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U.S. Treasury Trump Administration Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

McKernan reportedly out at CFPB as he’s announced for Treasury role

On May 9, Treasury Secretary Scott Bessent announced President Trump’s intent to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance at the Department of the Treasury. As previously covered by...more

Katten Muchin Rosenman LLP

CFPB Update: Policy and Leadership Changes Further Belief the Consumer Protection Agency Has Lost (Most of) Its Bite

Changes regarding the future of the Consumer Financial Protection Bureau (CFPB), including both the agency's leadership and its policy priorities, have been rapidly announced by the Trump administration.1 While the consumer...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

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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

Troutman Pepper Locke

Treasury Announces President Trump’s Intent to Nominate McKernan as Undersecretary of Domestic Finance

Troutman Pepper Locke on

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

Orrick, Herrington & Sutcliffe LLP

District court rejects Baltimore’s TRO Request in CFPB defunding case

On March 14, the U.S. District Court for the District of Maryland issued an order rejecting a request from the city of Baltimore for a temporary restraining order. The order attempted to halt the Trump administration’s effort...more

Troutman Pepper Locke

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

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

Goodwin

What a week for the CFPB.....

Goodwin on

The Consumer Financial Protection Bureau (CFPB) has experienced a flurry of activity over the past few weeks beginning with President Trump’s dismissal of Rohit Chopra as the Director of the Bureau on January 31. That same...more

Cozen O'Connor

Cozen Currents: Elon Everywhere All at Once

Cozen O'Connor on

“President Trump has given Elon Musk unprecedented power and room to run to remake the executive branch. But to the extent that Musk deviates from remaking it in Trump’s image, the former runs the risk of becoming more of a...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

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

Ballard Spahr LLP

American Bankers Association, state affiliates ask Trump to halt regulatory actions pending a review

Ballard Spahr LLP on

In a letter to President-Elect Donald Trump, the American Bankers Association and its 52 affiliates are calling for a halt to all regulatory actions affecting banks and an extension of all effective dates for final...more

Akin Gump Strauss Hauer & Feld LLP

Trump Administration: 2017 Recap and 2018 Outlook

On January 20, 2017, businessman Donald J. Trump was sworn in as the 45th President of the United States following a contentious and unconventional 2016 presidential election. Republicans also successfully maintained control...more

MoFo Reenforcement

Financial Services Report – Winter 2017

MoFo Reenforcement on

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Clark Hill PLC

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 23

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CBO Confirms Size of Breach of Defense Cap for FY18 Bills: The House FY18 Omnibus Appropriations Bill scheduled to be taken up in September would bust the Defense cap by $72 billion. This would cause the Office of Management...more

Clark Hill PLC

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 21

Clark Hill PLC on

US Budget Deficit Narrowed to $42.9 Billion in July: The federal budget deficit fell sharp­ly in July from a year earlier, largely because of a quirk in the calendar. The U.S. Treasury Department said that the budget gap came...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

A&O Shearman

CHOICE Act 2.0 Passes the House: What Is the ‘CHOICE’?

A&O Shearman on

On June 8, 2017, the House of Representatives passed an amended version of H.R. 10, the Financial CHOICE Act of 2017, or CHOICE Act 2.0, which scales back or eliminates many of the post-crisis financial reforms that were...more

McGuireWoods LLP

Treasury Department Recommends Broad Reforms to CFPB

McGuireWoods LLP on

The Department of the Treasury recently cited the CFPB’s “unaccountable structure and unduly broad regulatory powers,” in suggesting reforms to address the CFPB’s “regulatory abuses and excesses.” The Department’s...more

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