Here and here.
James Baratta in The American Prospect has the story here. Because this would be adopted through the reconciliation process, the Senate could pass it through a simple majority.
Consumer Bankers Association so reports here. The dismissal is with prejudice. For a critique of the district court opinion holding that discrimination is not unfair, go here.
It seems inevitable that the president’s nominee to run the CFPB, Jonathan McKernan, will be confirmed. Not only has McKernan already been confirmed by the Senate for another position, FDIC director, but the Senate Banking Committee Republicans all voted to confirm him to the CFPB directorship. If there is any opposition to McKernan among Republicans, […]
David Krause of Marquette’s College of Business Administration has written Dismantling Financial Oversight: Implications of CFPB Downsizing for Regulatory Integrity and Market Stability. Here’s the abstract: This paper examines the long-term implications of the Consumer Financial Protection Bureau’s (CFPB) downsizing under the second Trump administration. Originally created in the aftermath of the 2008 financial crisis […]
At the American Prospect, in Hatchet Job on CFPB Even Worse in the Details. the entire article is worth a read, but here’s an excerpt to whet your appetite: Even the divisions with larger staff numbers were effectively hobbled by the RIF. The Office of Consumer Response, which maintains the consumer complaint database, was knocked down […]
The FTC currently has only three commissioners, all of whom are Republicans. There has been significant concern that the remaining commissioners will take a lax view as to both the agency’s rulemaking and enforcement authority. Nonetheless, today the Commission, with only 2 Commissioners participating due to a recusal, announced the filing of a complaint against […]
In an opinion issued today, the en banc Ninth Circuit held that Shopify, an e-commerce platform, could be sued in California based on allegations that it had installed tracking software on a California consumer’s device. The court concluded that personal jurisdiction could be exercised constitutionally, as Shopify’s conduct was expressly aimed “at California through its extraction, maintenance, […]
Here at the Yale Journal of Regulation Notice and Comment blog. John Lewis is Deputy Legal Director at Governing for Impact. Excerpt: Much like the Trump Administration’s attempt to “dismantle and disable the agency entirely,” the administration’s latest effort to prevent CFPB from enforcing vital consumer protections is unlawful. Affected parties—those who stand to benefit from the […]
Here is an excerpt from the Judge Jackson’s order: Given the scope and speed of the agency’s action, the apparent lack of consultation with the heads of the statutorily mandated agency components involved, and the troubling description of the RIF meetings set forth in plaintiffs’ declarations, the Court has significant grounds for concern that the […]