The Consumer Financial Protection Bureau has been an effective watchdog for consumers, and its secure, independent funding is key to its effectiveness. That’s why a new proposal from the Senate Banking Committee for the massive budget bill now quickly moving through Congress (H.R. 1) to eliminate this source of funding for the Consumer Bureau is […]
Why the Senate should protect funding for the CFPB Read More »
The Consumer Financial Protection Bureau under the Trump administration is eyeing revisions and a possible rescission to a number of rules governing the mortgage industry. The consumer watchdog sent five rules to the Office of Management and Budget for review on June 4. Rules on the queue include the Loan Originator Compensation Requirements under the
If the CFPB axes the LO comp rule, what happens? Read More »
Nathan Laine/Bloomberg WASHINGTON — Elon Musk is leaving the Trump administration after guiding some of President Donald Trump’s most radical attempts to dissolve government agencies, including efforts to greatly diminish the headcount at the Consumer Financial Protection Bureau. Musk’s time in Washington has been fraught with uncertainty, including the extent to which he is responsible
Musk departs White House, leaving CFPB in limbo Read More »
Trustmark National Bank is enjoying an early exit from a consent order stemming from a Biden-era redlining investigation. The Jackson, Mississippi-based lender and servicer is free of the settlement with regulators 17 months early, following a federal judge’s approval last week. The Department of Justice, the Consumer Financial Protection Bureau and the Office of the
Trustmark gets early exit from redlining consent order Read More »
Russell Vought is the acting director of the Consumer Financial Protection Bureau.Andrew Harrer/Bloomberg The Consumer Financial Protection Bureau has withdrawn guidance from the Biden administration that had expanded states’ rights, allowing individual states to broadly enforce violations of federal consumer protection laws. The CFPB under former CFPB Director Rohit Chopra interpreted the Consumer Financial Protection
CFPB blocks state enforcement of federal consumer laws Read More »
The Consumer Financial Protection Bureau published a proposed rule in the Federal Register on Friday that could scale back some procedures added for mortgaged homeowners with hardships due to COVID-19. The temporary requirements added during the pandemic have largely sunset, and one aspect that has not is on track to be addressed by a planned
CFPB proposes end to pandemic servicing requirement Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. The Consumer Financial Protection Bureau’s headquarters located in Washington D.C.Frank Gargano The Consumer Financial Protection Bureau has been in a freefall since former Director Rohit Chopra was ousted in February, kickstarting a game of musical chairs at the top of the agency
Deregulation is the new norm at the CFPB, and banks love it Read More »
The former headquarters of the Consumer Financial Protection Bureau with signage removed.Catherine Leffert The Consumer Financial Protection Bureau has dismissed or withdrawn more than half of its pending enforcement cases as the Trump administration clears the docket of work it inherited from the Biden era. Since February, acting CFPB Director Russell Vought has dismissed 17
Trump’s CFPB drops more than half of all pending litigation Read More »
Frank Gargano A U.S. consumer watchdog looks poised to tear up a rule on customer financial data sharing and start all over again — but with a depleted staff, a potentially drained budget and all of the same thorny issues. The Consumer Financial Protection Bureau is likely to scratch and rework its open-banking rule, which
Banks face repeat of data-sharing fight with CFPB move Read More »
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