Trump administration

On Thursday night, the Trump administration fired dozens of employees at the Consumer Financial Protection Bureau, according to an email obtained by American Banker. Most of the workers targeted had been hired by former CFPB Director Rohit Chopra.

The mayor and city council of Baltimore, along with a Maryland-based economic justice group, are suing the bureau and its acting director, claiming that the recent decision to "defund" the CFPB will leave it unable to support communities.

A House Financial Services Committee spokesperson said the committee will hold its required semiannual hearing with the Consumer Financial Protection Bureau director after nominee Jonathan McKernan is confirmed rather than with interim director Russell Vought.

The White House has tapped former Federal Deposit Insurance Corp. Director Jonathan McKernan to lead the Consumer Financial Protection Bureau and attorney Jonathan Gould to lead the Office of the Comptroller of the Currency late Tuesday.

In comments to reporters, Sen. Elizabeth Warren, D-Mass., underscored what she said was a conflict of interest between Elon Musk's DOGE's actions at the Consumer Financial Protection Bureau and his business interests with X Money.

A stop-work order from the Consumer Financial Protection Bureau's newly appointed acting director Russell Vought has created uncertainty about the future of consumer-oriented enforcement activity.

Similar import taxes on steel and aluminum were imposed by President Trump during his first term, albeit at a lower rate for the latter material.

Speaking to reporters from the Oval Office, the president was asked if he wanted to eliminate the bureau. "I would say, yeah," Trump replied. "Because we're trying to get rid of waste, fraud and abuse."

A survey of senior bank officers at community banks by fintech firm IntraFi found bankers nearly evenly divided on the idea of merging federal bank regulators, while an overwhelming 93% support maintaining agency independence.

A rally outside the Consumer Financial Protection Bureau headquarters in Washington Monday afternoon boasted 17 lawmakers and roughly 600 attendees, organizers said, who were decrying Trump administration efforts to effectively shutter the bureau.

Acting Consumer Financial Protection Bureau Director Russell Vought ordered bureau employees to "stand down" and perform no work, effective immediately.

Russell Vought, the Consumer Financial Protection Bureau's new acting director, ordered staff to stop all work and closed the agency's headquarters for a week.

Newly-confirmed Office of Management and Budget Director Russell Vought, a key architect of Project 2025, has been charged with overseeing an agency Republicans have vowed to eliminate, according to a Wall Street Journal report.

Tom Krause, the chief executive of Cloud Software Group, and Marko Elez, an engineer who has worked for SpaceX and social-media platform X, have offices in the Treasury Department, according to sources.

Some mortgage stakeholders say Trump's tariffs would make interest rates rise and housing costs shoot up.

Treasury Secretary Scott Bessent, who was named to be acting director of the Consumer Financial Protection Bureau, has told the agency's staff to put a halt to all rules, enforcement actions and hiring.

The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.

The Consumer Financial Protection Bureau's Rohit Chopra in a letter to President Donald Trump confirmed that his "term as CFPB Director has concluded."

Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.