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 Government Accountability Office agreed to investigate Federal Housing Finance Agency Director Bill Pulte at the request of eight Democratic senators, who claim Pulte used his power to target President Trump’s political opponents. What’s at Stake: Federal government employees are trained extensively on issues related to the public disclosure of private
GAO to investigate FHFA’s Pulte over mortgage fraud claims Read More »
U.S. Senate Democrats sent a letter to Consumer Financial Protection Bureau (CFPB) acting director Russell Vought raising concerns that any “efforts to shutter the agency” could disrupt the publication of average prime offer rates (APOR), a key benchmark in the mortgage market. The CFPB manually calculates and publishes detailed APOR tables on a weekly basis.
Senate Democrats warn CFPB shutdown could disrupt prime interest rates Read More »
Rohit Chopra, former director of the Consumer Financial Protection Bureau (CFPB) and a previous member of the Federal Trade Commission, has landed a new job. According to reporting from Bloomberg on Tuesday, a coalition of Democratic state prosecutors called The Progressive State Leaders Committee (PSLC) has hired Chopra to lead its Consumer Protection and Affordability
Former CFPB director Chopra to lead progressive consumer group Read More »
Key insight: Bank regulators plan to continue with tailoring exercises and other deregulation. Forward look: The regulators should be back in the Senate Banking Committee in the new year per oversight requirements, but oversight hearings have been scarce in this Congress. What’s at stake: Banks are watching as key rules like Basel III endgame and
In Congress, bank regulators defend Trump agenda 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 »