According to the New York Times, after President Trump asked Elon Musk to be more aggressive, Musk ordered federal employees to report what they had done this past week or be fired. CFPB employees, most of whom are on administrative leave, received an email stating ““Please reply to this email with approx. 5 bullets of […]
As long as Congress preserves the filibuster rule, the current Congress cannot amend the Consumer Financial Protection Act to eliminate the CFPB without the assent of 60 senators, something that seems very unlikely. But could the CFPB’s opponents accomplish the same goal by zeroing out the Bureau’s funding using a reconciliation bill, which requires only a […]
The stipulation of dismissal is here. Here’s some of what the Bureau had said earlier about the case: The Bureau alleges that SoLo’s advertisements and loan disclosures tout no-interest loans when, in fact, virtually all loans on the SoLo Platform include a lender “tip” that goes to the lender, a SoLo “donation” that goes to […]
From Bloomberg Law‘s Evan Weinberger. The question might not be what the OCC plans but what the Trump administration writ large plans.
WaPo’s Liz Goodwin has the story at Warren: Musk should have the courage to defend gutting of consumer agency (behind paywall). Also invited to testify: “Massachusetts Attorney General Andrea Campbell and Lorelei Salas, the former head of supervision at the CFPB who recently resigned after refusing an order to stop work at the agency.”
So Politico reports here. Evidently reducing government waste requires hiring new CPB employees while telling existing CFPB employees not to work.
The Banking with Interest podcast just released an episode titled “What the Hell is Going On? A Banker’s Guide to D.C.” with guests Victoria Guida of Politico and Brendan Pedersen of Punchbowl News. And the Ballard Spahr informative series of webinars on the election’s effect on the CFPB continues next month with an interview with […]
A California federal judge refused to block more than 69,000 consumers from opting out of a certified class action. In re: Google Assistant Privacy Litigation, https://law.justia.com/cases/federal/district-courts/california/candce/5:2019cv04286/345331/486/
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.