US EditionBaltimore drops lawsuit challenging efforts to defund CFPB
- On Thursday, May 15, 2025, Baltimore chose to withdraw its legal action against the Consumer Financial Protection Bureau.
- Baltimore's dismissal followed repeated declarations from CFPB leadership denying any authority to defund the agency by transferring funds from its reserve.
- The lawsuit challenged plans to fire up to 95% of the CFPB workforce amid the bureau's efforts to scale back regulatory activities under new leadership.
- On February 8, 2025, Russ Vought, the acting director of the CFPB, stated that the bureau’s funds totaling $711.6 million are too high given the present fiscal conditions.
- The dismissal without prejudice allows plaintiffs to sue again if CFPB transfers reserve funds unlawfully, reflecting ongoing tensions over agency funding and regulation.
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Baltimore drops lawsuit challenging efforts to defund CFPB
The city of Baltimore on Thursday voluntarily dismissed its lawsuit challenging the Trump administration’s efforts to defund the Consumer Financial Protection Bureau (CFPB). The city, which is represented by the left-leaning legal organization Democracy Forward, cited the government’s position in court that it won’t transfer money from its reserve fund to dismantle the independent agency…
CFPB to scrap Section 1033
The Consumer Financial Protection Bureau plans to scrap the Section 1033 rule on open banking, the bureau announced on May 23. The status report was filed in a lawsuit brought against the CFPB by the trade group Bank Policy Institute. The CFPB and BPI filed a joint motion to stay proceedings in late March, opening the door for bureau leadership to revise the rule. Two days later, the court granted a 60-day extension. “Bureau leadership has det…
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