Here. Vice President Vance is said to be “closer ideologically” to the industry-skepticism side of things.
Category Archives: Consumer Financial Protection Bureau
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 […]
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 […]
Treasury Secretary Scott Bessent has been named Mick Mulvaney Acting CFPB Director. According to Kate Berry in the American Banker, Senator Elizabeth Warren voted against Bessent’s confirmation, at least in part because Bessent supports financial deregulation.
The notice arrived Saturday morning. Rohit Chopra’s tenure as director of the Consumer Financial Protection Bureau had ended — by the new administration — well short of the completion of his five-year term. The past week was filled with grumbling from various industry corners and inquiring journalists wondering why Chopra had not already been forced […]
As expected, President Trump has fired CFPB Director Rohit Chopra. At this time, a replacement has not been named. Public Citizen’s press release is available here.
The article, by Claire Williams, is headlined Sen. Tim Scott hints at ‘imminent’ CFPB director pick (behind paywall but available on Lexis). Excerpt: “It’d be nice for us to have someone, and I’ve asked the administration, please fire the guy,” Scott said. “I think we’re going to be happy with the answer they give us and the […]
Yesterday, Jeff posted that Rohit Chopra has indicated he will stay on as CFPB Director until he is asked to leave. Today, an article in the American Prospect reveals that the Administration is having difficulty finding a replacement for Chopra, even on an Acting basis.