House Committee Votes to Strip CFPB Victim Fund

House Committee Votes to Strip CFPB Victim Fund

Defrauded students, veterans may lose compensation as House targets CFPB’s penalty fund For more than a decade, consumers have lauded the Consumer Financial Protection Bureau (CFPB) for its myriad accomplishments that have brought transparency and fairness to the financial marketplace. Earlier this year, a survey commissioned by the Center for Responsible Lending found that 82 […]

Trump Signs Law Repealing CFPB Overdraft Rule - Weiner Brodsky Kider PC

President Trump has signed into law a Congressional Review Act (CRA) resolution, effectively repealing the Biden Administration’s CFPB final rule on overdraft fees. See prior WBK coverage here. The rule would have capped overdraft fees at $5 for large banks and credit unions or require them to treat overdrafts as loans with specific disclosures.  The repealed rule, which was set to take effect on October 1, 2025, had faced strong opposition from…

Privacy from data brokers canceled

Last year, the Consumer Financial Protection Bureau proposed a new rule that would better protect individuals’ privacy from the companies that collect and collate digital traces from wherever they can. Seemed like a good idea. But the current CFPB director Russell Vought has different ideas. For Wired, Dell Cameron and Dhruv Mehrotra report on the potential harm: Data brokers operate within a multibillion-dollar industry built on the collection …

CFPB / FDIC tradeoff looks even better today than 15 years ago

It’s difficult to know what’s lasting and what’s fleeting in the Trump Administration, but the longer things remain dormant at the Consumer Financial Protection Bureau, the smarter community bankers look. I have come to that conclusion after rereading my favorite book about the creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law in July of 2010. The book — “Act of Congress: How America…

CFPB Workers Explain Why Donald Trump's Plan to Dismantle Agency is Terrifying

The Consumer Financial Protection Bureau (CFPB) is under threat—again.In April, President Donald Trump escalated his long-running battle with the United States' financial watchdog by launching a fresh effort to dismantle it. But this time, workers inside the bureau are speaking out, warning that shuttering the CFPB could open the floodgates to dodgy financial products and corporate abuse. As the US teeters on the edge of another potential econom…

Trump's CFPB guts rule mandating small business loan data » NCRC

American Banker, May 1, 2025, Trump's CFPB Guts Rule Mandating Small Business Loan Data