President Donald Trump on July 4, 2025, signed into law the One Big Beautiful Bill Act (OBBB), sweeping legislation that has direct impacts on the future of the CFPB. The final bill reduces the CFPB's operating budget from 12...more
The CFPB has issued a policy statement describing its plan to address criminally liable regulatory offenses. President Donald Trump previously issued an executive order on May 9, 2025, requiring each federal agency to publish...more
6/30/2025
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Liability ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
EFTA ,
Enforcement Authority ,
Executive Orders ,
Financial Crimes ,
New Guidance ,
Penalties ,
Policy Statement ,
Regulatory Requirements ,
Reporting Requirements ,
RESPA ,
Trump Administration ,
Truth in Lending Act (TILA)
U.S. District Court Judge Barbara J. Rothstein granted, in part, the CFPB's motion to withdraw its amicus brief filed by the Biden-era CFPB regarding the "proper interpretation of the Fair Debt Collection Practices Act's...more
6/26/2025
/ Advisory Opinions ,
Amicus Briefs ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDCPA ,
Guidance Documents ,
Judicial Authority ,
Regulatory Agencies ,
Statutory Interpretation ,
Trump Administration
Senate Parliamentarian Elizabeth MacDonough ruled that the Trump Administration and congressional Republicans cannot use the pending budget reconciliation bill to eliminate funding to the CFPB in a June 23, 2025,...more
6/25/2025
/ Budget Cuts ,
Budget Reconciliation ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Budget ,
Financial Regulatory Reform ,
Government Agencies ,
Proposed Legislation ,
Regulatory Reform ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The Federal Reserve's Office of Inspector General (OIG) reportedly committed to reviewing the Trump Administration's efforts to eliminate the vast majority of CFPB employees and agency contracts on June 6, 2025. This decision...more
6/24/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Termination ,
Federal Reserve ,
GAO ,
Government Agencies ,
Government Investigations ,
Government Reorganization ,
Investigations ,
OIG ,
Preliminary Injunctions ,
Reduction of Force ,
Trump Administration
The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more
The CFPB has withdrawn its 1) Fair Credit Reporting Act (FCRA)/Regulation V Proposed Rule (Data Broker Rule), 2) Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA)...more
5/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Deregulation ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Interpretive Rule ,
Regulation E ,
Regulatory Requirements ,
Rescission ,
Trump Administration
President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more
5/14/2025
/ Banks ,
Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Institutions ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Payment Systems ,
Popular ,
Rescission ,
Trump Administration
U.S. Department of the Treasury Secretary Scott Bessent announced on May 9, 2025, that Jonathan McKernan has been selected by President Donald Trump to serve as the Undersecretary of Domestic Finance at the Treasury...more
The CFPB announced on May 9, 2025, that nearly 70 guidance documents will be withdrawn after an agency-wide review of documents that violate the Administrative Procedure Act (APA). ...more
The U.S. House Committee on Financial Services on April 30, 2025, voted to approve Republican-backed budget legislation that would eliminate almost all funding to the CFPB.
In a 30-22 vote along party lines, the draft...more
U.S. Sen. Elizabeth Warren (D-Mass.), on behalf of 40 Democratic Senators, wrote a letter to CFPB Acting Director Russell Vought on April 28, 2025, expressing "grave concerns" about the agency's ability to fulfill more than...more
5/1/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
GAO ,
Involuntary Reduction in Force ,
Judicial Authority ,
Layoffs ,
Reduction of Force ,
Regulatory Oversight ,
Regulatory Reform ,
Senate Banking Committee ,
Termination ,
Trump Administration
CFPB Chief Legal Officer Mark Paoletta on April 16, 2025, issued the CFPB's latest staff memo outlining the agency's supervision and enforcement priorities. ...more
The CFPB will begin the process of discontinuing regulatory "guidance" and instead enforce the Administrative Procedure Act's rulemaking process. In a pair of internal memos circulated to all divisions and offices within the...more
Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
4/11/2025
/ Banking Sector ,
Big Tech ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Final Rules ,
Financial Regulatory Reform ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Overdraft Rule ,
Payment Systems ,
Popular ,
Proposed Legislation ,
Trump Administration ,
UDAAP
Full Senate consideration for Jonathan McKernan to become director of the Consumer Financial Protection Bureau (CFPB) is not officially scheduled but is expected to take place in May based on recent comments by Senate Banking...more
U.S. District Court Judge Amy Berman Jackson granted the plaintiffs' motion for preliminary injunction in NTEU v. Vought on March 28, 2025, primarily requiring the Consumer Financial Protection Bureau (CFPB) to reinstate all...more
4/1/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
De Novo Standard of Review ,
Department of Justice (DOJ) ,
Government Agencies ,
Hiring & Firing ,
Involuntary Reduction in Force ,
Preliminary Injunctions ,
Trump Administration ,
Unions
In the waning days of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) on Jan. 10, 2025, issued a proposed interpretive rule that would provide a framework for determining when the Electronic Fund...more
1/23/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Electronic Fund Transfer Act ,
Electronic Payment Transactions ,
Financial Institutions ,
FinTech ,
Regulation E ,
Regulatory Requirements ,
Stablecoins ,
Trump Administration