News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Federal Funding Government Agencies

Orrick, Herrington & Sutcliffe LLP

CFPB responds to GAO letter on budget authority

On July 30, the CFPB’s Chief Legal Officer, Mark Paoletta, responded to a June GAO letter which raised several questions about the Bureau’s authority to request or decline funding. In particular, the CFPB focused on GAO’s...more

Holland & Knight LLP

House Republicans Seek to Cut 70 Percent of CFPB Funding

Holland & Knight LLP on

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

Troutman Pepper Locke

Court Issues “Pause” in NTEU Lawsuit Against CFPB

Troutman Pepper Locke on

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

Orrick, Herrington & Sutcliffe LLP

Congressional Financial Services Committee members pen letter to CFPB requesting explanation for a $0 funding request

On February 11, the ranking members from both the House Committee on Financial Services and the House Subcommittee on Financial Institutions sent a letter to CFPB Acting Director Russell Vought expressing concerns regarding...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders workers to stay home; union responds with two lawsuits

On February 9, the CFPB ordered approximately 1,700 employees to stay home after Acting Director Russ Vought instructed the agency to halt operations. The directive, communicated through an email from the COO, required staff...more

Bradley Arant Boult Cummings LLP

Vought’s Transformational First Few Days at the CFPB

Within approximately 48 hours, starting on the evening of Friday, February 7, 2025, the trajectory of the Consumer Financial Protection Bureau (CFPB) was significantly altered. Among other things, a new acting director was...more

McGlinchey Stafford

CFPB Under Trump: Internal and External Threats Continue to Mount

McGlinchey Stafford on

A new acting director. Freezes on any rulemaking, enforcement, or supervisory activities. Attempts to dismantle the department from within. In the span of a short forty-eight hours, the CFPB has faced possibly the greatest...more

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