A Look at Trump Admin's Shifting Strategies to Curtail CFPB

Financial services attorney Eamonn Moran and litigation attorney Ashley Feighery co-authored a Law360 article detailing the Trump Administration's approach to the Consumer Financial Protection Bureau (CFPB). As the attorneys contend, since President Donald Trump returned to office in January, he has made clear his intent to reduce the agency's authority and curb its rulemaking and enforcement activity. These efforts have come through reductions in force (RIFs) – currently on hold pending appeal before the U.S. Court of Appeals for the District of Columbia Circuit – as well as withdrawing or amending regulations such as the nonbank registry rule and state official notification procedures. In addition, the CFPB has sought to dismiss or resolve pending litigation and enforcement matters, including asking a federal district court to vacate its open banking rule under the Administrative Procedure Act and requesting a motion to stay in a case surrounding its buy now, pay later (BNPL) interpretive rule because of plans to revoke it. The attorneys analyze in detail these and other initiatives to scale back CFPB operations, warning consumers and financial institutions to be on the lookout for additional changes so they can respond effectively while preserving their rights and keeping track of their obligations.

Holland & Knight maintains a resource center, CFPB Dispatch: Legal Updates and Insights, on the latest CFPB developments. Mr. Moran and Ms. Feighery have contributed a number of articles or interviews to this repository.

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