Wed, Feb 19, 2025:
Trump moves to narrow independence of Fed, along with other Wall Street regulators; WH seeks greater control over Fed activities, including bank regulation, but stops short of trying to influence interest rate decisions – WP
Wed, Feb 12, 2025:
With attack on consumer bureau, Musk removes obstacle to his “X money” vision – NYT
Trump’s CFPB pick-Jonathan McKernan-signals stability amid fears for the agency’s future – Politico
Trump nominates new CFPB Director – ConsumerAffairs
Trump unveils nominees for CFPB Director, Comptroller of the Currency – The Hill
Tues, Feb 11, 2025:
CFPB heads of supervisions and enforcement announce resignations after stop-work order – CNBC
The CFPB took aim at Big Tech. Then Musk moved to dismantle it. – WP
Mon, Feb 10, 2025:
What is the CFPB and why is it a Trump target; CFPB was established to root out corporate wrongdoing after the 2008 crash – WP
DOGE-backed halt at CFPB comes amid Musk’s plans for “X” digital wallet that would have been subject to CFPB consumer safeguards – Bloomberg
Sun, Feb 9, 2025:
The flip-side to CFPB v. CFSAA: What is the Director requests $0 in appropriations – Reason
In an email to staff of the Consumer Financial Protection Bureau, the agency’s acting director ordered workers to cease all bank supervision and consumer engagement activity. – NYT
Fri, Feb 7, 2025:
Musk’s DOGE descends on CFPB with eyes on shutting it down – Politics
Wed, Feb 5, 2025:
Trump and Musk are moving to smother these three pieces of the government-CFPB, AID, DoEd– CNN
Mon, Feb 3, 2025: CFPB halts work after Trump appoints Bessent as acting head – WashPost
Thurs, Jan 2, 2025: Treasury, FHFA roadmap for eventual release of Fannie, Freddie from federal supervision – Bloomberg
Fri, Dec 13, 2024: Update on Effects of Recapitalizing Fannie Mae and Freddie Mac – CBO
Thurs, Dec 12, 2024: Trump advisers seek to shrink or eliminate bank regulators; ask potential nominees whether Trump could abolish FDIC – WSJ
Developments related to the Consumer Financial Services Association v. CFPB case:
| May 16, 2024 |
In a landmark 7-2 ruling, the Supreme Court overruled the Fifth Circuit, upholding the Consumer Financial Protection Bureau’s funding mechanism: “Under the Appropriations Clause, an appropriation is simply a law that authorizes expenditures from a specified source of public money for designated purposes,” Justice Thomas wrote for the majority. “The statute that provides the Bureau’s funding meets these requirements.” Read the opinion. |
| Nov 3, 2023 |
District Court stays CFPB action pending SCOTUS decision in CFSA case |
| Oct 3, 2023 |
Oral arguments audio; Oral arguments transcript; Oral arguments summary – NPR |
| Aug 21, 2023 |
SCOTUS denied request by WVa AG and 26 other state AGs to participate in Oct. 3 oral arguments |
| Jul 11, 2023 |
Brief of 132 Members of Congress as Amici Curiae in Support of Respondents |
| Jul 10, 2023 |
Brief of Amici Curriae The Chamber of Commerce et.a. in Support of Respondents |
| Jul 10, 2023 |
Brief of Amicus Curiae John Michael “Mick” Mulvaney in Support of Respondents |
| Jun 21, 2023 |
Petition for Writ of Certiorari in Law Offices of Crystal Maroney, P.C. v. CFPB |
| May 8, 2023 |
Solicitor General and CFPB filed Brief for the Petitioners. |
| April 28, 2023 |
Defendant in second circuit case (Moroney) filed a motion with the Second Circuit to stay its mandate pending the filing of a petition for a writ of certiorari by Moroney. Next step: the Supreme Court could grant the petition and either consolidate it for argument with CFSA or hold it pending the outcome in CFSA. |
| Mar. 23, 2023 |
Second Circuit ruled that CFPB’s funding mechanism is constitutional in CFPB v. Law Offices of Crystal Moroney, P.C. |
| Mar. 9, 2023 |
House Committee on Financial Services Subcommittee Hearing: “Consumer Financial Protection Bureau: Ripe for Reform”; Staff Memorandum. |
| Feb. 17, 2023 |
Certiorari petition granted. |
| Feb. 01, 2023 |
Reply to Brief in Opposition |
| Feb. 01, 2023 |
Reply of petitioner Consumer Financial Protection Bureau, et al. filed. |
| Jan. 13, 2023 |
Brief of respondents Community Financial Services Association of America, Limited, et al. in opposition filed. |
| Dec. 14, 2022 |
Brief amici curiae of New York, et al. filed. |
| Dec. 14, 2022 |
Brief amici curiae of West Virginia, et al. filed. |
| Dec. 9, 2022 |
District Judge Katherine Polk Failla granted a stay on motion to dismiss a separate CFPB enforcement action pending the Supreme Court’s review of the certiorari petition in CFSA v. CFPB. |
| Nov. 22, 2022 |
Motion to extend the time to file a response granted. |
| Nov. 21, 2022 |
Response to motion to extend the time to file a response filed. |
| Nov. 21, 2022 |
Motion to extend the time to file a response from December 14, 2022 to January 13, 2023. |
| Nov. 14, 2022 |
Petition for a writ of certiorari filed. (Response due December 14, 2022) |
| Oct. 19, 2022 |
5th Circuit ruled in Consumer Financial Services Association of America Ltd. v. CFPB that “Congress’s decision to abdicate its appropriations power under the Constitution, i.e., to cede its power of the purse to the Bureau, violates the Constitution’s structural separation of powers,” and therefore vacated the Bureau’s 2017 Payday Lending Rule. |
