The WSJ reports that “on Thursday the director of the bureau’s enforcement division told employees to continue working on litigation and investigation.” And American Banker’s Kate Berry has reported that the Bureau “has agreed to temporarily halt a rule that would ban medical bills from credit reports.”
Author Archives: Jeff Sovern
As Adam posted yesterday, OMB Director Russell Vought has been named Acting Mulvaney CFPB Director. We can get a clue as to Vought’s views of the CFPB from Project 2025, of which Vought is said to have been an architect, Here is an excerpt, written before the Supreme Court upheld the CFPB’s constitutionality in CFSA: Congress […]
. . . with a picture of what appears to be a tombstone. This is alarming. But only Congress can eliminate the Bureau.
Here. The article identifies the three DOGE employees. Given Elon Musk’s call for deleting the CFPB, this is troubling news. UPDATE: One of the DOGE employees at the Bureau has a history of unsettling social media posts.
So reports Stacey Cowley in the NY Times.
Here. Vice President Vance is said to be “closer ideologically” to the industry-skepticism side of things.
The Consumer Financial Protection Act, the CFPB’s organic statute, requires the Bureau to do certain things. For example, 12 U.S.C. § 5514(b)(1) provides that “The Bureau shall require reports and conduct examinations on a periodic basis (emphasis added).” I don’t see how the pause could lawfully affect periodic supervision, then, and my understanding of the memo […]
Here (behind paywall). Indeed, according to the article, “House Financial Services Chair French Hill said Monday that reforming the CFPB’s funding structure remains “the principal focus” of his committee’s efforts to attach legislation to a GOP reconciliation package.” The Senate would not normally be able to change the CFPB’s funding without getting votes from Democrats because […]
I hope some enterprising reporters are asking these questions. As for who is running the CFPB, the likelihood is that Treasury Secretary Bessent is too busy with other responsibilities to devote much attention to the Bureau and so has delegated a lot there. If so, it would be useful to know to whom.
As Adam reported yesterday, the CFPB has gone dark. One place this is playing out is the courts. Yesterday, the Fifth Circuit was scheduled to hear two oral arguments. In one, Chamber of Commerce v. CFPB, which raises the issue of whether discrimination is unfair within the meaning of the CFPB’s UDAAP statute (disclosure: I […]