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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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Bessent: ‘No one should expect’ tariff revenue to decline

Inflation, Litigation, Politics and policy, Tariffs /

Key insight: Treasury Secretary Scott Bessent said the Supreme Court limited the administration’s tariff authority under the International Emergency Economic Powers Act, but that other laws could give the administration the same powers. Supporting data: The Penn-Wharton Budget Model has estimated that the court’s rejection of the IEEPA tariffs could result in as much as

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Developer Colony Ridge to pay $68M in DOJ, Texas settlement

DoJ, Litigation, Regulation and compliance, State of Texas /

Processing Content What’s at stake: Colony Ridge will pay $48 million to improve infrastructure at its developments near Houston particularly flood control measures. No money is earmarked for harmed borrowers, however, who have a high bar to get relief under a default avoidance plan. Key insight: In a surprise move, the DOJ is requiring that

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CFPB blocks GAO investigators in layoff report

Litigation, Politics and policy, Regulation and compliance, Trump administration /

Key insight: The CFPB’s leadership cited ongoing litigation as the reason for not cooperating with the Government Accountability Office.   Supporting data: The GAO reiterated what was found in court documents, finding that the CFPB had planned to fire 88% of the staff.   Forward look: A federal appeals court will hear oral arguments in late February

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Trump’s JPM lawsuit unlikely to succeed, experts say

JPMorgan Chase, Litigation, Politics and policy /

What’s at Stake: The lawsuit accuses JPMorganChase of trade libel and breach of good faith, claiming CEO Jamie Dimon violated Florida’s Unfair and Deceptive Trade Practices Act.  Supporting Data: Under commercial law and bank account agreements, banks can close accounts at any time for any reason, leading many experts to call the suit “frivolous.” Forward

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Wells Fargo faces amended class action loan-mod complaint

Lawsuits, Litigation, Loan modifications, Servicing /

A group of mortgage borrowers have filed a third amended class action complaint against Wells Fargo over loan-modification issues dating back to 2010. Processing Content The latest action in Curry, et al. v. Wells Fargo Bank NA reiterates allegations related to Wells Fargo miscalculations around the cost of loss mitigation for multiple borrowers, but focuses

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Justices wary of Trump’s urgent need to remove Fed’s Cook

Federal Reserve, Litigation, Trump administration /

Key insight: The Supreme Court Wednesday expressed skepticism of the government’s argument for expansive presidential power in removing Federal Reserve governors.  Expert quote: “Your position that there’s no judicial review, no process required, no remedy available, [and] a very low bar for cause that the president alone determines. That would weaken, if not shatter, the

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With CFPB nominee lapse, Vought continues as acting director

With CFPB nominee lapse, Vought continues as acting director

Litigation, Regulation and compliance, Trump administration /

Bloomberg News Processing Content What’s at Stake: Russell Vought, who also leads the Office of Management and Budget, has publicly stated his intent to shut down the CFPB, and recently refused to request funding for the agency. Supporting Data: Under the Federal Vacancies Reform Act, the lapse enables Russell Vought to remain as the acting

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Judge blocks effort to allow CFPB funding to run out

CFPB News & Analysis, Litigation, Politics and policy, Regulation and compliance /

Key insight: The Trump administration would violate an existing court order if it allows the CFPB to run out of funding by declining to request money from the Federal Reserve. Supporting data: The Judge held that the Dodd-Frank Act requires the CFPB to request funding from the Fed’s “combined earnings,” even when the Fed’s expenses

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Democratic AGs file suit demanding CFPB funding

Litigation, Politics and policy, Regulation and compliance, Trump administration /

Key insight: A group of 22 state attorneys general — all Democrats — filed a lawsuit against the Consumer Financial Protection Bureau, Federal Reserve and acting CFPB director Russell Vought, challenging the administration’s position that the Fed can only fund the CFPB when the Fed itself is profitable.  Expert quote: “The failure to request funding

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