In the American Banker (behind paywall but available on Lexis). Much of the article is about how the stoppage prevents CFPB scrutiny of X’s new payment function, and how Musk may also benefit from obtaining confidential information the CFPB has on competitors.
Category Archives: Consumer Financial Protection Bureau
Bloomberg Law’s Evan Weinberger reports: The Trump administration appears to be preparing to transfer employees from the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau to the Office of the Comptroller of the Currency as part of a broad reshaping of bank supervision. The OCC has created email distribution lists for FDICTransferees@occ.treas.gov, CFPBTransferees@occ.treas.gov, […]
CFPB Shutdown: Welcome to the Wild West of Consumer Finance by Jimmy Wyderko and Kainoa Lowman at the Economic Populist (hat tip: Larry Kirsch).
The American Banker’s Kate Berry has the story in Trump DOJ lawyer Jeffrey Clark joins the CFPB (behind paywall but available on Lexis). She reports that five others have also joined the Bureau. The hires all appear to be rooted in politics.
So reports Bloomberg Law’s Evan Weinberger (not behind paywall). The exceptions are “those asked to return to work by “the Acting Director, Chief Legal Officer, or another designe. . . .” I don’t know how many fit in that category. Because nothing says we want to cut waste like paying employees while preventing them from […]
So reports Stacy Cowley in the NY Times, describing a federal court hearing, presumably in an attempt to get a TRO.
The complaint is here. It also request a TRO. The complaint reports that the Bureau’s “statutorily mandated consumer complaint went dark, cutting off one of the Bureau’s most direct links with consumers in dire financial straits. The Bureau’s Consumer Response function is now functioning at diminished capacity at best, threatening a vital lifeline that collects hundreds […]
We received the following: HOUSTON – Multiple directly impacted people and groups have asked for permission in federal court to defend the Consumer Financial Protection Bureau’s (CFPB’s) important recent rule to remove medical debt from credit reports. The National Consumer Law Center (NCLC) is representing Texas truck driver David Deeds and District of Columbia resident […]
The Supreme Court has described the major questions doctrine in different ways, but here is one formulation, taken from Util. Air Regul. Grp. v. EPA, 573 U.S. 302, 324 (2014): When an agency claims to discover in a long-extant statute an unheralded power to regulate ‘a significant portion of the American economy,’ [the Supreme Court] […]