Here, by Kate Berry (behind paywall but available on Lexis). Excerpt: Last month, District Court Judge Amy Berman Jackson ruled that Vought‘s refusal to request funding for the CFPB violates an existing injunction. She found that the combined earnings of the Fed means “everything the Federal Reserve earns.” Her order made it clear that a failure to seek […]
Category Archives: Consumer Financial Protection Bureau
The Equal Credit Opportunity Act bars discrimination in consumer lending on the basis of sex but does not explicitly apply to sexual orientation or gender identity, as some state laws do. Back in 2021, after the Supreme Court’s decision in Bostock v. Clayton County interpreting Title VII, the employment discrimination statute, to forbid such discrimination, […]
Here. I guess it’s hard to write reports when you tell your staff to stand down. As might have been expected, it’s very critical of the Biden-Chopra CFPB, using words like shameful, overreach, and weaponization.
Regular readers of the blog will know that the Biden CFPB took the position that discrimination is unfair within the meaning of the Consumer Financial Protection Act, the CFPB’s UDAAP statute. After the Chamber of Commerce sued to block that interpretation and won before a Trump-nominated judge, the CFPB appealed. But before the appeal could be […]
The U.S. District Court for the District of Columbia on Tuesday issued an order confirming that the CFPB must continue to operate, smacking down the agency leadership’s recent efforts using re-interpretations of the Dodd-Frank Wall Street Reform and Consumer Protection Act to argue that the bureau would soon run out of funding. Following a Department […]
The Administration claims that the CFPB will have to shut down next year because it can’t ask the Federal Reserve for funds if the CFPB decides that the Federal Reserve isn’t operating at a profit (a claim being challenged in 3 different actions currently pending in federal district courts in California and the District of […]
Here. The piece says that eliminating the CFPB: * * * put[s] the agency at odds with the Trump administration’s favorite way to counter the souring mood on the economy: offering cold, hard cash (think of “warrior checks” for service members and “Trump accounts” for babies). As of October, the bureau has dropped 22 pending […]
Kaitlin Ainsworth Caruso of Maine has written Back to the Drawing Board? Overdraft fees, the Congressional Review Act, and the CFPB’s Path Back to Consumer Protection. Here’s the abstract: In late 2024, the Consumer Financial Protection Bureau adopted a rule aimed at a longtime pain point for consumers: high, sometimes unpredictable, overdraft fees. The CFPB […]
The Congressional Research Service, the research and analysis arm of Congress, last Friday released an updated summary to its report on the Consumer Financial Protection Bureau’s budget. This update includes discussion on the budget reconciliation (P.L. 119-21) passed in July that drastically reduces the CFPB’s funding that it receives from the Federal Reserve. The agency’s […]
Reuters is reporting that Stuart Levenbach has been nominated to serve as the next Director of the CFPB. Unsurprisingly, Mr. Levenbach appears to have no experience in consumer protection or consumer finance whatsoever. According to a February 2025 release announcing his appointment to a position at OMB: Prior to OMB, Dr. Stuart Levenbach was the […]