US EditionTrump administration must fund U.S. consumer finance watchdog, judge says
Federal Judge Amy Berman Jackson ruled the Consumer Financial Protection Bureau must keep receiving Federal Reserve funding despite the Trump administration's efforts to cut support.
- On Tuesday, U.S. District Judge Amy Berman Jackson ordered the Federal Reserve to continue funding the Consumer Financial Protection Bureau and directed the CFPB to request funds from the Fed's 'combined earnings' as it faces likely cash exhaustion next year.
- The Trump administration sought to dismantle the CFPB by halting funding and ordering a stop to most work after efforts to shutter the agency and lay off 1,500 employees were blocked.
- Jackson's ruling drew on the March preliminary injunction and noted the Federal Reserve returning to profitability in December, while the U.S. Court of Appeals for the D.C. Circuit scheduled oral arguments for February.
- By preserving funding, the order blocks planned layoffs of about 1,400 CFPB workers, as the court ruling ensures continued operations and prevents staff reductions, union says.
- Created after the 2008 crisis, the CFPB draws funding directly from the Federal Reserve and supporters highlight $21 billion returned to consumers, while lawmakers reduced CFPB funding this year.
75 Articles
75 Articles
Court rules Trump administration must fund consumer finance watchdog
A federal judge ruled Tuesday that the Trump administration is legally required to secure funding for the U.S. Consumer Financial Protection Bureau (CFPB), and that failing to do so would violate a prior court order barring the government from dismantling or shutting down the agency.In the 32-page ruling, U.S. District Judge Amy Berman Jackson rejected the administration's claim that it was legally barred from funding the agency, saying the admi…
Judge orders Trump administration to continue to seek funding for the CFPB
A federal district court judge ruled Tuesday that the Trump administration must continue to seek funding for the Consumer Financial Protection Bureau, or CFPB, a watchdog agency the administration has been trying to dismantle through staffing and funding cuts.The administration recently made a legal argument that because the agency gets its funding from the Federal Reserve, and since the Fed is technically operating at a loss, there are no valid…
Judge Orders the Administration to Fund Warren's Rogue CFPB
A federal judge ruled that the Trump administration must fund the Consumer Financial Protection Bureau (CFPB). The agency’s acting director, Russell Vought, said that since the Federal Reserve has been operating at a loss, it is unable to fund the CFPB. In a 32-page decision, DC district judge Amy Berman Jackson, a known leftist, said that […] The post Judge Orders the Administration to Fund Warren’s Rogue CFPB appeared first on www.independents…
Judge Blocks White House’s Attempt to Defund Consumer Watchdog Agency
A federal judge ruled on Dec. 30 that the White House cannot lapse its funding of the Consumer Financial Protection Bureau (CFPB), a watchdog that has long drawn the ire of congressional Republicans. In a ruling, U.S. District Judge Amy Berman Jackson wrote that the CFPB should continue to receive its funding from the Federal Reserve despite the central bank operating at a loss. The Trump administration has argued that the CFPB should be dissolv…
Judge rules Trump administration must fund CFPB
A federal judge ordered the Trump administration to fund the Consumer Financial Protection Bureau after it argued that it was legally barred from funding the agency. The administration and Office of Management and Budget Director Russell Vought wanted to shutter the CFPB for good and conduct mass firings in February, but the courts had stalled their efforts. A court order currently bars the administration from closing the CFPB. The CFPB had been…
Judge rules White House must continue to fund CFPB
The White House cannot lapse in its funding of the Consumer Financial Protection Bureau, a federal district court judge ruled on Tuesday, only days before funds at the bureau would have likely run out and the consumer finance agency would have no money to pay its employees. Judge Amy Berman ruled that the CFPB should continue to get its funds from the Federal Reserve, despite the Fed operating at a loss, and that the White House’s new legal argu…
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