James Baratta in The American Prospect has the story here. Because this would be adopted through the reconciliation process, the Senate could pass it through a simple majority.
Author Archives: Jeff Sovern
Consumer Bankers Association so reports here. The dismissal is with prejudice. For a critique of the district court opinion holding that discrimination is not unfair, go here.
It seems inevitable that the president’s nominee to run the CFPB, Jonathan McKernan, will be confirmed. Not only has McKernan already been confirmed by the Senate for another position, FDIC director, but the Senate Banking Committee Republicans all voted to confirm him to the CFPB directorship. If there is any opposition to McKernan among Republicans, […]
David Krause of Marquette’s College of Business Administration has written Dismantling Financial Oversight: Implications of CFPB Downsizing for Regulatory Integrity and Market Stability. Here’s the abstract: This paper examines the long-term implications of the Consumer Financial Protection Bureau’s (CFPB) downsizing under the second Trump administration. Originally created in the aftermath of the 2008 financial crisis […]
At the American Prospect, in Hatchet Job on CFPB Even Worse in the Details. the entire article is worth a read, but here’s an excerpt to whet your appetite: Even the divisions with larger staff numbers were effectively hobbled by the RIF. The Office of Consumer Response, which maintains the consumer complaint database, was knocked down […]
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 […]
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 […]