Law and legal issues

Mortgage borrowers filed a third amended class action complaint against the bank over modification issues from 2010 to 2015.

The Supreme Court Wednesday appeared skeptical of the Justice Department's argument that removal of a Federal Reserve governor is unreviewable or that the president's preference for Fed governors outweighs the harm to the Fed from curbing the central bank's political independence.

The Consumer Financial Protection Bureau has backed off enforcement and supervision of consumer protection laws, leaving states to fill the void — and potentially creating a "patchwork" of state laws that banks will have to comply with.

A Florida man's racketeering class action case accuses two mortgage employees of conspiring with a homebuilder to facilitate fraudulent construction draws.

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.

The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.

Proxy advisory firm Institutional Shareholder Services recommended approval of Fifth Third's $10.9 billion proposed acquisition of Comerica.

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.

Hahn's experience includes innovative retail structures for conglomerates, holding companies, private funds and private real estate investment trusts.

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 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 Department of Justice told a court that the Consumer Financial Protection Bureau cannot legally request funding from the Federal Reserve System, arguing that the Fed has not turned a profit since 2022 and thus cannot fund the CFPB.

A trade group for participants in the clean energy loan program argues the upcoming regulations will be too burdensome and costly for participants.

The Department of Justice has filed a motion opposing the Consumer Financial Protection Bureau employee union's appeal of an August D.C. Circuit ruling allowing the administration to fire up to 90% of the agency's workforce.

Retroactive interpretations have bedeviled mortgage servicers and the market for older loans. The industry will be watching other cases in New York closely now.

Legal experts say the Supreme Court's decision not to immediately rule on a request to remove Federal Reserve Gov. Lisa Cook from office suggests that, whatever the court's views on independent agencies may be, it views the central bank differently.

The Supreme Court said Wednesday that it would defer President Donald Trump's request for a stay until after oral arguments scheduled for January 2026, allowing Federal Reserve Governor Lisa Cook to remain on the board at least until then.