RSSCFPB nominee moves from committee to full Senate
The Senate Banking Committee voted to advance Brian Johnson’s nomination for director of the CFPB to the full Senate. Johnson is expected to be approved on a party-line vote.
Author Archives: CFPB Journal staff report
House advances CFPB overhaul bill
On a 28-21 vote, the House Financial Services Committee passed the Consumer Financial Protection Accountability and Reform Act in mid-September. The reform package envisions large-scale changes for the CFPB.
Core to the bill is a change in the funding approach for the bureau, shifting CFPB into the regular congressional appropriations process and ending its direct funding from the Federal Reserve.
CFPB ends publishing of complaint narratives
The Consumer Financial Protection Bureau is no longer publishing “unverified complaint narratives and visualizations,” the agency announced Aug. 14.
CFPB updates consumer complaints process
The Consumer Financial Protection Bureau recently overhauled its consumer complaints process to cut down on alleged abuse and to increase efficiency. Changes include: Updating the CFPB’s portal manual so consumer reporting agencies have a standardized process to address complaints. Launching two-factor authentication, requiring users to verify their email address and mobile phone number when creating …
GOP blocks Democrat proposal to strengthen CFPB
House Democrats last month introduced a bill to strengthen the Consumer Financial Protection Bureau. Senate Republicans rejected the measures in a roll call vote as the midterm elections loomed.
Trump proposes 50 percent cut in CFPB workforce
The Trump administration recently asked a federal appeals court to cut the current workforce of the Consumer Financial Protection Bureau 50 percent, according to a court filing. The request to reduce the bureau’s staffing to 556 employees from 1,174 was filed April 1 in the U.S. Court of Appeals for the District of Columbia Circuit. …
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CFPB introduces “Humility Pledge” for supervision exams
The Consumer Financial Protection Bureau recently instituted a “Humility in Supervision Pledge,” starting with the 2026 examination cycle.
CFPB reaches settlement with pawn shop company
The Consumer Financial Protection Bureau recently reached a $9 million settlement in its 2021 lawsuit against pawn shop company FirstCash, Inc.
CFPB terminates consent order against Navy Federal Credit Union
The Consumer Financial Protection Bureau recently terminated its consent order against Navy Federal Credit Union and waived any non-compliance allegations against the company.
CFPB to stop using civil penalty funds to finance education programs
The Consumer Financial Protection Bureau plans to stop using civil penalty funds to finance consumer education and financial literacy programs, according to a proposal published June 18.
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