Christopher Friedman
@ckfriedman.bsky.social
Dad. Clergy-Spouse. Financial Services partner at Husch Blackwell LLP in Nashville. I help lenders, fintechs, and alternative finance companies offer credit. Views expressed here are my own.
Reposted by Christopher Friedman
This is what the CFPB's website looks like when you go to look up the SoLo Funds enforcement action and its accompanying press release:
www.consumerfinance.gov/enforcement/...
www.consumerfinance.gov/enforcement/...
February 25, 2025 at 7:41 PM
This is what the CFPB's website looks like when you go to look up the SoLo Funds enforcement action and its accompanying press release:
www.consumerfinance.gov/enforcement/...
www.consumerfinance.gov/enforcement/...
Reposted by Christopher Friedman
Here's my complete story on the delay in firing 95% of CFPB staff and deleting all its data. It's unlocked! news.bloomberglaw.com/banking-law/...
CFPB Agrees to Pause Rumored Workforce Layoffs, Data Purge (1)
Consumer Financial Protection Bureau employees got at least a two-week reprieve from an expected culling of the workforce after their union and the agency agreed to let a federal judge rule on the mer...
news.bloomberglaw.com
February 14, 2025 at 11:48 PM
Here's my complete story on the delay in firing 95% of CFPB staff and deleting all its data. It's unlocked! news.bloomberglaw.com/banking-law/...
ICYMI: the FTA just moved to intervene in the 1033 lawsuit filed in a Kentucky district court. The group seeks to defend the "open banking rule" in the event that the CFPB elects not to. Notably, the CFPB hasn't requested a stay here as it has with other cases.
www.bloomberglaw.com/bloomberglaw...
www.bloomberglaw.com/bloomberglaw...
Bloomberg Law - Product Log In
Sign in to Bloomberg Law for access to our comprehensive legal research software.
www.bloomberglaw.com
February 12, 2025 at 2:08 PM
ICYMI: the FTA just moved to intervene in the 1033 lawsuit filed in a Kentucky district court. The group seeks to defend the "open banking rule" in the event that the CFPB elects not to. Notably, the CFPB hasn't requested a stay here as it has with other cases.
www.bloomberglaw.com/bloomberglaw...
www.bloomberglaw.com/bloomberglaw...
Reposted by Christopher Friedman
Here's the absolute latest from the CFPB: Around 70 probationary employees were terminated in a very slipshod manner.
The letters didn't have peoples' names. Didn't have their start dates or positions or even the effective date of their termination.
news.bloomberglaw.com/banking-law/...
The letters didn't have peoples' names. Didn't have their start dates or positions or even the effective date of their termination.
news.bloomberglaw.com/banking-law/...
CFPB Fires 70 Enforcement Lawyers, Other Probationary Employees
The Consumer Financial Protection Bureau terminated around 70 probationary employees, including several enforcement division attorneys who were still in their probationary periods.
news.bloomberglaw.com
February 12, 2025 at 3:20 AM
Here's the absolute latest from the CFPB: Around 70 probationary employees were terminated in a very slipshod manner.
The letters didn't have peoples' names. Didn't have their start dates or positions or even the effective date of their termination.
news.bloomberglaw.com/banking-law/...
The letters didn't have peoples' names. Didn't have their start dates or positions or even the effective date of their termination.
news.bloomberglaw.com/banking-law/...
I spoke today with the Am. Banker about the 5th Cir.’s limited stay of the 1071 compliance dates, as well as efforts to effectuate a broader stay of the rule. Bottom line: an email or other informal indication is likely insufficient to toll the deadline.
www.americanbanker.com/news/fifth-c...
www.americanbanker.com/news/fifth-c...
Fifth Circuit halts CFPB small business data rule — again
A federal appeals court in Texas has delayed the implementation of the Consumer Financial Protection Bureau's small business data reporting rule slated to go into effect in July. How the Trump adminis...
www.americanbanker.com
February 10, 2025 at 7:57 PM
I spoke today with the Am. Banker about the 5th Cir.’s limited stay of the 1071 compliance dates, as well as efforts to effectuate a broader stay of the rule. Bottom line: an email or other informal indication is likely insufficient to toll the deadline.
www.americanbanker.com/news/fifth-c...
www.americanbanker.com/news/fifth-c...
Reposted by Christopher Friedman
Paoletta sent an email to CFPB enforcement staff stating that Vought is "implementing new enforcement priorities." Enforcement staff were ordered to make no further contact with parties in litigation.
Failure to abide by his instructions "constitutes insubordination" and risks termination.
Failure to abide by his instructions "constitutes insubordination" and risks termination.
Story coming, but Russ Vought sent an email to CFPB employees instructing them not to do any agency work while the CFPB DC office is shut this week.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
February 10, 2025 at 3:34 PM
Paoletta sent an email to CFPB enforcement staff stating that Vought is "implementing new enforcement priorities." Enforcement staff were ordered to make no further contact with parties in litigation.
