Regulation/Compliance

At a House hearing last week, GOP lawmakers asked Russell Vought, the acting director of the Consumer Financial Protection Bureau, for advice on how to craft legislation to permanently change the CFPB's authority. The hearing highlighted a consensus among Republicans that administrative policy rollbacks are not enough.

The Supreme Court may have allowed the central bank to chart its own course on bank oversight for now, but discrepancies between two recent rulings set the stage for challenges.

The central bank failed to prevent critical economic information from falling into the hands of "foreign adversaries," according to a report from its inspector general.

The Consumer Financial Protection Bureau is overhauling its consumer complaint portal after receiving 6.6 million complaints last year, more than double the 3.2 million in 2024, citing abuse by credit repair firms and social media influencers.

The White House has nominated Brian Johnson, the former CFPB deputy and a veteran Capitol Hill staffer, to permanently lead the bureau.

Housing advocates and compliance firms are suing to block a rule from the Consumer Financial Protection Bureau that they say guts the Equal Credit Opportunity Act.

The Consumer Financial Protection Bureau, which has dismissed scores of enforcement attorneys early in President Donald Trump's second term, is staffing up its litigation arm in anticipation of defending its rules in court.

The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB's workforce by 53%.

Continuing to retreat from Biden-era rules, the Consumer Financial Protection Bureau and Department of Justice withdrew a 2023 advisory opinion that had cautioned about denying credit to immigrants.

The Senate allowed the nomination of a permanent director of the Consumer Financial Protection Bureau to lapse, giving acting Director Russell Vought more time to lead the agency on a temporary basis.

A federal appeals court agreed to have the full bench rehear arguments by the Consumer Financial Protection Bureau's union about whether the Trump administration planned to gut the agency through mass firings.

The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.

A federal court cannot modify a preliminary injunction to compel the acting director of the Consumer Financial Protection Bureau to request funding for the agency, the Department of Justice said.

The Trump administration's decision not to seek funding for the CFPB and transferring remaining enforcement cases to the Department of Justice were cited as reasons for the resignation of Michael G. Salemi, who took over as CFPB enforcement chief earlier this year.

The Government Accountability Office has agreed to investigate Federal Housing Finance Agency Director Bill Pulte for allegations of misuse of power and violations of federal privacy laws

The Consumer Financial Protection Bureau and its union filed legal briefs Friday after a district court judge asked if a preliminary injunction aimed at preventing a mass layoff is still in effect.

The Consumer Financial Protection Bureau plans to transfer its entire enforcement and legal divisions to the Department of Justice and is likely to staff in those units, according to sources briefed by agency leadership.

The Federal Reserve Board finalized changes to its supervisory rating framework, allowing large bank holding companies to be considered "well managed," even with one deficient rating.

The Consumer Financial Protection Bureau has rehired more than 100 fire employees, but the union claims dozens of employees have not been reinstated in violation of a federal court order.

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.