Back in 2023, Brian Johnson testified before the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy during a hearing on the CFPB. The testimony offers clues as to what Johnson thinks. It includes a long list of items where Johnson seems to think the Bureau had gone astray. I picked out four […]
Category Archives: Consumer Financial Protection Bureau
American Banker’s Kate Berry has the story here. Johnson served as former CFPB director Kathy Kraninger’s second-in-command during the first Trump administration. It remains to be seen whether he is more like Vought or Kraninger or goes in a different direction but I can’t say I’m optimistic.
At Ballard Spahr’s Consumer Finance Monitor podcast. From the episode description: Amelia advances a bold thesis in her article: that consumer protection law, and particularly consumer financial protection law, may be the most impactful body of law in the United States. She further argues that the strength of consumer protection laws may serve as a […]
As reported by Bloomberg’s Evan Weinberger, the CFPB has removed from its website all public statements made before February 2025. That includes reports like the Bureau’s extensive arbitration study. Somehow, I am not surprised.
Barney Frank, whose name graces the Dodd-Frank Act, which created the CFPB and enacted multiple consumer protections, has died at the age of 86. As long as the CFPB protects consumers (it will rise again!), the CFPB and the Consumer Financial Protection Act stand as a memorial to Frank’s important work to protect Americans.
Here. Remember how the Trump CFPB rescinded numerous Biden CFPB initiatives? Democrats plan to seek a vote under the Congressional Review Act on the withdrawal of many of the initiatives. The CRA resolutions are not expected to pass.
Congratulations to California consumers! Politico has the story here.
Here. New § 1002.6 provides in part: ECOA “does not provide that the ‘effects test’ applies for determining whether there is discrimination in violation of the Act.” The regulation also purports to define discouragement and covers special purpose credit programs. I wonder how long before a court challenge is filed.
That’s the report from Douglas Gillison. According to the story, the administration did that in February, the same month in which the administration argued to the D.C. Circuit Court of Appeals that its decisions concerning the CFPB were not final and so not reviewable. A decision that the Bureau won’t have an office sounds pretty […]
As we noted on April Fool’s Day, the CFPB has proposed to the court a dramatic cut in the CFPB staffing. If only it were in fact an Apri Fool. American Banker’s Kate Berry has more here. Bloomberg’s Evan Weinberger has this paragraph in his story on the proposal: The cuts may still be “draconian,” […]