Failure to abide by his instructions "constitutes insubordination" and risks termination.
Failure to abide by his instructions "constitutes insubordination" and risks termination.
Reposted by Christopher Friedman
Story coming, but Russ Vought sent an email to CFPB employees instructing them not to do any agency work while the CFPB DC office is shut this week.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
February 10, 2025 at 2:26 PM
Story coming, but Russ Vought sent an email to CFPB employees instructing them not to do any agency work while the CFPB DC office is shut this week.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
Also, it appears that OMB General Counsel Mark Paoletta is serving as the CFPB's chief legal officer. He's got a CFPB email and everything.
Reposted by Christopher Friedman
Reposted by Christopher Friedman
Eagles need to find themselves a pop star by the 3rd quarter or this is over
February 9, 2025 at 11:49 PM
Eagles need to find themselves a pop star by the 3rd quarter or this is over
Such a bad call
February 9, 2025 at 11:48 PM
Such a bad call
Reposted by Christopher Friedman
Mick Mulvaney did this same thing in 2018. His justification was that the CFPB had enough money to operate. He subsequently asked for a lot more money.
February 9, 2025 at 2:58 AM
Mick Mulvaney did this same thing in 2018. His justification was that the CFPB had enough money to operate. He subsequently asked for a lot more money.
Reposted by Christopher Friedman
Here is Judge Paul Engelmayer’s remarkable TRO barring (in effect) DOGE from accessing Treasury’s payment system & ordering (in effect) any DOGE person who has had access to destroy anything already copied. A short thread ...
www.documentcloud.org/documents/25...
www.documentcloud.org/documents/25...
6-TRO
www.documentcloud.org
February 8, 2025 at 12:46 PM
Here is Judge Paul Engelmayer’s remarkable TRO barring (in effect) DOGE from accessing Treasury’s payment system & ordering (in effect) any DOGE person who has had access to destroy anything already copied. A short thread ...
www.documentcloud.org/documents/25...
www.documentcloud.org/documents/25...
Reposted by Christopher Friedman
And watch the Trade Uncertainty Index shoot near 20-year highs. Legal chaos generally NOT a driver of domestic business investment.
Trump Doctrine: Destroy government program illegally, await lawsuit and TRO temporarily halting destruction, watch case move through courts at taxpayer expense, repeat. Meanwhile, we all pay the price in legal fees and chaos.
February 8, 2025 at 3:58 PM
And watch the Trade Uncertainty Index shoot near 20-year highs. Legal chaos generally NOT a driver of domestic business investment.
Reposted by Christopher Friedman
There's another new sheriff at the CFPB, and this one helped write Project 2025. (h/t to the WSJ) news.bloomberglaw.com/banking-law/...
Project 2025 Architect Vought Takes Over as Acting CFPB Chief
Russell Vought, newly confirmed as the Office of Management and Budget director, is now serving as the Consumer Financial Protection Bureau’s acting head.
news.bloomberglaw.com
February 8, 2025 at 4:45 AM
There's another new sheriff at the CFPB, and this one helped write Project 2025. (h/t to the WSJ) news.bloomberglaw.com/banking-law/...
Reposted by Christopher Friedman
Breaking:
NEW YORK (AP) - Democratic attorneys general sue to stop DOGE from accessing the Treasury Department's central payment system.
NEW YORK (AP) - Democratic attorneys general sue to stop DOGE from accessing the Treasury Department's central payment system.
February 8, 2025 at 12:25 AM
Breaking:
NEW YORK (AP) - Democratic attorneys general sue to stop DOGE from accessing the Treasury Department's central payment system.
NEW YORK (AP) - Democratic attorneys general sue to stop DOGE from accessing the Treasury Department's central payment system.
Reposted by Christopher Friedman
Musk tweets “CFPB RIP.” He’s previously tweeted “delete” CFPB in the past.
Asked some folks at the agency if anything had changed since our report this morning that DOGE was there. Nada.
Asked some folks at the agency if anything had changed since our report this morning that DOGE was there. Nada.
February 7, 2025 at 9:55 PM
Musk tweets “CFPB RIP.” He’s previously tweeted “delete” CFPB in the past.
Asked some folks at the agency if anything had changed since our report this morning that DOGE was there. Nada.
Asked some folks at the agency if anything had changed since our report this morning that DOGE was there. Nada.
Reposted by Christopher Friedman
BREAKING: Judge NICHOLS says he will be entering a "very limited" restraining order aimed at protecting the 2,700 USAID employees being placed on leave and those being hurriedly relocated.
