Consumer Protection Roundup

In this article, we'll delve into recent news on financial consumer protection, but before doing so, we'll provide an update on the Consumer Financial Protection Bureau (CFPB).

We reported in the January 15 issue of Cabinet that Acting Director Russell Vought asked for funding to keep the CFPB open. Since then, not much has happened at the agency, other than its continued litigation with the National Treasury Employees Union. Citing the need to conform with the funding limits and restricted scope allocated to the CFPB in the One Big Beautiful Bill, the CFPB told the U.S. Court of Appeals for the District of Columbia that it was proposing to "right-size" the agency and proposed a cut to 556 employees, down from 1,100 employees currently, and from the 1,700 employees the CFPB had at the end of the Biden administration.