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2 weeks ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on May16 in connection with oral arguments on the government’s appeal of the preliminary injunction issued by the District Court, which essentially required the government to maintain the status quo pending the outcome of the litigation.
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1 month ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The Trump Administration has appealed an order by a federal District Court Judge blocking the CFPB from firing 1483 employees effective in June 2025 and cutting off their access to CFPB work systems on April 18, 2025.
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1 month ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The judge who barred the Trump Administration from dismantling the CFPB says the agency cannot implement plans to fire the majority of the bureau’s employees at this stage. During a hearing on April 18, Judge Amy Berman Jackson said she is concerned that CFPB officials are ignoring her earlier order that keeps the agency in existence until she rules on the merits of a lawsuit filed by the National Treasury Employees Union challenging plans to dismantle the agency.
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1 month ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta. The CFPB will focus its enforcement and supervision resources on pressing threats to consumers, particularly servicemembers, their families, as well as veterans, Paoletta wrote, in a memo to bureau employees. The CFPB also will shift its supervisory efforts back to depository institutions.
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2 months ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The two Democratic FTC members who were fired by President Trump have filed suit in federal court challenging their dismissal. Alvaro Bedoya and Rebecca Slaughter filed suit in U.S. District Court for the District of Columbia contending that their dismissals were illegal since the FTC is supposed to be an independent agency. They said that Trump’s decision was in direct violation of federal law and Supreme Court precedent.
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2 months ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
President Trump on Tuesday fired the remaining two Democratic members of the FTC, leaving only two Republicans on the commission. The commissioners, Alvaro Bedoy and Rebecca Slaughter, announced their dismissals on social media. Both called their dismissals illegal, since the FTC is supposed to be an independent agency. Both of them called their firings illegal and Bedoy already has said he would challenge his dismissal in court.
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Feb 11, 2025 | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is and who is a “consumer reporting agency.” As previously reported, while the CFPB touts the proposal as one to cover data brokers, it is much broader than that.
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Jan 16, 2025 | 
jdsupra.com | Richard Andreano Jr.
The CFPB has published a proposed rule that would ban companies from using contract clauses that the bureau said limit fundamental freedom, including those that waive a consumer’s legal rights and fine print that suppresses speech. “For decades, companies have slowly eroded Americans’ rights by slipping clauses into take-it-or-leave-it contracts that seek an unfair leg up by attempting to deny individuals the benefits of a free market,” the bureau said, in releasing the proposed rule.
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Jan 16, 2025 | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Ronald K. Vaske
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services. The CFPB had such programs during the first Trump Administration, but the Biden Administration scrapped them, saying that they were ineffective and unfair.
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Dec 31, 2024 | 
jdsupra.com | Richard Andreano Jr.
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Act), enacted in 2018, directs the CFPB to prescribe regulations that apply Truth in Lending Act (TILA) ability-to-repay (ATR) requirements to Property Assessed Clean Energy (PACE) transactions, and apply the TILA civil liability provisions to violations of the requirements.