NEW: The Trump administration won't publicly release names of FBI staff who worked on Jan. 6 cases without a two-day heads up, under an agreement reached Friday with agents suing to prevent the potential disclosure.
w/ @joshgerstein
www.politico.com/news/2025/02...
w/ @joshgerstein
www.politico.com/news/2025/02...
February 7, 2025 at 9:35 PM
BREAKING: Judge NICHOLS says he will be entering a "very limited" restraining order aimed at protecting the 2,700 USAID employees being placed on leave and those being hurriedly relocated.
Here’s our latest @huschblackwell.bsky.social alert re. the 1071 partial stay. Bottom line: if you are a covered financial institution not represented in this specific case, this stay does not apply to you. So continue your compliance preparations for now
www.huschblackwell.com/newsandinsig...
www.huschblackwell.com/newsandinsig...
Fifth Circuit Stays 1071 Rule: A Victory, but Not for Everyone
The Fifth Circuit Court of Appeals has granted a stay in the case challenging the CFPB's Small Business Lending Rule, also known as Dodd-Frank Section 1071. This rule, stemming from the Dodd-Frank Act...
www.huschblackwell.com
February 7, 2025 at 8:53 PM
Here’s our latest @huschblackwell.bsky.social alert re. the 1071 partial stay. Bottom line: if you are a covered financial institution not represented in this specific case, this stay does not apply to you. So continue your compliance preparations for now
www.huschblackwell.com/newsandinsig...
www.huschblackwell.com/newsandinsig...
Reposted by Christopher Friedman
Cutting off federal funding to nonprofits would be “a huge economic hit one way or another with ripple effects that won’t stop at the nonprofits,” a banker told us. A new one by Yizhu Wang and me for @bloomberg.com www.bloomberg.com/news/article...
Banks Reassess Community Lending Risk After Trump Funding Freeze
President Donald Trump’s mandate to pause all federal loans and grants, albeit short-lived, is raising questions about US banks’ ongoing support for nonprofit community groups.
www.bloomberg.com
February 7, 2025 at 7:07 PM
Cutting off federal funding to nonprofits would be “a huge economic hit one way or another with ripple effects that won’t stop at the nonprofits,” a banker told us. A new one by Yizhu Wang and me for @bloomberg.com www.bloomberg.com/news/article...
Reposted by Christopher Friedman
Updated the story about DOGE descending on the CFPB with a few more details, including just what types of data the agency stores. It's a lot!
Right now, the DOGE team isn't asking for banks' confidential information, but it's there. news.bloomberglaw.com/banking-law/...
Right now, the DOGE team isn't asking for banks' confidential information, but it's there. news.bloomberglaw.com/banking-law/...
Musk's DOGE Descends on CFPB With Eyes on Shutting It Down (1)
Elon Musk’s Department of Government Efficiency has embedded itself inside the Consumer Financial Protection Bureau, the first step toward dismantling the agency.
news.bloomberglaw.com
February 7, 2025 at 8:28 PM
Updated the story about DOGE descending on the CFPB with a few more details, including just what types of data the agency stores. It's a lot!
Right now, the DOGE team isn't asking for banks' confidential information, but it's there. news.bloomberglaw.com/banking-law/...
Right now, the DOGE team isn't asking for banks' confidential information, but it's there. news.bloomberglaw.com/banking-law/...
Reposted by Christopher Friedman
NEW: Last week’s funding freeze didn’t just hit nonprofits, it caused waves among for-profit banks, which are a lot more tied into the world of federal funding than you might think. Their real estate loans, revolving credit lines & community development work could be upended if this happens again.
February 7, 2025 at 6:59 PM
NEW: Last week’s funding freeze didn’t just hit nonprofits, it caused waves among for-profit banks, which are a lot more tied into the world of federal funding than you might think. Their real estate loans, revolving credit lines & community development work could be upended if this happens again.
Breaking News on Commercial Finance and Dodd-Frank 1071:
Today, the Fifth Circuit Court of Appeals granted the plaintiffs' motion to stay the effective date of Section 1071. (1/4)
Today, the Fifth Circuit Court of Appeals granted the plaintiffs' motion to stay the effective date of Section 1071. (1/4)
February 7, 2025 at 5:27 PM
Breaking News on Commercial Finance and Dodd-Frank 1071:
Today, the Fifth Circuit Court of Appeals granted the plaintiffs' motion to stay the effective date of Section 1071. (1/4)
Today, the Fifth Circuit Court of Appeals granted the plaintiffs' motion to stay the effective date of Section 1071. (1/4)
Reposted by Christopher Friedman
[record scratch] yep that’s me
I've got to say, the guy who accidentally became the Director of the FBI does 100% look like the guy who accidentally becomes the Director of the FBI in a mid-2000s comedy about a guy who accidentally becomes the Director of the FBI
February 6, 2025 at 1:29 PM
[record scratch] yep that’s me