Key Insight: The Justice Department filed a motion with a court about a “potential lapse in appropriations.” The CFPB said it has enough money to operate through Dec. 31st. Supporting Data: The Justice Department’s Office of Legal Counsel made the decision that the central bank lacks “combined earnings” to fund the CFPB, as required by […]
DOJ: CFPB cannot request new funding from the Fed Read More »
Key insight: The Department of Justice filed a motion opposing a Consumer Financial Protection Bureau employee union’s appeal of a DC Circuit ruling allowing the administration to fire hundreds of agency workers. What’s at stake: The CFPB employee union has been arguing that the administration is seeking to shut down the agency, something that only
DOJ opposes CFPB union’s request for rehearing on firings Read More »
The Supreme Court has declined to review a challenge to retroactive interpretation of a New York law that applies a new statute of limitations to foreclosures. The high court turned down without explanation a petition for a writ of certiorari in the case US Bank National Association, Trustee v. Cassandra Fox, marking the end of
Supreme Court rejects petition on New York foreclosure law Read More »
Key Insight: A higher volume of litigation necessitates the hiring of more defense and appellate counsel. What’s at Stake: A shortage of attorneys could delay rulemakings and weaken the agency’s defense in federal courts. Supporting Data: By some estimates, about 500 employees have left the agency since the Trump administration took over and Vought told
Amid looming layoffs, CFPB is hiring attorney-advisors Read More »
What’s at Stake: A three-judge panel already ruled in August that the Trump administration can fire up to 1,500 employees of the CFPB. Forward Look: Allowing the Trump administration to dismantle the agency would represent “a blatant disregard for Congress’s constitutional role,” Democrats claim. Expert Quote: “Only Congress has the power to shutter the CFPB,”
Democrats urge full D.C. Circuit to hear CFPB court case Read More »
Key Insight: The Supreme Court postponed a decision on whether to strike down an injunction that allowed Federal Reserve Governor Lisa Cook to remain on the board while her lawsuit against the administration moves forward, allowing her to stay at the Fed at least until oral arguments are held in early 2026. Expert Quote: “The
Supreme Court to hear Fed Gov. Cook case in 2026 Read More »
What’s at Stake: The union’s counsel warns that the appellate panel’s ruling permits the unilateral elimination of federal agencies. Expert Quote: “It enables agencies to avoid judicial scrutiny of virtually any decision.” — Jennifer Bennett, National Treasury Employees Union. Supporting Data: The Trump administration wants the CFPB’s headcount cut to 200, down from 1,750 in
CFPB’s union appeals agency’s ‘dismantling’ to D.C. Circuit Read More »
Key Insight: All eyes are on the Slaughter v. Trump case, which will be heard by the Supreme Court at the end of the year. How that case plays out could decide whether Federal Reserve Governor Lisa Cook can remain at the central bank. Expert Quote: “If they overturn Humphrey’s Executor and do so in
Experts say Supreme Court could combine independence cases Read More »
Key insight: A federal appeals court denied the Trump administration’s effort to remove Federal Reserve Gov. Lisa Cook from the central bank’s board of governors. Expert quote: “Here, the plain purpose of providing for-cause protection was to assure members of the Board of Governors — and national and global markets — that they do not
Appeals court rejects Trump’s bid to remove Cook from Fed Read More »
Key Insight: Congress passed the president’s massive tax and spending bill in July that lowered the maximum amount of funding the CFPB can request from the Federal Reserve System. Supporting Data: The CFPB’s fiscal 2025 operating budget is capped at an estimated $446 million, a 43% drop from the funding cap of $785.4 million in
CFPB warns staff of upcoming layoffs due to GOP funding cuts Read More »