunction that has blocked the CFPB’s leadership from laying

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States, mortgage regulators call for end to OCC escrow moves

States, mortgage regulators call for end to OCC escrow moves

Law and regulation, Politics and policy, Servicing /

Groups of mortgage regulators, state supervisors and attorneys general called for the Office of the Comptroller of the Currency to end proposals that could allow more national preemption of  interest-on-escrow rules, citing consumer harm, legal concerns and an uneven playing field. Processing Content The proposals would benefit national institutions but at homeowners’ expense, and interfere

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Bilt, Affirm aim to capitalize on proposed credit card rate cap

Credit cards, Law and regulation, Payments /

Key insight: Bilt and Affirm are developing products as political pressure mounts on bank-issued credit cards. What’s at stake: Consumers who get shut out of credit cards may look for new sources of credit. Forward look: Analysts say the odds of the Credit Card Competition Act passing are still low, but gaining momentum. It’s been

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