Who’s Who at the Helm of Federal Banking Regulatory Agencies? Newly inaugurated President Trump signed his first batch of Executive Orders on January 20, 2025. Among them was an Executive Order that included a regulatory freeze, blocking all regulatory agencies from proposing or issuing any rules until they are reviewed and approved by a Trump-appointed executive. We have started to see those Trump-appointed executives take their places across the financial regulatory agencies and expect them […]
Category: CFPB
CFPB Shake-Up: What Recent Developments Mean for Risk and Compliance Professionals
Last weekend created some excitement for those of us working in risk and compliance. On Friday, February 7, 2025, Russell Vought was appointed as the Interim Director of the Consumer Financial Protection Bureau (CFPB). On Saturday the 8th, Mr. Vought ordered employees to “cease supervision and examination activity”, before telling staff Monday to “stand down from performing any work task.” Then, the agency’s chief operating officer informed employees on Sunday that the CFPB’s headquarters would […]
Article: Will the States Follow the Trail Left for Them by the CFPB?
Under Director Rohit Chopra, the CFPB has laid out a bold blueprint for stronger state-level consumer protections. As its tenure ends, the agency urges states to follow its lead in enhancing consumer safeguards. But will states answer that call? This article, written by senior contributor Barbara Boccia, CRCM, MBA, JD, explores the impact of recent CFPB decisions and their potential implications for state-level regulations. From consumer protection measures to financial institution compliance, it delves into […]
“To Be or Not To Be?” That is the Question for the CFPB
As soon as Treasury Secretary Scott Bessent took the helm as Acting Director at the Consumer Financial Protection Bureau (CFPB), he ordered a “freeze” on all rulemaking and enforcement actions. Additionally, the CFPB requested an adjournment of a lawsuit challenging the bureau’s $8 credit card late fee rule, halting oral arguments that were scheduled to start. It is likely all investigative hearings are being postponed or canceled. Next, we have questions about what other actions […]
CFPB Study Finds Differential Treatment in Small Business Lending Markets
Yesterday, the CFPB (Consumer Financial Protection Bureau) released a study revealing disparities in how lenders treat Black and white small business owners seeking loans. CFPB Director Rohit Chopra said, “The results of our secret shopping are consistent with the longstanding concerns that small business loan borrowers experience different treatment based on their race. Fair access to small business loans is essential for the success of our economy.” Key Findings from the Study The CFPB’s […]