A federal judge with a track record of ruling against the Trump administration’s actions on the Consumer Financial Protection Bureau (CFPB) has issued a new ruling blocking the White House attempt to stop funding the agency.
CBS News reports US District Judge Amy Berman, an Obama appointee, decreed the CFPB can continue to receive funding from the Federal Reserve. Russ Vought, the White House Office of Management and Budget Director who serves as the CFPB’s acting director, has argued the Fed has been operating at a loss since 2022 and has no “combined earnings” to fund the CFPB.
Berman rejected Vought’s argument, writing in her opinion, “It appears that defendants’ new understanding of “combined earnings” is an unsupported and transparent attempt to starve the CPFB of funding and yet another attempt to achieve the very end the Court’s injunction was put in place to prevent.”
On three separate occasions earlier this year, Berman ruled against the Trump administration’s attempt to enact mass layoffs at the CFPB. However, the agency has been mostly inoperable since the administration came into office.
Photo by Adam Fagen / Flickr Creative Commons
This was an Elizabeth Warren scheme enacted when she was running for President, and designed to shake down businesses for money. Funding her pet projects.
I happen to agree with you Martin.
You don’t know what you’re talking about. The CFPB was created during the Obama Administration to help prevent home buyers from being talked into mortgages they can’t afford by greed, unscrupulous mortgage salespeople. President Obama chose Elizabeth Warren to supervise its creation because of knowledge, work ethic, and concern for people who are not as financially knowledgeable as people in the financial industry. The CFPB was already created by the time she ran for president. It has nothing to do with funding her pet projects. It would be nice if the people posting here actually new the facts and weren’t just mindless conduits for right wing/MAGA propaganda.
Thank You William, nicely said.
Wonder who’s “paying” the judge?
Ain’t that good news!
William is entirely correct. The CFPB has also gone after banks like Wells Fargo which took advantage of its customers in a variety of ways, including creating fake accounts to increase their revenue and doubling the cost for their auto insurance. When financial giants cheat their customers and shareholders, the CFPB has stepped in to stop the fleecing.