News & Analysis as of

U.S. Treasury Financial Regulatory Reform Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

Baltimore voluntarily dismisses case seeking to prevent transfer of CFPB funds outside the Bureau

On May 29, the Mayor and City Council of Baltimore filed a notice in the U.S. District Court for the District of Maryland to voluntarily dismiss their case against the CFPB and Russell Vought. As previously covered by...more

Paul Hastings LLP

Banking Nominees Advance, SEC Tackles Tokenization and OCC Issues Custody Guidance

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Several significant regulatory and policy developments took place this week in Washington. The Senate banking committee advanced several key nominations, including Michelle Bowman to serve as vice chair for supervision at the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Director Nominee to Move to Treasury Finance Role

On May 9, the U.S. Department of the Treasury announced that President Trump intends to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance. McKernan had been awaiting Senate confirmation to lead the...more

Ballard Spahr LLP

Trump Administration to withdraw McKernan’s nomination to serve as CFPB Director

Ballard Spahr LLP on

President Trump will withdraw Jonathan McKernan’s nomination as CFPB Director, as he nominates him as the Treasury Department’s Undersecretary of Domestic Policy, the New York Times and Law360 reported....more

Ballard Spahr LLP

Trump to nominate CFPB nominee to Treasury Department position

Ballard Spahr LLP on

Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury....more

Morrison & Foerster LLP

Navigating Changes in the First 100 Days of the Second Trump Administration

Each week of the first 100 days of the new Trump administration, we will publish updates on key federal financial services regulatory and related developments. This week, we review the following developments as of Wednesday: ...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – March 2025 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Orrick, Herrington & Sutcliffe LLP

Senators demand Treasury heads limit DOGE’s access to CFPB data

On February 19, Sens. Elizabeth Warren (D-MA) and Adam Schiff (D-CA) sent a letter to the Secretary of the Treasury, Scott Bessent, and Acting Director of the CFPB, Russell Vought, demanding that members from DOGE and its...more

Orrick, Herrington & Sutcliffe LLP

Jonathan McKernan nominated to be CFPB Director

On February 11, the White House announced the nomination of Jonathan McKernan as CFPB Director. Recently, McKernan announced his resignation from the FDIC board due to Rodney E. Hood’s addition, which resulted in more...more

Ballard Spahr LLP

Trump nominates former FDIC Board Member Jonathan McKernan to head CFPB

Ballard Spahr LLP on

President Trump has nominated Jonathan McKernan to be the Director of the CFPB. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB ordered to pause work and congressional Democrats react

On January 31, the CFPB announced Treasury Secretary Scott Bessent as the Acting Director. As previously covered by InfoBytes, Bessent sent an email instructing all CFPB staff to pause immediately any new rulemaking,...more

Orrick, Herrington & Sutcliffe LLP

Treasury Secretary Scott Bessent designated as Acting Director of the CFPB

On January 31, President Trump removed Rohit Chopra as director of the CFPB and announced that Treasury Secretary Scott Bessent will serve as Acting Director. In Chopra’s termination announcement, posted on social media, he...more

Foley & Lardner LLP

New Consumer Financial Protection Bureau Acting Director Expands Freeze to All CFPB Activities; CFPB Office Closes

Foley & Lardner LLP on

We previously reported that Treasury Secretary Bessent was named as the acting director of the Consumer Financial Protection Bureau (CFPB), and he subsequently ordered the CFPB staff to halt several activities. However, the...more

Stinson LLP

The Trump Administration Signals Significant Changes to CFPB's January 2025 Initiatives

Stinson LLP on

Many have been left wondering whether there will be material changes by the Trump administration to the recently released proposed and final rules, policy statements and requests for public comments on various initiatives by...more

Sheppard Mullin Richter & Hampton LLP

Treasury Secretary Scott Bessent Appointed as Acting CFPB Director

On January 31, 2025, the CFPB announced President Donal Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....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

McGlinchey Stafford

Chopra Out. Bessent In (for Now). What’s Next at the CFPB?

McGlinchey Stafford on

As expected, the Trump administration formally terminated CFPB director Rohit Chopra over the weekend. And also as expected, President Trump used the Federal Vacancies Reform Act to appoint an acting CFPB Director—Treasury...more

Bradley Arant Boult Cummings LLP

Rohit Chopra Out, Scott Bessent In (Temporarily) at the CFPB

In a familiar move, President Donald Trump has designated the current head of another executive agency, this time newly sworn in Secretary of the Department of the Treasury Scott Bessent to simultaneously lead the Consumer...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday January 16, 2025

Paul Hastings LLP on

January 15, 2025 - Chairman Tim Scott (R-S.C.) released the U.S. Senate Committee on Banking, Housing, and Urban Affairs legislative and oversight priorities for the 119th Congress....more

Troutman Pepper Locke

Exploring the CFPB's Stance on AI in Financial Services — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis delves into the Consumer Financial Protection Bureau's (CFPB) recent response to the Treasury Department's request for information on the use of artificial...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - January 2024 # 4

Troutman Pepper Locke on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - December 2023

Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2023 # 2

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

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