Trump administration

Among the resignations are Mark McArdle, who was instrumental in creating the Qualified Mortgage rule, and Operations Chief of Supervision David Bleicken. It is unclear if the Consumer Financial Protection Bureau will hire anyone to succeed them.

The Trump administration intended to gut the Consumer Financial Protection Bureau through a mass workforce reduction, which could be a smoking gun in a court battle with the bureau's union.

The nomination of Jonathan McKernan to lead the Consumer Financial Protection Bureau moves to the full Senate, where he's likely to be confirmed along party lines.

As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.

Many layoffs so far have been in the Small Business/Self-Employed Division, but the Large Business & International Division has also been affected.

President Donald Trump said he inherited an "economic catastrophe" from his predecessor in a joint address to Congress, though markets fell Tuesday on fears of a budding trade war with Canada and Mexico.

At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.

The union representing Consumer Financial Protection Bureau employees said in a court filing that the Trump administration's actions to reduce the agency's workforce and cut spending violate the law.

In a forum Tuesday, Senate Democrats railed against President Trump and Elon Musk's efforts to shutter the Consumer Financial Protection Bureau as anti-consumer and illegal.

The Justice Department said in a legal brief that the Consumer Financial Protection Bureau will continue to exist, but said instead that the agency will have fewer employees and a reduced budget under the Trump administration.