Rocket accused of steering buyers to its mortgage business
Rocket denied the allegations, saying the lawsuit is a retread of a case the Consumer Financial Protection Bureau filed that was quickly dismissed.
Law and legal issues
Fatburger owner is the latest casual-dining bankruptcy
The step came after FAT Brands didn't make interest payments due in October on some of its $1.2 billion in whole-business securitization debt.
Wells Fargo faces amended class action loan-mod complaint
Mortgage borrowers filed a third amended class action complaint against the bank over modification issues from 2010 to 2015.
Justices wary of Trump’s urgent need to remove Fed’s Cook
The Supreme Court Wednesday appeared skeptical of the Justice Department's argument that removal of a Federal Reserve governor is unreviewable or that the president's preference for Fed governors outweighs the harm to the Fed from curbing the central bank's political independence.
As CFPB retreats, state AGs and bank regulators step up
The Consumer Financial Protection Bureau has backed off enforcement and supervision of consumer protection laws, leaving states to fill the void — and potentially creating a "patchwork" of state laws that banks will have to comply with.
Hallmark Home Mortgage accused in Ponzi scheme lawsuit
A Florida man's racketeering class action case accuses two mortgage employees of conspiring with a homebuilder to facilitate fraudulent construction draws.
With CFPB nominee lapse, Vought continues as acting director
The Senate allowed the nomination of a permanent director of the Consumer Financial Protection Bureau to lapse, giving acting Director Russell Vought more time to lead the agency on a temporary basis.
It’s all on the line for the CFPB in 2026
The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.
Fifth Third-Comerica deal wins more support amid lawsuit
Proxy advisory firm Institutional Shareholder Services recommended approval of Fifth Third's $10.9 billion proposed acquisition of Comerica.
Appeals court agrees to rehear CFPB union’s case
A federal appeals court agreed to have the full bench rehear arguments by the Consumer Financial Protection Bureau's union about whether the Trump administration planned to gut the agency through mass firings.
DOJ wants Fed Chair Powell to weigh in on CFPB funding
The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.
DOJ says CFPB’s preliminary injunction cannot be modified
A federal court cannot modify a preliminary injunction to compel the acting director of the Consumer Financial Protection Bureau to request funding for the agency, the Department of Justice said.
James Hahn joins Kirkland & Ellis as partner
Hahn's experience includes innovative retail structures for conglomerates, holding companies, private funds and private real estate investment trusts.
CFPB’s enforcement chief resigns, citing ‘no path’ forward
The Trump administration's decision not to seek funding for the CFPB and transferring remaining enforcement cases to the Department of Justice were cited as reasons for the resignation of Michael G. Salemi, who took over as CFPB enforcement chief earlier this year.
CFPB court battle with union continues with no end in sight
The Consumer Financial Protection Bureau and its union filed legal briefs Friday after a district court judge asked if a preliminary injunction aimed at preventing a mass layoff is still in effect.
CFPB transfers enforcement to DOJ, to furlough some staff
The Consumer Financial Protection Bureau plans to transfer its entire enforcement and legal divisions to the Department of Justice and is likely to staff in those units, according to sources briefed by agency leadership.
DOJ: CFPB cannot request new funding from the Fed
The Department of Justice told a court that the Consumer Financial Protection Bureau cannot legally request funding from the Federal Reserve System, arguing that the Fed has not turned a profit since 2022 and thus cannot fund the CFPB.
Effort to halt CFPB’s new PACE rules hits roadblock
A trade group for participants in the clean energy loan program argues the upcoming regulations will be too burdensome and costly for participants.
DOJ opposes CFPB union’s request for rehearing on firings
The Department of Justice has filed a motion opposing the Consumer Financial Protection Bureau employee union's appeal of an August D.C. Circuit ruling allowing the administration to fire up to 90% of the agency's workforce.
Supreme Court rejects petition on New York foreclosure law
Retroactive interpretations have bedeviled mortgage servicers and the market for older loans. The industry will be watching other cases in New York closely now.
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