Bloomberg News Processing Content Key Insight: The U.S. Court of Appeals for the D.C. Circuit granted the National Treasury Employee Union’s petition for an en banc rehearing, vacating a prior 2-1 ruling in favor of acting CFPB Director Russell Vought. What’s at Stake: The court’s decision was influenced by dozens of lawmakers and nonprofits who […]
Appeals court agrees to rehear CFPB union’s case Read More »
Bloomberg News Key Insight: The Justice Department told a federal court that an existing preliminary injunction does not require the acting director to request funding. What’s at Stake: Acting CFPB Director Vought has said the agency will run out of money in early 2026 and all employees will be furloughed, placed on mandatory, unpaid leave.
DOJ says CFPB’s preliminary injunction cannot be modified Read More »
Bloomberg News What’s at Stake: Acting CFPB Director Russell Vought is dismantling the Consumer Financial Protection Bureau. He had refused to respond to any questions about his actions from Democrats. Supporting Data: The Dodd-Frank Act requires that the CFPB director appear twice a year before the Senate Banking Committee. Forward Look: The lawmakers acknowledge that
Democrats want CFPB’s Vought to testify before Congress Read More »
Key takeaway: A majority of Supreme Court Justices appeared willing to undo a nearly century-old precedent underpinning the notion of independent regulatory agencies. Expert quote: “Humphrey’s must be overruled. It has become a decaying husk with bold and particularly dangerous pretensions. It was grievously wrong when decided and cases [in recent years] have thoroughly eroded
Supreme Court doubtful on validity of independent agencies Read More »
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 »