On August 15, the U.S. Court of Appeals for the District of Columbia issued a decision in the case of National Treasury Employees Union (NTEU) v. Consumer Financial Protection Bureau (CFPB or Bureau). The appellate court...more
8/18/2025
/ Administrative Procedure Act ,
Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Government Agencies ,
Hiring & Firing ,
Jurisdiction ,
Preliminary Injunctions ,
Regulatory Violations ,
Statutory Interpretation ,
Title X ,
Trump Administration ,
Unions ,
Vacated
On July 10, the U.S. Department of Housing and Urban Development (HUD) and the Office of Management and Budget (OMB) jointly announced the effective disbandment of the interagency Property Appraisal and Valuation Equity...more
7/17/2025
/ Appraisal ,
Biden Administration ,
Discrimination ,
Fair Housing Act (FHA) ,
Federal Housing Administration (FHA) ,
Housing Discrimination ,
HUD ,
OMB ,
Real Estate Market ,
Real Estate Transactions ,
Regulatory Reform ,
Trump Administration
On July 14, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2025-16, announcing the removal of references to disparate impact liability from the “Fair Lending” booklet of the Comptroller’s Handbook and...more
7/16/2025
/ Anti-Discrimination Policies ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Deregulation ,
Discriminatory Lending Practices ,
Disparate Impact ,
Equal Access to Credit ,
Executive Orders ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Handbooks ,
Lenders ,
OCC ,
Regulatory Authority ,
Regulatory Requirements ,
Trump Administration
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published a policy statement in the Federal Register outlining its approach to addressing criminally liable regulatory offenses. This publication comes in...more
6/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Deregulation ,
Enforcement Actions ,
Enforcement Priorities ,
Executive Orders ,
Financial Crimes ,
Financial Regulatory Reform ,
Penalties ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Trump Administration ,
White Collar Crimes
On June 12, the U.S. District Court for the Northern District of Illinois denied the joint motion by the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. to vacate the Stipulated Final...more
6/17/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
First Amendment ,
Judicial Authority ,
Mortgage Lenders ,
Redlining ,
Regulation B ,
Settlement ,
Trump Administration ,
Vacated
On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the...more
5/13/2025
/ American Bankers Association ,
Banks ,
Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
Overdraft Fees ,
Popular ,
Regulatory Reform ,
Trump Administration
The U.S. Department of the Treasury announced President Trump’s intent to nominate Jonathan McKernan as the Undersecretary of Domestic Finance. The press release states that McKernan’s continued service at Treasury “will...more
The Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the...more
5/12/2025
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
ECOA ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guidance Documents ,
Military Lending Act ,
Policy Statement ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Statutory Interpretation ,
Trump Administration ,
Truth in Lending Act (TILA)
The U.S. Court of Appeals for the District of Columbia Circuit issued an order temporarily halting the Consumer Financial Protection Bureau’s (CFPB or Bureau) mass layoffs. The court granted an emergency motion to enforce or...more
4/30/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employment Litigation ,
Executive Orders ,
Government Agencies ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Trump Administration ,
Unions ,
Voluntary Reduction in Force
President Donald J. Trump issued an executive order titled “Restoring Equality of Opportunity and Meritocracy.” This order aims to eliminate the use of disparate impact liability in all contexts, emphasizing the importance of...more
4/25/2025
/ Civil Rights Act ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deregulation ,
Disparate Impact ,
Employment Discrimination ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Orders ,
Financial Services Industry ,
Labor Reform ,
Popular ,
Title VII ,
Trump Administration
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump...more
At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge...more
4/21/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agencies ,
Stays ,
Trump Administration ,
Unions ,
Wrongful Termination
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to...more
4/18/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employment Litigation ,
Federal Labor Laws ,
Hiring & Firing ,
Layoffs ,
Motion to Show Cause ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Reform ,
Trump Administration ,
Unions ,
Voluntary Reduction in Force
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more
4/18/2025
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
Supervisory Guidance ,
Trump Administration
On April 11, the U.S. Court of Appeals for the District of Columbia Circuit issued an order partially staying the district court’s preliminary injunction in the ongoing legal dispute between the National Treasury Employees...more
4/16/2025
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Statutory Violations ,
Stays ,
Trump Administration ,
Unions
On April 9, the White House issued a memorandum directing federal executive departments and agencies to repeal regulations deemed unlawful pursuant to certain U.S. Supreme Court decisions. This directive aims to address...more
4/16/2025
/ Administrative Procedure Act ,
Carson v Makin ,
Cedar Point Nursery v Hassid ,
Clean Air Act ,
Clean Water Act ,
Constitutional Challenges ,
Deregulation ,
Environmental Policies ,
Executive Orders ,
Government Agencies ,
Loper Bright Enterprises v Raimondo ,
Michigan v. EPA ,
Ohio v EPA ,
Regulatory Authority ,
Regulatory Reform ,
Roman Catholic Diocese of Brooklyn New York v. Cuomo ,
Sackett v EPA ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Statutory Interpretation ,
Students for Fair Admissions v Harvard College ,
Trump Administration ,
West Virginia v EPA
As federal agencies pull back on consumer protection regulations under the Trump administration, California is stepping up to fill the void. This shift was forecasted in January, when the Consumer Financial Protection Bureau...more
4/14/2025
/ Biden Administration ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Financial Institutions ,
New Legislation ,
Regulatory Reform ,
Trump Administration ,
UDAAP
On March 28, the Consumer Financial Protection Bureau (CFPB or Bureau) was ordered by the U.S. District Court for the District of Columbia to reinstate its employees and resume its operations. This decision comes after the...more
4/1/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Policies ,
Government Agencies ,
Hiring & Firing ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Requirements ,
Stop Work Orders ,
Trump Administration ,
Unions
In a surprising turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. (Townstone) have jointly moved to vacate the Stipulated Final Judgment and Order previously entered in...more
3/28/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
Redlining ,
Regulatory Reform ,
Settlement Agreements ,
Stipulated Judgment ,
Trump Administration ,
Vacated
In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more
3/28/2025
/ Banks ,
Consumer Financial Products ,
ECOA ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FHFA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Housing Market ,
HUD ,
Lenders ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
Trump Administration
As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the...more
On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director...more
2/13/2025
/ Administrative Appointments ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nominations ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more
2/11/2025
/ Administrative Appointments ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...more
2/6/2025
/ Artificial Intelligence ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Fair Lending ,
Financial Regulatory Reform ,
Redlining ,
Section 1071 ,
Trump Administration ,
UDAAP
In a significant and highly anticipated move, President Donald Trump has fired Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau). Rohit Chopra, who had been serving as the Director of the...more