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Litigation

Judge blasts Colony Ridge settlement, declines oversight

Lending, Litigation, Politics and policy, State of Texas /

Key insight: The judge said the original complaint sought actual damages for Hispanic buyers steered into high-cost loans to buy undeveloped, flood-prone land. What’s at stake: The settlement provided no compensation to the buyers allegedly harmed and instead allocated $48 million for infrastructure and $20 million for law enforcement. Expert quote: “The court finds it […]

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Judge rejects DOJ-Colony Ridge settlement

Judge rejects DOJ-Colony Ridge settlement

Lending, Litigation, Politics and policy, State of Texas /

Assistant Attorney General for the Justice Department’s Civil Rights Division Harmeet Dhillon, pictured in 2023.Bloomberg News Processing Content Key insight: A $68 million-dollar settlement was heavily criticized because it failed to provide any restitution for thousands of victimized borrowers.  What’s at stake: A federal judge questioned why $20 million of the settlement was earmarked to

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CFPB hiring litigation attorneys while cutting enforcement

CFPB hiring litigation attorneys while cutting enforcement

CFPB News & Analysis, Litigation, Politics and policy /

Acting Consumer Financial Protection Bureau Director and Office of Management and Budget Director Russell Vought.Bloomberg News Processing Content Key insight: The Consumer Financial Protection Bureau is recruiting for attorney-advisors within its Office of Litigation while simultaneously cutting enforcement attorneys.  What’s at stake: The new hiring comes just two weeks after the CFPB provided a court

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Former Fed official argues against Fed independence

Federal Reserve, Litigation, Monetary policy, Politics and policy, Trump administration /

Key insight: Former Federal Reserve Vice Chair for Supervision Randal Quarles said in a speech Friday that members of the Fed board should serve at the pleasure of the president, but added that keeping regional Fed bank presidents on the Federal Open Market Committee and ensuring their appointments are not influenced by the White House

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CFPB firing line: DOJ moves to axe half the bureau’s staff

CFPB firing line: DOJ moves to axe half the bureau’s staff

CFPB News & Analysis, Litigation, Politics and policy /

Bloomberg News Processing Content Key insight: The agency’s enforcement and supervision units would face the heaviest hits, with staffing plummeting by 80%. Supporting data: CFPB officials alleged that a new reduction in force, or RIF, is a financial necessity after Congress slashed the bureau’s budget in half. Forward look: Critics view the latest “revised” RIF plan

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Fed Chair Powell to stay on until DOJ concludes probe

Federal Reserve, Litigation, Monetary policy, Politics and policy, Trump administration /

Key Insight: Federal Reserve Chair Jerome Powell acknowledged Wednesday that he may remain at the helm of the central bank past the end of his term because of delays in confirming his successor, and said he does not plan to leave while an investigation into him is ongoing. Expert quote: “I have no intention of

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Democratic AGs sue HUD over fair housing guidance

Fair Housing Act, Litigation, Politics and policy, Trump administration /

Key insight: A group of 16 state attorneys general, all Democrats, have filed suit against the Department of Housing and Urban Development over a recent guidance limiting enforcement of equal housing laws. Supporting data: The attorneys general say the guidance, which affects how HUD funds state investigations of discrimination complaints, threatens $10.7M in Fair Housing

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Federal court rules against CFPB in funding lawsuit

Litigation, Regulation and compliance, Trump administration /

Key insight: The court declared that Consumer Financial Protection Bureau Director Russell Vought’s decision not to request funding for the agency was a “transparent display of partisanship” and granted summary judgment to Rise Economy, a consumer advocacy group that had sued the CFPB over the decision. What’s at stake: The judge rejected the CFPB’s novel

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Advocates urge judge to block $68m Colony Ridge settlement

Fair Housing Act, Litigation, Politics and policy, Regulation and compliance /

Key insight: Eight civil rights nonprofits have urged a federal court to reject a proposed settlement between the Department of Justice and developer Colony Ridge, arguing an immigration enforcement clause in the settlement is “unlawful.”  What’s at stake: The underlying lawsuit targeted a “foreclosure mill” that sold undeveloped, flood-prone land to Hispanic buyers at 10%

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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 »