Two rules announced by the Consumer Financial Protection Bureau (CFPB) during the Biden administration suffered setbacks in Congress on Wednesday (March 5). The Senate voted Wednesday to approve a joint resolution (S.J. Res. 28) disapproving of the “Defining Larger Participants of a Market for General-Use...
The Consumer Financial Protection Bureau (CFPB) reportedly dropped its lawsuit targeting the operator and three owner banks of Zelle. The regulator said in a Tuesday (March 4) court filing that it dismissed the action against Early Warning Services, JPMorgan Chase, Bank of America and Wells...
The Consumer Financial Protection Bureau (CFPB) asked a federal judge Monday (March 3) to pause the enforcement action that the agency filed against Comerica Bank in December. CFPB Chief Legal Officer Mark Paoletta said in court papers that the agency was considering next steps and...
With the CFPB’s future in limbo, so too are hundreds of millions in consumer settlements. For example, Reuters reported Monday (March 3), there is a $100 million pot of funds intended for borrowers that the Consumer Financial Protection Bureau (CFPB) says were harmed by student loan servicer Navient. And...
Former Consumer Financial Protection Bureau (CFPB) Chief Technologist Erie Meyer reportedly said in court documents filed Friday (Feb. 28) that the cancellation of cybersecurity contracts at the agency puts sensitive data at risk. Thirty-two cybersecurity contracts have been cancelled at the CFPB amid the recent cutbacks at the...
Several federal employees reportedly said in statements submitted for a lawsuit that the new leadership of the Consumer Financial Protection Bureau (CFPB) plans to wind down the agency and fire most of its employees. The statements were made in a case brought by the CFPB’s...
Jonathan McKernan, appearing before the Senate Banking Committee during a hearing on his nomination to lead the Consumer Financial Protection Bureau, told lawmakers Thursday (Feb 26), “All too often, … the CFPB has gotten in the way of its own mission.” “It has acted in...
The Consumer Financial Protection Bureau (CFPB) dropped a lawsuit against Capital One on Thursday (Feb. 27). A Capital One spokesperson told PYMNTS in an emailed statement: “We welcome the CFPB’s decision to dismiss this action, which we strongly disputed.” The CFPB announced the lawsuit in January,...
Justice Department attorneys reportedly said late Monday (Feb. 24) in court filings that the Trump administration plans to streamline, not dismantle, the Consumer Financial Protection Bureau (CFPB). The court filings came in a case in which a union representing CFPB workers is seeking a court...
