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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On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA).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On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA).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 | Stefanie Jackman |Lori J. Sommerfield |Glen P. Trudel |Chris Willis
On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the Biden-era Consumer Financial Protection Bureau (CFPB) rule on overdraft fees.
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3 weeks ago | 
jdsupra.com | Stefanie Jackman |Lori J. Sommerfield |Glen P. Trudel
On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the Biden-era Consumer Financial Protection Bureau (CFPB) rule on overdraft fees.
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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 | 
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 |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.
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1 month ago | 
jdsupra.com | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield
On April 11, the U.S. Court of Appeals for the District of Columbia Circuit issued an order partially staying the district court’s preliminary injunction in the ongoing legal dispute between the National Treasury Employees Union (NTEU) and the Consumer Financial Protection Bureau (CFPB). This decision marks a significant development in the NTEU’s challenge against Acting Director Russell Vought’s actions, which the union claims are unconstitutional and violate the Dodd-Frank Act.
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1 month ago | 
jdsupra.com | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield
The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to vacate its controversial credit card late fee rule in a joint motion for entry of consent judgment filed in Chamber of Commerce of the United States of America v. CFPB this week. This significant move comes after the U.S. District Court for the Northern District of Texas found that the rule likely violated the Credit Card Accountability and Disclosure Act (CARD Act).
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1 month ago | 
jdsupra.com | Stefanie Jackman |Ethan G. Ostroff |Lori J. Sommerfield
On April 9, the House of Representatives passed two Congressional Review Act (CRA) joint resolutions aimed at nullifying certain Consumer Financial Protection Bureau (CFPB) rules finalized in the final days of the Biden-Harris Administration. These resolutions, S.J. Res. 18 and S.J. Res. 28, target rules related to limiting the overdraft fees that may be charged by large financial institutions, and extending supervisory authority over certain providers of digital payments services, respectively.
