Chopra Fired

[George Hatch]

In counterpoint if those other agencies had been actively enforcing the law as written then there wouldn't have been any demand for a new agency to perform that work.

On the one hand it is impossible to enforce a law or regulation that doesn't exist. So that is the justification for establishing laws and regulations. But merely establishing them isn't enough to result in mass compliance. It takes enforcement to coerce compliance.

It isn't just the bankers who have been cut loose to run wyld. Our immigration situation is another example of that. The laws have existed all along. What has varied has been the govt's willingness to at least make an effort to enforce the laws as written. The previous administration swore to us that they couldn't do it whereas the current administration is demonstrating otherwise

 

[Vermonter]

Z?

Speaking of....anyone know deets on the disappearance?

 

[glenn walker]

He probably wasn't that great then.

You know he had one AF fan aka Forrest Gump who is in mourning in Memphis Tennessee. Lmao

 

[Bobby Bucks]

Speaking of....anyone know deets on the disappearance?

My guess is he got 30 days in the cooler.

 

[Mejappz]

Interesting I did not know about this.

 

[George Hatch]

At least she's talking to the lenders. That's good. We've only been advocating that point for the last 15 years.

 

[Elliott]

WSJ 2/2/2025 Editorial Board Opinion:


"President Trump did one good economic deed late last week by firing Rohit Chopra as director of the Consumer Financial Protection Bureau. Now maybe he can shut the place down.

Mr. Chopra is a protege of Sen. Elizabeth Warren but had been trying to insinuate himself with the new Administration to stay until his term expires in 2026. But Mr. Trump has legal authority to fire him following the Supreme Court’s Seila Law ruling in 2020. President Biden relieved Mr. Trump’s first-term appointee to run the bureau.

“With so much power concentrated in the hands of a few, agencies like the CFPB have never been more critical,” Mr. Chopra wrote Saturday. “I’m proud that the CFPB has done so much to restore the rule of law.”

This will be news to the businesses that have sued the CFPB and won in court. Mr. Chopra was issuing new regulations willy-nilly in the days before Mr. Trump took power, and some wouldn’t survive legal scrutiny. "

 

[Elliott]

[td]
"Will CFPB become a zombie agency with Vought as acting director?


Monday, February 10, 2025

The Consumer Financial Protection Bureau’s (CFPB) operations were brought to an abrupt halt following President Donald Trump’s appointment of newly confirmed director of the Office of Management and Budget (OMB), Russ Vought, as the bureau’s new acting director. So, what does this mean for the agency and entities under its supervisory authority?

Despite a number of recent moves under the Trump administration aimed at curtailing the CFPB’s ability to write, enforce or litigate on behalf of its rules regulating both depository and non-depository financial institutions, the recent social media post by Elon Musk, head of Trump’s Department of Government Efficiency (DOGE), saying “CFPB RIP” was likely premature, to say the least.

Vought wasted no time, telling the Federal Reserve the bureau will decline its next scheduled draw to fund its operations and asserting the agency has “excessive” funds in its reserves of over $700 million. This move followed a freeze on rulemaking and litigation imposed under U.S. Treasury Secretary Scott Bessent, who spent only one week in the acting director role at the bureau.

With these actions in mind, it is easy to understand why someone may interpret the Trump administration’s actions as a death knell for the bureau. Some covered entities might interpret these recent events to mean they will no longer have to comply with CFPB regulations. ........."

Will CFPB become a zombie agency with Vought as acting director? | News | Dodd Frank Update

The Consumer Financial Protection Bureau’s operations were brought to an abrupt halt following President Donald Trump’s appointment of newly confirmed director of the Office of Management and Budget (OMB), Russ Vought, as the bureau’s new acting director. Former CFPB Senior Counsels Richard Horn...

www.doddfrankupdate.com

 

[Elliott]

Emergency Briefing:
CFPB's Shake-Up & Its Impact on You

February 12th @ 3:00 p.m. ET

The Consumer Financial Protection Bureau (CFPB) has undergone sweeping, significant, and unprecedented changes in the past few days. The implications for the industry are substantial. To help you get your bearings and navigate this rapidly evolving landscape, we’re hosting an emergency webinar featuring David Friend and Richard Horn (two former CFPB officials) who will provide expert insights on what these changes mean for lenders, title professionals, and real estate industry stakeholders.

Don’t miss this opportunity to gain real-time analysis from industry veterans who understand the CFPB’s inner workings.

Register now to secure your spot!

 

[glenn walker]

It should be shut down it's not needed.