News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Federal Funding Trump Administration

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

Jones Day

With New Action Plan, White House Launches AI "Space Race"—What Banks Should Know

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The White House has issued an AI Action Plan that aims to position the United States as the leader in artificial intelligence ("AI"), as part of a broader pattern of boosting innovation and reducing regulatory burden, with...more

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

Ballard Spahr LLP

Senate Parliamentarian says elimination of CFPB funding cannot be included in budget bill but delay of Section 1071 rule passes...

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The Senate parliamentarian has ruled that a key Senate Banking, Housing and Urban Affairs (Banking Committee) provision that would eliminate all funding for the CFPB cannot be included in the massive budget reconciliation...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

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The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

Ballard Spahr LLP

Budget bill would cut CFPB funding

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The huge FY26 budget reconciliation bill, H.R. 1, dubbed the “One Big Beautiful Bill Act,” contains provisions that would slash CFPB spending....more

Ballard Spahr LLP

House Financial Services Committee finds savings by slashing CFPB budget

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The House Financial Services Committee has approved its part of the massive budget bill, saving some $1 billion by, among other things, slashing the CFPB’s budget by more than 60%....more

Holland & Knight LLP

House Republicans Seek to Cut 70 Percent of CFPB Funding

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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

Ballard Spahr LLP

House Subcommittee Chairman pushes legislation to convert CFPB into a commission, make it subject to appropriations

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House Financial Institutions Subcommittee Chairman Rep. Andy Barr, R-Ky., said last week that his subcommittee will place a high priority on changing the CFPB’s structure and funding....more

Ballard Spahr LLP

Legislation to eliminate all funding for CFPB introduced in House, Senate

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Legislation that would eliminate all funding for the CFPB has been introduced in the House and Senate, with the main House sponsor now calling for the bill to be placed on a fast track by including it in budget...more

Ballard Spahr LLP

Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction

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A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB....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

Ballard Spahr LLP

City of Baltimore and National Treasury Employees Union file separate suits to keep the CFPB funded and operating

Ballard Spahr LLP on

Accusing the CFPB of planning to use its funding mechanism to abolish the agency, the mayor and the city council of Baltimore (the “City of Baltimore”) and the Economic Action Maryland Fund (the “Economic Fund”), a nonprofit...more

Ballard Spahr LLP

Vought halts most work at CFPB

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Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work. ...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

Ballard Spahr LLP

President Trump’s FY 2020 budget continues attempt to subject CFPB to appropriations process

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Like his FY 2018 and FY 2019 budgets, President Trump’s FY 2020 budget would make the CFPB subject to the regular Congressional appropriations process....more

Clark Hill PLC

Window On Washington - Vol. 3, Issue 3

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Outlook for This Week in the Nation's Capital - Partial Government Shutdown Continues With No End in Sight: The ongoing partial government shutdown, a result of 7 of the 12 annual appropriations bills for Fiscal Year 2019...more

Moore & Van Allen PLLC

Cybersecurity Enforcement and Regulation - 2017 In Review

Moore & Van Allen PLLC on

Cyber attacks continue to be a pervasive and destructive threat to all institutions and the legal and regulatory landscape currently in place to address those threats continues be reshaped in an effort to address those...more

Clark Hill PLC

Window On Washington - Vol. 2, Issue 12

Clark Hill PLC on

Outlook for This Week in the Nation's Capital - Spring Break. Congress is on recess for the next two weeks while observing the Easter and Passover holidays. Both Chambers will return the week of April 9....more

Clark Hill PLC

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 19

Clark Hill PLC on

House Passes Spending Bill That Includes Over $1 Billion in Border-Wall Funding: The House passed a $788 billion spending bill that combines a $1.6 billion down payment for President Donald Trump's controversial border wall...more

Ballard Spahr LLP

Trump’s FY 2018 Budget Subjects CFPB to Congressional Appropriations Process

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Tuesday, President Trump released an outline of his FY 2018 Budget entitled “A New Foundation for American Greatness”. There is good news and bad news for the CFPB, although most of it is bad news. The good news for the...more

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