CFPB

In accordance with an executive order from President Donald Trump, the Consumer Financial Protection Bureau issued a policy statement June 27 describing its approach for determining potential criminal penalties for violations of the law. Read on »

The Senate passed the Republican-led tax and spending package, known as “One Big Beautiful Bill” by the narrowest of margins on July 1. Three Republicans broke party ranks to oppose the measure, resulting in a 50-50 split among voting members and Vice President J.D. Vance being called upon to cast the tie-breaking vote. Read on »

The Senate was divided over an amended budget bill provision proposing severe cuts to the Consumer Financial Protection Bureau’s annual funding ahead of its vote to pass the measure July 1, with Vice President J.D. Vance casting the tie-breaking vote. Read on »

Perhaps the most consequential scrutiny of the Republican-led congressional budget package lies in the hands of the Senate parliamentarian’s office, which determined several of the budget bill’s provisions violate Senate rules pertaining to budgetary matters while deeming others to be permissible. Read on »

Members of the House Financial Services Subcommittee on Oversight and Investigations debated whether, and to what extent, the Consumer Financial Protection Bureau improperly weaponized its enforcement authority against certain “disfavored” sectors of the financial marketplace under former Director Rohit Chopra. Read on »

An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached to resolve allegations of redlining against Townstone. One of the attorneys representing Townstone spoke to RESPA News, a sister publication to Dodd Frank Update, about the decision. Read on »

The Consumer Financial Protection Bureau announced its intent to distribute more than $4 million in long-awaited restitution to consumers harmed by a job training company’s deceptive marketing and unfair debt collection practices after receiving pressure from several state attorneys general. Read on »

Federal Reserve Chair Jerome Powell appointed a new leader of the Fed Office of Inspector General, who will have oversight of the Consumer Financial Protection Bureau as well. Days later, the Fed announced its intent to investigate efforts to make massive staff cuts at the bureau ahead of his arrival. Read on »

The Consumer Financial Protection Bureau singled out rulemakings pertaining to its Loan Originator Compensation (LO Comp) rule and mortgage servicing rules for review by the Office of Management and Budget. The inclusion of the word “rescission” in the official title listed for the LO Comp rulemaking has raised questions among legal experts. Read on »

The Consumer Financial Protection Bureau asked a federal court to vacate the agency’s data privacy rule, implementing Sec. 1033 of the Dodd Frank Act. The bureau’s arguments against its own rule paralleled those expressed by its most ardent detractors. Read on »