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Financial Regulatory Reform › Regulatory Reform › Federal Funding

Jones Day

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

Jones Day on

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

Sheppard Mullin Richter & Hampton LLP

CFPB Funding Cut Nearly 50% by “One Big Beautiful Bill Act”

Sheppard Mullin Richter & Hampton LLP on

On July 4, the “One Big Beautiful Bill Act,” was signed into law, which includes a provision to reduce the cap on the CFPB’s annual funding. The bill lowers the cap from 12% to 6.5% of the Federal Reserve’s total operating...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Budget bill would cut CFPB funding

Ballard Spahr LLP on

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

Ballard Spahr LLP on

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

Orrick, Herrington & Sutcliffe LLP

Fed Member Barr reportedly resigns from Fed Supervision panel

Orrick, Herrington & Sutcliffe LLP on

On March 3, it was reported that former Fed Vice Chair for Supervision, Michael Barr, stepped down from the Fed’s Committee on Supervision and Regulation, leaving the supervision panel without a chair. This leaves Fed Vice...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 fires Rohit Chopra as Director of the CFPB and appoints Treasury Secretary Bessent as acting director

Ballard Spahr LLP on

Although many pundits speculated that President Trump would appoint Russell Vought as Acting Director once Vought is confirmed by the Senate to be Director of OMB, the CFPB reported today that, on January 31, Trump actually...more

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