Financial regulators are rarely the subject of a media frenzy, but because the Trump administration has zeroed in on the Consumer Financial Protection Bureau, this past week has been the exception. Some of the hysteria is over Elon Musk, the billionaire Trump tapped to cut waste from the federal bureaucracy. But much of the ire…
President Donald Trump on Tuesday nominated a slate of top financial regulators, including a permanent head of the Consumer Financial Protection Bureau, an agency that his administration has spent days dismantling, according to people familiar with the decision. Trump picked Jonathan McKernan, who resigned Monday from the Federal Deposit Insurance Corp. board, to lead the…
President Donald Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover. Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20. Chopra’s tenure saw the removal of medical…
The White House recently touted new bipartisan legislation introduced in Congress aimed at cracking down on identity fraud through significant investments and policy changes. Crimes like identity theft have a real impact on consumers: Traditional identity fraud cost Americans a reported $23 billion in 2023. Channeling federal policies and resources toward reducing identity crime is a worthwhile and potentially effective effort that can…
The U.S. government is weighing whether to treat Apple, Google and PayPal-owned Venmo more like banks — and regularly inspect some of their operations — in a move meant to protect millions of Americans who now use their smartphones to pay at the register and send money to family and friends. But the prospect of…
While the U.S. Supreme Court’s decision on the constitutionality of the Consumer Financial Protection Bureau’s funding structure is pending, members of Congress discussed the topic in an agency audit hearing, “Reviewing CFPB Financial Reporting and Transparency.” “The Supreme Court has the opportunity to confirm what Republicans have said all along—the CFPB’s unaccountable funding structure is…
On Wednesday, the House Financial Services Committee is expected to approve a Congressional Review Act (CRA) resolution sponsored by Rep. Andy Barr (R-KY) to overturn the Consumer Financial Protection Bureau’s new rule sharply limiting credit card late fees. CEI Director of Finance Policy John Berlau praises the resolution and explains why the CFPB rule it seeks to overturn would…
Without any direction from Congress, the Consumer Financial Protection Bureau (CFPB) finalized a rule that (1) changes the safe harbor dollar amount for late fees from $30, or $41 for subsequent late payment violations, to a strict threshold of $8 while prohibiting any higher amount for future delinquencies; and (2) removes the safe harbor late…
Two top Democratic senators are calling on the U.S. Chamber of Commerce to explain why it sued to block the Consumer Financial Protection Bureau’s $8 credit card late fee rule, a case they say is “outrageous” and puts the interests of big banks over the group’s rank and file. In a letter dated Sunday, Sen….
Calls for government intervention in the economy are often promoted as a way to provide relief and fairness. However, many of these proposals bring unintended consequences that carry long-term burdens on businesses and consumers. For example, as part of the government’s all-out war on “junk fees,” federal agencies are planning to intervene significantly in the…
