Here at the Yale Journal of Regulation Notice and Comment blog. John Lewis is Deputy Legal Director at Governing for Impact. Excerpt: Much like the Trump Administration’s attempt to “dismantle and disable the agency entirely,” the administration’s latest effort to prevent CFPB from enforcing vital consumer protections is unlawful. Affected parties—those who stand to benefit from the […]
Author Archives: Jeff Sovern
Here is an excerpt from the Judge Jackson’s order: Given the scope and speed of the agency’s action, the apparent lack of consultation with the heads of the statutorily mandated agency components involved, and the troubling description of the RIF meetings set forth in plaintiffs’ declarations, the Court has significant grounds for concern that the […]
Last Friday, the DC Circuit issued an order saying the CFPB could conduct reductions in force only “after a particularized assessment.” Last night, the CFPB issued a memo identifying supervision and enforcement priorities. Today it announced that it was laying off many employees–1400 according to Wired’s story, The CFPB Has Been Gutted. (thanks to Craig Cowie […]
The order is here. Judge Jackson’s order for the district court is here. The DC Circuit is allowing the firing of CFPB employees whom the Bureau has determined “after a particularized assessment, to be unnecessary to the performance of defendants’ statutory duties.” It remains to be seen what a particularized assessment is (at one point […]
Here in the American Banker. Berry wrote: “The judges appeared to be leaning toward remanding the case back to the district court with some conditions that would allow the administration to fire some employees or put them on administrative leave.” According to Berry, the government’s lawyer, Eric D. McArthur, argued that “[t]he district court does […]
So Jon Hill reports in Trump’s CFPB Pick Could Be Confirmed By May, Scott Says. I still don’t know why the Senate’s confirmation vote on McKernan has been delayed. As for congressional Republicans’ other plans for the Bureau, Hill reports: [House Financial Services Chair French] Hill said that the general preference among his Republicans colleagues is […]
The article in the American Banker is headlined, CFPB is back to doing enforcement again … sort of. Berry reports that the cases that the Bureau is continuing involve veterans or cases in which the Bureau is partnering with state attorneys general.
On Ballard Spahr’s Consumer Finance Monitor podcast. It’s a lengthy, informative interview.
The American Banker’s Kate Berry reports on the DOJ reply in the DC Circuit Court of Appeals appeal from Judge Jackson’s preliminary injunction ordering that the CFPB stay open. Here’s a quote: “Once agency leadership recognized that employees had inferred the agency was winding down, it acted to dispel that misimpression,” the DOJ said, contradicting […]
So reports The Verge.