Yesterday, the U.S. Department of Justice (DOJ) notified the U.S. District Court for the District of Columbia and the D.C. Circuit in the matter of National Treasury Employees Union v. Vought that the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates exhausting its currently available funds in early 2026. The filing attaches a November 7 opinion from the Office of Legal Counsel (OLC) to Acting Director Vought concluding that the CFPB’s statutory funding stream — quarterly transfers from the “combined earnings of the Federal Reserve System” under 12 U.S.C. § 5497(a)(1) — is unavailable while the Federal Reserve operates at a loss.
It’s the kind of story that shakes a credit union to its core — not because it’s about a stranger breaking in, but because it’s about someone who had the keys all along. A long-time Kansas credit union manager was recently sentenced to more than five years in prison for embezzling over $750,000 from her employer, The theft didn’t just drain the institution’s accounts; it threatened the very safety and soundness of the credit union.
As debt settlement firms become more active participants in the collections ecosystem, lenders and servicers face a strategic question: how to coordinate with consumer representatives in a way that supports resolution without sacrificing clarity, compliance, or pace.
Debt settlement firms’ increasing presence in recovery efforts means lenders and servicers must develop structured ways to interface with them. The challenge is to operationalize that interaction and enable it in a consistent, secure, and efficient manner.
Comptroller of the Currency Joseph Gould is vowing that his agency will take a variety of steps to promote federal preemption, Law360 reported.
Speaking as part of a fireside chat at the Clearing House’s annual conference, Gould said that defending preemption will require rebuilding its political legitimacy, the news service reported.
Delivered in digestible, insightful bites, McGlinchey’s Litigation Byte is a monthly roundup of financial services decisions and cases nationwide that impact your business.
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