The Trump administration took steps over the weekend to significantly limit the operations of the Consumer Financial Protection Bureau (CFPB), an independent agency established to safeguard consumers from corporate fraud. The move is part of a broader effort to restructure federal agencies.
Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work.
President Trump designated Vought, director of the Office of Management and Budget (OMB) as acting bureau director Friday night. He replaced Treasury Secretary Scott Bessent, who had served as acting CFPB director until Vought’s appointment.
On Friday, the U.S. Court of Appeals for the Fifth Circuit ordered the tolling of compliance deadlines for the Consumer Financial Protection Bureau’s (CFPB or Bureau) Small Business Lending Data Collection final rule under Section 1071 of the Dodd-Frank Act (the 1071 Rule). As we previously reported here, the CFPB had asked the appeals court for a pause last Monday to allow the new administration time to consider its position on the 1071 Rule.
On February 6, 2025, the Eleventh Circuit Court of Appeals struck down the FCC’s one-to-one consent rule (previously discussed here). Applying the Supreme Court’s decision in Loper Bright Enters. v. Raimondo, 9 the Eleventh Circuit ruled that the FCC exceeded its legal authority by enforcing additional consent restrictions not explicitly outlined in the Telephone Consumer Protection Act (TCPA).
The phrase “manic Monday” is getting a pretty good workout these days. Far from being a cute top 40 song from the ’80s, the ongoing drama at the Consumer Financial Protection Bureau (CFPB) has put a new spin on catching up with the weekend news.
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