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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The volume of guidance withdrawn by the Consumer Financial Protection Bureau’s in May has raised many eyebrows among regulators, attorneys and financial professionals. One of the most notable examples is an interpretive rule concerning states’ ability to enforce federal consumer protection laws against national banks and federal savings associations. Read on »

The Consumer Financial Protection Bureau’s final rules limiting overdraft fees charged by certain financial institutions and another giving the bureau authority to supervise large digital payment providers have been invalidated via resolutions of disapproval signed by President Donald Trump. Read on »

President Donald Trump intends to nominate Jonathan McKernan to a position at the Treasury, according to an announcement by Treasury Secretary Scott Bessent. McKernan is awaiting Senate confirmation of Trump’s nomination of him to be director of the Consumer Financial Protection Bureau. Read on »

As part of the ongoing budget reconciliation process in Congress, the House Financial Services Committee voted along party lines to approve a resolution to greatly reduce funding for the Consumer Financial Protection Bureau and to no longer allow the bureau to retain unspent funds in its civil penalty fund from year-to-year. Read on »

The Consumer Financial Protection Bureau announced it will not prioritize enforcement or supervisory actions with respect to its small business lending rule. The bureau framed the move as a measure of fairness toward companies not covered by a court-imposed stay on the rule’s compliance deadlines. Read on »

The D.C. Circuit Court of Appeals directed the Consumer Financial Protection Bureau on April 28 to continue to hold off implementation of a sweeping reduction in force (RIF) order, pending a ruling on the Trump administration’s appeal of a preliminary injunction resulting from a lawsuit filed by the National Treasury Employees Union in March over the RIF. Read on »

The Consumer Financial Protection Bureau dropped its appeal in a case in which PayPal Holdings, Inc., challenged a 2019 rule extending fee disclosure requirements for prepaid card products to digital wallets as well. Read on »

Another chapter was written in the ongoing legal saga concerning the embattled Consumer Financial Protection Bureau last week. Shortly after a federal court partially lifted a court order preventing mass firings at the bureau, the Trump administration resumed its plans to gut the agency, prompting the courts to intervene again. Read on »

The D.C. Circuit Court of Appeals stayed portions of a preliminary injunction imposed by a district court last month to halt actions aimed at dismantling the Consumer Financial Protection Bureau (CFPB). The appeals court ruled the bureau must maintain adequate resources to perform its statutory duties. Read on »