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2 weeks ago | 
jdsupra.com | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield
On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA). According to the CFPB, this decision restores statutory limits on states’ authority and aligns enforcement actions with the original legislative intent of the CFPA.
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2 weeks ago | 
openlegalblogarchive.org | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield |Chris Willis
On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA). According to the CFPB, this decision restores statutory limits on states’ authority and aligns enforcement actions with the original legislative intent of the CFPA.
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3 weeks ago | 
openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Stefanie Jackman |Jesse Silverman
On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This proposal marks a significant shift in the Bureau’s approach to supervising nonbank entities. Public comments on the rescission will be accepted until June 13, 2025.
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3 weeks ago | 
jdsupra.com | Jason Cover |Stefanie Jackman |Jesse Silverman
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule to rescind its previous regulation requiring nonbank entities to report certain agency and court orders to a Bureau registry. The rule, initially adopted on July 8, 2024, mandated nonbank covered persons to disclose final public orders related to consumer financial products or services.
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3 weeks ago | 
jdsupra.com | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield
The U.S. Department of the Treasury announced President Trump’s intent to nominate Jonathan McKernan as the Undersecretary of Domestic Finance.
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1 month ago | 
jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman
The U.S. Court of Appeals for the District of Columbia Circuit issued an order temporarily halting the Consumer Financial Protection Bureau’s (CFPB or Bureau) mass layoffs. The court granted an emergency motion to enforce or clarify its previous order, reinstating the preliminary injunction that prevents the CFPB from executing reductions in force (RIFs). BackgroundAs discussed here, Judge Amy Berman Jackson previously barred the CFPB from terminating employees except for cause.
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1 month ago | 
jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman
At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge emphasized the need for a comprehensive record to determine whether the firings complied with the D.C. Circuit’s order from last week (discussed here).
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1 month ago | 
openlegalblogarchive.org | Stefanie Jackman |James Kim |Jesse Silverman |Lori J. Sommerfield |James Kim |Chris Willis
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to reports, approximately 1,400-1,500 employees have received reduction-in-force notices, leaving the CFPB with just over 200 personnel to carry out its regulatory activities.
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1 month ago | 
jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to reports, approximately 1,400-1,500 employees have received reduction-in-force notices, leaving the CFPB with just over 200 personnel to carry out its regulatory activities.
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1 month ago | 
jdsupra.com | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025. New Priorities for 2025In this memo, Chief Legal Officer Mark R. Paoletta outlined the CFPB’s new supervision and enforcement priorities. Key points include: Reduction in Supervisory Exams The Bureau will decrease the overall number of supervisory exams by 50% to reduce the cost of running businesses and consumer prices.
