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 »
Several candidates have been publicly identified to serve as the next chair of the Federal Reserve, with current Chair Jerome Powell‘s term coming to an end in May. Treasury Secretary Scott Bessent told CNBC’s Sara Eisen in October that he would give President Donald Trump “three or four candidates for him to interview” shortly after Thanksgiving. Trump, however, told reporters
With Powell set to move on, who are the candidates for the next Fed chair? Read More »
Key insight: Hill’s continued tenure at the FDIC isn’t likely to change the agency’s direction on bank policy. Forward look: His nomination now goes to the full Senate, where he’s expected to be confirmed. What’s at stake: Hill’s policies at the FDIC have included rescinding ILC rules and pursuing policies that he has said will
Senate Banking Committee approves Hill to lead FDIC Read More »
Key Insight: The nomination allows acting CFPB Director Russell Vought to bypass the Federal Vacancy Reform Act. What’s at Stake: Vought has three weeks left before he reaches the 210-day limit to remain at the agency. With the nomination, he gets another 210 days and potentially can lead on an acting basis for 420 days.
Trump taps OMB official as new nominee for CFPB director Read More »
The Supreme Court could decide on the legality of many of the Trump administration’s tariffs within months, but the ruling won’t impact many of the administration’s levies on imported construction materials such as lumber, steel, aluminum and copper. The case before the Supreme Court contests the legality of the president’s use of the International Emergency
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 »
President Donald Trump downplayed criticism of the potential creation of a 50-year mortgage product, saying it would help more Americans afford monthly payments on homes. “It’s not even a big deal,” Trump said in an interview with Fox News that aired on Monday. “All it means is you pay less per month. You pay it
Trump defends 50-year mortgage plan, calling it ‘not a big deal’ Read More »
Fannie Mae on Friday announced the promotion of two long-time employees to lead its Single-Family business and general counsel’s office. “We are pleased to announce the promotion of Fannie Mae seasoned veterans Jake Williamson to acting head of single-family and Tom Klein to acting general counsel. These highly respected leaders will help lead the company
Fannie Mae names new head of single family and acting general counsel Read More »