Courts and Financial Regulation

Judge Amy Berman Jackson ordered the Trump administration to continue seeking funding for the Consumer Financial Protection Bureau, rejecting its argument that Federal Reserve operating losses mean there are no valid funds and saying accepting that theory would be tantamount to closing the bureau. She emphasized that the CFPB receives no taxpayer dollars and has returned over $21 billion to consumers, while 21 states and the District of Columbia sued over the administration’s narrow interpretation of which Fed funds can support the agency amid prior attempts by Acting Director Russell Vought to halt CFPB work and issue layoffs.