Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from Bloomberg.

Our show began with Jon and Evan chronicling the initiatives beginning on February 3 by CFPB Acting Directors Scott Bessent, Russell Vought and DOGE to shut down or at least minimize the CFPB. These initiatives were met with two federal district court lawsuits (one in DC brought by the labor unions who represents CFPB employees who were terminated and the other brought in Baltimore, MD by the CFPB and others) challenging one or more of these initiatives. Jon and Evan described the lawsuits in detail. While the Baltimore lawsuit was dismissed on the basis of lack of ripeness under the Administrative Procedure Act, Judge Amy Berman Jackson issued a TRO freezing the CFPB from terminating more CFPB employees through the end of March while she decides whether to enter a further injunction with respect to the CFPB’s initiatives.

Ballard Spahr partners, Rich Andreano and John Culhane, then gave an up-to-date status report on CFPB (a) final rules being challenged in litigation and/or eligible to be challenged under the Congressional Review Act; (b) final rules not being challenged in litigation which may be repealed or amended or whose effective or compliance dates may be extended under the Administrative Procedure Act; (c) proposed rules; and (d) non-rule written guidance. Rich and John paid particular attention to the following final rules:

1.  The Small Business Loan Data Collection and Reporting Rule under Section 1071 of      Dodd-Frank

2.  The Non-bank enforcement order Registry Rule

3.  The Fair Credit Reporting Act “Data Broker” Rule

4.  The Residential Property Assessed Clean Energy (PACE) Financing Rule

5.  The Residential Mortgage Servicing Proposed Rule

6.  Credit Card Penalty fees under Reg Z (Late Fee Rule)

7. Personal Financial Data Rights (Open Banking) Rule under Section 1033 of Dodd-Frank

8.  Overdraft Lending Rule Applicable to very large financial institutions

9. Prohibition on creditors and consumer reporting agencies reporting medical debt under Reg V

Part 1 of our podcast concludes with Rich and John describing the fact that supervision and examination of banks and non-banks is apparently on hold.

This podcast show was hosted by Alan Kaplinsky, the former practice group leader for 25 years of the Consumer Financial Services Group and now Senior Counsel.