Here. Vice President Vance is said to be “closer ideologically” to the industry-skepticism side of things.
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 […]
Here (behind paywall). Indeed, according to the article, “House Financial Services Chair French Hill said Monday that reforming the CFPB’s funding structure remains “the principal focus” of his committee’s efforts to attach legislation to a GOP reconciliation package.” The Senate would not normally be able to change the CFPB’s funding without getting votes from Democrats because […]
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 the federal government as we know it is eliminated, it is good to see a positive pro-consumer opinion out of the Eleventh Circuit today. In Booze v. Ocwen Loan Servicing, the Court of Appeals considered a question that had divided district courts–whether the FDCPA prohibits loan servicers from collecting “pay-to-pay” or “convenience” fees for the […]
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 […]
As Jeff noted, Treasury Secretary Bessent is now serving as Acting Director of the CFPB. Bloomberg Law reports he has directed Bureau staff to “stop all rulemaking, communications, litigation, and other activities” unless required by law. The Fifth Circuit was scheduled to hear arguments today on industry’s wide-ranging challenge to the agency’s regulation of credit […]
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.
We received a request to post the following: The National Association of Consumer Advocates was angered and disappointed by the new Federal Administration’s unwarranted decision to rescind summer clerk positions for law students interested in consumer and economic justice careers. While we’re sorry we cannot offer assistance to most law students harmed by this thoughtlessly […]
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 […]